āagmanLoginNot investment advice. Data and computed figures, for information only.
KRN Heat Exchanger and Refrigeration Ltd
₹1,231.20
−₹126.10 (−9.29%)
NSE · 15 Oct 2026, close
Market Cap
₹9,073 Cr
CMP
₹1,231.20
52-wk High / Low
₹1,687 / 590
P/E
93.6
P/B
15.0
Book Value
₹92.4
Div Yield
0.00%
ROCE
16.0%
ROE
14.1%
Face Value
₹10
D/E
0.33
Price+43.7% over 1Y
āagman read
Computed by āagmanPiotroski F-Score
3
/ 9
3 of 9 F-score tests passed
Graham Number
₹160
√(22.5 × EPS × book value per share)
ROIC
9.5%
vs 12.3% sector median
Cash flow to profit
−1.50
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
+379
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
14.1%
ROE × earnings retention ratio
ROE stability
8.6
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom −5.10FII +2.32DII +1.59
Latest quarter vs the previous one
Cash-accrual divergence
24.9%
of assets
Low = accruals track cash flow
Strengths
+Price trades above its 200-day moving average (1.2x)
Watch-outs
−Latest ROCE of 16% trails the sector median of 19%
−Annualised volatility of 51.7% is in the high band (≥45%)
−Piotroski F-Score of 3/9 is in the weak band (≤3)
−Balance-sheet accruals of 24.9% of average assets — earnings are not cash-backed
Peer comparison
| Name | P/E | Mar Cap ₹ Cr | ROCE % | ROE % |
|---|
Quarterly results
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 71 | 66 | 82 | 96 | 91 | 111 | 132 | 115 | 152 | 153 | 179 | 252 |
| Expenses | 58 | 54 | 64 | 78 | 73 | 96 | 113 | 98 | 122 | 122 | 146 | 203 |
| Operating Profit | 13 | 12 | 18 | 18 | 18 | 16 | 19 | 18 | 30 | 31 | 34 | 49 |
| OPM % | 18.3% | 18.2% | 22.0% | 18.8% | 19.8% | 14.4% | 14.4% | 15.7% | 19.7% | 20.3% | 19.0% | 19.4% |
| Other Income | 1 | 1 | 2 | 1 | 1 | 5 | 4 | 4 | 2 | 2 | 2 | 3 |
| Interest | 1 | 1 | 1 | 1 | 1 | 0 | 1 | 1 | 1 | 2 | 3 | 3 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 5 | 6 | 6 | 6 |
| Profit before tax | 12 | 11 | 17 | 17 | 17 | 19 | 21 | 18 | 27 | 26 | 27 | 42 |
| Net Profit | 9 | 8 | 12 | 12 | 12 | 14 | 15 | 12 | 18 | 23 | 23 | 33 |
| EPS (₹) | 1.96 | 1.71 | 2.61 | 2.59 | 1.98 | 2.21 | 2.39 | 2.00 | 2.90 | 3.65 | 3.76 | 5.03 |
Profit & Loss
| Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|
| Sales | 307 | 430 | 600 | 737 |
| Expenses | 249 | 359 | 487 | 593 |
| Operating Profit | 59 | 70 | 112 | 144 |
| OPM % | 19.2% | 16.3% | 18.7% | 19.5% |
| Other Income | 5 | 12 | 10 | 9 |
| Interest | 4 | 3 | 6 | 8 |
| Depreciation | 4 | 5 | 19 | 23 |
| Profit before tax | 56 | 74 | 98 | 122 |
| Net Profit | 39 | 53 | 76 | 97 |
| EPS (₹) | 8.54 | 8.51 | 12.30 | 15.34 |
Balance Sheet
| Mar 2024 | Mar 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|
| Equity Capital | 46 | 62 | 62 | — |
| Reserves | 84 | 436 | 512 | — |
| Borrowings | 87 | 33 | 187 | — |
| Other Liabilities | 40 | 63 | 171 | — |
| Total Liabilities | 257 | 595 | 932 | — |
| Fixed Assets | 82 | 85 | 314 | — |
| CWIP | 4 | 82 | 33 | — |
| Investments | 0 | 0 | 0 | — |
| Other Assets | 171 | 428 | 585 | — |
| Total Assets | 257 | 595 | 932 | — |
Cash Flows
| 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 |
Ratios
| Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|
| ROCE % | — | 21.0 | 16.0 |
| ROE % | — | — | 14.1 |
| EPS (₹) | 8.54 | 8.51 | 12.30 |
| Book Value (₹) | — | — | 92.4 |
| Face Value (₹) | — | — | 10 |
| P/E | — | — | 93.6 |
| Div Yield % | — | — | 0.00 |
| NPM % | 12.5 | 12.0 | 12.5 |
| OPM % | 19.0 | 16.0 | 19.0 |
| D/E | 0.67 | 0.07 | 0.33 |
| P/B | — | — | 15.0 |
Growth
Compounded sales growth
TTM+64.0%
Compounded profit growth
TTM+82.0%
Stock price CAGR
Last year+64.0%
Return on equity
3 years17.0%
Last year14.0%
Documents
Corporate actions
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman