Is KRN Heat Exchanger And Refrigeration Ltd (KRN) a good quality company?

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

Is KRN Heat Exchanger And Refrigeration Ltd (KRN) 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 Overvalued zone .

What is KRN Heat Exchanger And Refrigeration Ltd (KRN) share price return in the past 10 years?

Data is not available for this company

Is KRN Heat Exchanger And Refrigeration Ltd (KRN) a good buy now?

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

What is the share price of KRN Heat Exchanger And Refrigeration Ltd (KRN)?

Company share prices are keep on changing according to the market conditions. The current trading price of KRN Heat Exchanger And Refrigeration Ltd (KRN) on 17-Apr-2026 16:59:59 at 16:59 is 1270.05.

What is the P/E ratio of KRN Heat Exchanger And Refrigeration?

The latest standalone P/E ratio of KRN Heat Exchanger And Refrigeration as of 17-Apr-2026 is 115.78.

What is the P/B ratio of KRN Heat Exchanger And Refrigeration Ltd (KRN)?

The latest standalone P/B ratio of KRN Heat Exchanger And Refrigeration Ltd (KRN) as of 17-Apr-2026 is 14.35.

What is the 52-week high and low of KRN Heat Exchanger And Refrigeration Ltd (KRN)?

The 52-week high of KRN Heat Exchanger And Refrigeration Ltd (KRN) is Rs. 1291.25 and the 52-week low is Rs. 589.75.

KRN Heat Exchanger And Refrigeration Ltd (KRN) Share Analysis – Quality, Growth & Valuation Zone & DeciZen Rating

Name: KRN Heat Exchanger And Refrigeration Ltd (KRN)
Brand: KRN Heat Exchanger And Refrigeration

KRN Heat Exchanger And Refrigeration Ltd (KRN) Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating

KRN Heat Exchanger And Refrigeration Ltd (KRN)

BSE: 544263 NSE: KRN

Key Metrics

Market Cap

₹7,894 Cr.

P/E Ratio

115.78

Price to Book (P/B)

14.35

Price to Sales (P/S)

13.05

EV/EBITDA

79.20

Return on Capital Employed (ROCE)

20.72%

Current Price

₹1,270.1

Return on Equity (ROE)

16.00%

Return on Assets (ROA)

12.26%

Operating Profit Margin

16.5%

Net Profit Margin

11.64%

Gross Profit Margin

17.4%

Book Value per Share

₹88.5

Sales Growth (YoY)

39.89%

Sales Growth (3 Years)

40.31%

Operating Profit Growth (1 Year)

20.52%

Operating Profit Growth (3 Years)

61.24%

Net Profit Growth (1 Year)

25.8%

52-Week Low / High

₹590 / 1,291

Net Profit Growth (3 Years)

67.95%

Dividend Yield

0.00%

Promoter Holding

70.79%

Pledged shares (%)
of Promoter's holding (%)

0.00%

Check Before You Invest

Q.1 Revenue growth of KRN Heat Exchanger And Refrigeration Ltd?

KRN Heat Exchanger And Refrigeration Ltd revenue growth is 39.9% for FY-2025 , which is above its 5 year CAGR of 0% , indicating faster growth.

Q.1 Promoter shareholding and pledge status of KRN Heat Exchanger And Refrigeration Ltd?

Promoters hold 70.79% of the KRN Heat Exchanger And Refrigeration Ltd, with 0.00% of their stake pledged, indicating no pledge risk.

Q.1 Revenue growth of KRN Heat Exchanger And Refrigeration Ltd vs industry peers?

KRN Heat Exchanger And Refrigeration Ltd revenue CAGR is 0.00% , compared to the industry median CAGR of 1.47% , indicating stable growth and maintaining its market share.

Q.1 Which industry/sub-sector does KRN Heat Exchanger And Refrigeration Ltd belong to?

KRN Heat Exchanger And Refrigeration Ltd belongs to the Capital Goods & Industrial Consumables sector, operating specifically within the Engineering - Industrial Equipments segment.

Q.1 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 52.3% based on the current price.

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

Based on:

Data

Overall Rating ⓘ
Login to view analysis.

1. Quality

2. Valuation

3. Price Trend

KRN Heat Exchanger And Refrigeration stock performance

Key Ratios

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

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record

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

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
ROCE % ⓘ	15.8%	42.7%	67.5%	42.1%	20.7%	-
Value Creation Index ⓘ	0.2	2.2	4.0	2.1	0.5	-
Growth Parameters ⓘ Growth Parameters Colour Code Guide ⓘ
Sales ⓘ	75.8	156	247	308	431	605
Sales YoY Gr.	-	105.9%	58.5%	24.6%	39.9%	-
Adj EPS ⓘ	0.5	2.3	7.3	8.3	7.8	11
YoY Gr.	-	372.9%	222%	13.4%	-5.4%	-
BVPS (₹) ⓘ	3	5.8	13.5	28.4	79.9	88.5
Adj Net Profit ⓘ	2.1	10	32.2	38.3	48.7	68
Cash Flow from Ops. ⓘ	-1.3	4.5	5.1	-7.1	19.2	-
Debt/CF from Ops. ⓘ	-12.5	4.9	7.2	-8.4	1.7	-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

	9 Years	5 Years	3 Years	1 Years
Sales ⓘ	NA	NA	40.3%	39.9%
Adj EPS ⓘ	NA	NA	51.2%	-5.4%
BVPSⓘ	NA	NA	139.7%	181.7%
Share Price	-	-	-	52.3%

