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Krn Heat Exchanger and Refrigeration Limited
(KRN)
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Rating:52Neutral
Price Target:
₹1,267.00
▼(-0.24% Downside)
Action:N/A
Date:05/24/26
The score is held back primarily by weak cash conversion (negative operating and free cash flow) and higher leverage despite strong reported growth and solid margins. Technicals are mixed with near-term weakness but longer-term trend support, while a high P/E adds valuation risk.
Positive Factors
Rapid Revenue Growth
A >100% top-line jump indicates durable demand expansion and successful go-to-market execution. Sustained high revenue growth over multiple quarters can strengthen market share, improve unit economics through scale, and create room to invest in capacity and R&D over the next 2–6 months.
Negative Factors
Negative Cash Generation
Persistent negative operating and free cash flow despite reported profits shows earnings are not converting to cash. Over months this limits self-funding, increases reliance on external financing, and raises execution risk for deliveries, working capital, and capex commitments.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid Revenue Growth
A >100% top-line jump indicates durable demand expansion and successful go-to-market execution. Sustained high revenue growth over multiple quarters can strengthen market share, improve unit economics through scale, and create room to invest in capacity and R&D over the next 2–6 months.
Read all positive factors
Krn Heat Exchanger and Refrigeration Limited (KRN) vs. iShares MSCI India ETF (INDA)
Market Cap
₹82.12B
Dividend YieldN/A
Average Volume (3M)16.09K
Price to Earnings (P/E)101.6
Beta (1Y)1.64
Revenue Growth39.60%
EPS Growth44.52%
CountryIN
Employees208
SectorGeneral
Sector StrengthN/A
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)10.30
Shares Outstanding65,458,490
10 Day Avg. Volume21,529
30 Day Avg. Volume16,093
Financial Highlights & Ratios
PEG Ratio2.77
Price to Book (P/B)9.66
Price to Sales (P/S)9.24
P/FCF Ratio-15.34
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)22.9
Revenue Forecast (FY)₹11.50B
Krn Heat Exchanger and Refrigeration Limited Business Overview & Revenue Model
Company Description
KRN Heat Exchanger & Refrigeration Limited functions as a vital supplier for original equipment manufacturers (OEMs) operating within the heating, ventilation, air conditioning, and refrigeration (HVAC&R) sectors. The company is dedicated to devel...
How the Company Makes Money
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Krn Heat Exchanger and Refrigeration Limited Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
70
Positive
Cash Flow
28
Negative
| Breakdown | Mar 2025 | Mar 2025 |
|---|---|---|
Income Statement | ||
| Total Revenue | 6.00B | 4.29B |
| Gross Profit | 1.88B | 1.01B |
| EBITDA | 1.23B | 817.56M |
| Net Income | 764.67M | 528.75M |
Balance Sheet | ||
| Total Assets | 9.32B | 5.95B |
| Cash, Cash Equivalents and Short-Term Investments | 472.35M | 1.51B |
| Total Debt | 1.87B | 334.67M |
| Total Liabilities | 3.58B | 964.80M |
| Stockholders Equity | 5.74B | 4.99B |
Cash Flow | ||
| Free Cash Flow | -3.61B | -1.26B |
| Operating Cash Flow | -1.14B | 251.54M |
| Investing Cash Flow | -341.63M | -2.86B |
| Financing Cash Flow | 1.48B | 2.61B |
Krn Heat Exchanger and Refrigeration Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | ₹262.16B | 80.66 | ― | 0.20% | 27.28% | 76.63% | |
68 Neutral | ₹25.35B | 30.93 | ― | ― | 7.61% | 258.14% | |
67 Neutral | ₹1.43T | 144.72 | ― | 0.03% | 27.61% | 150.52% | |
57 Neutral | ₹115.35B | 101.77 | ― | ― | 45.99% | 76.41% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | ₹176.71B | 89.26 | ― | 0.08% | 8.59% | -34.34% | |
52 Neutral | ₹82.12B | 101.62 | ― | ― | 39.60% | 44.52% |
* General Sector Average
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Krn Heat Exchanger and Refrigeration Limited Corporate Events
KRN Heat Exchanger Closes QIP, Allocates Shares at Discounted Price
Jun 1, 2026
KRN Heat Exchanger and Refrigeration Limited has closed its qualified institutions placement of equity shares, following receipt of applications and funds from eligible qualified institutional buyers in line with Indian securities regulations. The...
KRN Heat Exchanger Raises ₹350 Crore via Qualified Institutions Placement
Jun 1, 2026
KRN Heat Exchanger and Refrigeration Limited has completed a qualified institutions placement, issuing 3,301,886 equity shares with a face value of ₹10 each at an issue price of ₹1,060 per share, raising approximately ₹34,999.99 ...
KRN Heat Exchanger Launches QIP, Sets Floor Price at ₹1,114.05 a Share
May 26, 2026
KRN Heat Exchanger and Refrigeration Limited has opened a qualified institutions placement of equity shares with a face value of ₹10 each, following prior approvals from its board and shareholders. The Fund-Raising Committee set a floor pric...
KRN Heat Exchanger Schedules One-on-One Meeting With Wasatch Global
May 26, 2026
KRN Heat Exchanger and Refrigeration Limited has scheduled a one-on-one, in-person meeting with investor Wasatch Global on May 30, 2026, starting at 10:00 a.m. IST, as part of its regular analyst and institutional investor engagement. The company ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.