KRN Heat Exchanger and Refrigeration Limited
NSE: KRNOther Industrial Products
Share price
₹1,386.10
-2.01% close of 9 Oct 2026
Price-based ratios (P/B, dividend yield, EV/EBITDA) are as of 8 Oct 2026, the close above is 9 Oct 2026.
Business score
How strong the business is, in one number. The parts behind it are in Pro.
60
out of 100 · worked out 8 Oct 2026
Your ratios
The numbers you want to see first. Tap Edit to change them.
Market cap
₹8,594 Cr
P/E ratio
88.6
P/B ratio
15.0
ROCE
16.0%
ROE
14.2%
Dividend yield
0.0%
Price & valuation chart
How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.
Answers
Simple answers to the questions investors ask most, from the company's own numbers.
How fast it has been growing
Sales grew 64.0% over the past year, and 49.9% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales improved from 19.2% to 19.6% over the last two years.
Whether it grew faster than its sector
It grew 49.9% a year against a sector median of 10.6% — 39.3 percentage points faster.
Room to re-rate, or risk of de-rating
Too little price history yet to compare it with its own past.
Whether growth justifies the valuation
It has no steady three-year profit record yet, so growth cannot be weighed against the price.
| Profit growth | Price per ₹1 profit | Per 1% growth | |
|---|---|---|---|
| KRN Heat Exchanger and Refrigeration Limited — this one | — | 90.4× | — |
| HBL Engineering Limited | 105%/yr | 25.3× | — |
| INOX India Limited | 19%/yr | 71.4× | ₹3.8 |
| Esab India Limited | 13%/yr | 36.2× | ₹2.8 |
| Subros Limited | 53%/yr | 25.1× | ₹0.47 |
| Harsha Engineers International Limited | 4%/yr | 26.0× | ₹6.5 |
Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
How it compares with its peers
Against companies the exchange files under the same label (Other Industrial Products), it ranks 8 of 15 on returns, 1 of 15 on growth, 4 of 15 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
What makes it hard to beat — and is that still true?
No durable advantage shows in the numbers: it earns 16% on capital, ahead of 47% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
Whether its growth pays for itself
No — Over the 3 years of cash statements on file the business itself consumed ₹76 crore of cash before any plant spend, funded from lenders and shareholders.
Profit reality check
Is the profit real cash? Simple checks on the accounts. Facts only, not advice.
7 of 8 checks clear · 88%
Latest result · Q1 FY27
What the last results showed. Whether management kept its word is in Pro.
Q1 FY27 revenue was ₹252.32 crore and net profit was ₹32.90 crore, with no prior promise available to judge yet.
Announced 12 Aug 2026 · Consolidated · Unaudited
Revenue
₹252 Cr
Net profit
₹33 Cr
EPS
₹5.20
Checklist before you investPRO
Points for and against, in one list.
Key numbers & peers
The main numbers grouped by topic, and how the company compares with similar ones.
