KRN Heat Exchanger and Refrigeration Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹7,513 Cr
- P/E
- 77.50
- ROE
- 14.13%
- Price to sales
- 10.19
- Debt to equity
- 0.33
- 52W high / low
- ₹1,660 / ₹598
- EBITDA margin
- 19.53%
- Net profit margin
- 12.63%
- Promoter holding
- 65.69%
- Sales (last year)
- ₹737 Cr
KRN Heat Exchanger and Refrigeration (KHERL), manufactures fin and tube-type heat exchangers for the Heat Ventilation Air Conditioning, and Refrigeration Industry.[1]
Guidance scorecard · Q2 FY27 call
What KRN Heat Exchanger and Refrigeration Ltd's management guided
and where it ranks in Industrial Products
Industrial Products
RevenueQ1 FY27 call
20–40%- Capacity utilization is projected to reach 80% by FY28, targeting approximately INR 2,000 crore in revenue.
- Export business is expected to nearly double from INR 100 crore last year to around INR 200 crore this year, with 50% export contribution targeted in fin and tube segment in 2-3 years.
- Planned INR 100 crore capex within one year for new facilities in Bangalore and nearby locations to support bus air conditioning and railway HVAC segments; initial revenue shift expected post-FY29.
- EBITDA margin expected to remain strong at 20%+ as scale increases with PLI incentives supporting short term and RIPS for the next 10 years.
2 more points from KRN Heat Exchanger and Refrigeration Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what KRN Heat Exchanger and Refrigeration Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- KRN Heat Exchanger and Refrigeration plans to invest around INR 100 crores in capex within the next year.
- This capex involves two plots: one in Bangalore and another nearby, primarily for bus air conditioning and railway HVAC system expansion.
- The new Bangalore facility aims to service nearby customers, improving logistics and reducing transportation damages, with operations expected to start within a year.
- This capex will initially transfer existing business, so no immediate revenue increase, but once utilization increases, additional revenue will be generated.
- No major expansion plans beyond this INR 100 crore capex, except a potential 10-15% increase in capacity in Bangalore.
2 more points from KRN Heat Exchanger and Refrigeration Ltd's call on capex
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FundraisingQ1 FY27 call
PlannedSee what KRN Heat Exchanger and Refrigeration Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- It was mentioned that order book remains strong with confidence in quarter-on-quarter growth.
- New orders include 29 new customers added in the last quarter across bus AC, export, and domestic segments.
- For railways, a recent tender participation is at L1 position, with nominations expected within 1-2 weeks.
- Order book supports the planned revenue scale-up to INR 2,000 crores by FY ‘28.
2 more points from KRN Heat Exchanger and Refrigeration Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Industrial Products
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Industrial Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹532 Cr | 21.2 | |
| 2 | 40%+ | Up 2%+ | ₹450 Cr | 13.2 | |
| 3 | 40%+ | Up 2%+ | ₹371 Cr | 26.1 | |
| 4 | 40%+ | Up 0–2% | ₹1,340 Cr | 32.9 | |
| 5 | 40%+ | Up 0–2% | ₹1,196 Cr | 14.1 | |
| 6 | 40%+ | Flat | ₹966 Cr | 25.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Industrial Products rankingFinancials of KRN Heat Exchanger and Refrigeration Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
KRN Heat Exchanger and Refrigeration Ltd
Shareholding breakup across reporting periods.
| Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 70.79% | 70.79% | 70.79% | 70.79% | 70.79% | 70.79% | 70.79% | 65.69% | 65.69% |
| FIIs + | 4.05% | 1.98% | 1.21% | 2.35% | 5.46% | 5.31% | 6.66% | 8.86% | 8.98% |
| DIIs + | 7.46% | 8.18% | 6.28% | 6.06% | 6.21% | 6.35% | 6.39% | 8.33% | 7.98% |
| Public + | 17.69% | 19.05% | 21.72% | 20.80% | 17.53% | 17.56% | 16.16% | 17.13% | 17.35% |
| No. of Shareholders | 87,558 | 73,898 | 85,306 | 82,769 | 75,244 | 83,766 | 83,713 | 91,234 | 97,166 |
Financials of KRN Heat Exchanger and Refrigeration Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 71 | 66 | 82 | 96 | 91 | 111 | 132 | 115 | 152 | 153 | 179 | 252 | 319 |
| Expenses + | 58 | 54 | 64 | 78 | 73 | 96 | 113 | 98 | 122 | 122 | 146 | 203 | 270 |
| Operating Profit | 13 | 12 | 18 | 18 | 18 | 16 | 19 | 18 | 30 | 31 | 34 | 49 | 49 |
| OPM % | 19% | 18% | 21% | 18% | 20% | 14% | 14% | 15% | 20% | 20% | 19% | 19% | 15% |
| Other Income + | 1 | 1 | 2 | 1 | 1 | 5 | 4 | 4 | 2 | 2 | 2 | 3 | 7 |
| Interest | 1 | 1 | 1 | 1 | 1 | 0 | 1 | 1 | 1 | 2 | 3 | 3 | 3 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 5 | 6 | 6 | 6 | 7 |
| Profit before tax | 12 | 11 | 17 | 17 | 17 | 19 | 21 | 18 | 27 | 26 | 27 | 42 | 46 |
| Tax % | 29% | 29% | 30% | 29% | 29% | 28% | 30% | 32% | 33% | 12% | 13% | 22% | 21% |
| Net Profit + | 9 | 8 | 12 | 12 | 12 | 14 | 15 | 12 | 18 | 23 | 23 | 33 | 36 |
| EPS in Rs | 1.96 | 1.71 | 2.61 | 2.59 | 1.98 | 2.21 | 2.39 | 2.00 | 2.90 | 3.65 | 3.76 | 5.03 | 5.52 |
Financials of KRN Heat Exchanger and Refrigeration Ltd
Profit & Loss
Annual income statement trend
| Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|
| Sales + | 307 | 430 | 600 | 904 |
| Expenses + | 249 | 359 | 487 | 742 |
| Operating Profit | 59 | 70 | 112 | 162 |
| OPM % | 19% | 16% | 19% | 18% |
| Other Income + | 5 | 12 | 10 | 14 |
| Interest | 4 | 3 | 6 | 10 |
| Depreciation | 4 | 5 | 19 | 26 |
| Profit before tax | 56 | 74 | 98 | 141 |
| Tax % | 30% | 29% | 22% | |
| Net Profit + | 39 | 53 | 76 | 115 |
| EPS in Rs | 8.54 | 8.51 | 12.30 | 17.96 |
| Dividend Payout % | 0% | 0% | 0% |
Financials of KRN Heat Exchanger and Refrigeration Ltd
Balance Sheet
Capital structure and asset base
| Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|
| Equity Capital | 46 | 62 | 62 | 65 |
| Reserves | 84 | 436 | 512 | 919 |
| Borrowings + | 87 | 33 | 187 | 153 |
| Other Liabilities + | 40 | 63 | 171 | 242 |
| Total Liabilities | 257 | 595 | 932 | 1,380 |
| Fixed Assets + | 82 | 85 | 314 | 330 |
| CWIP | 4 | 82 | 33 | 38 |
| Investments | 0 | 0 | 0 | 31 |
| Other Assets + | 171 | 428 | 585 | 981 |
| Total Assets | 257 | 595 | 932 | 1,380 |
Financials of KRN Heat Exchanger and Refrigeration Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|
| Cash from Operating Activity + | 17 | 21 | -114 |
| Cash from Investing Activity + | -64 | -279 | -34 |
| Cash from Financing Activity + | 50 | 258 | 148 |
| Net Cash Flow | 3 | -0 | -0 |
| Free Cash Flow | -41 | -52 | -312 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 54% | 61% | -82% |
Financials of KRN Heat Exchanger and Refrigeration Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|
| Debtor Days | 62 | 79 | 106 |
| Inventory Days | 139 | 110 | 242 |
| Days Payable | 60 | 63 | 140 |
| Cash Conversion Cycle | 141 | 125 | 208 |
| Working Capital Days | 62 | 153 | 110 |
| ROCE % | 21% | 16% |
Guidance history
How KRN Heat Exchanger and Refrigeration Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | Planned | Rising |
| Q4 FY26 call → | 20–40% | Up 0–2% | Planned | Planned | Rising |
| Q3 FY26 call → | 20–40% | Flat | Planned | — | — |
| Q2 FY26 call → | 20–40% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
30 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +44.0% | 84% |
| Last 6 months | −11.4% | 36% |
| Last 3 months | −2.3% | 63% |
The price is 30.9% below its all-time high of ₹1,660.2 (8 Sept 2026). Stocks more than 20% below their peak have their score halved, so 61 became 30.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For KRN Heat Exchanger and Refrigeration Ltd: 0.4 × 84 + 0.4 × 36 + 0.2 × 63 = 61, halved to 30 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What KRN Heat Exchanger and Refrigeration Ltd's management said in earlier quarters
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