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 ₹ 5,523 Cr.
- Current Price ₹ 887
- High / Low ₹ 1,012 / 402
- Stock P/E 102
- 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 11.1 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Working capital days have increased from 105 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.
Peer comparison
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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 | 308 | 431 | 448 | |
70 | 139 | 197 | 249 | 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: | % |
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 | -7 | 19 | |
-13 | -3 | -14 | -4 | -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 | 78 |
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 | 113 | 159 |
ROCE % | 42% | 67% | 42% | 21% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
2h - KRN to hold one-on-one analyst/investor meetings on Sep 2–3, 2025 (virtual/physical).
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Announcement under Regulation 30 (LODR)-Newspaper Publication
2d - Newspaper Advertisements for 8th Annual General Meeting of the Company, to be held on 16th September, 2025 at 3:00 PM
- Reg. 34 (1) Annual Report. 2d
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Business Responsibility and Sustainability Reporting (BRSR)
2d - Filed Business Responsibility and Sustainability Report for FY 2024-25, submitted 25 August 2025, available on company website.
- Notice Of 8Th Annual General Meeting (AGM) Of The Company 2d
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.