KRN Heat Exchanger and Refrigeration Ltd

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

₹ 1,512 -0.85%
26 Aug - 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 ₹ 9,883 Cr.
  • Current Price ₹ 1,512
  • High / Low ₹ 1,599 / 590
  • Stock P/E 102
  • Book Value ₹ 92.4
  • Dividend Yield 0.00 %
  • ROCE 16.1 %
  • ROE 14.3 %
  • Face Value ₹ 10.0
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Pros

  • Company is expected to give good quarter

Cons

  • Stock is trading at 16.4 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Promoter holding has decreased over last quarter: -5.10%
  • Company might be capitalizing the interest cost
  • Debtor days have increased from 82.5 to 106 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 Nifty Microcap 250 Nifty Total Market BSE Industrials BSE 1000 Nifty Smallcap 500

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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 Mar 2026 Jun 2026
71 66 82 96 91 111 132 115 152 153 179 252
58 54 64 78 73 96 113 98 122 122 146 203
Operating Profit 13 12 18 18 18 16 19 18 30 31 34 49
OPM % 19% 18% 21% 18% 20% 14% 14% 15% 20% 20% 19% 19%
1 1 2 1 1 5 4 4 2 2 2 3
Interest 1 1 1 1 1 0 1 1 1 2 3 3
Depreciation 1 1 1 1 1 1 1 2 5 6 6 6
Profit before tax 12 11 17 17 17 19 21 18 27 26 27 42
Tax % 29% 29% 30% 29% 29% 28% 30% 32% 33% 12% 13% 22%
9 8 12 12 12 14 15 12 18 23 23 33
EPS in Rs 1.96 1.71 2.61 2.59 1.98 2.21 2.39 2.00 2.90 3.65 3.76 5.03
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2024 Mar 2025 Mar 2026 TTM
307 430 600 737
249 359 488 593
Operating Profit 59 70 112 144
OPM % 19% 16% 19% 20%
5 12 10 9
Interest 4 3 6 8
Depreciation 4 5 19 23
Profit before tax 56 74 98 122
Tax % 30% 29% 22%
39 53 76 97
EPS in Rs 8.54 8.51 12.30 15.34
Dividend Payout % 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: %
3 Years: %
TTM: 64%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: %
TTM: 82%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: 67%
Return on Equity
10 Years: %
5 Years: %
3 Years: 17%
Last Year: 14%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2024 Mar 2025 Mar 2026
Equity Capital 46 62 62
Reserves 84 436 512
87 33 187
40 63 171
Total Liabilities 257 595 932
82 85 314
CWIP 4 82 33
Investments 0 0 0
171 428 585
Total Assets 257 595 932

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2024 Mar 2025 Mar 2026
17 21 -114
-64 -279 -34
50 258 148
Net Cash Flow 3 -0 -0
Free Cash Flow -41 -65 -312
CFO/OP 54% 61% -82%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2024 Mar 2025 Mar 2026
Debtor Days 62 79 106
Inventory Days 139 110 242
Days Payable 60 63 140
Cash Conversion Cycle 141 125 208
Working Capital Days 62 153 110
ROCE % 21% 16%

Insights

In beta
Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 Mar 2027 (P) Mar 2028 (P)
Export Revenue Share (% of consolidated revenue)
%

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Plant II (New HVAC) Capacity Utilization - Ramp-up Trajectory
% ・Standalone data
Bus AC Revenue (from Bus AC business / Sphere acquisition)
INR Cr
Data Centre Revenue Share (% of consolidated revenue)
%
Plant I (Existing) Capacity Utilization - Evaporator & Condenser Coils
% ・Standalone data
Plant I (Existing) Capacity Utilization - Headers / Copper Parts
% ・Standalone data
Plant I (Existing) Capacity Utilization - Sheet Metal Parts
% ・Standalone data
Total Annual Production Capacity (units p.a.)
units p.a.

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Shareholding Pattern

Numbers in percentages

3 Recently
Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
70.79% 70.79% 70.79% 70.79% 70.79% 70.79% 70.79% 65.69%
4.05% 1.98% 1.21% 2.35% 5.46% 5.31% 6.66% 8.86%
7.46% 8.18% 6.28% 6.06% 6.21% 6.35% 6.39% 8.33%
17.69% 19.05% 21.72% 20.80% 17.53% 17.56% 16.16% 17.13%
No. of Shareholders 87,55873,89885,30682,76975,24483,76683,71391,234

* 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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Documents

Announcements

Annual reports

Credit ratings

Concalls