KRN Heat Exchanger And Refrigeration Ltd - Stock Valuation and Financial Performance

BSE: 544263 | NSE: KRN | Engineering - Industrial Equipments | Small Cap

KRN Heat Exch Refrig Share Price

808.50 16.00 2.02%
as on 15-May'25 16:59

DeciZen - make an informed investing decision on KRN Heat Exch Refrig

Overall Rating
Bole Toh

1. Quality

2. Valuation

Somewhat overvalued

3. Price Trend

Semi Strong

KRN Heat Exchanger And Refrigeration stock performance -

mw4me loader
P/E Ratio (SA):
100.16
Market Cap:
5,025.4 Cr.
52-wk low:
402.4
52-wk high:
1,011.6

Is KRN Heat Exchanger And Refrigeration Ltd an attractive stock to invest in?

1. Is KRN Heat Exchanger And Refrigeration Ltd a good quality company?

Past 10 year’s financial track record analysis by Moneyworks4me indicates that KRN Heat Exchanger And Refrigeration Ltd is a below average quality company.

2. Is KRN Heat Exchanger And Refrigeration Ltd undervalued or overvalued?

The key valuation ratios of KRN Heat Exchanger And Refrigeration Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.

3. Is KRN Heat Exchanger And Refrigeration Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of KRN Heat Exchanger And Refrigeration Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of KRN Heat Exch Refrig:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
KRN Heat Exchanger And Refrigeration Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Value Creation Index Colour Code Guide

Mar'21Mar'22Mar'23Mar'24TTM
ROCE % 15.8%42.7%67.5%42.1%-
Value Creation
Index
0.12.13.82.0-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 75.8156247308431
Sales YoY Gr.-105.9%58.5%24.6%-
Adj EPS 0.52.37.38.38.1
YoY Gr.-372.9%222%13.4%-
BVPS (₹) 35.813.528.479.9
Adj Net
Profit
2.11032.238.350
Cash Flow from Ops. -1.34.55.1-7.1-
Debt/CF from Ops. -12.54.97.2-8.4-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales NANA59.6%24.6%
Adj EPS NANA158.5%13.4%
BVPSNANA112.1%109.4%
Share Price - - - -

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'21Mar'22Mar'23Mar'24TTM
Return on
Equity %
16.251.775.640.214.9
Op. Profit
Mgn %
7.210.919.919.217.3
Net Profit
Mgn %
2.86.41312.411.6
Debt to
Equity
1.30.90.60.50
Working Cap
Days
096117167239
Cash Conv.
Cycle
082775175

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 59.60%

Net Profit is growing at healthy rate in last 3 years 158.49%

Debt to equity has declined versus last 3 years average to 0.46

Sales growth is good in last 4 quarters at 39.25%

Return on Equity has declined versus last 3 years average to 14.90%

Latest Financials - KRN Heat Exchanger And Refrigeration Ltd.

Standalone Consolidated
TTM EPS (₹) 8.1 8.5
TTM Sales (₹ Cr.) 431 430
BVPS (₹.) 79.9 80.2
Reserves (₹ Cr.) 434 436
P/BV 10.12 10.08
PE 100.16 95.04
From the Market
52 Week Low / High (₹) 402.40 / 1011.60
All Time Low / High (₹) 402.40 / 1011.60
Market Cap (₹ Cr.) 5,025
Equity (₹ Cr.) 62.2
Face Value (₹) 10
Industry PE 55.5

Management X-Ray of KRN Heat Exch Refrig:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

No data found!

Key Ratios of KRN Heat Exch Refrig

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'21Mar'22Mar'23Mar'24
Sales76156247308
Operating Expenses 70139198249
Manufacturing Costs3776
Material Costs61123176222
Employee Cost 46912
Other Costs 2469
Operating Profit 5174959
Operating Profit Margin (%) 7.2%10.8%19.9%19.1%
Other Income 1225
Interest 1234
Depreciation 2334
Exceptional Items 0000
Profit Before Tax 3154556
Tax 141317
Profit After Tax 2113240
PAT Margin (%) 3.3%6.8%13.1%12.9%
Adjusted EPS (₹)0.62.47.38.6
Dividend Payout Ratio (%)0%0%0%0%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'21Mar'22Mar'23Mar'24

Equity and Liabilities

Shareholders Fund 132660131
Share Capital 444446
Reserves 9211685
Minority Interest0000
Debt14193456
Long Term Debt11111713
Short Term Debt381843
Trade Payables21404936
Others Liabilities 4867
Total Liabilities 5293149230

Fixed Assets

Gross Block25274140
Accumulated Depreciation36913
Net Fixed Assets21213227
CWIP 0001
Investments 0005
Inventories5215584
Trade Receivables18303952
Cash Equivalents 6141616
Others Assets26745
Total Assets 5293149230

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'21Mar'22Mar'23Mar'24
Cash Flow From Operating Activity -145-7
PBT 3154556
Adjustment 34610
Changes in Working Capital -7-10-33-57
Tax Paid -1-4-13-17
Cash Flow From Investing Activity -13-3-14-4
Capex -13-3-141
Net Investments 000-5
Others 0001
Cash Flow From Financing Activity 931114
Net Proceeds from Shares 00031
Net Proceeds from Borrowing 506-4
Interest Paid -1-2-3-4
Dividend Paid 0000
Others 559-10
Net Cash Flow -5523
PARTICULARSMar'21Mar'22Mar'23Mar'24
Ratios
ROE (%)18.8854.8875.9441.91
ROCE (%)15.7542.6867.4942.12
Asset Turnover Ratio1.452.152.051.63
PAT to CFO Conversion(x)-0.50.360.16-0.18
Working Capital Days
Receivable Days84555054
Inventory Days26315683
Payable Days129929370

