KRN HEAT EXCHANGE N REF L KRN NSETECH

Technology · Electronic Components · India

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.

Market & Price

Market Cap

₹6,882.60 Cr

Current Price

₹1,107.30

High / Low (52W)

₹1,329.20 / ₹598.10

Beta

Valuation

Stock P/E

90.10

Industry PE

25.13

Forward P/E

31.82

PEG Ratio

Book Value

₹92.14

Price to Book

12.02

P/S

11.47

EV/EBITDA

62.58

Dividend Yield

Profitability & Returns

ROCE

18.02%

ROE

14.26%

ROA

7.67%

Profit Margin

12.74%

Op Margin

15.36%

EPS (Latest Qtr)

₹3.75

EPS (TTM)

₹12.29

Balance Sheet & Liquidity

Debt/Equity

0.33

Quick Ratio

0.63

Current Ratio

1.64

Debt

₹187.31 Cr

Total Assets

₹931.82 Cr

Current Assets

₹583.13 Cr

Working Capital

₹227.55 Cr

Ownership

Promoter Holding

75.16%

Chg in Prom Hold

FII / Inst Holding

3.93%

Chg in FII Hold

Financial Snapshot

Enterprise Value

₹7,039.05 Cr

Total Revenue (TTM)

₹600.06 Cr

EBITDA

₹112.48 Cr

Free Cash Flow

₹-188.81 Cr

Operating Cash Flow

₹-113.80 Cr

Shares Outstanding

₹6.22 Cr

Gross Margin

66.65%

Payout Ratio

0.00%

Growth (CAGR)

Revenue 5Y

34.38%

Profit 5Y

33.26%

Revenue (YoY)

36.50%

Earnings (YoY)

56.90%

PROS

Compounding revenue at 34.4% over 5 years.
Profit CAGR of 33.3% over 5 years.
In a confirmed uptrend (50-DMA above 200-DMA).

CONS

Trading at a high P/E of 90.1.

* The pros and cons are auto-generated from financial metrics.

Price Chart

NSE TradingView Screener.in

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Technology).

#	Name	CMP ₹	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	KRN KRN HEAT EXCHANGE N REF L NSETECH	1,107.30	90.10	₹6,882.60 Cr	-	18.02%	14.26%	34.38%	33.26%
2	TCS Tata Consultancy Services Limited NIFTY50NSEAITECH	2,258.90	16.61	₹8.17 L Cr	5.49%	54.93%	48.40%	5.80%	5.30%
3	INFY Infosys Limited NIFTY50NSEAITECH	1,160.90	15.01	₹4.70 L Cr	4.31%	41.66%	31.44%	3.44%	3.58%
4	HCLTECH HCL Technologies Limited NIFTY50NSEAITECH	1,183.80	19.31	₹3.20 L Cr	8.11%	27.21%	23.36%	8.65%	3.87%
5	WIPRO Wipro Limited NIFTY50NSEAITECH	204.25	16.26	₹2.14 L Cr	8.32%	18.42%	15.49%	4.05%	2.44%
6	TECHM Tech Mahindra Limited NIFTY50NSEAITECH	1,483.90	27.40	₹1.31 L Cr	3.44%	20.60%	16.61%	2.16%	-0.14%
7	LTM LTM Limited NSETECH	4,061.60	24.04	₹1.20 L Cr	1.85%	25.39%	21.29%	8.43%	4.41%
8	LGEINDIA LG ELECTRONICS INDIA LTD NIFTY_MIDNSETECH	1,523.90	61.35	₹1.03 L Cr	-	27.64%	24.72%	0.98%	-
9	WAAREEENER WAAREE ENERGIES LIMITED NIFTY_MIDNSETECH	3,140.80	27.70	₹90,345.53 Cr	0.13%	24.21%	31.57%	71.63%	191.18%

Quarterly Results

Figures in INR.

