AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 24 Sep - KRN to meet Capital Group on 29 Sep 2026 and The International Investor on 30 Sep 2026.
Source: Bse
KRN Heat Exchanger and Refrigeration Limited (KRN)
Micro CapIndustrials stocks · Micro cap · NSE
KRN Heat Exchanger and Refrigeration Limited manufactures heat exchangers, cooling coils, and integrated HVAC&R solutions. It serves diverse end-use industries globally, including HVAC, refrigeration, data centers, automotive, and railways, operating two manufacturing facilities in Neemrana, Rajasthan.
Data qualityFresh enough for analysisQuote updated 21 Oct, 10:30 am ISTDetails
Quote21 Oct, 10:30 am IST
Base fundamentals14 Oct 2026 · screener
Latest result12 Aug, 05:52 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
39BearishSMA20 -10.4% / mo · RSI oversold · MACD −
Stock trend: 34
Sector RS: 46
Sector 3M: -6.5% vs Nifty 500 -5.0%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
KRND candles · FIT view-19.5%TODAY · PROVISIONALLatest price ₹1054.60 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-4.6%
RSI
23
MACD hist
-39.09
52W pos
42%
2026-10-21O ₹1105.00H ₹1116.80L ₹1054.60C ₹1054.60Vol 5.3L shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
KRNNifty India ManufacturingNifty 500
- KRN
- -12.5%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- -7.0 pp
Chart stats
19 Oct 2026- From 52W high
- -34.2%
- 52W range position
- 47%
- ATR (14)
- 6.8%
- Volume vs 20D
- 5.30x
- Avg traded value
- ₹50.9 Cr
- 20D price channel
- ₹1,048.5 - ₹1,519
₹1,687
₹589.8 - ₹1,687
₹75.8
Latest completed session
20-session average
54.0% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST36
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +119.1% · PAT +175.0% YoY
Technical
Bearish39
Price trend and sector-relative-strength timing.
Valuation
Legacy model-74.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence65
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +119% YoY · PAT +175% YoY · margin expansion · +41% QoQ · operating leverage
Filed 12 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹252 Cr | +119.1% | +40.8% |
| EBITDA | ₹49 Cr | +172.2% | +44.1% |
| Operating margin | 19.0% | +400 bps | +0 bps |
| PAT | ₹33 Cr | +175.0% | +43.5% |
| PAT margin | 13.1% | +267 bps | +25 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 93.20
- P/B
- 14.95
- EV/EBITDA
- 55.24
- Market Cap
- 9038.00Cr
Profitability
- ROE
- 14.10%
- ROCE
- 16.00%
- ROA
- 10.41%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 33.90%
- EPS 5Y
- 35.49%
- Revenue 3Y
- 17.00%
- EPS 3Y
- 17.00%
Balance Sheet
- Debt/Equity
- 0.33
- Interest Coverage
- 18.00×
- Altman Z
- 8.29
- Book Value
- 92.40
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -114.00 Cr
- EPS TTM
- 15.34
Shareholding
- Promoter Hold
- 65.69%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 72%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 600+39.5% vs prev
Net Profit
₹ CrLatest: 76.0+43.4% vs prev
Return on Equity
%Latest: 13.2+24.4% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 23.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~12.9% over last month) — short-term momentum negative.
- RSI(14) at 23 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 37% off 52W high · 79% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
77
RS percentile
Stage 1 Base / Transition
1M return
-23.2%
3M return
-12.5%
6M return
-7.7%
1Y return
+38.0%
RS 1D
0
RS 20D
-13
Sector rank
#2
Industry rank
#19
Stage evidence
- Price is 11.4% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +5.1% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 135.46-1.58%
RS vs Nifty 500135
Valuation & peers
U-Score 36 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 36 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth15/25
Quality9/20
Balance Sheet9/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
0
Raw sum
36
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
36/100 · legacy band WATCHLIST
Positive drivers
- Growth contributes 15/25 to the score.
