KRN HEAT EXCHANGER AND REFRIGERATION LIMITED
₹1,146.40-₹60.30 (-5.0%)
Last close · Data as of Oct 30, 2026
- Market cap
- ₹4,423 Cr
- P/E
- 67.2x
- EV / EBITDA
- 69.4x
- Revenue
- ₹431 Cr
- Net margin
- 13.0%
- ROCE
- 30.9%
Price chart
Technical chartScreen technicals →+44.3% over the last year
Daily closes.
Go deeper
Technical chart: candles, 9 moving averages, RSI, MACD and drawing tools
Performance
Price change over each period, before dividends.
- 1M
- -20.3%
- 3M
- -1.3%
- 6M
- -11.6%
- 1Y
- +44.3%
- 5Y
- +153.3%
52-week range
Day change -₹60.30 (-5.0%) from ₹1,207 to ₹1,146 · Last close Oct 30, 2026
Best weekday to invest, historically
The same weekly amount in KRN, bought on each weekday since 2024.
AI Summary
Indian StockStrengths1
- Healthy return on equity of 30.5%
Concerns1
- Operating margin declining for 3 consecutive years (20.0% → 19.0% → 16.0%)
Rule-based from financial data. Not advice.
About the company
KRN Heat Exchanger and Refrigeration Limited manufactures and sells heat exchangers, evaporators, and condensers to original equipment manufacturers in the heat, ventilation, air conditioning, and refrigeration industries.
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KRN Heat Exchanger and Refrigeration Limited manufactures and sells heat exchangers, evaporators, and condensers to original equipment manufacturers in the heat, ventilation, air conditioning, and refrigeration industries. It offers condenser coils, evaporator units and coils, header/copper parts, fluid and steam coils, condensing and air-cooling units, sheet metal parts, aluminum/copper fins and copper tubes, bar and plate, and other components. The company operates in India, the rest of Asia, Europe, North America, South America, and Oceania. The company was incorporated in 2017 and is based in Neemrana, India.
- Sector
- Industrials
- Shares outstanding
- 6.2 Cr shares
- ISIN
- INE0Q3J01015
- BSE code
- 544263
Key statistics
Screen fundamentals →Valuation, profitability, growth and solvency at the latest close; hover a label for its meaning.
Valuation
- Market cap
- ₹4,423 Cr
- P/E
- 67.2x
- P/B
- 8.3x
- EV / EBITDA
- 69.4x
- EV / Sales
- 14.5x
- P/S
- 14.4x
- Earnings yield
- 1.5%
- 52-week high
- ₹1,659.55
- 52-week low
- ₹596.90
Profitability
- Operating margin
- 19.2%
- Net margin
- 13.0%
- EBITDA margin
- 20.8%
- ROE
- 30.5%
- ROCE
- 30.9%
- ROA
- 17.4%
- Dividend payout
- 0.0%
- Tax rate
- 29.0%
- Other income, % of PBT
- 8.9%
Growth
- RevenueLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹431 Cr
- Revenue growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 40.4%
- EBITDALatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹64.0 Cr
- EBITDA growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 25.5%
- Net profit growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 25.0%
- Cash from operationsLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -₹9.00 Cr
- CFO growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -280.0%
- Free cash flowLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -₹9.00 Cr
- Asset growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 54.4%
Solvency and efficiency
- Current ratio
- 5.18
- Debt / Equity
- 0.46
- Debt / Assets
- 0.26
- Debt / EBITDA
- 0.94
- Interest coverage
- 14.75
- Financial leverage
- 1.76
- CFO / Net profit
- -0.23
- Cash / Market cap
- 4.5%
- Cash per share
- ₹31.71
- Asset turnover
- 1.33
- Fixed asset turnover
- 11.37
- Capital intensity
- 0.09
- Debtor days
- 62 days
- Inventory turnover
- 2.63
- Cash conversion cycle
- 142 days
Where the revenue went
Of every ₹100 of FY2025 revenue, ₹12 was left as net profit.
| From | To | Amount |
|---|---|---|
| Sales | Expenses | ₹360 Cr |
| Sales | Operating profit | ₹71 Cr |
| Operating profit | Interest | ₹3 Cr |
| Operating profit | Depreciation | ₹4 Cr |
| Operating profit | Profit before tax | ₹64 Cr |
| Other income | Profit before tax | ₹7 Cr |
| Profit before tax | Tax and other | ₹21 Cr |
| Profit before tax | Net profit | ₹50 Cr |
Revenue and net profit
Revenue grew 40.4% in FY2025; net profit is the dashed line.
| Date | Revenue | Net profit |
|---|---|---|
| FY2021 | ₹76 Cr | ₹2 Cr |
| FY2022 | ₹156 Cr | ₹11 Cr |
| FY2023 | ₹246 Cr | ₹32 Cr |
| FY2024 | ₹307 Cr | ₹40 Cr |
| FY2025 | ₹431 Cr | ₹50 Cr |
Cash flows
FY2025: ₹19.0 Cr from operations, -₹253 Cr free after investment (dashed).
| Date | Operating cash flow | Free cash flow |
|---|---|---|
| FY2021 | -₹1 Cr | -₹14 Cr |
| FY2022 | ₹4 Cr | ₹1 Cr |
| FY2023 | ₹5 Cr | -₹9 Cr |
| FY2024 | -₹9 Cr | -₹10 Cr |
| FY2025 | ₹19 Cr | -₹253 Cr |
Growth
Latest fiscal year FY2025 (ending March): each figure with its change over the year before.
