KRN Heat Exchanger and Refrigeration Ltd

KRN

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Market Cap

₹ 4,736 Cr

P/E

80.21

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Performance

STEADY PERFORMER

Valuation

OVERVALUED

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

KRN Heat Exchanger and Refrigeration Limited specializes in manufacturing fin and tube-type heat exchangers for HVAC&R industries using copper and aluminum. The company is experiencing strong financial growth with Q2 FY26 revenues increasing by over 126% year-on-year due to higher capacity utilization and sustained demand.

The company recently acquired the bus air-conditioning division of Sphere Refrigeration Systems, enhancing its transport cooling portfolio. This strategic move supports KRN's ambition to grow its presence in the automotive HVAC segment.

KRN's operational scale-up is evidenced by its newly operational Neemrana plant, which commenced in early FY26, indicating significant expansion in its manufacturing capabilities.

With a CRISIL A-rating (Stable Outlook) assigned to its banking facilities, KRN demonstrates strong credit confidence and operational discipline, poised for further growth in the HVAC market.

Sector

Engineering

Industry

Engineering - Light - General - Medium / Small

Market Cap

4,736 Cr

Volatility

High Risk

P/E Ratio

80.2

Industry P/E

34.2

PEG Ratio

1.2

P/B Ratio

9.0

52W High

1,011.60

52W Low

675.80

Sales CAGR

39.43%

40.31%

—

10Y

—

Profit CAGR

34.25%

67.95%

—

10Y

—

ROE

TTM

11.17%

17.82%

18.67%

10Y

—

ROCE

TTM

15.81%

25.67%

26.37%

10Y

—

Technicals

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Forecasts

No. of Analysts

5

1Y Price Target

1075.08 ▲ 43.40%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
KRN	761.60	4,736 Cr	80.21	8.96	0.00	11.17	15.81	8.10
JASH	441.35	2,788 Cr	36.09	6.30	0.45	17.46	19.31	9.89
JAYKAY	200.50	2,608 Cr	86.67	5.46	0.00	6.31	7.40	4.57
KPGEL	429.00	2,144 Cr	28.96	6.62	0.09	27.28	27.51	9.04
NIBE	1189.10	1,724 Cr	545.46	7.40	0.10	1.36	3.79	0.48
MAMATA	419.60	1,034 Cr	24.01	5.85	0.12	24.38	32.80	15.82
MACPOWER	1011.65	1,012 Cr	36.73	6.52	0.15	17.39	23.68	10.67

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	71	66	82	96	91	111	132	115	152
Expenses	58	54	64	78	73	96	113	98	122
Operating Profit	13	12	18	18	18	16	19	18	30
OPM %	18.94	17.87	21.44	18.48	19.89	14.19	14.37	15.27	19.90
Other Income	0.87	1.36	1.69	1.19	1.44	4.89	4.33	3.58	2.39
Interest	1.21	0.95	1.01	1.01	1.10	0.38	0.92	0.70	0.86
Depreciation	1.01	1.03	0.96	1.12	1.15	1.19	1.18	2.19	4.85
Profit Before Tax	12	11	17	17	17	19	21	18	27
Tax %	29.08	29.16	30.35	28.58	28.84	28.27	29.59	32.09	33.11
Net Profit	8.61	7.87	12	12	12	14	15	12	18
EPS in Rs	—	—	1.94	—	2.64	2.12	2.39	2.00	2.90

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2024	Mar 2025	TTM
Sales	308	430	449
Expenses	250	359	379
Operating Profit	58	71	70
OPM %	18.96	16.40	15.67
Other Income	5.26	12	14
Interest	3.99	3.41	3.10
Depreciation	3.99	4.63	5.71
Profit Before Tax	56	74	76
Tax %	29.90	28.86	29.69
Net Profit	39	53	53
EPS in Rs	—	—	9.41
Dividend Payout %	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2024	Mar 2025
Equity Capital	46	62
Reserves	86	436
Borrowings	87	33
Other Liabilities	40	63
Total Liabilities	258	595
Fixed Assets	82	85
CWIP	4.45	82
Investments	0.00	0.00
Other Assets	172	428
Total Assets	258	595