- Balance sheet contributes 9/15 to the score.
- Quality contributes 9/20 to the score.
Main drags
- Fair-value margin of safety is negative at -74.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
93.2
PB
14.9
EV/EBITDA
55.2
ROE
14.1%
ROCE
16.0%
FCF Yield
—
Debt/Equity
0.3
MoS
-74.9%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
36
Previous: 36
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-74.9%
Previous: -84.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
36
36
36
36
36
36
36
36
36
36
36
36
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹178.58
-490.5% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹602.86
-74.9% MoS
PEG
3.32
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
UHTL
SME
United Heat Transfer Ltd.
Industrial Machinery
match 74
31
80.4
8.2%
-121%
OVERVALUED
KIRLPNU
Micro
Kirloskar Pneumatic Company Limited
Industrial Machinery
match 59
59
32.2
22.6%
+23%
FAIR VALUE
GMMPFAUDLR
Micro
GMM Pfaudler Limited
Industrial Machinery
match 57
21
47.2
6.7%
-1364%
OVERVALUED
GREAVESCOT
Micro
Greaves Cotton Limited
Industrial Machinery
match 57
31
47.8
8.1%
-19%
OVERVALUED
KIRLOSBROS
Micro
Kirloskar Brothers Limited
Industrial Machinery
match 56
47
33.6
17.3%
+7%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T09:42:22.936Z
Management commentary snapshot
KRN reported strong FY26 consolidated revenue growth of 38.06% YoY to 609.81 Cr, with EBITDA up 59.52% YoY to 112.48 Cr, and Net Profit up 44.62% YoY to 76.47 Cr. Q4 FY26 standalone revenue crossed 200 Cr for the first time, reflecting stronger order momentum and conversion.
The company's significant capacity expansion with Plant II and strategic entry into Bus AC via acquisition position it for future growth. However, the ambitious ramp-up targets and reliance on customer qualification for new capacity utilization warrant close monitoring, especially given the Q4 standalone EBITDA margin dip to 8.91%.
Current business mix
Geography Wise Revenue Distribution (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Domestic Sales83.4%
Export Sales16.6%
Growth engines
New Plant II Capacity Ramp-up
New KRN HVAC Products facility inaugurated May 2025, adding 6x existing capacity, with a target to reach ~50% utilization in FY27.
Bus AC & Railway HVAC Entry
Acquisition of Sphere Refrigeration Systems' Bus AC division (Q2 FY26) moves KRN from component supplier to full Bus AC system assembler, targeting 160 Cr revenue in FY27.
Export Market Expansion
Exports reached ~ 99 Cr in FY26, with a diversified presence across 18 countries. Target is to increase export share towards 30-50% of revenue.
Data Center & District Cooling Opportunities
Heat exchangers are 5–10% of HVAC project capex. Named opportunities like Google Visakhapatnam ( 50,000 Cr total capex) and Tata-Keppel Chennai (12,100 TR cooling) present significant addressable markets.
Capacity and execution
KRN HVAC Products Facility (Plant II)
Inaugurated on May 31, 2025, this new facility adds 6x existing capacity, with 350 Cr capex ( 241 Cr from IPO). It is registered under a wholly-owned subsidiary.
Tailwinds
Supportive Industry Environment
Management states broader industry environment remains supportive, driven by demand across data centres, infrastructure, mobility, and industrial applications.
Government Incentives
PLI (5% of incremental sales for 3 years) and Rajasthan RIPS (~1.5% of turnover for 10 years) approvals are expected in FY27, providing a combined ~6.5% revenue-linked uplift.
Concessional Tax Rate
The new KRN HVAC Products subsidiary is eligible for a concessional 15% tax rate on its income under Section 115BAB.
Headwinds
Raw Material Price Volatility
Volatility in copper, aluminum, and imported raw material prices is a key business risk, though mitigated by quarterly LME pass-through to customers.
Skilled Manpower Dependence
Dependence on skilled manpower and manufacturing precision is identified as a risk, mitigated by integrated manufacturing and testing infrastructure.
