KRN Heat Exchanger and Refrigeration
- Market cap
- ₹ 6,660 Cr.
- P/E
- 79.6x
- P/B
- 11.61x
- 52-week range
- 589.8 – 1,687
- ROE
- 14%
- ROCE
- 16%
- Dividend yield
- 0%
- Debt / equity
- 0.33
- Sector
- Industrial Products
- Industry
- Other Industrial Products
- Listed on
- NSE, BSE
About
KRN Heat Exchanger & Refrigeration Limited is a manufacturer in the heat ventilation air conditioning and refrigeration (HVAC&R) industry, specialized in fin and tube type heat exchangers. The Company produces a diverse range of heat exchangers, including condenser coils, evaporator units, evaporator coils, fluid and steam coils, and sheet metal parts. These products are customized in various shapes and sizes, with heat exchanger tube diameters ranging from five millimeters (mm) to 15.88mm. Its products are used in various applications, including residential and commercial HVAC systems, precision air conditioning, data center cooling, automotive air conditioning, and defense air conditioning systems. The Company manufactures components for commercial refrigeration, beverage coolers, chest freezers, and vending machines. The Company’s heat exchangers are also used in process cooling applications in civil construction, as well as in white goods such as washing machines and dryers.
Quick check
The five things to look at first. Open one for more.
Compared with its industry
Other Industrial Products: 57 companies →KRN Heat Exchanger and Refrigeration against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.
- Valuation (P/E)79.6 against a typical 22.8: pricier than most peers (1st = cheapest).49th of 56
- Sales growth+119.1% against a typical +17.6% from a year earlier.3rd of 42
- Profit growth+175% against a typical −2.6% from a year earlier.1st of 41
- Share price, 3 months+4.5% against a typical −3.8%.15th of 49
- Size₹ 6,660 Cr. market value against a typical ₹ 127.7 Cr. (1st = largest).4th of 54
Credit ratings
Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates
Adequate safety
Rated A- by CRISIL- No warnings from the agency.
| Agency | Current rating | Outlook | As of |
|---|---|---|---|
| CRISIL | Crisil A- | Stable | 4 Jun 2026 |
| Rating | Details | |||||
|---|---|---|---|---|---|---|
| 4 Jun 2026 | Reaffirmed | Crisil A- | — | CRISIL | ₹ 20 Cr. | |
| 30 Sep 2025 | New rating | Crisil A- | — | CRISIL | ₹ 20 Cr. |
Board meetings
Results dates and other board meetings. Full calendar
| Details | ||
|---|---|---|
| 29 Oct 2026Upcoming | Financial Results | To consider and approve the financial results for the period ended September 30, 2026 |
| 12 Aug 2026 | Financial Results | To consider and approve the financial results for the period ended Jun 30, 2026 |
| 14 May 2026 | Financial Results | To consider and approve the financial results for the period ended March 31, 2026 |
| 13 Mar 2026 | Fund Raising/Other business matters | To consider Fund Raising and other business matters |
| 6 Feb 2026 | Financial Results | To consider and approve the financial results for the period ended December 31, 2025 |
| 4 Nov 2025 | Financial Results | To consider and approve the financial results for the period ended September 30, 2025 |
| 31 Jul 2025 | Financial Results | To consider and approve the financial results for the period ended Jun 30, 2025 |
Financials
Consolidated figures in ₹ crore.
| ₹ Cr. | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 71 | 66 | 82 | 96 | 91 | 111 | 132 | 115 | 152 | 153 | 179 | 252 |
| Expenses | 58 | 54 | 64 | 78 | 73 | 96 | 113 | 98 | 122 | 122 | 146 | 203 |
| Operating Profit | 13 | 12 | 18 | 18 | 18 | 16 | 19 | 18 | 30 | 31 | 34 | 49 |
| OPM % | 19% | 18% | 21% | 18% | 20% | 14% | 14% | 15% | 20% | 20% | 19% | 19% |
| Other Income | 1 | 1 | 2 | 1 | 1 | 5 | 4 | 4 | 2 | 2 | 2 | 3 |
| Interest | 1 | 1 | 1 | 1 | 1 | 0 | 1 | 1 | 1 | 2 | 3 | 3 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 5 | 6 | 6 | 6 |
| Profit before tax | 12 | 11 | 17 | 17 | 17 | 19 | 21 | 18 | 27 | 26 | 27 | 42 |
| Tax % | 29% | 29% | 30% | 29% | 29% | 28% | 30% | 32% | 33% | 12% | 13% | 22% |
| Net Profit | 9 | 8 | 12 | 12 | 12 | 14 | 15 | 12 | 18 | 23 | 23 | 33 |
| EPS in Rs | 1.96 | 1.71 | 2.61 | 2.59 | 1.98 | 2.21 | 2.39 | 2 | 2.9 | 3.65 | 3.76 | 5.03 |
Growth and returns
Compounded yearly rates over each period.
- 10 Years
- —
- 5 Years
- —
- 3 Years
- —
- TTM
- 64%
- 10 Years
- —
- 5 Years
- —
- 3 Years
- —
- TTM
- 82%
- 10 Years
- —
- 5 Years
- —
- 3 Years
- —
- TTM
- —
- 10 Years
- —
- 5 Years
- —
- 3 Years
- 17%
- TTM
- —
P/E and EPS over time
Daily P/E and trailing 12-month EPS. EPS updates with each result.
Peers
Listed companies in the same business.
| KRN Heat Exchanger and Refrigeration | ₹ 1,209.00 | ₹ 6,660 Cr. | 79.6x | 11.6x | 14% | — |
| Bharat Heavy Electricals | ₹ 387.00 | ₹ 1,34,756 Cr. | 92.4x | 5.6x | — | 6.8% |
| Suzlon Energy | ₹ 37.40 | ₹ 51,409 Cr. | 22.8x | 7.5x | 40.6% | 19% |
| Thermax | ₹ 3,095.60 | ₹ 36,999 Cr. | 73.4x | 10x | 13.7% | 6.7% |
| Voltas | ₹ 950.00 | ₹ 31,434 Cr. | 112.5x | 7x | 5.8% | 3.5% |
| AIA Engineering | ₹ 3,588.70 | ₹ 33,490 Cr. | 34.1x | 5.4x | 17% | 28.7% |
Management
- Santosh Kumar Yadav
- Executive Chairman of the Board, Managing Director
- Pawan Nawal
- Chief Financial Officer
- Jitendra Kumar Sharma
- Compliance Officer and Company Secretary
- Anju Devi
- Whole Time Director
- Manohar Lal
- Non-Executive Director
Prices are delayed and for information only. Nothing on this page is investment advice.