Price
- Market cap
- ₹8,594 Cr
- Prev close
- ₹1,386.10
- 52w High
- ₹1,687
- 52w Low
- ₹590
- Enterprise value
- ₹8,735 Cr
- Beta
- 1.5
- Price CAGR 1y
- 78.0%
- Price CAGR 3y
- —
- Price CAGR 5y
- —
- Price CAGR 10y
- —
Ratios
- Return on assets
- 8.2%
- PEG ratio
- —
- P/E ratio
- 88.6
- P/B ratio
- 15.0
- EV / EBITDA
- 60.7
- Industry P/E
- 25.7
- ROCE
- 16.0%
- ROCE 5y average
- 18.5%
- ROE
- 14.2%
- Debt / Equity
- 0.3
- Interest coverage
- 17.3
- Dividend yield
- 0.0%
- ROE 3y average
- 17.0%
- ROE last year
- 14.0%
Annual P&L
- Annual revenue
- ₹600 Cr
- Annual profit
- ₹76 Cr
- Operating margin
- 19.0%
- Net profit margin
- 12.7%
- EBITDA margin
- 18.7%
- Sales growth 3y
- —
- Sales growth 5y
- —
- Profit growth 3y
- —
- Profit growth 5y
- —
- EPS
- ₹12.3
- Sales growth TTM
- 64.0%
- Profit growth TTM
- 82.0%
- Dividend payout
- 0.0%
Quarter P&L
- Sales latest quarter
- ₹252 Cr
- Profit latest quarter
- ₹33 Cr
- YoY quarterly sales growth
- 118.9%
- YoY quarterly profit growth
- 175.0%
- OPM latest quarter
- 19.4%
Balance Sheet
- Book Value
- ₹92.6
- Face Value
- ₹10.0
- Total debt
- ₹187 Cr
- Total cash
- ₹46 Cr
- Borrowings
- ₹187 Cr
- Reserves / Equity
- 8.3
Cash Flow
- Operating cash flow
- -₹114 Cr
- Free cash flow
- -₹257 Cr
- FCF yield
- -3.1%
- Net cash flow
- ₹0 Cr
Shareholding
- Promoter holding
- 65.7%
- FII holding
- 8.9%
- DII holding
- 8.3%
- Public holding
- 17.1%
Peer comparison
| Company | Price ₹ | P/E | Mkt cap ₹ Cr | Div yield % | Profit qtr ₹ Cr | Profit var % | Sales qtr ₹ Cr | Sales var % | ROCE % |
|---|---|---|---|---|---|---|---|---|---|
| HBL Engineering | 740.15 | 25.6 | 20,517 | 0.40 | 109.1 | -25.1 | 638.0 | 6.0 | 59.3 |
| Inox India | 2,029.30 | 71.6 | 18,419 | 0.10 | 58.1 | -5.0 | 370.8 | 9.2 | 33.5 |
| KRN Heat Exchan | 1,465.95 | 99.0 | 9,596 | 0.00 | 32.9 | 164.9 | 252.3 | 118.9 | 16.0 |
| Esab India | 5,577.60 | 41.5 | 8,586 | 1.35 | 56.1 | 37.1 | 421.1 | 19.6 | 64.7 |
| Subros | 673.55 | 25.6 | 4,394 | 0.44 | 41.5 | 1.7 | 1,032.1 | 17.5 | 19.2 |
| Harsha Engg Intl | 450.55 | 26.5 | 4,102 | 0.33 | 37.4 | -1.4 | 457.4 | 25.2 | 13.0 |
| Ador Welding | 1,542.90 | 22.4 | 2,685 | 1.49 | 27.4 | 890.5 | 308.6 | 23.2 | 22.7 |
| Median | 342.55 | 25.9 | 564 | 0.00 | 6.2 | 10.2 | 69.5 | 16.7 | 16.2 |
Competes with: Ador Welding Limited, Beardsell Limited, Delta Manufacturing Limited, Diffusion Engineers Limited, Esab India Limited, HBL Engineering Limited, Harsha Engineers International Limited, Hy-Tech Engineers Limited, INOX India Limited, Kirloskar Industries Limited, MIC Electronics Limited, Mallcom (India) Limited, Oriental Rail Infrastructure Limited, PTC Industries Limited, Subros Limited, WH Brady & Company Limited
Quarterly results
Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.
| Line item | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 71 | 66 | 82 | 96 | 91 | 111 | 132 | 115 | 152 | 153 | 179 | 252 |
| Expenses | 58 | 54 | 64 | 78 | 73 | 96 | 113 | 98 | 122 | 122 | 146 | 203 |
| Material Cost | 102 | 91 | 116 | 83 | 57 | 164 | ||||||
| Change in Inventories | -2.82 | -4.95 | -12 | -9.47 | -17 | -2.60 | ||||||
| Purchases of Stock-in-Trade | 0 | 0 | 0 | 27 | 80 | 9.21 | ||||||
| Employee Cost | 6.92 | 6.65 | 10 | 11 | 13 | 18 | ||||||
| Other Expenses | 6.95 | 5.31 | 7.26 | 10 | 12 | 14 | ||||||
| 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 |
| Other Income | 1 | 1 | 2 | 1 | 1 | 5 | 4 | 4 | 2 | 2 | 2 | 3 |
| Exceptional items (within Other Income) | 0 | 0 | 0 | 0.40 | 0 | 0 | ||||||
| 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 |
| Net Profit | 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 | 2.90 | 3.65 | 3.76 | 5.03 |
| Diluted EPS in Rs | 2.39 | 0 | 2.90 | 3.65 | 0 | 0 |
Profit & loss
Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.
