NSE:KRN · Risk Score Report

NSE:KRNNSETechnology

KRN HEAT EXCHANGE N REF L

📊 Electronic Components

Day ₹1,265

₹1,327 Oversold

52W ₹590

₹1,405 Overbought

₹1,275.65

▼ ₹33.70 (-2.57%)

Vol: 408,174 · Avg: 1,865,388

As of April 29, 2026 · 06:39 IST

COMPOSITE RISK SCORE

VAL:0/25 · FIN:13/25 · GRO:18/25 · TECH:17/25

📈 P/E RATIO

117.4x

Trailing

📖 P/B RATIO

15.0x

Price to Book

💰 EPS

₹10.87

TTM

🏛 MARKET CAP

₹7,929Cr

Mid Cap

📊 ROE

10.6%

Return on Equity

📈 REV GROWTH

37.5%

YoY

🏢 Company Analysis · KRN HEAT EXCHANGE N REF L

💼 BUSINESS MODEL

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..
Operates in Electronic Components within the Technology sector.
Workforce of 208 employees.

🏰 MOAT & COMPETITION

Mid-cap (₹7,929 Cr) — growing company in a competitive landscape.
Profit margin of 12.3% — moderate pricing power.
Key competitors: Esab India, HBL Engineering, Inox India, Envirotech Sys..

🚀 CATALYSTS

Revenue growing at 38% — strong top-line momentum.
Earnings growth of 72% signals execution on profitability.

⚖️ ASYMMETRY CHECK

Analyst target range: ₹820 — ₹1,054 (mean ₹937, 2 analysts).
P/E of 117.4x — premium valuation, growth must sustain to avoid de-rating risk.

🔭 FUTURE OUTLOOK

Analyst consensus: None (2 analysts).
Latest quarter earnings grew 65% YoY — positive trajectory.

✅ PROS

Company has reduced debt.
Company is almost debt free.
Company is expected to give good quarter

❌ CONS

Stock is trading at 15.0 times its book value
Though the company is reporting repeated profits, it is not paying out dividend
Working capital days have increased from 107 days to 153 days

VALUATION

0/25

25% WEIGHT

P/E at 117x
P/B at 15.0x
Analyst target: ₹937 (-26.5%)
1Y return: +67.9%

FINANCIAL HEALTH

13/25

25% WEIGHT

ROE: 10.6%
Profit margin: 12.3%
Revenue growth: 37.5%
Debt/Equity: 6%

GROWTH

18/25

25% WEIGHT

Revenue growth: 37.5%
Earnings growth: 72.2%
Beta: 0.00
Sector: Technology

TECHNICAL

17/25

25% WEIGHT

RSI, MACD, MA crossovers
200 DMA & 50 EMA position
Volume trend analysis
Price momentum signals

📈 Price Movement

🕯 Candlestick Chart

🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗

📉 Valuation Trends (at current CMP)

P/E Ratio at current CMP

💎 Valuation & Financial Metrics

P/E RATIO

117.4x

Trailing twelve months

P/B RATIO

15.0x

Price to Book value

ROE

10.6%

Return on Equity

PROFIT MARGIN

12.3%

Net profit margin

OPM

16.5%

Operating profit margin

ANALYST TARGET

₹937

Range: ₹820 - ₹1,054

Yahoo Finance ↗

PEG RATIO

N/A

Price/Earnings to Growth

EV/EBITDA

88.3x

Enterprise value ratio

CURRENT RATIO

N/A

Liquidity measure

DIVIDEND YIELD

N/A

Annual yield

ROA

9.3%

Return on Assets

GROSS MARGIN

53.2%

Gross profit margin

INDUSTRY AVERAGES — OTHER INDUSTRIAL PRODUCTS

P/E 48.9x (above avg)

P/B 8.0x (sector fair)

ROCE 25.7% (below avg)

ROE 25% (sector good)

OPM 25% (sector good)

Div Yield 0.29%

D/E <20 (sector comfort)

📋 Quarterly Performance Trend

Quarter	Revenue	QoQ %	Net Profit	QoQ %	Op. Cash Flow	EBITDA Margin
Q3 FY25	₹111 Cr	—	₹14 Cr	—	N/A	18.6%
Q4 FY25	₹131 Cr	+17.4%	₹15 Cr	+8.3%	N/A	17.3%
Q1 FY26	₹115 Cr	-11.9%	₹12 Cr	-16.5%	N/A	18.4%
Q3 FY26	₹153 Cr	+32.9%	₹23 Cr	+82.5%	N/A	21.8%

📊 Year-on-Year Trend

FY	Revenue	YoY %	Net Profit	YoY %	Op. Cash Flow	YoY %
FY22	₹156 Cr	—	₹11 Cr	—	₹4 Cr	—
FY23	₹247 Cr	+58.5%	₹32 Cr	+205.1%	₹5 Cr	+13.1%
FY24	₹308 Cr	+24.6%	₹39 Cr	+21.9%	₹17 Cr	+233.7%
FY25	₹429 Cr	+39.3%	₹53 Cr	+34.2%	₹21 Cr	+26.7%

