Skip to main content
Swing Capital

KRN Heat Exchanger and Refrigeration Ltd

NSE: KRN BSE: 544263

KRN Heat Exchanger and Refrigeration (KHERL), manufactures fin and tube-type heat exchangers for the Heat Ventilation Air Conditioning, and Refrigeration Industry.[1]

₹1,092
52W: ₹590 — ₹1405
PE 95.1 · Book ₹91.2 · +1097% vs book
Market Cap₹6,787 Cr
Stock P/E95.1Price to Earnings
ROCE16.1%Return on Capital
ROE13.4%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Company is expected to give good quarter
  • +Company has delivered good profit growth of 95.9% CAGR over last 5 years
  • +Company's working capital requirements have reduced from 118 days to 86.4 days

Weaknesses

  • −Stock is trading at 12.2 times its book value
  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Debtor days have increased from 80.9 to 102 days.

Shareholding Pattern

Promoters70.79%
FIIs6.66%
DIIs6.39%
Public16.16%
CategorySep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters70.79%70.79%70.79%70.79%70.79%70.79%70.79%
FIIs4.05%1.98%▼2.11.21%▼0.82.35%▲1.15.46%▲3.15.31%▼0.26.66%▲1.4
DIIs7.46%8.18%▲0.76.28%▼1.96.06%▼0.26.21%▲0.26.35%▲0.16.39%▲0.0
Public17.69%19.05%▲1.421.72%▲2.720.8%▼0.917.53%▼3.317.56%▲0.016.16%▼1.4

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales66829799104131114223136202
Expenses546480818811195194119184
Operating Profit12181718162020301718
OPM %18%22%18%18%16%15%17%13%13%9%
Net Profit8121212131416241517
EPS ₹1.712.692.521.952.042.212.523.812.432.71

AI Insights

Revenue Trend

Mar 2026 revenue at ₹676Cr, up 56.8% YoY. OPM at 13%.

Debt Position

Borrowings at ₹91Cr. Debt-to-equity ratio: 0.18x. Healthy balance sheet.

Institutional Flow

DIIs: 6.39% (-1.07pp change). FIIs: 6.66% (+2.61pp change). Promoters hold 70.79%.

Margin & Efficiency

ROCE improving from 0% (Mar 2021) to 16% (Mar 2026). Working capital days: 86.

Valuation

PE 95.1x with 16.1% ROCE. Price is 1097% above book value of ₹91.2. Dividend yield: 0%.

Recent Announcements