KRN Heat Exchanger & Refrigeration Ltd.

NSE: KRN · Other Industrial Products

52W Range₹590 ₹1,405

Snapshot

Unlock KRN Heat Exchanger & Refrigeration Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

KRN Heat Exchanger and Refrigeration Limited manufactures a diverse range of heat exchangers, evaporators, and condensers for the HVAC&R industry. The company supplies critical components such as coils, copper parts, and sheet metal assemblies to original equipment manufacturers.

Business Model

The company operates as a B2B manufacturer, generating revenue through the sale of custom-engineered thermal management components to HVAC&R original equipment manufacturers. It leverages its manufacturing facility in Neemrana to produce high-precision copper and aluminium heat transfer products.

  • Incorporation Year:2017

Growth Outlook

Growth is driven by the increasing demand for HVAC&R systems across global markets and the company's established presence in international regions including Asia, Europe, and North America. Expansion of the product portfolio and deepening relationships with global OEMs remain key strategic priorities.

Key Risks

  • Raw Material Price Volatility. Fluctuations in the prices of copper and aluminium, which are primary raw materials, can significantly impact profit margins.
  • Customer Concentration. Heavy reliance on a limited number of original equipment manufacturers poses a risk if key client contracts are lost or demand from these clients declines.
  • Geopolitical and Trade Risks. As a company with a global footprint, it is susceptible to changes in international trade policies, tariffs, and geopolitical instability in its export markets.
  • Technological Obsolescence. The HVAC&R industry is subject to rapid technological advancements, requiring continuous investment in R&D to remain competitive.

Price

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Key Metrics

P/E

104.9x

Q4 FY26 · consolidated

104.9 vs 155.8x5Y avg

EV/EBITDA

70.6x

Q4 FY26 · consolidated

70.6 vs 87.0x5Y avg

NET PROFIT MARGIN

13.0%

Q4 FY26 · consolidated

+1.7 ppYoY

DEBT TO EQUITY

0.3x

Q4 FY26 · consolidated

+0.26xYoY

Peers · Other Industrial Products

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
KRN Heat Exchanger & Refrigeration Ltd.KRN
5,581104.9370.5720.4%14.8%20.0%+49.1%
ESAB India LimitedESABINDIA
8,08742.1931.409.8%18.3%54.6%70.2%+4.1%
Subros LimitedSUBROS
4,36131.7614.5511.5%9.7%14.6%18.9%-11.9%
Harsha Engineers International LimitedHARSHA
3,04925.0715.2015.6%17.1%12.0%16.1%+3.5%
Kirloskar Industries LimitedKIRLOSIND
2,83325.915.0%13.3%4.6%4.8%-12.4%
Ador WeldingADOR
1,61828.7216.5912.2%15.8%21.9%+24.7%

As of Q4 FY26

Financials