KRN Heat Exchanger and Refrigeration Limited
KRN Heat Exchanger and Refrigeration Limited operates in Other Industrial Products, part of the Capital Goods sector. It booked ₹252 cr of revenue in its latest quarter (Q1 FY27) and kept 13.0% of sales as profit. It is the 3rd largest of 9 Other Industrial Products companies we track, by market value.
| Segment | FY25 | FY26 | Share |
|---|---|---|---|
| India | 362 | 501 | 84% → 83% |
| Overseas | — | 99 | 17% |
| Oversease | 67 | — | — |
| Total | 430 | 600 |
From the company's consolidated segment filings (Ind AS 108). Margin is segment operating profit (before interest & tax) over segment revenue; reconciliation rows like inter-segment eliminations are excluded from the mix.
Healthier than 47% of companies in Capital Goods, on the 5 of 6 measures we could read for it. Each measure is ranked against the 90–113 companies that reported it.
Measures financial condition, not whether to buy. Learn what this score means · How this is calculated
- RSI (14)
- 41
At close. Not part of the score.
How much profit it earns on the money it employs
How much it owes, and whether earnings cover the interest
Whether reported profit actually arrives as cash · lowest in its sector on what we could measure
What today's price implies, against our models or its peers
How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure
Not measurable for this company: growth & consistency. Those pillars are left out of the score rather than counted as zero.
What if I invest in KRN?
Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.
The starting rate is a round number, not a view on this company — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.
P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-09-17.
An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.
| Revenue from Operations | ₹252 cr |
| Other Income | ₹3 cr |
| Total Income | ₹255 cr |
| Cost of Materials | ₹164 cr |
| Purchases of Stock-in-Trade | ₹9 cr |
| Inventory Change (±) | ₹-3 cr |
| Employee Benefit Expense | ₹18 cr |
| Finance Costs | ₹3 cr |
| Depreciation & Amortisation | ₹6 cr |
| Other Expenses | ₹14 cr |
| Total Expenses | ₹213 cr |
| Profit before Tax | ₹42 cr |
| Tax Expense | ₹9 cr |
| Net Profit | ₹33 cr |
| Net margin on total income | 12.9% |
| Metric | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|
| Revenue | 153 cr | 179 cr | 252 cr |
| Total income | 155 cr | 181 cr | 255 cr |
| Expenses | 130 cr | 155 cr | 213 cr |
| Profit before tax | 26 cr | 27 cr | 42 cr |
| Tax | 3 cr | 3 cr | 9 cr |
| Net profit (owners' share) | 23 cr | 23 cr | 33 cr |
| Net margin (owners' share, on revenue) | 14.8% | 13.0% | 13.0% |
| EPS (₹) | 3.65 | 3.75 | 5.20 |
| Company | Price | Market cap | P/E | ROE | Net margin | 1-yr return |
|---|---|---|---|---|---|---|
| HBL Engineering Limited | ₹757 | ₹20,977 cr | 47.9 | 19.7% | 17.1% | — |
| INOX India Limited | ₹2,015 | ₹18,287 cr | 78.7 | 21.7% | 16.3% | — |
| KRN Heat Exchanger and Refrigeration Limitedthis company | ₹1,393 | ₹9,117 cr | 67.0 | 22.9% | 13.0% | — |
| Esab India Limited | ₹5,619 | ₹8,646 cr | 38.5 | 52.3% | 13.3% | — |
| Subros Limited | ₹690 | ₹4,500 cr | 27.1 | 13.3% | 4.0% | — |
| Harsha Engineers International Limited | ₹434 | ₹3,950 cr | 26.4 | 10.7% | 8.2% | — |
| Ador Welding Limited | ₹1,564 | ₹2,722 cr | 24.7 | 19.9% | 8.9% | — |
| Diffusion Engineers Limited | ₹436 | ₹1,631 cr | 24.4 | 16.4% | 15.1% | — |
| MIC Electronics Limited | ₹34 | ₹821 cr | 94.6 | 3.9% | 4.9% | — |
A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.
Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.
Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.
The company also transacted with 3 other related parties — subsidiaries, joint ventures, directors and others — that we could not match by name to the promoter list above. Some may still be connected to the family; we only count the ones the filings let us match with certainty.
Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.
When a company raises money from investors, it has to say up front what the money is for. The rules then make it report, every three months until the money is gone, how much of each of those things it has actually paid for — so a promise made while asking for the money can be checked afterwards.
As of Jun 2026, the company says it has spent 100% of what it set aside. CRISIL Ratings Limited watches the spending on the exchange’s behalf.
As of Jun 2026, the company says it has spent 100% of what it set aside. CRISIL Ratings Limited watches the spending on the exchange’s behalf.
Every figure above is taken from the statement the company files with the stock exchange each quarter, for as long as money it has raised remains unspent. The only thing we work out is how much of each stated purpose has been paid for — one number divided by another from the same filing. Whether a plan that changed was a good change is not something a filing can tell you. See the filing