KRN Heat Exchanger and Refrigeration Ltd

KRN Heat Exchan Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

KRN Heat Exchanger and Refrigeration Ltd

₹ 897 1.99%
20 Mar - close price
krnheatexchanger.com BSE: 544263 NSE: KRN
About

KRN Heat Exchanger and Refrigeration (KHERL), manufactures fin and tube-type heat exchangers for the Heat Ventilation Air Conditioning, and Refrigeration Industry.[1]

Key Points

Business Profile[1] KRN Heat Exchangers designs, manufactures, and supplies heat exchangers and related thermal solutions. These products are used for efficient heat transfer between fluids, typically for heating and cooling applications.

Website BSE NSE
  • Market Cap ₹ 5,575 Cr.
  • Current Price ₹ 897
  • High / Low ₹ 1,032 / 590
  • Stock P/E 82.0
  • Book Value ₹ 85.0
  • Dividend Yield 0.00 %
  • ROCE 20.8 %
  • ROE 16.8 %
  • Face Value ₹ 10.0
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Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company is expected to give good quarter

Cons

  • Stock is trading at 10.6 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Working capital days have increased from 107 days to 153 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Capital Goods Industrial Products Other Industrial Products

Part of BSE Allcap BSE Industrials Nifty Microcap 250 Nifty Total Market

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
71 66 82 96 91 111 132 115 152 153
58 54 64 78 73 96 113 98 122 122
Operating Profit 13 12 18 18 18 16 19 18 30 31
OPM % 19% 18% 21% 18% 20% 14% 14% 15% 20% 20%
1 1 2 1 1 5 4 4 2 2
Interest 1 1 1 1 1 0 1 1 1 2
Depreciation 1 1 1 1 1 1 1 2 5 6
Profit before tax 12 11 17 17 17 19 21 18 27 26
Tax % 29% 29% 30% 29% 29% 28% 30% 32% 33% 12%
9 8 12 12 12 14 15 12 18 23
EPS in Rs 1.96 1.71 2.61 2.59 1.98 2.21 2.39 2.00 2.90 3.65
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2024 Mar 2025 TTM
307 430 552
249 359 454
Operating Profit 59 70 98
OPM % 19% 16% 18%
5 12 13
Interest 4 3 4
Depreciation 4 5 14
Profit before tax 56 74 92
Tax % 30% 29%
39 53 68
EPS in Rs 8.54 8.51 10.94
Dividend Payout % 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: %
3 Years: %
TTM: 45%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: %
TTM: 36%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: -3%
Return on Equity
10 Years: %
5 Years: %
3 Years: %
Last Year: 17%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2024 Mar 2025 Sep 2025
Equity Capital 46 62 62
Reserves 84 436 466
87 33 30
40 63 170
Total Liabilities 257 595 729
82 85 283
CWIP 4 82 11
Investments 0 0 0
171 428 434
Total Assets 257 595 729

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2024 Mar 2025
17 21
-64 -279
50 258
Net Cash Flow 3 -0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2024 Mar 2025
Debtor Days 62 79
Inventory Days 139 110
Days Payable 60 63
Cash Conversion Cycle 141 125
Working Capital Days 62 153
ROCE % 21%

Insights

In beta
Mar 2023 Mar 2024 Mar 2025
Total Annual Installed Production Capacity
Units

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Number of Customers Served
Number
Number of Export Countries
Number
Capacity Utilization - Evaporator & Condenser Coils
%
Capacity Utilization - Headers/ Copper Parts
%
Capacity Utilization - Sheet Metal Parts
%
Number of Domestic States Presence
Number
Top 10 Customers Revenue Concentration
%

Shareholding Pattern

Numbers in percentages

32 Recently
Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
70.79% 70.79% 70.79% 70.79% 70.79% 70.79%
4.05% 1.98% 1.21% 2.35% 5.46% 5.31%
7.46% 8.18% 6.28% 6.06% 6.21% 6.35%
17.69% 19.05% 21.72% 20.80% 17.53% 17.56%
No. of Shareholders 87,55873,89885,30682,76975,24483,766

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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