📈 Revenue vs Earnings

🎯 EPS: Estimate vs Actual

💰 How KRN HEAT EXCHANGE N REF L Makes Its Money

🏦 Snapshot of KRN HEAT EXCHANGE N REF L's Balance Sheet

💸 Looking into KRN HEAT EXCHANGE N REF L's Cash Flow

📅 Quarterly Results Source: Screener ↗

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales +	71	66	82	96	91	111	132	115	152	153
YOY Sales Growth %					27.97%	69.82%	60.37%	20.36%	66.93%	37.46%
Expenses +	58	54	64	78	73	96	113	98	122	122
Material Cost %	71%	72%	71%	74%	71%	76%	75%	74%	69%	66%
Employee Cost %	5%	5%	3%	4%	5%	5%	5%	6%	7%	7%
Operating Profit	13	12	18	18	18	16	19	18	30	31
OPM %	19%	18%	21%	18%	20%	14%	14%	15%	20%	20%
Other Income +	1	1	2	1	1	5	4	4	2	2
Other income normal	0.87	1.36	1.69	1.19	1.44	4.89	4.33	3.58	2.39	2.26
Interest	1	1	1	1	1	0	1	1	1	2
Depreciation	1	1	1	1	1	1	1	2	5	6
Profit before tax	12	11	17	17	17	19	21	18	27	26
Tax %	29%	29%	30%	29%	29%	28%	30%	32%	33%	12%
Net Profit +	9	8	12	12	12	14	15	12	18	23
Profit excl Excep	9	8	12	12	12	14	15	12	18	23
Profit for PE	9	8	12	12	12	14	15	12	18	23
Profit for EPS	9	8	12	12	12	14	15	12	18	23
YOY Profit Growth %					43%	74%	23%	4%	46%	65%
EPS in Rs	1.96	1.71	2.61	2.59	1.98	2.21	2.39	2.00	2.90	3.65
Raw PDF

📊 Profit & Loss Statement Source: Screener ↗

	Mar 2024	Mar 2025	TTM
Sales +	307	430	552
Sales Growth %		39.86%
Expenses +	249	359	454
Manufacturing Cost %	2%	2%
Employee Cost %	4%	5%
Other Cost %	2%	2%
Operating Profit	59	70	98
OPM %	19%	16%	18%
Other Income +	5	12	13
Exceptional items	-0.17	0.00
Other income normal	5.46	11.86
Interest	4	3	4
Depreciation	4	5	14
Profit before tax	56	74	92
Tax %	30%	29%
Net Profit +	39	53	68
Exceptional items AT	-0	0
Profit excl Excep	40	53
Profit for PE	40	53
Profit for EPS	39	53
Profit Growth %		34%
EPS in Rs	8.54	8.51	10.94
Dividend Payout %	0%	0%

🏦 Balance Sheet Source: Screener ↗

	Mar 2024	Mar 2025	Sep 2025
Equity Capital	46	62	62
Reserves	84	436	466
Borrowings +	87	33	30
Long term Borrowings	7.97	1.43	0.76
Short term Borrowings	51.72	32.04	29.71
Lease Liabilities	27.27	0.00	0.00
Other Liabilities +	40	63	170
Trade Payables	37	55	154
Advance from Customers	0	0
Other liability items	3	7	15
Total Liabilities	257	595	729
Fixed Assets +	82	85	283
Land	22.61	54.17
Building	6.02	8.85
Plant Machinery	24.23	26.51
Equipments	7.34	7.97
Computers	0.68	1.20
Furniture n fittings	2.51	2.54
Vehicles	1.54	1.68
Other fixed assets	29.85	-0.01
Gross Block	94.78	102.91
Accumulated Depreciation	13.08	17.71
CWIP	4	82	11
Investments	0	0	0
Other Assets +	171	428	434
Inventories	84	96	190
Trade receivables	52	93	93
Cash Equivalents	16	151	72
Loans n Advances	12	68	2
Other asset items	6	19	77
Total Assets	257	595	729

💰 Cash Flow Statement Source: Screener ↗

	Mar 2024	Mar 2025
Cash from Operating Activity +	17	21
Profit from operations	66	77
Receivables	-14	-41
Inventory	-29	-11
Payables	-13	19
Other WC items	21	-1
Working capital changes	-34	-34
Direct taxes	-15	-22
Cash from Investing Activity +	-64	-279
Fixed assets purchased	-61	-8
Fixed assets sold	0	0
Capital WIP	3	-78
Investments purchased	-9	-65
Interest received	1	7
Other investing items	2	-135
Cash from Financing Activity +	50	258
Proceeds from shares	31	314
Proceeds from borrowings	29	0
Repayment of borrowings	-6	-53
Interest paid fin	-4	-3
Net Cash Flow	3	-0
Free Cash Flow	-41	-65
CFO/OP	54%	61%

