KRN Heat Exchange N REF L
NSE: KRN · Other Industrial Products · sector
₹1,069.40NSE close 2026-10-26
Key numbers
Market cap₹7,000 cr
Price₹1,069.40
52w high / low₹1,687 / ₹590
P/E69.0xSector median 23.1x
P/B12.2xSector median 3.1x
Book value₹87.7
Dividend yield–Sector median 0.43%
ROE18.1%Sector median 9.8%
ROCE17.1%Sector median 13.0%
OPM19.6%Sector median 10.1%
Debt / equity0.33xSector median 0.23x
EV/EBITDA49.5xSector median 14.2x
Interest cover15.8x
Current ratio1.64x
Sales growth 3y–Sector median +13.6%
Profit growth 3y–Sector median +11.4%
PEG0.84x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 29 companies in Other Industrial Products (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹46 cr vs borrowings ₹187 cr (FY26): borrowings are higher by ₹141 cr.
- Operating profit covered interest 15.8x in the last 12 months.
- Promoter holding fell by 5.10 percentage points in a year, to 65.69% (2026-09-30).
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 9% of net profit in the last 12 months.
- No dividend in the last 2 financial years.
- Price ₹1,069.40 on 2026-10-26: -36.6% from the 52-week high, +81.3% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹1,597.30 · low ₹423.18
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 91 | 111 | 132 | 115 | 152 | 153 | 179 | 252 |
| EBITDA | 18 | 16 | 19 | 18 | 30 | 31 | 34 | 49 |
| OPM % | 19.9% | 14.2% | 14.4% | 15.3% | 19.9% | 20.5% | 18.7% | 19.4% |
| Other income | 1 | 5 | 4 | 4 | 2 | 2 | 2 | 3 |
| Net profit | 12 | 14 | 15 | 12 | 18 | 23 | 23 | 33 |
| EPS (₹) | 0.00 | 2.12 | 2.39 | 2.00 | 2.90 | 3.65 | 3.75 | 5.20 |
| Revenue YoY | +66.9% | +37.5% | +36.5% | +118.9% | ||||
| Profit YoY | +46.4% | +65.0% | +57.1% | +164.9% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY25 | FY26 | TTM |
|---|---|---|---|
| Revenue | 430 | 600 | 737 |
| EBITDA | 71 | 113 | 144 |
| Net profit | 53 | 76 | 97 |
| EPS (₹) | 9.75 | 12.30 | 15.50 |
| Revenue growth | +39.6% | +64.0% | |
| Profit growth | +44.6% | +81.8% | |
| Dividend / share (₹) | – | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | – | – | +64.0% |
| Net profit | – | – | +81.8% |
| EPS | – | – | – |
| Share price | – | +53.1% (2y) | +23.1% |
Balance sheet
| ₹ cr | FY25 | FY26 |
|---|---|---|
| Shareholders' equity | 499 | 574 |
| Borrowings | 33 | 187 |
| Cash & equivalents | 151 | 46 |
| Total assets | 595 | 932 |
| Fixed assets | 85 | 314 |
| Capital work in progress | 82 | 33 |
| Investments | 0 | 2 |
| Receivables | 93 | 175 |
| Inventory | 96 | 273 |
| Payables | 55 | 158 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY25 | FY26 |
|---|---|---|
| Cash from operations | 25 | -114 |
| Cash from investing | -279 | -34 |
| Cash from financing | 258 | 148 |
| Capex | 8 | 248 |
| Free cash flow | 16 | -361 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY25 | FY26 |
|---|---|---|
| ROE % | 10.6% | 13.3% |
| ROCE % | 14.6% | 13.6% |
| Debtor days | 79 | 106 |
| Inventory days | 110 | 242 |
| Payable days | 63 | 140 |
| Cash conversion cycle (days) | 126 | 208 |
| Working capital days | 281 | 138 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 65.69% |
| FIIs | 8.98% |
| DIIs | 7.98% |
| of which Mutual funds | 3.35% |
| of which Insurance | 0.21% |
| Public (non-institutions) | 17.35% |
| Quarter | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 70.79% | 70.79% | 70.79% | 69.62% | 70.79% | 67.22% | 65.69% | 65.69% |
| Promoter group | % |
|---|---|
| Anju Devi | 35.44% |
| Santosh Kumar Yadav | 30.25% |
| Manohar LAL | 0.00% |
| Komal Yadav | 0.00% |
| Yashpal Yadav | 0.00% |
| Balbir Singh | 0.00% |
| Kamla Devi | 0.00% |
| Maya Rani | 0.00% |
| Neelam Yadav | 0.00% |
| Rakesh Kumar Yadav | 0.00% |
| Seema Devi | 0.00% |
| Somwati Devi | 0.00% |
| Sudesh Devi | 0.00% |
| Arti Yadav | 0.00% |
| Ridham Yadav | 0.00% |
| Public holders above 1% | % |
|---|---|
| Whiteoak Capital Special Opportunities Fund | 2.12% |
| VQ Fastercap Fund | 1.74% |
| Mukul Mahavir Agrawal | 1.37% |
| Hood River International Opportunity Fund | 1.05% |
97,166 shareholders. Pledged: – of promoter shares.
Peers in Other Industrial Products
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| HBLENGINE | ₹21,089 cr | 22.8x | 9.5x | 50.0% | 55.1% | 31.2% | +34.1% | – |
| INOXINDIA | ₹17,251 cr | 67.7x | 15.4x | 25.8% | 29.2% | 21.0% | – | 0.10% |
| ESABINDIA | ₹8,178 cr | 36.9x | 19.1x | 56.1% | 69.1% | 19.5% | +11.4% | 1.73% |
| KRN | ₹7,000 cr | 69.0x | 12.2x | 18.1% | 17.1% | 19.6% | – | – |
| SUBROS | ₹3,885 cr | 23.4x | 3.1x | 14.2% | 18.1% | 8.1% | +10.2% | 0.43% |
| HARSHA | ₹3,716 cr | 24.0x | 2.6x | 11.7% | 13.2% | 14.6% | +6.0% | 0.25% |
| ADOR | ₹2,272 cr | 19.7x | 4.0x | 21.7% | 27.2% | 12.1% | +13.6% | 1.53% |
| DIFFNKG | ₹1,495 cr | 27.2x | 3.7x | 14.1% | 15.3% | 13.8% | – | 0.38% |
| MICEL | ₹865 cr | – | 4.0x | -5.5% | 8.8% | 11.4% | +102.6% | – |
| HTEL | ₹645 cr | – | – | – | – | – | – | – |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| India | ₹501 cr | 83.4% | ₹104 cr | 20.7% |
| Overseas | ₹100 cr | 16.6% | ₹0 cr | 0.0% |
Documents
- Annual report FY26
- Annual report FY25
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacturing: Electrical equipment, General Purpose and Special purpose Machinery & equipment, Transport equipment
| Sector | Industrials |
| Industry | Other Industrial Products |
| Sub-industry | Other Industrial Products |
| Symbol | KRN |
| BSE code | 544263 |
| ISIN | INE0Q3J01015 |
| Face value | ₹10.0 |
| Incorporated | 2017-08-25 |
| Website | www.krnheatexchanger.com |
| Plants (India / abroad) | 5 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.