KRN Heat Exchanger and Refrigeration share price
NSE: KRNBSE: 544263Industrial ProductsSmall Cap
KRN Heat Exchanger and Refrigeration Limited · Face value ₹10 Face value. The nominal value of one share as the company issued it, the unit its share capital is counted in and a dividend can be stated as a percentage of; it has no link to the share price. Face value in the glossary · Listed Oct 2024 · Issue price ₹220
Last close ₹1,147.20down ₹60.30 (4.99%)BSE ₹1,146.40
Share price at the NSE close on 30 Oct 2026. Previous close ₹1,207.50.
30 Oct: open ₹1,147.20, high ₹1,147.20, low ₹1,147.20
52-week range of traded prices to 30 Oct 2026
₹589.80Low, 27 Jan 2026₹1,687.00High, 9 Sep 2026
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹7,509 Cr718th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- 65.28
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 7.63
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- Nonein the last 12 months
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it.
- 15.2%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- 12.0%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Sep 2026.
- 0.16
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 44,96096.3% delivered
About KRN Heat Exchanger and Refrigeration
KRN Heat Exchanger and Refrigeration Limited makes aluminium and copper fin-and-tube heat exchangers (parts that move heat between a fluid and air), including water, condenser and evaporator coils, for original equipment manufacturers (OEMs, the companies that build the final equipment) in the heating, ventilation, air conditioning and refrigeration (HVAC&R) industry.1 Its manufacturing sites are in Neemrana, Rajasthan, and it sells in India and overseas.2
It was founded in October 2017 and listed on the NSE and BSE in October 2024.3 Its portfolio spans fin-and-tube and bar-and-plate heat exchangers, complete HVAC systems, railway and bus air-conditioning systems, refrigeration components, technical tubes, sheet metal parts and tubings.4 KRN HVAC Products Private Limited, its wholly owned subsidiary, runs a plant in Kolila, Neemrana.56 Its promoters are Santosh Kumar Yadav, its chairman and managing director, Anju Devi, a whole-time director, and Manohar Lal, a non-executive director.7
KRN Heat Exchanger and Refrigeration key points
Results
- Consolidated results, quarter to Jun 202689The chairman and managing director said consolidated revenue grew 119% year on year in the quarter and overseas revenue grew 177%.
Item quarter to Jun 2026 Revenue from operations ₹252.32 crore EBITDA (operating profit before interest, depreciation and tax) ₹49.06 crore Net profit ₹32.90 crore - In the year to Mar 2026, consolidated revenue from operations was ₹600.06 crore, and consolidated profit after tax grew 44.62% to ₹76.47 crore.1011
Where revenue comes from
- Exports were approximately 17% of consolidated revenue from operations in the year to Mar 2026, when the company exported to 19 countries.1213
- Share of consolidated export revenue by country, April to Dec 202514
Item April to Dec 2025 United Arab Emirates 38.10% USA 37.28% Canada 8.57% Italy 7.60% Other 8.45% - On its earnings call of 15 May 2026, the company said its export order booking was around ₹120 crore, including data centre orders.15
Plants and capacity
- The company stated in its annual report for the year to Mar 2026 that its new facility of roughly 700,000 square feet in Neemrana takes its total capacity to over 6 million units a year.16
- Plant I, of 100,000 square feet in the RIICO Industrial Area, Neemrana, ran in the year to Mar 2026 at capacity utilisation of 84.00% for evaporator and condenser coils, 84.53% for copper headers and 85.77% for sheet metal components.17
Bus air conditioning
- In the quarter to Sep 2025, the company took over the bus air-conditioning division of Sphere Refrigeration Systems, and says the pan-India bus air-conditioning market is worth ₹1,000 crore or more.18
- The company said it added 10 to 15 new bus air-conditioning customers and started commercial supply to its first major OEM.19
Customers and partners
- Its customers include Daikin Air Conditioning India Private Limited, Schneider Electric IT Business India Private Limited, Carrier Air Conditioning & Refrigeration Limited and Trosten Industries Company LLC, among more than 200 customers.20
- On its earnings call of 15 May 2026, the company said data centres (buildings housing computer servers) were around 18.7% of revenue in the quarter to Mar 2026 and around 16% in the year to Mar 2026.2115
