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 ₹ 5,183 Cr.
- Current Price ₹ 834
- High / Low ₹ 1,012 / 416
- Stock P/E 95.6
- Book Value ₹ 79.9
- Dividend Yield 0.00 %
- ROCE 20.7 %
- ROE 16.0 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company is almost debt free.
- Company is expected to give good quarter
- Company has a good return on equity (ROE) track record: 3 Years ROE 27.1%
Cons
- Stock is trading at 10.4 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Working capital days have increased from 103 days to 159 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
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|
| 76 | 156 | 246 | 307 | 431 | 448 | |
| 70 | 139 | 197 | 248 | 360 | 374 | |
| Operating Profit | 5 | 17 | 49 | 59 | 71 | 74 |
| OPM % | 7% | 11% | 20% | 19% | 16% | 16% |
| 1 | 2 | 2 | 5 | 7 | 9 | |
| Interest | 1 | 2 | 3 | 4 | 3 | 3 |
| Depreciation | 2 | 3 | 3 | 4 | 4 | 4 |
| Profit before tax | 3 | 15 | 46 | 56 | 71 | 76 |
| Tax % | 27% | 29% | 29% | 29% | 30% | |
| 2 | 11 | 32 | 40 | 50 | 54 | |
| EPS in Rs | 5.61 | 24.07 | 7.34 | 8.64 | 8.07 | 8.72 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 40% |
| TTM: | 42% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 69% |
| TTM: | 34% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 80% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 27% |
| Last Year: | 16% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Equity Capital | 4 | 4 | 44 | 46 | 62 |
| Reserves | 9 | 21 | 16 | 85 | 434 |
| 17 | 22 | 37 | 60 | 33 | |
| 23 | 45 | 53 | 39 | 60 | |
| Total Liabilities | 52 | 93 | 149 | 230 | 590 |
| 21 | 21 | 32 | 27 | 26 | |
| CWIP | 0 | 0 | 0 | 1 | 0 |
| Investments | 0 | 0 | 0 | 5 | 251 |
| 31 | 71 | 117 | 197 | 313 | |
| Total Assets | 52 | 93 | 149 | 230 | 590 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| -1 | 4 | 5 | -9 | 19 | |
| -13 | -3 | -14 | -1 | -272 | |
| 9 | 3 | 11 | 14 | 244 | |
| Net Cash Flow | -5 | 5 | 2 | 3 | -9 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Debtor Days | 84 | 70 | 57 | 62 | 79 |
| Inventory Days | 33 | 63 | 114 | 139 | 108 |
| Days Payable | 129 | 120 | 102 | 59 | 60 |
| Cash Conversion Cycle | -11 | 14 | 69 | 142 | 127 |
| Working Capital Days | -17 | 3 | 42 | 108 | 159 |
| ROCE % | 42% | 67% | 42% | 21% |
Documents
Announcements
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Intimation Of Commencement Of Commercial Production Of Bus AC Division By KRN HVAC Products Pvt. Ltd., Wholly-Owned Subsidiary Of The Company
15 Oct - KRN HVAC Products Pvt. Ltd. started Bus AC Division commercial production at Neemrana plant on October 15, 2025.
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Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
9 Oct - Reg.74(5) certificate confirming dematerialisation processing for quarter ended 30 Sept 2025; no Demat/Remat requests.
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Announcement under Regulation 30 (LODR)-Credit Rating
8 Oct - Crisil assigned A-/Stable to Rs20 crore bank facilities (Citibank Rs14cr, HDFC Rs6cr) dated Oct 1, 2025.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
6 Oct - KRN HVAC (subsidiary) acquires Sphere Refrigeration's Bus AC division via BTA, announced 6 Oct 2025.
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Announcement under Regulation 30 (LODR)-Memorandum of Understanding /Agreements
6 Oct - KRN HVAC to acquire Bus Air-Conditioning division from Sphere Refrigeration Systems via BTA signed 6 Oct 2025.
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.