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10 Yrs X-Ray 
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Analyst Note 
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About
KRN Heat Exchanger And Refrigeration Ltd (KRN)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544263 NSE: KRN Engineering - Industrial Equipments | Small Cap | KRN Heat Exch Refrig Share Price
₹1,579.75 74.10 (4.92%)
As on 04-Sep'26 16:59
KRN Heat Exchanger And Refrigeration Ltd (KRN)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544263 NSE: KRN Engineering - Industrial Equipments | Small Cap | KRN Heat Exch Refrig Share Price
₹1,579.75 74.10 (4.92%)
As on 04-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹10,341 Cr.
Current Price
₹1,579.8
52-Week Low / High
₹590 / 1,668
TTM EPS
₹11.4
TTM Sales
₹744 Cr.
Book Value per Share
₹142.9
P/E Ratio
139.20
Higher than its 5-year historical median
Industry PE
57.7
Price to Book (P/B)
11.06
Higher than its 5-year historical median
Price to Sales (P/S)
13.90
Higher than its 5-year historical median
EV/EBITDA
100.88
Higher than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
13.41%
In line with industry median
Return on Capital Employed (ROCE)
16.09%
In line with industry median
Return on Assets (ROA)
10.88%
Operating Profit Margin
12.5%
Net Profit Margin
10.54%
Gross Profit Margin
14%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
56.83%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
19.41%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
42.14%
Asset Quality
Promoter Holding
65.69%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹870 Cr.
Equity
₹65.5 Cr.
Face Value
₹10
All Time Low / High
₹402.40 / 1668.10
Check Before You Invest
Quality
Very GoodValuation
Somewhat OvervaluedCheck Valuation charts
Price Trend
Strong
Is KRN Heat Exchanger And Refrigeration Ltd a good quality company?
KRN Heat Exchanger And Refrigeration Ltd is a good quality company, based on a consistently good multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does KRN Heat Exchanger And Refrigeration Ltd performance compare with that of its Peers?
Revenue growth of KRN Heat Exchanger And Refrigeration Ltd vs industry peers?
KRN Heat Exchanger And Refrigeration Ltd revenue CAGR is 54.90%, compared to the industry median CAGR of 6.48%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of KRN Heat Exchanger And Refrigeration Ltd?
Promoters hold 65.69% of the KRN Heat Exchanger And Refrigeration Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of KRN Heat Exchanger And Refrigeration Ltd over the last decade?
Over the last 1 year(s), the stock has delivered a CAGR of 80.52% based on the current price.
10 Year X-Ray :
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 endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
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 performed well in majority of the past ten years indicating its past ten year financial track record is very good
Value Creation ⓘ
| Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 15.8% | 42.7% | 67.5% | 42.1% | 20.7% | 16.1% | - |
| Value Creation Index ⓘ | 0.2 | 2.2 | 4.0 | 2.1 | 0.5 | 0.2 | - |
Growth Parameters ⓘ |
|||||||
| Sales ⓘ | 75.8 | 156 | 247 | 308 | 431 | 676 | 744 |
| Sales YoY Gr. | - | 105.9% | 58.5% | 24.6% | 39.9% | 56.8% | - |
| Adj EPS ⓘ | 0.5 | 2.3 | 7.3 | 8.3 | 7.8 | 11.3 | 11.4 |
| YoY Gr. | - | 372.9% | 222% | 13.4% | -5.4% | 44.4% | - |
| BVPS (₹) ⓘ | 3 | 5.8 | 13.5 | 28.4 | 79.9 | 91.2 | 142.9 |
| Adj Net Profit ⓘ | 2.1 | 10 | 32.2 | 38.3 | 48.7 | 70.4 | 74 |
| Cash Flow from Ops. ⓘ | -1.3 | 4.5 | 5.1 | -7.1 | 19.2 | 14 | - |
| Debt/CF from Ops. ⓘ | -12.5 | 4.9 | 7.2 | -8.4 | 1.7 | 6.5 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | 54.9% | 39.8% | 56.8% | ||||
| Adj EPS ⓘ | NA | 88.2% | 15.7% | 44.4% | ||||
| BVPSⓘ | NA | 98.3% | 88.8% | 14.2% | ||||