- The company said 3 of its top 10 customers in the year to Mar 2026 were data centres.22
Expansion and capital spending
- The company closed a ₹350 crore qualified institutional placement (a share sale to large institutional investors) in mid-2026, which it says funds its next phase of capacity expansion and working capital.23
- On its earnings call of 15 May 2026, the company said it expects to add microchannel heat exchangers (a compact design with very small flow channels) to its range by the end of the current year or early next year.24
- On its earnings call of 15 May 2026, the company said it plans a small further investment in its existing facility, roughly ₹30 crore to ₹40 crore.25
What the company expects
- On its earnings call of 15 May 2026, the company said it plans to achieve almost double its export revenue of the year to Mar 2026 in the year to Mar 2027.26
- On its earnings call of 15 May 2026, the company said its old facility is fully utilised and it expects its new Neemrana facility to reach 50% capacity utilisation in the year to Mar 2027 and 80% the year after.2716
Recent events
- Promoters sold 10,00,000 equity shares, 1.52% of the paid-up share capital, on 9 Jun 2026.2829
- KRN HVAC Products Private Limited received approval under the Rajasthan Investment Promotion Scheme (a state incentive scheme) for its Neemrana plant, with a turnover-linked incentive of 1.54% of net sales and eligible fixed capital investment of ₹182.95 crore.30
- In its exchange filing of 1 Apr 2026, the company said KRN HVAC Products Private Limited had signed a registered deed to buy an industrial plot of 30,427.84 sq. mtr. at Shahjahanpur, Alwar, Rajasthan, for ₹8,51,98,000.3132
- In its exchange filing of 16 Jan 2026, the company said it received an export order for heat exchanger coils worth approximately ₹20 crore, with an estimated delivery period of 3 months.33
Last updated
All 33 sources, each with its page
- 1. Annual report, 2 Sep 2026, page 60
- 2. Annual report, 2 Sep 2026, page 51
- 3. Investor presentation, 13 Aug 2026, page 5
- 4. Annual report, 2 Sep 2026, page 9
- 5. Investor presentation, 13 Aug 2026, page 13
- 6. Investor presentation, 13 Aug 2026, page 34
- 7. Annual report, 2 Sep 2026, page 43
- 8. Investor presentation, 13 Aug 2026, page 28
- 9. Investor presentation, 13 Aug 2026, page 25
- 10. Annual report, 2 Sep 2026, page 12
- 11. Annual report, 2 Sep 2026, page 54
- 12. Annual report, 2 Sep 2026, page 23
- 13. Annual report, 2 Sep 2026, page 29
- 14. Exchange filing, 7 Feb 2026, page 2
- 15. Earnings call, 15 May 2026, page 17
- 16. Annual report, 2 Sep 2026, page 23
- 17. Annual report, 2 Sep 2026, page 24
- 18. Annual report, 2 Sep 2026, page 25
- 19. Annual report, 2 Sep 2026, page 25
- 20. Annual report, 2 Sep 2026, page 52
- 21. Earnings call, 15 May 2026, page 6
- 22. Earnings call, 15 May 2026, page 12
- 23. Annual report, 2 Sep 2026, page 12
- 24. Earnings call, 15 May 2026, page 5
- 25. Earnings call, 15 May 2026, page 14
- 26. Earnings call, 15 May 2026, page 6
- 27. Earnings call, 15 May 2026, page 11
- 28. Exchange filing, 11 Jun 2026, page 1
- 29. Exchange filing, 11 Jun 2026, page 2
- 30. Exchange filing, 20 May 2026, page 1
- 31. Exchange filing, 1 Apr 2026, page 1
- 32. Exchange filing, 1 Apr 2026, page 2
- 33. Exchange filing, 16 Jan 2026, page 1
Results
Consolidated; ₹ crore.KRN Heat Exchanger and Refrigeration quarterly results
- Revenue growth, 12 monthsRevenue growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +77.2%
- Net profit growth, 12 monthsNet profit growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +94.8%
Quarter to Sep 2026, against the quarter before
- RevenueRevenue. The pill is the change in revenue against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹319 Crup 26.48%
- Net profitNet profit. The pill is the change in net profit against the quarter before: this period's figure divided by that one's, less one, in per cent. Net profit in the glossary
- ₹36 Crup 9.78%
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. Net margin in the glossary
- 11.3%
Revenue by quarter
Peak revenue ₹319 Cr, quarter to Sep 2026; lowest ₹111 Cr, quarter to Dec 2024
Net profit by quarter, a loss in red
| ₹ crore | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 111 | 132 | 115 | 152 | 153 | 179 | 252 | 319 |
| Net profit | 14 | 15 | 12 | 18 | 23 | 23 | 33 | 36 |
| Net margin | 12.3% | 11.3% | 10.8% | 11.9% | 14.8% | 13.0% | 13.0% | 11.3% |
Consolidated. The last eight quarters. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.
