KRN Heat Exchanger and Refrigeration Ltd
KRN Heat Exchanger and Refrigeration (KHERL), manufactures fin and tube-type heat exchangers for the Heat Ventilation Air Conditioning, and Refrigeration Industry.[1]
- Market Cap ₹ 5,146 Cr.
- Current Price ₹ 827
- High / Low ₹ 1,012 / 402
- Stock P/E 96.5
- Book Value ₹ 80.2
- Dividend Yield 0.00 %
- ROCE 20.8 %
- ROE 16.8 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company is almost debt free.
- Company is expected to give good quarter
Cons
- Stock is trading at 10.3 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.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|
| 307 | 430 | 449 | |
| 249 | 359 | 379 | |
| Operating Profit | 59 | 70 | 70 |
| OPM % | 19% | 16% | 16% |
| 5 | 12 | 14 | |
| Interest | 4 | 3 | 3 |
| Depreciation | 4 | 5 | 6 |
| Profit before tax | 56 | 74 | 76 |
| Tax % | 30% | 29% | |
| 39 | 53 | 53 | |
| EPS in Rs | 8.54 | 8.51 | 8.58 |
| Dividend Payout % | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | 43% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | 32% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 83% |
| 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 | |
|---|---|---|
| Equity Capital | 46 | 62 |
| Reserves | 84 | 436 |
| 87 | 33 | |
| 40 | 63 | |
| Total Liabilities | 257 | 595 |
| 82 | 85 | |
| CWIP | 4 | 82 |
| Investments | 0 | 0 |
| 171 | 428 | |
| Total Assets | 257 | 595 |
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% |
Documents
Announcements
- Announcement under Regulation 30 (LODR)-Press Release / Media Release 1m
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Announcement under Regulation 30 (LODR)-Memorandum of Understanding /Agreements
3h - KRN HVAC to acquire Bus Air-Conditioning division from Sphere Refrigeration Systems via BTA signed 6 Oct 2025.
- Closure of Trading Window 25 Sep
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
19 Sep - Sept 19, 2025 virtual one-on-one with Hood River Capital; no presentation or UPSI shared.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
16 Sep - One-on-one analyst/investor meeting on 19-09-2025 at 07:00 PM IST (virtual/physical).
Annual reports
Concalls
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Aug 2025Transcript PPT
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May 2025Transcript PPT REC
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May 2025TranscriptNotesPPT
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Feb 2025Transcript PPT REC
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Nov 2024Transcript PPT REC
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.