KRN
KRN Heat Exchanger and Refrigeration share price & financials
- Price
- ₹1,249.9
- Market cap
- ₹10.1k Cr
- Sector
- Capital Goods
- Calls analysed
- 7
KRN Heat Exchanger and Refrigeration Limited Q1 FY27
What went well
- Strong consolidated revenue growth of 118.87% YoY to INR 252.32 crores.
- Significant consolidated EBITDA growth of 178.85% YoY to INR 49.06 crores, with margin expansion to 19.44%.
- Robust consolidated net profit growth of 164.84% YoY to INR 32.90 crores, with margin improvement to 13.04%.
What to watch
- UAE revenue declined due to war-related logistics cost increases (freight cost up from USD 1,500 to USD 6,000 per container).
- Employee costs were elevated this quarter due to hiring for business scale-up, increasing total strength to over 1,500.
What KRN Heat Exchanger and Refrigeration Limited does
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
Guidance record · Q1 FY27
what the last two calls moved 23 tracked 2 delivered 6 missed 15 open- Sample Production Start (New Facility) delivered said Q3 FY25 Promised: April 2025 Q1 FY27: Promise previously achieved.
- New Facility Capacity Utilization (FY26) missed said Q4 FY25 Promised: 20% to 25% of utilization Q1 FY27: Promise previously missed for FY26.
- Revenue from Bus Air Conditioning Acquisition at risk said Q2 FY26 Promised: INR 160 crores next year Q1 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.
All 23 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 59.6%, net profit up 18.8% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 99 | 104 | 131 | 114 | 223 +125% | 136 +31% | 202 +54% | 182 +60% |
| EBITDA | 18 | 16 | 20 | 20 | 30 +67% | 17 +6% | 18 −10% | 25 +25% |
| Net profit | 12 | 13 | 14 | 16 | 24 +100% | 15 +15% | 17 +21% | 19 +19% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +84.9% 1Y
1Y: ₹861.7 on 10 Sept 2025 → ₹1,593.6. High ₹1,660.2 (8 Sept 2026), low ₹598.1 (23 Jan 2026).
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.
Financials, as filed
Revenue grew 56.6% a year over 1 year, FY25 to FY26. Operating margin narrowed to 12.6%.
| Year ending | FY25 | FY26 |
|---|---|---|
| Revenue | ₹431 Cr | ₹675 Cr |
| Operating profit | ₹71 Cr | ₹85 Cr |
| Operating margin | 16.5% | 12.6% |
| Interest | ₹3 Cr | ₹4 Cr |
| Depreciation | ₹4 Cr | ₹4 Cr |
| Net profit | ₹51 Cr | ₹72 Cr |
| Net margin | 11.8% | 10.7% |
| Cash from operations | ₹19 Cr | ₹14 Cr |
| Free cash flow | ₹17 Cr | ₹14 Cr |
| ROCE | 21.0% | 16.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Equity capital | ₹46 Cr | ₹62 Cr | ₹62 Cr |
| Reserves | ₹85 Cr | ₹466 Cr | ₹505 Cr |
| Borrowings | ₹60 Cr | ₹30 Cr | ₹91 Cr |
| Other liabilities | ₹39 Cr | ₹170 Cr | ₹65 Cr |
| Total liabilities | ₹230 Cr | ₹729 Cr | ₹723 Cr |
| Fixed assets | ₹27 Cr | ₹283 Cr | ₹23 Cr |
| Capital work in progress | ₹1 Cr | ₹11 Cr | ₹0 Cr |
| Investments | ₹5 Cr | ₹0 Cr | ₹351 Cr |
| Other assets | ₹197 Cr | ₹434 Cr | ₹349 Cr |
| Total assets | ₹230 Cr | ₹729 Cr | ₹723 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs added +6.51 pp while promoters trimmed −5.10 pp. The shareholder count grew 10% to 91,234.
- Promoters
- 65.7%
- FIIs
- 8.9%
- DIIs
- 8.3%
- Public
- 17.1%
Since Jun 2025
- FIIs +6.51 pp
- Promoters −5.10 pp
- Public −3.67 pp
How it drifted, 8 quarters
Over this window promoters fell from 70.8% to 65.7% — −5.1 pp.
Ownership split by quarter, oldest first. Sep '24: Promoters 70.8%, FIIs 4.0%, DIIs 7.5%, Public 17.7%.Dec '24: Promoters 70.8%, FIIs 2.0%, DIIs 8.2%, Public 19.1%.Mar '25: Promoters 70.8%, FIIs 1.2%, DIIs 6.3%, Public 21.7%.Jun '25: Promoters 70.8%, FIIs 2.4%, DIIs 6.1%, Public 20.8%.Sep '25: Promoters 70.8%, FIIs 5.5%, DIIs 6.2%, Public 17.5%.Dec '25: Promoters 70.8%, FIIs 5.3%, DIIs 6.3%, Public 17.6%.Mar '26: Promoters 70.8%, FIIs 6.7%, DIIs 6.4%, Public 16.2%.Jun '26: Promoters 65.7%, FIIs 8.9%, DIIs 8.3%, Public 17.1%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Vq Fastercap Fund AIF +1.24 pp 2.41% held
- Hood River International Opportunity Fund Global fund house newly disclosed 1.05% held
- Whiteoak Capital Special Opportunities Fund Mutual fund +0.42 pp 2.09% held
The same filing shows 3 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of KRN Heat Exchanger and Refrigeration Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Anju Devi | 35.44% | −2.69 pp |
| Santosh Kumar Yadav | 30.25% | −2.41 pp |
| Vq Fastercap Fund AIF | 2.41% | +1.24 pp |
| Whiteoak Capital Special Opportunities Fund Mutual fund | 2.09% | +0.42 pp |
| Mukul Mahavir Agrawal | 1.53% | −0.08 pp |
| Hood River International Opportunity Fund Global fund house | 1.05% | newly disclosed |
| KRNCOILS Private Limited | 0.00% | unchanged |
| Late Chander Singh | 0.00% | unchanged |
| Naisha Yadav | 0.00% | unchanged |
| Ridham Yadav | 0.00% | unchanged |
| Arti Yadav | 0.00% | unchanged |
| Sudesh Devi | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
ExpensiveTo justify its price of ₹1594, this stock must grow earnings at 53% every year for 7 years. Our analysis caps realistic growth at ~41%. At that growth it is worth ₹936 — downside of 41%.
- Growth the price implies
- 53.1% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 41.2% a year
- net profit, FY25–FY26
- The gap
- 0.1 pp
- -41% downside if it only repeats history
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse KRN Heat Exchanger and Refrigeration Limited
Guides on how to read this kind of business and the numbers that matter.