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
Return on Equity % ⓘ	16.2	51.7	75.6	40.2	15.5	13
Op. Profit Mgn % ⓘ	7.2	10.9	19.9	19.2	16.5	14.4
Net Profit Mgn % ⓘ	2.8	6.4	13	12.4	11.3	11.3
Debt to Equity ⓘ	1.3	0.9	0.6	0.5	0.1	-
Working Cap Days ⓘ	0	96	117	167	195	95
Cash Conv. Cycle ⓘ	0	8	27	75	93	64

Recent Performance Summary

Latest Financials

	Standalone	Consolidated
TTM EPS (₹)	11	10.9
TTM Sales (₹ Cr.)	605	552
BVPS (₹) ⓘ	88.5	88.7
Reserves (₹ Cr.) ⓘ	488	489
P/BV ⓘ	14.35	14.32
PE ⓘ	115.78	116.14

From the Market
52 Week Low / High (₹)	589.75 / 1291.25
All Time Low / High (₹)	402.40 / 1225.00
Market Cap (₹ Cr.)	7,894
Equity (₹ Cr.)	62.2
Face Value (₹)	10
Industry PE ⓘ	55.2

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged ^*

0.00

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

Valuation of KRN Heat Exch Refrig - Standalone Basis

YTD 1Y 3Y 5Y 10Y Max

Analyst's Notes

No data found!

Key Ratios

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)

PARTICULARS	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Sales	76	156	247	308	431
Operating Expenses ⓘ +	70	139	198	249	360
Manufacturing Costs	3	7	7	6	9
Material Costs	61	123	176	222	323
Employee Cost	4	6	9	12	18
Other Costs ⓘ	2	4	6	9	10
Operating Profit ⓘ	5	17	49	59	71
Operating Profit Margin (%)	7.2%	10.8%	19.9%	19.1%	16.5%
Other Income ⓘ +	1	2	2	5	7
Exceptional Items ⓘ	0	0	0	0	0
Interest ⓘ	1	2	3	4	3
Depreciation ⓘ	2	3	3	4	4
Profit Before Tax ⓘ	3	15	45	56	71
Tax ⓘ	1	4	13	17	21
Profit After Tax	2	11	32	40	50
PAT Margin (%)	3.3%	6.8%	13.1%	12.9%	11.6%
Adjusted EPS (₹)	0.6	2.4	7.3	8.6	8.1
Dividend Payout Ratio (%)	0%	0%	0%	0%	0%

Balance Sheet

(All Figures are in Crores.)

PARTICULARS	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Equity and Liabilities
Shareholders Fund +	13	26	60	131	496
Share Capital ⓘ	4	4	44	46	62
Reserves ⓘ	9	21	16	85	434
Debt +	14	19	34	56	32
Long Term Debt	11	11	17	8	1
Short Term Debt	3	8	18	48	31
Minority Interest	0	0	0	0	0
Trade Payables	21	40	49	36	53
Others Liabilities ⓘ	4	8	6	7	8
Total Liabilities ⓘ	52	93	149	230	589
Fixed Assets
Net Fixed Assets ⓘ +	21	21	32	27	26
Gross Block	25	27	41	40	42
Accumulated Depreciation	3	6	9	13	17
CWIP ⓘ	0	0	0	1	0
Investments ⓘ	0	0	0	5	251
Inventories	5	21	55	84	95
Trade Receivables	18	30	39	52	93
Cash Equivalents	6	14	16	16	34
Others Assets ⓘ	2	6	7	45	91
Total Assets ⓘ	52	93	149	230	589

Cash Flow

(All Figures are in Crores.)

PARTICULARS	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Cash Flow From Operating Activity ⓘ +	-1	4	5	-9	19
PBT ⓘ	3	15	45	56	71
Adjustment ⓘ	3	4	6	10	6
Changes in Working Capital ⓘ	-7	-10	-33	-61	-37
Tax Paid ⓘ	-1	-4	-13	-15	-21
Cash Flow From Investing Activity ⓘ +	-13	-3	-14	-1	-272
Capex	-13	-3	-14	1	-2
Net Investments	0	0	0	-5	-246
Others ⓘ	0	-0	0	3	-25
Cash Flow From Financing Activity ⓘ +	9	3	11	14	244
Net Proceeds from Shares ⓘ	0	0	0	31	314
Net Proceeds from Borrowing ⓘ	5	0	6	-6	-7
Interest Paid ⓘ	-1	-2	-3	-4	-3
Dividend Paid ⓘ	0	0	0	0	0
Others ⓘ	5	5	9	-7	-60
Net Cash Flow ⓘ	-5	5	2	3	-9

Finance Ratio

PARTICULARS	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Ratios
ROE (%)	18.88	54.88	75.94	41.91	16
ROCE (%)	15.75	42.68	67.49	42.12	20.72
Asset Turnover Ratio	1.45	2.15	2.05	1.63	1.05
PAT to CFO Conversion(x)	-0.5	0.36	0.16	-0.23	0.38
Working Capital Days
Receivable Days	84	55	50	54	61
Inventory Days	26	31	56	83	76
Payable Days	129	92	93	70	50

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KRN Heat Exchanger And Refrigeration Ltd FAQs

The current trading price of KRN Heat Exch Refrig on 17-Apr-2026 16:59 is ₹1,270.1.

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 16-Apr-2026 the market cap of KRN Heat Exch Refrig stood at ₹7,894.2 Cr

The latest P/E ratio of KRN Heat Exch Refrig as of 16-Apr-2026 is 115.8.

The latest P/B ratio of KRN Heat Exch Refrig as of 16-Apr-2026 is 14.35.

The 52-week high of KRN Heat Exch Refrig is ₹1,291.3 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 ₹605 ( 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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SEBI Registration Number:	INA000013323 Validity – May 16, 2019 – Perpetual
Registration:	Non-Individual
BSE Enlistment No:	1187
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KRN Heat Exchanger And Refrigeration Ltd (KRN) Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating

KRN Heat Exch Refrig Share Price