| Line item | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|
| Sales | 308 | 430 | 600 | 737 |
| Expenses | 249 | 359 | 487 | 593 |
| Material Cost | 319 | 243 | ||
| Change in Inventories | -0.21 | -43 | ||
| Purchases of Stock-in-Trade | 0 | 212 | ||
| Employee Cost | 21 | 42 | ||
| Other Expenses | 19 | 34 | ||
| Operating Profit | 59 | 70 | 112 | 144 |
| OPM % | 19 | 16 | 19 | 20 |
| Other Income | 5 | 12 | 10 | 9 |
| Exceptional items (within Other Income) | 0 | 0.40 | ||
| Interest | 4 | 3.41 | 5.90 | 8 |
| Depreciation | 3.99 | 4.63 | 19 | 23 |
| Profit before tax | 56 | 74 | 98 | 122 |
| Tax % | 30 | 29 | 22 | |
| Net Profit | 39 | 53 | 76 | 97 |
| EPS in Rs | 8.54 | 8.51 | 12 | 15 |
| Diluted EPS in Rs | 9.75 | 0 | ||
| Dividend Payout % | 0 | 0 | 0 |
Compounded growth
Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.
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
- 78%
Return on equity
- 10 years
- —
- 5 years
- —
- 3 years
- 17%
- Last year
- 14%
Balance sheet
What the company owns and what it owes, at the end of each year. ₹ crore.
| Line item | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Equity Capital | 46 | 62 | 62 |
| Reserves | 84 | 436 | 512 |
| Borrowings | 87 | 33 | 187 |
| Other Liabilities | 40 | 63 | 171 |
| Total Liabilities | 257 | 595 | 932 |
| Fixed Assets | 82 | 85 | 314 |
| CWIP | 4 | 82 | 33 |
| Investments | 0 | 0 | 0 |
| Other Assets | 171 | 428 | 585 |
| Total Assets | 257 | 595 | 932 |
Cash flows
Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.
| Line item | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Cash from Operating Activity | 17 | 21 | -114 |
| Cash from Investing Activity | -64 | -279 | -34 |
| Cash from Financing Activity | 50 | 258 | 148 |
| Net Cash Flow | 3 | -0 | -0 |
| Free Cash Flow | -41 | -130 | -257 |
Ratios
How fast customers pay, how long stock sits, and how well capital earns — year by year.
| Line item | 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 |
Price trend
The price as a Renko brick chart: small moves drop out so the bigger path stands out.
Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.
Open interestPRO
Where option traders are positioned on this stock.
Industry numbers
The numbers that matter most in this industry, from the company's own filings.
1 when an audit qualification is filed as repetitive
0.00flag
2026-03-31
the company's own unlisted debt securities in default at period end
0.00cr
2026-06-30
exports as % of revenue
20.76
the company's own loans / revolving facilities in default at period end (standalone filing)
0.00cr
2026-06-30
net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash
141inr_cr
2026-03-31
guarantees / comfort given for promoter, promoter group, directors and KMP
0.00cr
2026-03-31
loans outstanding to promoter, promoter group, directors and KMP (governance filing)
0.00cr
2026-03-31
security given for the borrowing of promoter, promoter group, directors and KMP
0.00cr
2026-03-31
FY revenue / permanent employees + workers, same basis (calc)
1,04,52,962inr
2026-03-31
News
News and filings about KRN Heat Exchanger and Refrigeration Limited. Open one to see why it matters.
No recent news for this company.
Supply chain
Who it buys from, sells to and competes with — as recorded in our map of company links.