| Share Price | - | - | - | 80.5% | ||||
Key Financial Parameters ⓘ
| Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 16.2 | 51.7 | 75.6 | 40.2 | 15.5 | 13.2 | 9.7 |
| Op. Profit Mgn % ⓘ | 7.2 | 10.9 | 19.9 | 19.2 | 16.5 | 12.5 | 12.1 |
| Net Profit Mgn % ⓘ | 2.8 | 6.4 | 13 | 12.4 | 11.3 | 10.4 | 10 |
| Debt to Equity ⓘ | 1.3 | 0.9 | 0.6 | 0.5 | 0.1 | 0.2 | - |
| Working Cap Days ⓘ | 0 | 96 | 117 | 167 | 195 | 160 | 80 |
| Cash Conv. Cycle ⓘ | 0 | 8 | 27 | 75 | 93 | 87 | 48 |
Valuation of KRN Heat Exch Refrig - Standalone
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|
| Sales | 76 | 156 | 247 | 308 | 431 | 676 |
| Operating Expenses ⓘ + | 70 | 139 | 198 | 249 | 360 | 591 |
| Operating Profit ⓘ | 5 | 17 | 49 | 59 | 71 | 85 |
| Operating Profit Margin (%) | 7.2% | 10.8% | 19.9% | 19.1% | 16.5% | 12.5% |
| Other Income ⓘ + | 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 | 45 | 56 | 71 | 92 |
| Tax ⓘ | 1 | 4 | 13 | 17 | 21 | 20 |
| Profit After Tax | 2 | 11 | 32 | 40 | 50 | 71 |
| PAT Margin (%) | 3.3% | 6.8% | 13.1% | 12.9% | 11.6% | 10.5% |
| Adjusted EPS (₹) | 0.6 | 2.4 | 7.3 | 8.6 | 8.1 | 11.5 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 13 | 26 | 60 | 131 | 496 | 567 | |||||
| Debt + | 14 | 19 | 34 | 56 | 32 | 90 | |||||
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Trade Payables | 21 | 40 | 49 | 36 | 53 | 59 | |||||
| Others Liabilities ⓘ | 4 | 8 | 6 | 7 | 8 | 6 | |||||
| Total Liabilities ⓘ | 52 | 93 | 149 | 230 | 589 | 722 | |||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 21 | 21 | 32 | 27 | 26 | 23 | |||||
| CWIP ⓘ | 0 | 0 | 0 | 1 | 0 | 0 | |||||
| Investments ⓘ | 0 | 0 | 0 | 5 | 251 | 351 | |||||
| Inventories | 5 | 21 | 55 | 84 | 95 | 74 | |||||
| Trade Receivables | 18 | 30 | 39 | 52 | 93 | 189 | |||||
| Cash Equivalents | 6 | 14 | 16 | 16 | 34 | 33 | |||||
| Others Assets ⓘ | 2 | 6 | 7 | 45 | 91 | 52 | |||||
| Total Assets ⓘ | 52 | 93 | 149 | 230 | 589 | 722 | |||||
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | -1 | 4 | 5 | -9 | 19 | 14 |
| Cash Flow From Investing Activity ⓘ + | -13 | -3 | -14 | -1 | -272 | -95 |
| Cash Flow From Financing Activity ⓘ + | 9 | 3 | 11 | 14 | 244 | 83 |
| Net Cash Flow ⓘ | -5 | 5 | 2 | 3 | -9 | 1 |
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 18.88 | 54.88 | 75.94 | 41.91 | 16 | 13.41 | ||||
| ROCE (%) | 15.75 | 42.68 | 67.49 | 42.12 | 20.72 | 16.09 | ||||
| Asset Turnover Ratio | 1.45 | 2.15 | 2.05 | 1.63 | 1.05 | 1.03 | ||||
| PAT to CFO Conversion(x) | -0.5 | 0.36 | 0.16 | -0.23 | 0.38 | 0.2 | ||||
| Working Capital Days | ||||||||||
| Receivable Days | 84.30 | 55.30 | 50.50 | 53.90 | 61.40 | 76.10 | ||||
| Inventory Days | 26.40 | 31.30 | 56.30 | 82.60 | 76 | 45.70 | ||||
| Payable Days | 128.80 | 91.70 | 92.80 | 70 | 50.10 | 36.90 | ||||
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KRN Heat Exchanger And Refrigeration Ltd FAQs
The current trading price of KRN Heat Exch Refrig on 04-Sep-2026 16:59 is ₹1,579.8.
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 03-Sep-2026 the market cap of KRN Heat Exch Refrig stood at ₹10,340.8 Cr
The latest P/E ratio of KRN Heat Exch Refrig as of 03-Sep-2026 is 139.2.
The latest P/B ratio of KRN Heat Exch Refrig as of 03-Sep-2026 is 11.06.
The 52-week high of KRN Heat Exch Refrig is ₹1,668.1 and the 52-week low is ₹589.8.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of KRN Heat Exch Refrig is ₹744 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that KRN Heat Exchanger And Refrigeration Ltd is a good quality company.
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.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of KRN Heat Exchanger And Refrigeration Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
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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