KRN

KRN Heat Exchanger and Refrigeration Limited

Thermal management solutions for HVAC, data centres and industrial cooling applications

Industrials›Capital Goods›Industrial Products›Other Industrial Products

krnheatexchanger.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹1139.60
Market cap
7,460 Cr
Stock P/E
76.9
P/B
12.34
ROE (FY26)
13.3%
ROCE (FY26)
13.6%
Operating margin (FY26)
15.6%
Debt / equity (FY26)
0.33
OCF / EBITDA (FY26)
-101.2%
OCF / EBITDA (3Y)
-35.8%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

KRN Heat Exchanger (KRN) makes fin-and-tube heat exchangers and refrigeration and air-conditioning components, selling to equipment makers, including suppliers of data centre cooling.

Company snapshot

4thBy market cap

Ranked among 13 companies in Other Industrial Products.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 87.8% of revenue

SegmentRevenue shareRevenuePBTAssets
INDIA
87.8%
98 Cr20 Cr0 Cr
OVERSEAS
12.2%
14 Cr0 Cr0 Cr

What we see

Positives
  • ✓Interest coverage of 15.9x — earnings comfortably cover interest obligations.
Concerns
  • ✗Over the last three years operations used more cash than they brought in, despite an operating profit — the business is not yet turning its profit into cash.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales91 Cr111 Cr132 Cr115 Cr152 Cr153 Cr179 Cr252 Cr
Operating expenses (approx.)73 Cr96 Cr113 Cr98 Cr122 Cr122 Cr146 Cr203 Cr
EBITDA18 Cr16 Cr19 Cr18 Cr30 Cr31 Cr34 Cr49 Cr
OPM %19.9%14.2%14.4%15.3%19.9%20.3%18.7%19.4%
Other income1 Cr5 Cr4 Cr4 Cr2 Cr2 Cr2 Cr3 Cr
Interest1 Cr0.38 Cr0.92 Cr0.70 Cr0.86 Cr2 Cr3 Cr3 Cr
Depreciation1 Cr1 Cr1 Cr2 Cr5 Cr6 Cr6 Cr6 Cr
Profit before tax17 Cr19 Cr21 Cr18 Cr27 Cr26 Cr27 Cr42 Cr
Tax %28.9%28.3%29.6%32.1%33.1%12.4%13.0%22.3%
Net profit12 Cr14 Cr15 Cr12 Cr18 Cr23 Cr23 Cr33 Cr
EPS (₹)₹2.64₹2.12₹2.39₹2.00₹2.90₹3.65₹3.75₹5.20

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2024Mar 2025Mar 2026TTM
Sales308 Cr430 Cr600 CrSign in free for the trailing twelve months
Operating expenses (approx.)250 Cr359 Cr488 CrSign in free for the trailing twelve months
EBITDA58 Cr71 Cr112 CrSign in free for the trailing twelve months
OPM %19.0%16.4%18.7%Sign in free for the trailing twelve months
Other income5 Cr12 Cr10 CrSign in free for the trailing twelve months
Interest4 Cr3 Cr6 CrSign in free for the trailing twelve months
Depreciation4 Cr5 Cr19 CrSign in free for the trailing twelve months
Profit before tax56 Cr74 Cr98 CrSign in free for the trailing twelve months
Tax %29.9%28.9%21.9%Sign in free for the trailing twelve months
Net profit39 Cr53 Cr76 CrSign in free for the trailing twelve months
EPS (₹)₹8.69₹9.75₹12.30Sign in free for the trailing twelve months
Dividend payout %—0.0%0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2024Mar 2025Mar 2026
Equity capital46 Cr62 Cr62 Cr
Reserves86 Cr436 Cr512 Cr
Borrowings60 Cr33 Cr187 Cr
Other liabilities67 Cr63 Cr171 Cr
Total liabilities258 Cr595 Cr932 Cr
Fixed assets (net)52 Cr85 Cr314 Cr
CWIP4 Cr82 Cr33 Cr
Investments—0 Cr2 Cr
Loans & advances—0.08 Cr0.07 Cr
Inventories84 Cr96 Cr273 Cr
Trade receivables52 Cr93 Cr175 Cr
Cash & bank10 Cr10 Cr10 Cr
Other assets55 Cr228 Cr125 Cr
Total assets258 Cr595 Cr932 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2024Mar 2025Mar 2026
Cash from operating activity3 Cr25 Cr-114 Cr
Cash from investing-66 Cr-279 Cr-34 Cr
Cash from financing66 Cr258 Cr148 Cr
Net cash flow3 Cr4 Cr-0.28 Cr
Free cash flow (OCF − Capex)-64 Cr16 Cr-361 Cr

Ratios

MetricMar 2024Mar 2025Mar 2026
ROCE %31.2%14.6%13.6%
ROE %29.7%10.6%13.3%
Debtor days6279106
Inventory days136109409
Days payable5963237
Cash conversion cycle139125278
OCF / EBITDA %4.7%35.0%-101.2%
OCF / EBITDA % (3 years)——-35.8%
Debt / equity0.450.070.33
Current ratio1.774.521.64
Net debt / EBITDA0.840.331.58