Metric	Dec 2024	Mar 2025	Jun 2025	Dec 2025	Mar 2026
Revenue	111.47 Cr	131.50 Cr	115.28 Cr	153.23 Cr	179.48 Cr
Cost of Revenue	84.81 Cr	98.74 Cr	85.72 Cr	100.86 Cr	120.92 Cr
Gross Profit	26.66 Cr	32.76 Cr	29.56 Cr	52.37 Cr	58.55 Cr
Operating Expenses	12.03 Cr	15.05 Cr	14.15 Cr	27.05 Cr	30.98 Cr
Operating Income	14.62 Cr	17.71 Cr	15.41 Cr	25.32 Cr	27.57 Cr
EBITDA	20.70 Cr	23.22 Cr	21.17 Cr	33.34 Cr	35.46 Cr
Interest Expense	37.60 L	92.01 L	69.55 L	1.70 Cr	2.64 Cr
Pretax Income	19.14 Cr	21.12 Cr	18.29 Cr	25.87 Cr	26.85 Cr
Tax Provision	5.41 Cr	6.25 Cr	5.87 Cr	3.21 Cr	3.49 Cr
Net Income	13.73 Cr	14.87 Cr	12.42 Cr	22.66 Cr	23.36 Cr
Diluted EPS	2.12	2.39	2.00	3.65	3.75

Profit & Loss (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue	-	247.30 Cr	308.12 Cr	429.85 Cr	600.06 Cr
Cost of Revenue	-	183.68 Cr	228.01 Cr	318.94 Cr	411.79 Cr
Gross Profit	-	63.62 Cr	80.10 Cr	110.91 Cr	188.27 Cr
Operating Expenses	-	16.51 Cr	24.27 Cr	45.03 Cr	94.55 Cr
Operating Income	-	47.11 Cr	55.84 Cr	65.88 Cr	93.72 Cr
EBITDA	-	51.03 Cr	62.55 Cr	82.37 Cr	122.62 Cr
Interest Expense	-	2.36 Cr	2.63 Cr	3.41 Cr	5.90 Cr
Pretax Income	-	45.50 Cr	55.93 Cr	74.32 Cr	97.96 Cr
Tax Provision	-	13.18 Cr	16.54 Cr	21.45 Cr	21.49 Cr
Net Income	-	32.31 Cr	39.39 Cr	52.88 Cr	76.47 Cr
Diluted EPS	-	6.93	8.45	9.75	12.30

Compounded Sales Growth

5 Years:	34.38%
1 Year:	36.50%

Compounded Profit Growth

5 Years:	33.26%
1 Year:	56.90%

Stock Price Performance

1 Year:	+46.40%
6 Months:	+36.78%
3 Months:	+20.23%
1 Month:	-13.69%

Balance Sheet (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Total Assets	-	148.76 Cr	257.42 Cr	595.11 Cr	931.82 Cr
Current Assets	-	115.77 Cr	169.78 Cr	425.54 Cr	583.13 Cr
Cash & Equivalents	-	7.46 Cr	10.31 Cr	10.26 Cr	9.99 Cr
Inventory	-	55.08 Cr	84.41 Cr	95.85 Cr	272.91 Cr
Receivables	-	38.66 Cr	52.44 Cr	92.96 Cr	174.71 Cr
Total Liabilities	-	89.19 Cr	127.14 Cr	96.48 Cr	357.82 Cr
Current Liabilities	-	72.01 Cr	101.99 Cr	94.05 Cr	355.58 Cr
Long Term Debt	-	16.54 Cr	7.97 Cr	1.43 Cr	21.47 L
Total Debt	-	36.64 Cr	86.96 Cr	33.47 Cr	187.31 Cr
Total Equity	-	59.57 Cr	130.28 Cr	498.63 Cr	573.99 Cr
Shares Outstanding	-	6.22 Cr	6.22 Cr	6.22 Cr	6.22 Cr

Cash Flows (Annual)

Figures in INR.

Metric	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow	5.07 Cr	16.92 Cr	21.44 Cr	-113.80 Cr
Investing Cash Flow	-13.99 Cr	-64.17 Cr	-279.26 Cr	-34.16 Cr
Financing Cash Flow	11.01 Cr	50.10 Cr	257.77 Cr	147.69 Cr
Capital Expenditure	-14.00 Cr	-69.79 Cr	-151.01 Cr	-247.53 Cr
Free Cash Flow	-8.93 Cr	-52.86 Cr	-129.56 Cr	-361.33 Cr
Net Change in Cash	2.10 Cr	2.85 Cr	-4.47 L	-27.55 L

Ratios (Annual)

Figures in %.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Gross Margin %	-	25.7%	26.0%	25.8%	31.4%
Operating Margin %	-	19.1%	18.1%	15.3%	15.6%
Net Margin %	-	13.1%	12.8%	12.3%	12.7%
ROE %	-	54.2%	30.2%	10.6%	13.3%
ROCE %	-	61.4%	35.9%	13.1%	16.3%

Shareholding Pattern

Insiders

75.16%

Institutions

3.93%

Public Float

15.81%

Analyst View

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KRN · Technology