Year to Mar 2026, against the year before
- RevenueRevenue. The pill is the change in revenue against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹600 Crup 39.60%
- Net profitNet profit. The pill is the change in net profit against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹76 Crup 44.62%
- Net margin
- 12.7%
Revenue by year
Peak revenue ₹600 Cr, year to Mar 2026; lowest ₹430 Cr, year to Mar 2025
Net profit by year, a loss in red
| ₹ crore | Mar 2025 | Mar 2026 |
|---|---|---|
| Revenue | 430 | 600 |
| Net profit | 53 | 76 |
| Net margin | 12.3% | 12.7% |
Consolidated. Years to March. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.
Business segments
Share of revenue, year to Mar 2026, consolidated.Segment revenue and profit
- IndiaIndia, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹501 Crup 38.14%83.4%
- OverseasOverseas, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹99 Crup 47.45%16.6%
The pill is the change in revenue on the year before; the share is of all the businesses together.
Valuation
Today, against the company's own history. Dividend yield is not shown: no dividend in the years on record.KRN Heat Exchanger and Refrigeration PE ratio and valuation
Price to earnings
At or below today's level on 1% of 247 trading days over the last year.
LowestHighest
Its median91.21Industry median22.15
Where the return came from
Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.
| Over | Return a year | Earnings growth | Change in P/E | Dividend yield |
|---|---|---|---|---|
| 1 year | −2.3% | +44.6% | −32.4% | 0.0% |
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add. Earnings growth over 1 year is on profit divided by shares in issue at both ends: the earnings per share stated for one end does not match that year's profit and share count.
Mutual fund holdings
30 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 7 of the 11 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future.All 30 funds holding KRN Heat Exchanger and Refrigeration
- AddedAdded. Funds that held more shares than at the end of the month before.
- 8
- CutCut. Funds that held fewer shares than at the end of the month before.
- 3
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 19
| Fund | |||
|---|---|---|---|
 WhiteOak Capital Flexi Cap FundWhiteOak Capital Mutual Fund | 4,55,042 | 0.70% | ₹65.4 Cr |
| WhiteOak Capital Mid Cap FundWhiteOak Capital Mutual Fund | 3,16,156 | 0.60% | ₹45.4 Cr |
| WhiteOak Capital Multi Cap FundWhiteOak Capital Mutual Fund | 2,47,622 | 0.83% | ₹35.6 Cr |
 ITI Focused FundITI Mutual Fund | 2,01,048 | 4.76% | ₹28.9 Cr |
 Bank of India Aggressive Hybrid FundBank of India Mutual Fund | 1,61,510 | 1.06% | ₹23.2 Cr |
| WhiteOak Capital Special Opportunities FundWhiteOak Capital Mutual Fund | 1,10,938 | 0.81% | ₹15.9 Cr |
| WhiteOak Capital Multi Asset Allocation FundWhiteOak Capital Mutual Fund | 82,256 | 0.13% | ₹11.8 Cr |
 Bandhan Innovation FundBandhan Mutual Fund | 81,834 | 0.38% | ₹11.8 Cr |
| Bank of India Mid Cap FundBank of India Mutual Fund | 75,472 | 1.49% | ₹10.8 Cr |
| WhiteOak Capital Digital Bharat FundWhiteOak Capital Mutual Fund | 68,330 | 2.07% | ₹9.82 Cr |
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.
Promoter and insider buying and selling
Trades made since 30 Oct 2025.KRN Heat Exchanger and Refrigeration insider trading
Bought on the marketBought on the market. The value each filer stated for its purchases on the exchange, added up; gifts, transfers and pledges are not counted. A purchase filed with no value is counted under the sum, not in it. Sold on the marketSold on the market. The value each filer stated for its sales on the exchange, added up; gifts, transfers and pledges are not counted. A sale filed with no value is counted under the sum, not in it.
- Promoters and promoter group0 purchases, 2 salesNo purchase₹112 CrNetNet. The value bought on the market less the value sold, over the trades whose filers stated a value.−₹112 Cr
- Others: no market trade
Bought and sold count trades on the market only. A pledge is shares given to a lender as security for a loan; a lender invokes it by selling them.