📈 Key Financial Ratios

	Mar 2024	Mar 2025
Debtor Days	62	79
Inventory Days	139	110
Days Payable	60	63
Cash Conversion Cycle	141	125
Working Capital Days	62	153
ROCE %		21%

🏭 Industry Peers — Other Industrial Products

#	Company	CMP	P/E	Mkt Cap	ROCE	Qtr Profit	Score
1	Esab India ★	₹6,212	48.9	₹9,562	70.0%	+29.6%	75
2	HBL Engineering	₹817	27.6	₹22,647	27.3%	+242.4%	70
3	Inox India	₹1,487	53.4	₹13,495	38.0%	+26.3%	63
4	Envirotech Sys.	₹122	13.3	₹228	31.6%	+111.3%	52
5	Gabriel Pet	₹243	50.6	₹182	7.6%	+966.7%	50
6	KRN Heat Exchan	₹1,278	116.8	₹7,942	20.8%	+65.0%	49
7	PTC Industries	₹15,993	360.0	₹23,978	7.7%	+25.9%	49
8	Subros	₹796	30.9	₹5,194	19.9%	+22.4%	49
9	Creative Graphic	₹173	17.6	₹419	25.7%	+33.4%	48

★ Esab India ranks higher on combined P/E, ROCE, and growth metrics in Other Industrial Products

🏛 Shareholding Pattern

	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	70.79%	70.79%	70.79%	70.79%	70.79%	70.79%
FIIs	1.98%	1.21%	2.35%	5.46%	5.31%	6.66%
DIIs	8.18%	6.28%	6.06%	6.21%	6.35%	6.39%
Public	19.05%	21.72%	20.80%	17.53%	17.56%	16.16%
No. of Shareholders	73,898	85,306	82,769	75,244	83,766	83,713

🟢 CATALYSTS

🏆Revenue Growth 38%: Above sector norm of 30% — strong top-line momentum.

💹Earnings Growth (72%): Above sector norm — strong profit expansion.

🔀Sector Opportunity: Technology / Electronic Components — positioned in growth sector.

🔴 RISKS

📜High P/E (117.4x): Well above sector expensive threshold of 60x — leaves little room for error.

💰Below Analyst Target: CMP above mean target — limited upside consensus.

🔓Market Risk: Broader market correction or sentiment shift could impact stock.

🕸 Factor Analysis · Radar

Momentum 9/10
1M +49.8%, 6M +59.6%, RSI 67, MACD bullish, Above 200DMA

Sentiment 3/10
Analyst upside -26.5%, Rec: none

Value 1/10
P/E 117.4, P/B 15.0, EV/EBITDA 88.3

Quality 6/10
Margin 12.3%, D/E 6

Low Volatility 4/10
Ann. vol 48%

🎯 Decision Matrix

Action	If Stock Rises	If Stock Falls
BUY	Benefit from potential re-rating; strong 21% ROCE compounds	OPM of 17% provides margin buffer; P/E 117x vs sector median 49x is a risk
HOLD	Retain existing position; wait for better entry; FII stake rising (+1.35%)	Miss further upside if momentum continues; 1M return of +49.8% shows momentum
SELL	Lock in +67.9% 1Y return; redeploy into Esab India at lower P/E	Avoid further drawdown; P/E compression risk at 117x

REASONS TO BUY

ROCE at 21% indicates strong capital efficiency
FII stake rising (+1.35%) — signals institutional confidence
Revenue growing at 37.5% YoY (sector norm: 12%)

REASONS TO SELL / AVOID

P/E of 117.4x is 2.4x the sector median of 49x
Esab India offers lower P/E (48.9) with ROCE of 70.0% in the same sector
1Y return of +67.9% — profit booking opportunity
Trading above analyst target — consensus sees -26.5% downside

📰 Latest News

KRN Heat Exchanger and Refrigeration Ltd (NSE:KRN) Q3 2026 Earnings Call Highlights: Robust ...

GuruFocus.com · 2026-02-11T01:01

KRN Heat Exchanger and Refrigeration Ltd (NSE:KRN) Q2 2026 Earnings Call Highlights: Robust ...

GuruFocus.com · 2025-11-07T13:01

KRN Heat Exchanger and Refrigeration Ltd (NSE:KRN) Q1 2026 Earnings Call Highlights: Strong ...

GuruFocus.com · 2025-08-04T07:01

RECOMMENDATION

HOLD

COMPOSITE SCORE

48/100

KRN HEAT EXCHANGE N REF L trades at ₹1,275.65 with a composite risk score of 48/100. The stock scores 0/25 on valuation, 13/25 on financial health, 18/25 on growth, and 17/25 on technicals. The company is currently profitable with moderate return on equity.

The stock is trading near or above analyst consensus targets. Revenue growth is at 37.5% — a strong positive signal.

Within Other Industrial Products, Esab India (P/E 48.9, ROCE 70.0%) ranks higher on techno-fundamental metrics and may be worth considering.

Bottom Line: Neutral for Technology — wait for better entry or catalyst. The current recommendation is HOLD.

PROFITABLE STRONG GROWTH EXPENSIVE