Risk radar
Demand Slowdown
A slowdown in HVAC, room AC, or industrial capex demand could impact the business, mitigated by diversified applications.
Product Testing & Compliance
Increasing OEM and export requirements for product testing, validation, and compliance pose a risk, mitigated by Thermotech R&D Lab and certifications.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
The company provides both annual (FY26 YoY) and quarterly (Q4 FY26 YoY and sequential) results. Quarterly comparisons are crucial to track the ramp-up of the new HVAC plant, initial contribution, and margin recovery post Q2 FY26 dip, which are key to the investment thesis.
Sector KPIs management disclosed
Order Inflow
70+ new customers added in FY26, with a run-rate of ~2 new customers per month across both plants. Recent data-centre cooling win had a single PO size of 20 Cr, with 50 Cr+ orders becoming routine.
EBITDA Margin
Consolidated EBITDA margin for FY26 was 18.74%, up from 16.40% in FY25. Q4 FY26 consolidated EBITDA margin was 18.69%, up from 14.37% in Q4 FY25.
Working Capital (Receivable Turnover)
Consolidated Receivable Turnover Ratio for FY26 was 3.43 days, an improvement from 4.62 days in FY25.
Capacity Utilization
Plant I (existing) is 84–86% utilised, near full capacity. Plant II (new) is targeted to reach ~50% utilization in FY27, up from 20-25% in FY26.
Management forward view
Pivotal Phase & Growth
Chairman & MD states FY26 marks a pivotal phase, reflecting a clear transition to a higher scale of operations, supported by consistent execution and new facility contribution.
New Facility Scaling
The new HVAC manufacturing facility is operational and gradually scaling up, which will further support growth and enhance ability to serve larger requirements.
Export as Key Driver
Exports continued to be a key growth driver, reaching ~ 99 Cr with diversified presence, reflecting strong traction in key international markets.
Positioned for Opportunities
Management believes the company is well positioned to capitalise on opportunities ahead, with focus on sustaining growth, improving operating leverage, and value creation.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Plant II Utilization | 20-25% in FY26 | Ramp-up to ~50% utilization in FY27. |
| Bus AC Revenue | Initial contribution in FY26 | Achieving ~ 160 Cr revenue target in FY27 from the Bus AC line. |
| Export Revenue Share | ~16.57% of total revenue in FY26 | Increase towards 30% in FY27 and 50% in 3 years. |
| Incentive Approvals | PLI pending, RIPS applied (Q1 FY26) | Flow-through of PLI and RIPS approvals and their impact on profitability in FY27. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
65Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 45th percentile of the scored universe and 44th percentile within Industrials. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
39 docs text-extracted · 14 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
45th percentile
overall median 67 · Industrials: 44th pctile, median 68 · Micro: 27th pctile, median 73
Evidence depth
Financial-only
39 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
68
acceptable · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 65.7%.
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Promoter holding fell 5.1%.
- ▸Operating cash flow is negative at ₹-114 Cr.
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching KRN Heat Exchanger and Refrigeration Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 2 Sep
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Company Ir
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 18 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Aug
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 13 Aug - Q1 FY27 results: revenue up 118.87%; ₹350 Cr QIP completed, ₹182.95 Cr Rajasthan incentive sanctioned, ₹50.87 Cr order won.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Monitoring Agency Report 12 Aug - Crisil final monitoring report says KRN fully utilized IPO proceeds by June 30, 2026, with no deviations.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Monitoring Agency Report 12 Aug - Crisil report for QIP quarter ended June 30, 2026; Rs 19,861.71 lakh utilized, Rs 14,317.77 lakh unutilized.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Meeting Updates 1 Jun - KRN closed its QIP and allotted 33,01,886 shares at ₹1,060 on June 1, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Meeting Updates 9 Jun - Approved ₹235.26 crore investment in wholly owned subsidiary KHPL at ₹300 per share.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.