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KRN Heat Exchanger and Refrigeration share price & results

KRN Heat Exchanger and Refrigeration Limited· Capital Goods· Industrials

Results to
Jun 2026
Latest analysed call
Q1 FY27
Ownership as of
Sept 2026

Manufactures heat exchangers and integrated HVAC&R systems from two Neemrana, Rajasthan plants for global cooling markets.

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Reported

The figures, each with its period

Each figure keeps its basis and period; nothing is filled in.

MetricValueChangeBasisPeriodNote
Revenue252 ₹ crore+119.1% YoYQuarterly, as filedQuarter to Jun 2026Revenue from operations as filed.
Operating margin19.0 %+4.0 pts YoYOperating profit / revenueQuarter to Jun 2026For the quarter; a change is in percentage points.
Net profit33.0 ₹ crore+175.0% YoYQuarterly, as filedQuarter to Jun 2026Profit after tax as filed.
Return on equity18.10 %−2.9 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Jun 2026Adjusted profit attributable to owners ÷ average owners’ equity.
Free cash flow margin-60.33 %−48.2 ptsFY Mar 2026 vs FY Mar 2025Fiscal yearFY ending Mar 2026(Operating cash flow − fixed-asset purchases + disposals) ÷ revenue.
Revenue growth (YoY)63.92 %−0.5 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Jun 2026Revenue change against the same period one year earlier.

Source: Inve data from filed results; ratios from the Screener-verified panel · to Jun 2026

Guidance

What management said, and what became of it

2 of 8 judged targets kept · 15 open · verdicts reflect calls analysed to Q1 FY27.

KRN Heat Exchanger and Refrigeration Limited management guidance track record on Inve: 23 targets tracked across analysed earnings calls (2 achieved, 6 missed, 15 open).

TargetOriginal wordingSaidLatest callVerdict
Sample Production Start (New Facility)April 2025
Call transcript, Q3 FY25 · 3 Feb 2025		Q3 FY25Q1 FY27:Promise previously achieved.
Call transcript, Q1 FY27 · 14 Aug 2026		Achieved
New Facility Capacity Utilization (FY26)20% to 25% of utilization
Call transcript, Q4 FY25 · 20 May 2025		Q4 FY25Q1 FY27:Promise previously missed for FY26.
Call transcript, Q1 FY27 · 14 Aug 2026		Missed
Revenue from Bus Air Conditioning AcquisitionINR 160 crores next year
Call transcript, Q2 FY26 · 6 Nov 2025		Q2 FY26Q1 FY27:Current run rate is INR 5-6 crores/month (INR 60-72 cr annualized), well below target. A large new customer supply starts next month.
Call transcript, Q1 FY27 · 14 Aug 2026		At Risk

Source: Inve Guidance Tracker for KRN Heat Exchanger and Refrigeration Limited · to Q1 FY27

A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.

6 of KRN Heat Exchanger and Refrigeration Limited's 23 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 20 more targets are in the full ledger.

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Price

₹1,069.4 +5.00% · +₹50.9

Last close 26 Oct 2026 · NSE · INR · Source: Inve

Performance +29.9% 1Y

₹0.6k₹0.8k₹1.0k₹1.2k₹1.4k₹1.6kOct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Oct 26Q2 FY26 — 6 Nov 2025Q3 FY26 — 9 Feb 2026Q4 FY26 — 15 May 2026Q1 FY27 — 14 Aug 2026

1Y: ₹823 on 24 Oct 2025 → ₹1,069.4. High ₹1,660.2 (8 Sept 2026), low ₹598.1 (23 Jan 2026).

Previous close
₹1,018.5
Market cap
₹7.0k Cr
52-week range
₹598.1 – ₹1,660.2
One year
+33.33%
Price to earnings (TTM to Jun 2026)
72.16×
Return on equity (TTM to Jun 2026)
18.10%

Overview

Symbol
NSE:KRN
Industry
Industrials
Exchange
NSE
Currency
INR

What KRN Heat Exchanger and Refrigeration Limited does

Based on the company's own presentations, annual report and earnings calls.

KRN Heat Exchanger and Refrigeration Limited designs and manufactures heat exchangers, cooling coils and integrated HVAC&R (heating, ventilation, air-conditioning and refrigeration) solutions for domestic and export customers. Its product range spans fin & tube coils, bar & plate heat exchangers, microchannel heat exchangers, refrigerator components, bus air-conditioning systems, technical tubes, sheet metal parts and tubings, used across HVAC, refrigeration, data centres, automotive, railways, industrial cooling and process-cooling applications. The company earns by supplying these components and systems on a rolling, continuous-replenishment basis to OEMs and end-use manufacturers rather than through one-off large projects, with raw-material (copper/aluminium) cost pass-through built into customer pricing. It operates two manufacturing facilities at Neemrana, Rajasthan -- the original heat-exchanger plant and a newer HVAC Products facility housed under a wholly-owned subsidiary -- supported by an in-house Thermotech research lab.

Segments

  • KRN Heat Exchanger (Plant I)
  • KRN HVAC Products Pvt Ltd (Plant II)
  • Bus AC / Railway HVAC
Manufacturing facilities
2 (Neemrana, Rajasthan)
Team strength
1,500+
Annual installed unit capacity
~12.9 million units p.a. (5.0M Fin & Tube, 3.0M Roll Bond, 3.0M Microchannel, 1.9M Others)
Product categories
10
End-use application categories
19
Export presence
14 countries
Founded 2017Headquarters Neemrana, Rajasthan, IndiaEmployees 1,500 Company website

How the price took the results

close before → close after

Q1 FY27
+5.0%
14 Aug
Q4 FY26
−0.9%
15 May
Q3 FY26
+7.8%
9 Feb
Q2 FY26
+1.5%
6 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

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