KRN Heat Exchanger And Refrigeration Ltd Stock News

KRN Heat Exchanger And Refrigeration Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of KRN Heat Exch Refrig on 15-May-2025 16:59 is ₹808.5.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 15-May-2025 16:59 the market cap of KRN Heat Exch Refrig stood at ₹5,025.4.
The latest P/E ratio of KRN Heat Exch Refrig as of 15-May-2025 16:59 is 100.2.
The latest P/B ratio of KRN Heat Exch Refrig as of 15-May-2025 16:59 is 10.12.
The 52-week high of KRN Heat Exch Refrig is ₹1,011.6 and the 52-week low is ₹402.4.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of KRN Heat Exch Refrig is ₹431.2 ( Cr.) .

About KRN Heat Exchanger And Refrigeration Ltd

KRN Heat Exchanger and Refrigeration Limited was incorporated in Bhiwadi, Alwar as ‘Krn Heat Exchanger And Refrigeration Private Limited’, a private limited company under the Companies Act, 2013, pursuant to a certificate of incorporation dated August 25, 2017issued by Central Registration Centre, Manesar. Thereafter, the company was converted from a private limited company to a public limited company, pursuant to a resolution passed in the extraordinary general meeting of its Shareholders held on March 17, 2023, and consequently, the name of the company was changed to ‘KRN Heat Exchanger and Refrigeration Limited’ by deletion of the word ‘Private’. A fresh certificate of incorporation consequent upon conversion from private company to public company dated April 03, 2023, was issued by the Registrar of Companies, Jaipur, Rajasthan to the Company.

KRN Heat Exchanger and Refrigeration manufactures fin and tube type heat exchangers for the Heat Ventilation Air Conditioning and Refrigeration Industry (HVAC&R). Heat exchanger manufactured by it is made of non-ferrous metals primarily Copper and Aluminium. The company’s product range includes condenser coils, evaporator units, evaporator coils, header/copper parts, fluid and steam coils and sheet metal parts. It manufactures heat exchangers of various shapes and sizes as per the requirements of the customers and/or demand in the market. Its products are well suited for wide range of air conditioning, heating and ventilation, refrigeration, and process cooling applications.

To enhance the longevity and corrosion resistance of heat exchangers and their components, various types of coatings such as nano coating, and powder coating are applied to the surfaces of copper tubes, brazing joints, and fin sheets. By applying these advanced coatings to heat exchangers and their components, its products ensure that the heat exchanger operates efficiently over an extended period, reducing maintenance costs and enhancing overall performance. The protective barrier provided by these coatings ensures that the heat exchanger withstands harsh conditions and maintains its optimal functionality.

Business area of the company

The company is engaged in the business of manufacturing of heat exchangers and coils for Commercial Air conditioning and Packaged Air conditioning units which are primarily installed in places like data cooling centres, process cooling equipment, railways/metros, and other commercial air conditioning units.

Products of the company

  • Residential AC
  • Cassette type HVAC
  • Fan Coil Unit FCU
  • Commercial HVAC
  • Data Centre Cooling
  • Precision Air Conditioning
  • Railway/Metro HVAC
  • Automotive HVAC
  • Defence Air Conditioning
  • Commercial Refrigeration
  • Water Coolers
  • Chest Freezers
  • Beverage Coolers
  • Vending Machines
  • Cloth Dryer/Washing M/c
  • Dry air cooler
  • Swimming pool heat pump
  • Medical Equipment

Awards, accreditations or recognition

  • 2018: ISO 9001:2015 Certification. 
  • 2020: IS 11329:2018 Certification (BIS)
  • 2020: Pandemic Response Excellence Award (By: Schneider Electric).
  • 2021: BS EN ISO 13134 Certification.
  • 2021: UL-207 Certification (Underwriters Laboratories -USA).
  • 2022: CE certification (EU directives). 
  • 2022: Participation and Continuous support award (By: Schneider Electric). 
  • 2023: ISO 9001, 14001 and ISO 45001. 
  • 2023: Certification Quality Excellence Award (By: Werner Finley). 
  • 2023: Certificate of Appreciation (By: Werner Finley). 
  • 2023: Dare to Disrupt (Innovation & Tech) (By: -Carrier Air Conditioning and Refrigeration Ltd)
  • 2023: Certificate of Appreciation (By: Carrier Air Conditioning and Refrigeration Ltd).
  • 2024: Certificate of Appreciation (By: Daikin)
  • 2024: Best Supplier Heat Exchanger Award (By: Daikin)

History and milestones

  • 2021: New lines added featuring 5mm tube diameter.
  • 2022: New lines added 25X21.65 mm in 9.52mm, 30.00 X26.0 mm in 12.7mm
  • 2022: New lines added featuring a 5/8” diameter tube, specifically designed to cater Air Handling Unit (AHU) and industrial application business.
  • 2022: Acquired CE certification, to meet rigorous safety regulations for the European market
  • 2022: Established  its  internal  Brazing  school,  a  dedicated  initiative  to  enhance  the  skills  of  its brazing staff Appointed a dedicated sales representative in Europe.
  • 2023: Conversion of the company from a private limited company to a public limited company and change of name of the Company from ‘KRN Heat Exchanger and Refrigeration Private Limited’ to ‘KRN Heat Exchanger and Refrigeration Limited’.

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