KRN Heat Exchanger and Refrigeration competitors and peers
Other Industrial Products, 58 listed companies, priced on 30 Oct 2026. The table lists the 8 companies closest to KRN Heat Exchanger and Refrigeration in market cap.Capital goods stocks
Where the company sits among the companies nearest its size
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
 HBL EngineeringHBLENGINE | 22,158 | 28.38 | 10.01 | +63.0% | +129.6% | 42.2% | 45.0% | 0.38% |
 INOX IndiaINOXINDIA | 16,913 | 66.37 | 15.13 | +19.9% | +8.8% | 25.6% | 25.9% | 0.11% |
 Esab IndiaESABINDIA | 8,094 | 36.48 | 18.85 | +13.0% | +29.1% | 56.1% | 63.5% | 1.43% |
 WPILWPIL | 4,004 | 23.61 | 2.52 | +8.4% | +46.6% | 11.5% | 12.4% | 0.49% |
 Harsha Engineers InternationalHARSHA | 3,771 | 24.38 | 2.69 | +20.2% | +69.6% | 11.6% | 11.4% | 0.36% |
 SubrosSUBROS | 3,760 | 22.60 | 3.02 | +13.8% | +6.4% | 14.2% | 15.7% | 0.52% |
| Aimtron ElectronicsAIMTRON | 3,449 | 75.02 | 14.70 | +89.2% | +79.4% | 23.6% | – | 0.00% |
 Ador WeldingADOR | 2,316 | 20.06 | 4.07 | +12.9% | +111.7% | 21.7% | 22.8% | 2.29% |
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.
Latest announcements
Routine notices left out.KRN Heat Exchanger and Refrigeration announcements
Oct 2026
29 Oct · Business
29 Oct · Business
29 Oct · Results
26 Oct · Analysts
21 Oct · Board meeting
Sep 2026
KRN Heat Exchanger and Refrigeration annual report, year to Mar 2026
KRN Heat Exchanger and Refrigeration share price by year
Each calendar year to 2025.KRN Heat Exchanger and Refrigeration share price history
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 727.55 | +3.9% | 970.25 | 702.95 |
| 2024 | 700.50 | – | 847.60 | 422.43 |
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before. 2024 is from its first session, 3 Oct 2024.
Recent sessions
The 9 trading days to 29 Oct 2026, as traded on NSE; the latest is at the top of the page.
| Date | Open | High | Low | Close | Average price | Volume | Delivery |
|---|---|---|---|---|---|---|---|
| 29 Oct 2026 | 1,237.00 | 1,237.00 | 1,145.00 | 1,207.50 | 1,188.72 | 8,62,260 | 58.4% |
| 28 Oct 2026 | 1,178.90 | 1,178.90 | 1,178.90 | 1,178.90 | 1,178.90 | 1,66,395 | 67.9% |
| 27 Oct 2026 | 1,085.00 | 1,122.80 | 1,062.70 | 1,122.80 | 1,102.81 | 2,59,983 | 55.0% |
| 26 Oct 2026 | 992.30 | 1,069.40 | 980.20 | 1,069.40 | 1,031.58 | 5,15,506 | 53.3% |
| 23 Oct 2026 | 1,060.00 | 1,069.90 | 1,018.40 | 1,018.50 | 1,025.08 | 3,38,611 | 53.6% |
| 22 Oct 2026 | 1,050.00 | 1,080.90 | 1,004.70 | 1,072.00 | 1,044.98 | 10,19,369 | 50.8% |
| 21 Oct 2026 | 1,105.00 | 1,116.80 | 1,054.60 | 1,054.60 | 1,058.30 | 6,01,628 | 49.1% |
| 19 Oct 2026 | 1,134.10 | 1,134.90 | 1,048.50 | 1,110.10 | 1,082.35 | 17,25,286 | 49.6% |
| 16 Oct 2026 | 1,224.00 | 1,233.50 | 1,130.60 | 1,139.60 | 1,171.58 | 14,67,064 | 56.6% |
Prices in ₹ per share as traded, not adjusted.
Company details
- NSE symbol
- KRN
- BSE code
- 544263
- ISIN
- INE0Q3J01015
- Industry
- Industrial Products
- Website
- www.krnheatexchanger.com
- CIN
- L29309RJ2017PLC058905
- Corporate identity number, the registrar of companies' code for it
- Incorporated
- 2017
- Registered office
- Plot No. F - 46, 47, 48, 49 EPIP, RIICO Industrial Area, Neemrana, Ajmer 301705, Rajasthan
- Share registrar
- Bigshare Services Pvt. Ltd
- Keeps the register of shareholders and handles transfers and dividend payments