KRN HEAT EXCHANGER AND REFRIGERATION LIMITED

BSE: KRN544263ISIN INE0Q3J01015

Industrials
Other Industrial Products
BSE 1000

Share price

₹1,011.40-23.25 (-2.25%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

52W high: ₹1,676.25
52W low: ₹589.75
Off 52W high: -39.66%
1M return: -27.53%
3M return: -16.38%
6M return: -21.79%
1Y return: +27.68%
20D avg volume: 57,061
50 DMA: ₹1,374.39
200 DMA: ₹1,143.18

Key ratios Consolidated

Market cap: ₹6,620 Cr
Current price: ₹1,011.40
52W high / low: ₹1,676.25 / ₹589.75
Face value: ₹10.00
P/E: 57.55
P/B: 6.73
EPS (TTM): ₹17.57
Book value / share: ₹150.36
ROE: —
ROCE: 18.00%
Operating margin: —
Net margin: —
Debt / equity: 0.33
Net debt: ₹177.32 Cr
Interest cover: 17.60
Dividend yield: —
Dividend / share (TTM): —
Payout: —
Cash conversion cycle: 176.1 days

Financials

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q4 FY24
Income statement
	319.14	252.32	179.48	153.23	152.07	115.28	131.50	111.47	91.10	—
	7.49	2.78	1.92	1.86	2.39	3.58	4.33	4.89	1.45	—
	326.62	255.09	181.40	155.09	154.46	118.86	135.83	116.36	92.54	—
	280.76	212.76	154.55	129.62	127.52	100.57	114.71	97.22	75.24	—
	247.15	164.41	57.00	83.23	116.30	90.67	101.56	82.61	68.49	—
	0.10	9.21	80.48	27.09	0.00	0.00	0.00	—	—	—
	22.15	18.19	13.50	11.14	10.27	6.65	6.92	5.79	4.18	—
	3.05	3.04	2.64	1.70	0.86	0.70	0.92	0.38	1.10	—
	7.32	6.47	5.97	5.76	4.85	2.19	1.18	1.19	1.15	—
	23.37	14.04	11.51	10.15	7.25	5.31	6.95	5.06	4.39	—
	45.86	42.33	26.85	25.48	26.94	18.29	21.12	19.14	17.30	—
	0.00	0.00	0.00	0.40	0.00	0.00	0.00	0.00	0.00	—
	45.86	42.33	26.85	25.87	26.94	18.29	21.12	19.14	17.30	—
	9.75	9.44	3.49	3.21	8.92	5.87	6.25	5.41	4.99	—
	36.11	32.90	23.36	22.66	18.02	12.42	14.87	13.73	12.31	—
	5.52	5.20	3.75	3.65	2.90	2.00	0.00	2.12	—	—
Key metrics
	56.23	51.84	35.46	33.33	32.65	21.18	23.22	20.71	19.55	—
	17.60%	20.50%	19.80%	21.80%	21.50%	18.40%	17.70%	18.60%	21.50%	—
	11.30%	13.00%	13.00%	14.80%	11.80%	10.80%	11.30%	12.30%	13.50%	—
	4.90%	—	5.10%	—	5.20%	—	4.40%	—	—	—
	109.90%	118.90%	36.50%	37.50%	66.90%	—	—	—	—	—
	100.40%	164.90%	57.10%	65.00%	46.40%	—	—	—	—	—

Metric	TTM	FY26	FY25	FY24
Income statement
	904.17	600.06	429.85	—
	14.05	9.75	11.86	—
	918.20	609.81	441.71	—
	777.69	512.25	367.38	—
	551.79	243.12	319.15	—
	116.88	211.66	0.00	—
	64.98	41.56	21.09	—
	10.43	5.90	3.41	—
	25.52	18.77	4.63	—
	59.07	34.23	19.31	—
	140.52	97.56	74.32	—
	0.40	0.40	0.00	—
	140.91	97.96	74.32	—
	25.89	21.49	21.45	—
	115.03	76.47	52.88	—
	18.12	12.30	0.00	—
Key metrics
	176.86	122.63	82.36	—
	19.56%	20.40%	19.20%	—
	12.72%	12.70%	12.30%	—
	—	18.00%	15.50%	—
	77.18%	39.60%	—	—
	94.83%	44.60%	—	—
	—	-361.33	16.41	—
	—	-1.49	0.47	—
	—	0.33	0.07	—
	—	177.32	23.21	—
	—	176.1	113.3	—
Balance sheet
	—	931.82	595.11	—
	—	583.13	425.54	—
	—	9.99	10.26	—
	—	174.71	92.96	—
	—	272.91	95.85	—
	—	85.58	0.62	—
	—	313.83	85.20	—
	—	158.23	55.32	—
	—	355.58	94.05	—
	—	187.31	33.47	—
	—	187.10	32.04	—
	—	0.21	1.43	—
	—	573.99	498.63	—
Cash flow
	—	-113.80	24.68	—
	—	-34.16	-278.66	—
	—	147.69	257.77	—
	—	247.53	8.27	—

