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

₹ 1,173 -0.93%
15 May - 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 ₹ 7,288 Cr.
  • Current Price ₹ 1,173
  • High / Low ₹ 1,405 / 590
  • Stock P/E 102
  • Book Value ₹ 91.2
  • Dividend Yield 0.00 %
  • ROCE 16.1 %
  • ROE 13.4 %
  • Face Value ₹ 10.0
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Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 95.9% CAGR over last 5 years
  • Company's working capital requirements have reduced from 118 days to 86.4 days

Cons

  • Stock is trading at 12.9 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Debtor days have increased from 80.9 to 102 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

Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
71 66 82 97 99 104 131 114 223 136 202
58 54 64 80 81 88 111 95 194 119 184
Operating Profit 13 12 18 17 18 16 20 20 30 17 18
OPM % 19% 18% 22% 18% 18% 16% 15% 17% 13% 13% 9%
1 1 2 1 2 3 1 3 4 5 3
Interest 1 1 1 1 1 0 1 1 1 1 1
Depreciation 1 1 1 1 1 1 1 1 1 1 1
Profit before tax 12 11 18 16 17 18 20 21 32 20 19
Tax % 29% 29% 30% 29% 29% 30% 30% 25% 25% 25% 10%
9 8 12 12 12 13 14 16 24 15 17
EPS in Rs 1.96 1.71 2.69 2.52 1.95 2.04 2.21 2.52 3.81 2.43 2.71
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
76 156 246 307 431 676
70 139 197 248 360 591
Operating Profit 5 17 49 59 71 85
OPM % 7% 11% 20% 19% 16% 13%
1 2 2 5 7 14
Interest 1 2 3 4 3 4
Depreciation 2 3 3 4 4 3
Profit before tax 3 15 46 56 71 92
Tax % 27% 29% 29% 29% 30% 22%
2 11 32 40 50 71
EPS in Rs 5.61 24.07 7.34 8.64 8.07 11.47
Dividend Payout % 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: 55%
3 Years: 40%
TTM: 57%
Compounded Profit Growth
10 Years: %
5 Years: 96%
3 Years: 30%
TTM: 42%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: 47%
Return on Equity
10 Years: %
5 Years: 20%
3 Years: 17%
Last Year: 13%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 4 4 44 46 62 62
Reserves 9 21 16 85 434 505
17 22 37 60 33 91
23 45 53 39 60 65
Total Liabilities 52 93 149 230 590 723
21 21 32 27 26 23
CWIP 0 0 0 1 0 0
Investments 0 0 0 5 251 351
31 71 117 197 313 349
Total Assets 52 93 149 230 590 723

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
-1 4 5 -9 19
-13 -3 -14 -1 -272
9 3 11 14 244
Net Cash Flow -5 5 2 3 -9
Free Cash Flow -14 2 -9 -9 17
CFO/OP -10% 52% 37% 9% 56%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 84 70 57 62 79 102
Inventory Days 33 63 114 139 108 49
Days Payable 129 120 102 59 60 39
Cash Conversion Cycle -11 14 69 142 127 112
Working Capital Days -17 3 42 108 159 86
ROCE % 42% 67% 42% 21% 16%

Insights

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Mar 2023 Mar 2024 Mar 2025
Total Annual Installed Production Capacity
Units

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Number of Customers Served
Number
Number of Export Countries
Number
Capacity Utilization - Evaporator & Condenser Coils
%
Capacity Utilization - Headers/ Copper Parts
%
Capacity Utilization - Sheet Metal Parts
%
Number of Domestic States Presence
Number
Top 10 Customers Revenue Concentration
%

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Shareholding Pattern

Numbers in percentages

32 Recently
Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
70.79% 70.79% 70.79% 70.79% 70.79% 70.79% 70.79%
4.05% 1.98% 1.21% 2.35% 5.46% 5.31% 6.66%
7.46% 8.18% 6.28% 6.06% 6.21% 6.35% 6.39%
17.69% 19.05% 21.72% 20.80% 17.53% 17.56% 16.16%
No. of Shareholders 87,55873,89885,30682,76975,24483,76683,713

* 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

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