Competes with
- Ador Welding Limited
- Beardsell Limited
- Delta Manufacturing Limited
- Diffusion Engineers Limited
- Esab India Limited
- HBL Engineering Limited
- Harsha Engineers International Limited
- Hy-Tech Engineers Limited
- INOX India Limited
- Kirloskar Industries Limited
- MIC Electronics Limited
- Mallcom (India) Limited
- Oriental Rail Infrastructure Limited
- PTC Industries Limited
- Subros Limited
- WH Brady & Company Limited
Uses as raw material
- Aluminium sheet / foil
- Brass parts
- Copper foil
- Copper tube
- Galvanised steel sheet
- Stainless steel sheet
Depends on the price of
- aluminium
- copper
- steel
Sells to
- Blue Star Limited · Fin-and-tube heat exchangers / HVAC coils
- Daikin Airconditioning India · Heat exchangers (largest customer ~33% of revenue FY24)
- Kirloskar Chillers · Heat exchangers for chillers
- Schneider Electric IT Business India · Heat exchangers for cooling/data-centre
About
What the company is, from our own records: where it sits, where it makes things, and what it is made of.
- Sector
- Capital Goods
- Industry
- Other Industrial Products
- Classification
- Capital Goods › Other Industrial Products
- ISIN
- INE0Q3J01015
Business segments
- India · 83%
- Overseas · 17%
Plants
- KRN HVAC Products - Neemrana facility (Bus AC)
- KRN Heat Exchanger - Alwar facility
News impact
Big market events that reach KRN Heat Exchanger and Refrigeration Limited, and how the effect spreads.
15 Sept, 18:54 IST · Market event · medium impact
MIC Electronics sets up arm for Defence, aerospace business
MIC Electronics formed a new company for defence and aerospace work like electronic warfare and cyber tools, which could lift its tiny loss-making shares, while bigger rivals are unaffected.
Who it hits first
- MIC Electronics has formed a dedicated subsidiary for defence and aerospace work focused on electronic warfare, AI-based defence technology and cybersecurity - a new growth avenue, but with no disclosed investment, orders, partners or timelines, so near-term revenue impact is zero and the arm will likely consume cash before it earns any.
Who may gain
- MIC Electronics shareholders may see a short-term sentiment lift as the market prices a defence-growth option; no other listed company gains any direct business from this announcement.
Along the supply chain
Downstream
No downstream effect - there are no products, deliveries or customers yet, so nobody depending on MIC faces any change.
Upstream
No upstream effect - the new arm has placed no component or material orders yet, and the knowledge graph records no suppliers for MIC Electronics.
Where demand moves
Business
No business demand moves: the subsidiary has no orders yet, so no supplier gains sales and no customer faces any change - MIC's existing LED-display and electronics orders continue as before.
Capital
A small pool of theme-chasing money may bid up MIC's thinly traded shares for a few sessions; no meaningful rotation into or out of larger defence or capital-goods names is expected.
How it spreads across sectors
Capital Goods
Negligible - MIC is a micro-cap, so one subsidiary changes no sector orders, margins or outlook.
Defence
Sentiment-only - another small electronics player entering defence tech validates the indigenisation theme, but listed primes and equipment makers see no order or margin impact.
When it plays out
Immediate
MIC shares may pop 1-3% on thin volumes as theme buyers react; larger peers barely move.
Medium term
Over 1-6 months the arm must show execution - team, approvals, pilot orders - or the market writes it off as an announcement without substance.
Short term
Gains fade within 1-4 weeks unless MIC discloses capital, hiring, certifications or order bids for the new arm.
Dividends, splits & big trades
Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.
Splits, bonuses & buybacks
- daily-prices repair: 3 rows from NSE's archive (replace 1, delete 1, insert 1), 2025-03-18..2026-02-01 (docs/flat_day_repair.md)1× · 18 Mar 2025
Documents
Annual reports, results presentations and earnings calls, straight from the source.
- Annual report · 2025-262 Sep 2026
- Earnings call15 May 2026
- Earnings call9 Feb 2026
- Annual report · 2024-2525 Aug 2025
Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.