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q4 FY24
Income statement
	167.07	181.97	202.06	136.34	223.43	114.40	130.84	103.95	98.94	—
	3.01	2.42	2.87	4.33	3.79	2.74	1.32	3.15	1.54	—
	170.07	184.39	204.93	140.68	227.21	117.14	132.16	107.10	100.48	—
	149.23	159.35	186.22	120.87	195.57	96.18	112.41	89.10	83.40	—
	130.24	111.62	91.36	90.30	183.14	89.08	100.59	75.68	77.39	—
	15.07	33.75	80.48	27.09	0.00	0.00	-2.82	—	—	—
	4.69	4.46	3.77	3.47	5.88	5.33	6.17	5.22	3.78	—
	1.38	1.33	1.42	1.13	0.81	0.63	0.91	0.36	1.10	—
	0.77	0.72	0.73	0.80	0.94	0.94	0.90	0.93	0.92	—
	5.83	5.59	4.31	5.72	4.35	4.40	6.66	4.71	4.28	—
	20.85	25.04	18.71	19.81	31.64	20.96	19.75	18.00	17.08	—
	0.00	0.00	0.00	0.40	0.00	0.00	0.00	—	—	—
	20.85	25.04	18.71	20.21	31.64	20.96	19.75	18.00	17.08	—
	5.29	6.38	1.84	5.11	7.98	5.28	6.00	5.31	4.97	—
	15.56	18.67	16.87	15.09	23.66	15.69	13.75	12.69	12.10	—
	2.37	2.95	2.71	2.43	3.81	2.52	2.20	1.93	2.60	—
Key metrics
	23.00	27.09	20.86	22.14	33.39	22.53	21.56	19.29	19.10	—
	13.80%	14.90%	10.30%	16.20%	14.90%	19.70%	16.50%	18.60%	19.30%	—
	9.30%	10.30%	8.30%	11.10%	10.60%	13.70%	10.50%	12.20%	12.20%	—
	2.40%	—	3.50%	—	6.00%	—	4.10%	—	—	—
	-25.20%	59.10%	54.40%	31.20%	125.80%	—	—	—	—	—
	-34.20%	19.00%	22.70%	18.90%	95.50%	—	—	—	—	—

Metric	TTM	FY26	FY25	FY24
Income statement
	687.44	676.23	431.19	—
	12.63	13.72	7.28	—
	700.07	689.95	438.47	—
	615.67	598.84	367.22	—
	423.52	349.80	322.85	—
	156.39	211.66	-0.21	—
	16.39	18.44	19.06	—
	5.26	3.98	3.39	—
	3.02	3.41	3.65	—
	21.45	18.78	18.48	—
	84.41	91.12	71.24	—
	0.40	0.40	0.00	—
	84.81	91.51	71.24	—
	18.62	20.21	21.07	—
	66.19	71.31	50.17	—
	10.46	11.47	9.25	—
Key metrics
	93.09	98.90	78.28	—
	13.54%	14.60%	18.20%	—
	9.63%	10.50%	11.60%	—
	—	16.80%	15.00%	—
	20.05%	56.80%	—	—
	0.61%	42.10%	—	—
	—	2.78	37.88	—
	—	0.04	0.80	—
	—	0.16	0.07	—
	—	88.65	32.68	—
	—	110.0	114.5	—
Balance sheet
	—	722.61	589.56	—
	—	348.16	311.75	—
	—	2.09	0.79	—
	—	189.07	92.74	—
	—	74.00	95.20	—
	—	2.72	—	—
	—	22.58	25.81	—
	—	59.34	52.67	—
	—	154.80	90.77	—
	—	90.74	33.47	—
	—	90.53	32.04	—
	—	0.21	1.43	—
	—	566.68	496.44	—
Cash flow
	—	3.07	39.91	—
	—	-94.72	-272.37	—
	—	92.96	263.67	—
	—	-0.29	2.03	—

Compounded growth

Standalone

Sales CAGR 3Y: —
Sales CAGR 5Y: —
Profit CAGR 3Y: —
Profit CAGR 5Y: —
Sales YoY (TTM): +20.05%
Profit YoY (TTM): +0.61%