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2024	Mar 2025
Cash from Operating Activity	2.76	21
Cash from Investing Activity	-66	-279
Cash from Financing Activity	66	258
Net Cash Flow	2.85	-0.04

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jan 2024	Mar 2024	Sep 2024	Oct 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	95.37%	95.37%	70.79%	70.79%	70.79%	70.79%	70.79%	70.79%
FIIs	0.00%	0.00%	4.05%	4.05%	1.98%	1.21%	2.35%	5.46%
DIIs	4.63%	4.63%	7.46%	7.46%	8.18%	6.28%	6.07%	6.21%
Public	0.00%	0.00%	17.69%	17.69%	19.05%	21.72%	20.80%	17.54%
Total Shareholders	147	148	87,558	87,558	73,898	85,306	82,769	75,244

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Jul 07, 2025	Hrti private limited	Bulk	Sell	907.83	27.24 Cr	3,00,092	0.48
Jul 07, 2025	Qe securities llp	Bulk	Buy	906.26	28.30 Cr	3,12,275	0.50
Jul 07, 2025	Hrti private limited	Bulk	Buy	902.89	29.53 Cr	3,27,095	0.52
Jul 07, 2025	Qe securities llp	Bulk	Sell	913.93	29.79 Cr	3,25,932	0.52
Jun 19, 2025	Saravana securities d.sathya...	Bulk	Buy	807.62	26.65 Cr	3,30,000	0.53
Mar 11, 2025	Hrti private limited	Bulk	Sell	960.09	32.71 Cr	3,40,668	0.54
Mar 11, 2025	Hrti private limited	Bulk	Buy	964.04	34.74 Cr	3,60,320	0.57
Mar 10, 2025	Hrti private limited	Bulk	Sell	950.57	31.62 Cr	3,32,654	0.53
Mar 10, 2025	Hrti private limited	Bulk	Buy	952.79	30.44 Cr	3,19,513	0.51
Mar 05, 2025	Qe securities llp	Bulk	Buy	973.58	35.44 Cr	3,64,034	0.58

Projection

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Actions

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Announcements

Last 7 days

Newest

Sentiment

Investor Meeting

2 days ago

Analyst/Investor Meeting Scheduled

KRN Heat Exchanger and Refrigeration Limited has announced an Analyst/Investor meeting on December 17, 2025, during the Beyond The Numbers Value Discovery Summit 2025.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

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Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
KRN	761.60	4,736 Cr	80.21	8.96	0.00	11.17	15.81	8.10
JASH	441.35	2,788 Cr	36.09	6.30	0.45	17.46	19.31	9.89
JAYKAY	200.50	2,608 Cr	86.67	5.46	0.00	6.31	7.40	4.57
KPGEL	429.00	2,144 Cr	28.96	6.62	0.09	27.28	27.51	9.04
NIBE	1189.10	1,724 Cr	545.46	7.40	0.10	1.36	3.79	0.48
MAMATA	419.60	1,034 Cr	24.01	5.85	0.12	24.38	32.80	15.82
MACPOWER	1011.65	1,012 Cr	36.73	6.52	0.15	17.39	23.68	10.67

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Overview

Detailed Summary

KRN's operational scale-up is evidenced by its newly operational Neemrana plant, which commenced in early FY26, indicating significant expansion in its manufacturing capabilities.

With a CRISIL A-rating (Stable Outlook) assigned to its banking facilities, KRN demonstrates strong credit confidence and operational discipline, poised for further growth in the HVAC market.

Sector

Engineering

Industry

Engineering - Light - General - Medium / Small

Market Cap

4,736 Cr

Volatility

High Risk

P/E Ratio

80.2

Industry P/E

34.2

PEG Ratio

1.2

P/B Ratio

9.0

52W High

1,011.60

52W Low

675.80

Sales CAGR

39.43%

40.31%

—

10Y

—

Profit CAGR

34.25%

67.95%

—

10Y

—

ROE

TTM

11.17%

17.82%

18.67%

10Y

—

ROCE

TTM

15.81%

25.67%

26.37%

10Y

—