- Revenue
- ₹431 Cr+40.4%1Y
- Net profit
- ₹50 Cr+25.0%1Y
- Cash from operations
- ₹19 Cr
- Free cash flow
- -₹253 Cr
| Year | Revenue | Operating income | EBITDA | Net profit | CFO | FCF | ROE | Revenue growth 1Y | Net profit growth 1Y |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | ₹431 Cr | ₹71 Cr | — | ₹50 Cr | ₹19 Cr | -₹253 Cr | 10.1% | +40.4% | +25.0% |
Monthly returns
Month-by-month returns of KRN across the years, with the seasonal pattern.
Balance sheet
What the company owns and owes at the end of FY2025.
| Line | FY2025 |
|---|---|
| Liabilities and equity | ₹590 Cr |
| Equity capital | ₹62 Cr |
| Reserves | ₹434 Cr |
| Borrowings | ₹33 Cr |
| Other liabilities | ₹60 Cr |
| Assets | ₹590 Cr |
| Fixed assets | ₹26 Cr |
| Capital work in progress | ₹0 Cr |
| Investments | ₹251 Cr |
| Other assets | ₹313 Cr |
Market cap against peers
8 peers: same sector group, nearest by size.
P/E against peers
KRN trades at 67.2x earnings against a peer median of 38.3x (a 76% premium).
Peer comparison
Same-sector peers by market cap, with the median.
| Company | Market cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|
| KRN HEAT EXCHANGER AND REFRIGERATION LIMITEDKRNthis companyP/E ↑ premium | ₹4,423 Cr | 67.2x | 8.3x | 30.5% | 69.4x |
| GMM Pfaudler Ltd.GMMPFAUDLR | ₹4,612 Cr | 72.2x | 5.6x | 6.8% | 34.1x |
| H.G. Infra Engineering LimitedHGINFRA | ₹4,553 Cr | 9.2x | 1.5x | 23.5% | 4.7x |
| Nirlon LimitedNIRLON | ₹4,506 Cr | 14.2x | 9.7x | 55.2% | 11.7x |
| Skipper LimitedSKIPPER | ₹4,489 Cr | 26.5x | 3.6x | 8.4% | 14.0x |
| AGI GREENPAC LIMITEDAGI | ₹4,449 Cr | 12.6x | 2.0x | 13.8% | 8.2x |
| Kennametal India LimtiedKENNAMET | ₹4,410 Cr | 40.4x | 5.9x | — | — |
| Swaraj Engines Ltd.SWARAJENG | ₹4,379 Cr | 24.7x | 11.2x | 37.5% | 21.3x |
| SG MART LIMITEDSGMART | ₹4,314 Cr | 44.9x | 2.9x | 5.6% | 44.8x |
| Peer median | — | 38.3x | 5.2x | 15.2% | 25.8x |
Year-to-date ROI
KRN since 1 January, against earlier years.
Historical volatility
KRN's day-to-day swings over 30, 60 and 180 days.
Financial statements
Income statement, balance sheet and cash flow as reported, in ₹ crore, grouped into plain-language lines.
Figures in ₹ crore as reported, fiscal years ending March, newest first; the trailing twelve months (TTM) last.
Operating margin by fiscal year
| Date | Operating margin |
|---|---|
| FY2021 | 7.0% |
| FY2022 | 11.0% |
| FY2023 | 20.0% |
| FY2024 | 19.0% |
| FY2025 | 16.0% |
| Line | FY2025 |
|---|---|
| RevenueSales | ₹431 Cr |
| Costs | |
| Interest | ₹3 Cr |
| Expenses | ₹360 Cr |
| Operating profitOperating Profit | ₹71 Cr |
| Other income and charges | |
| Profit before tax | ₹71 Cr |
| Tax | |
| Net profitNet Profit | ₹50 Cr |
| Per share |
| Line | FY2025 |
|---|---|
| Liabilities and equityTotal Liabilities | ₹590 Cr |
| Equity capitalEquity Capital | ₹62 Cr |
| Reserves | ₹434 Cr |
| Borrowings | ₹33 Cr |
| Other liabilitiesOther Liabilities | ₹60 Cr |
| AssetsTotal Assets | ₹590 Cr |
| Fixed assetsFixed Assets | ₹26 Cr |
| Capital work in progressCWIP | ₹0 Cr |
| Investments | ₹251 Cr |
| Other assetsOther Assets | ₹313 Cr |
| Line | FY2025 |
|---|---|
| Operating cash flowCash from Operating Activity | ₹19 Cr |
| Investing cash flowCash from Investing Activity | -₹272 Cr |
| Financing cash flowCash from Financing Activity | ₹244 Cr |
| Change in cashNet Cash Flow | -₹9 Cr |
Learn while you research
Academy chapters picked for KRN HEAT EXCHANGER AND REFRIGERATION LIMITED and the metrics on this page.
- 01 Taxes on Investments (India)LTCG, STCG, dividend tax, what every Indian investor needs.6 min read
- 02 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read
- 03 Valuation Multiples ExplainedThis stock trades at a P/E of 67.2, learn when high multiples are justified.6 min read
- 04 Growth Investing40% revenue growth is in the top tier, learn how to value growth.7 min read
- 05 Stock Market RisksSmall caps carry concentrated, idiosyncratic risk, learn to manage it.6 min read
- 06 Business Cycles & StocksThese cyclical sectors win and lose in different macro phases.6 min read