Consolidated

Sales CAGR 3Y: —
Sales CAGR 5Y: —
Profit CAGR 3Y: —
Profit CAGR 5Y: —
Sales YoY (TTM): +77.18%
Profit YoY (TTM): +94.83%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Sep 2026

Promoter holding: 65.69%

Quarter	September 2026	June 2026
Promoter %	65.69%	65.69%

Holder	Type	Holding	Previous	Change
ANJU DEVI	Promoter	35.44%	35.44%	0.00%
SANTOSH KUMAR YADAV	Promoter	30.25%	30.25%	0.00%
WHITEOAK CAPITAL SPECIAL OPPORTUNITIES FUND	Public	2.12%	2.09%	+0.03%
VQ FASTERCAP FUND	Public	1.74%	2.41%	-0.67%
MUKUL MAHAVIR AGRAWAL	Public	1.37%	1.53%	-0.16%
HOOD RIVER INTERNATIONAL OPPORTUNITY FUND	Public	1.05%	1.05%	0.00%
KAMLA DEVI	Promoter Group	0.00%	0.00%	0.00%
YASHPAL YADAV	Promoter Group	0.00%	0.00%	0.00%
NEELAM YADAV	Promoter Group	0.00%	0.00%	0.00%
MANOHAR LAL	Promoter	0.00%	0.00%	0.00%
SOMWATI DEVI	Promoter Group	0.00%	0.00%	0.00%
LATE CHANDER SINGH	Promoter Group	0.00%	0.00%	0.00%
BALBIR SINGH	Promoter Group	0.00%	0.00%	0.00%
SEEMA DEVI	Promoter Group	0.00%	0.00%	0.00%
SUDESH DEVI	Promoter Group	0.00%	0.00%	0.00%

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
HBL ENGINEERING LIMITED	23,702	836.50	43.20	45.90%	—	—	-15.86%
INOX India Limited	18,147	1,930.95	67.38	30.80%	+22.53% TTM	+5.98% TTM	+59.26%
Esab India Ltd. S	7,856	5,330.95	36.98	60.80%	+12.99% TTM	+29.07% TTM	+9.05%
KRN HEAT EXCHANGER AND REFRIGERATION LIMITED	6,478	1,011.40	57.55	18.00%	+77.18% TTM	+94.83% TTM	+27.68%
Harsha Engineers International Limited	4,269	461.30	25.73	14.20%	+22.34% TTM	+65.44% TTM	+15.61%
Subros Ltd.	3,939	594.85	22.79	16.70%	+21.25% TTM	+5.94% TTM	-42.91%
Ador Welding Ltd.	2,501	1,414.95	21.32	20.30%	+12.93% TTM	+111.66% TTM	+31.10%
Diffusion Engineers Limited	1,561	419.05	27.32	15.70%	+38.32% TTM	+34.51% TTM	+12.53%
MIC Electronics Limited	1,167	36.43	-89.18	10.00%	+132.72% TTM	-227.43% TTM	-30.96%
Hy-Tech Engineers Limited	739	81.02	—	—	+17.36% FY26	+15.14% FY26	—
Technocrats Plasma Systems Limited S	709	406.20	—	—	+166.03% FY26	+84.22% FY26	—
MALLCOM (INDIA) LTD.	566	912.80	21.29	14.80%	+3.91% TTM	-54.47% TTM	-36.70%
Simplex Castings Ltd. S	540	128.45	22.54	26.20%	+15.32% TTM	+28.04% TTM	+32.38%
Sealmatic India Limited	531	481.70	—	12.10%	—	—	+23.38%
EXPO ENGINEERING AND PROJECTS LIMITED S	224	88.00	191.30	14.20%	-34.54% TTM	-70.94% TTM	+12.12%
QUEST FLOW CONTROLS LIMITED	186	179.70	—	0.40%	—	—	-26.97%
ALPHALOGIC INDUSTRIES LIMITED S	133	131.00	21.69	26.00%	—	—	+20.52%
W.H. Brady & Co. Ltd.	122	476.80	18.49	8.20%	-9.14% TTM	-71.81% TTM	-34.79%
Narmadesh Brass Industries Limited S	100	323.00	271.43	9.80%	—	—	—
MAURIA UDYOG LIMITED	93	6.18	3.71	39.10%	-13.01% TTM	+6.43% TTM	-52.72%
Siyaram Recycling Industries Limited S	75	34.44	22.36	11.20%	—	—	-63.07%
DELTA MANUFACTURING LIMITED	62	55.33	-5.70	22.80%	+3.75% TTM	+7.22% TTM	-25.73%
Indian Link Chain Mnfrs. Ltd. S	60	229.40	-201.23	-0.90%	-100.00% TTM	-321.43% TTM	-87.52%
Gabriel Pet Straps Limited	49	63.18	—	4.90%	—	—	-78.87%
Storage Technologies and Automation Limited	47	34.84	—	-6.10%	—	—	-51.11%

Some figures use IPO-document inputs. Growth periods are shown per value; FY means annual.

