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

₹ 845 -2.48%
20 Nov 11:42 a.m.
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 ₹ 5,251 Cr.
  • Current Price ₹ 845
  • High / Low ₹ 1,012 / 675
  • Stock P/E 79.8
  • Book Value ₹ 86.1
  • Dividend Yield 0.00 %
  • ROCE 20.7 %
  • ROE 16.0 %
  • 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
  • Company has a good return on equity (ROE) track record: 3 Years ROE 27.1%

Cons

  • Stock is trading at 9.83 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.

Peer comparison

Industrials Capital Goods Industrial Products Other Industrial Products

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

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025
71 66 82 97 99 104 131 114 223
58 54 64 80 81 88 111 95 194
Operating Profit 13 12 18 17 18 16 20 20 30
OPM % 19% 18% 22% 18% 18% 16% 15% 17% 13%
1 1 2 1 2 3 1 3 4
Interest 1 1 1 1 1 0 1 1 1
Depreciation 1 1 1 1 1 1 1 1 1
Profit before tax 12 11 18 16 17 18 20 21 32
Tax % 29% 29% 30% 29% 29% 30% 30% 25% 25%
9 8 12 12 12 13 14 16 24
EPS in Rs 1.96 1.71 2.69 2.52 1.95 2.04 2.21 2.52 3.81
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
76 156 246 307 431 573
70 139 197 248 360 487
Operating Profit 5 17 49 59 71 86
OPM % 7% 11% 20% 19% 16% 15%
1 2 2 5 7 11
Interest 1 2 3 4 3 3
Depreciation 2 3 3 4 4 4
Profit before tax 3 15 46 56 71 90
Tax % 27% 29% 29% 29% 30%
2 11 32 40 50 66
EPS in Rs 5.61 24.07 7.34 8.64 8.07 10.58
Dividend Payout % 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: %
3 Years: 40%
TTM: 66%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: 69%
TTM: 50%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: 18%
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 Sep 2025
Equity Capital 4 4 44 46 62 62
Reserves 9 21 16 85 434 473
17 22 37 60 33 2
23 45 53 39 60 149
Total Liabilities 52 93 149 230 590 686
21 21 32 27 26 24
CWIP 0 0 0 1 0 0
Investments 0 0 0 5 251 251
31 71 117 197 313 412
Total Assets 52 93 149 230 590 686

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%

Shareholding Pattern

Numbers in percentages

Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
70.79% 70.79% 70.79% 70.79% 70.79%
4.05% 1.98% 1.21% 2.35% 5.46%
7.46% 8.18% 6.28% 6.06% 6.21%
17.69% 19.05% 21.72% 20.80% 17.53%
No. of Shareholders 87,55873,89885,30682,76975,244

* 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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