Filings & corporate actions

Recent announcements

Investor Presentation30 Oct 2026 · Company Update / Investor Presentation
Copy of Newspaper Publication30 Oct 2026 · Company Update / Newspaper Publication
Monitoring Agency Report29 Oct 2026 · Company Update / Monitoring Agency Report
Statement of Deviation & Variation29 Oct 2026 · Company Update / Reg. 32 (1), (3) - Statement of Deviation & Variation
Outcome of the Board Meeting - Financial Results29 Oct 2026 · Result / Financial Results
Outcome of Baord Meeting29 Oct 2026 · Board Meeting / Outcome of Board Meeting
Investors Call26 Oct 2026 · Company Update / Analyst / Investor Meet
KRN Heat Exchanger And Refrigeration Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 29/10/2026 ,inter alia, to consider and approve Pursuant ....21 Oct 2026 · Board Meeting / Board Meeting
Certificate under Reg. 74(5) of SEBI (DP) Regulations, 20186 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Closure of Trading Window26 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Voting Results and Scruitinizer''s Report26 Sep 2026 · AGM/EGM / AGM
Proceedings of 9th AGM of the Company25 Sep 2026 · AGM/EGM / AGM
Investor Meeting24 Sep 2026 · Company Update / Analyst / Investor Meet
Newspaper Advertisement3 Sep 2026 · Company Update / Newspaper Publication
Annual Report of the Company for the FY 2025-262 Sep 2026 · Others / Reg. 34 (1) Annual Report
Notice of 9th Annual General Meeting will be held on Friday 25th September, 2026 at 3:00 PM Through VC/OAVM2 Sep 2026 · AGM/EGM / AGM
Copy of Newspaper Advertisement2 Sep 2026 · Company Update / Newspaper Publication
Investors Meet/webinar18 Aug 2026 · Company Update / Analyst / Investor Meet
Investor Presentation13 Aug 2026 · Company Update / Investor Presentation
Newspaper Publication13 Aug 2026 · Company Update / Newspaper Publication
Press Release13 Aug 2026 · Company Update / Press Release / Media Release
Monitoring Agency Report for Utilisation of QIP Proceeds12 Aug 2026 · Company Update / Monitoring Agency Report
Monitoring Agency Report on utilisation of IPO Proceeds12 Aug 2026 · Company Update / Monitoring Agency Report
Statement of Deviation or variation of funds raised through QIP Issue12 Aug 2026 · Company Update / Reg. 32 (1), (3) - Statement of Deviation & Variation
Statment of Deviation or Variation of funds raised through IPO12 Aug 2026 · Company Update / Reg. 32 (1), (3) - Statement of Deviation & Variation
Change in Auditors12 Aug 2026 · Company Update / Change in Management
Financial Results for the Q1FY2712 Aug 2026 · Result / Financial Results
Outcome of Board Meeting12 Aug 2026 · Board Meeting / Outcome of Board Meeting
KRN Heat Exchanger And Refrigeration Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 12/08/2026 ,inter alia, to consider and approve Intimation ....4 Aug 2026 · Board Meeting / Board Meeting
General business update23 Jul 2026 · Company Update / General
Certificate under Reg. 74(5) of SEBI (DP) Regulations, 20189 Jul 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Trading Window Closure27 Jun 2026 · Insider Trading / SAST / Closure of Trading Window
Disclosure under Regulation 3020 Jun 2026 · Company Update / General
Disclosure under Regulation 29(2) of SEBI (SAST) Reg. 201111 Jun 2026 · Company Update / General
Outcome of Committee Meeting9 Jun 2026 · Company Update / Meeting Updates
Analysts/investors Meet3 Jun 2026 · Company Update / Analyst / Investor Meet
Outcome of Fund Raising Committee1 Jun 2026 · Company Update / Meeting Updates
Outcome of Fund Raising Committee1 Jun 2026 · Company Update / Meeting Updates
Annual Secretarial Compliance Report30 May 2026 · Company Update / Reg.24(A)-Annual Secretarial Compliance
Analysts/Investor Meet27 May 2026 · Company Update / Analyst / Investor Meet

Board meetings

29 Oct 2026 Board Meeting - Financial Results
12 Aug 2026 Board Meeting - Financial Results