In Week of Mar 28, 2026, KRN Heat Exchanger and Refrigeration Ltd (Engineering - General) is outperforming Nifty 500 with +31.9% relative strength. Fundamentals: Average. On a 6-week streak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Feb 22, 2026
What: New facility ramp-up completion with 20-25% capacity utilization target for Q3
Impact: +₹400 Cr revenue
“Santosh Yadav: 'The new facility is in the ramping stage and will be fully integrated by March 11.'”
What: Data center business expansion with 50% market share target in Indian heat exchanger orders
Impact: +₹23.26 Cr revenue
“Santosh Yadav: 'Data centers contributed 15% of their top line in Q3. They expect this to grow significantly.'”
What: Entry into bus AC market with 15% market share target for next year
“Santosh Yadav: 'They have started supplying to one OEM and expect to cover 15% of the Indian market next year.'”
Earnings deceleration risks from management commentary
Trigger: Capacity utilization below 20% by March 11
Impact: -300 bps margin impact
Management view: New plant's production ramp-up has been slower than expected, with full integration only set to occur by March 11.
Monitor: Capacity utilization %
Trigger: RM prices increase >15%
Impact: -200 bps margin impact
Management view: Volatility in aluminum and copper prices poses a risk to gross margins, although the company maintains a two-and-a-half-month inventory to mitigate immediate impacts.
Monitor: RM cost as % of revenue
Key quotes from recent conference calls
“The new facility is in the ramping stage and will be fully integrated by March 11. They have added over 40 new customers and expect good numbers from bus air conditioning, indicating a positive outlook for Q4 and FY27. — Santosh Yadav”
“They are 15-20% more competitive than European and US suppliers. They have added new geometries for these markets and expect increased orders following recent trade agreements. — Santosh Yadav”
“Strong demand in both domestic and major export markets, including the UAE, the United States, Canada, and Europe. — Management”
“They aim to achieve 15% of the market share next year, with margins better than existing products due to backward integration. — Santosh Yadav”
Forward-looking targets from management for FY27
Implied PAT Growth
15%
Capex Plan
₹2000 Cr
Key Milestones
• New plant full integration by March 11, 2026
• 15% market share in bus AC segment for FY27
• 50% market share in Indian data center heat exchanger market
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +38% | +40% | Stable |
| PAT (Net Profit) | +64% | +36% | Stable |
| OPM | 20.0% | +600 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Feb 22, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
KRN Heat Exchanger and Refrigeration Ltd's latest quarterly results (Dec 2025) show
KRN Heat Exchanger and Refrigeration Ltd's profit is growing with an stable trend.
KRN Heat Exchanger and Refrigeration Ltd's revenue growth trend is stable.
KRN Heat Exchanger and Refrigeration Ltd's operating margin is volatile.
KRN Heat Exchanger and Refrigeration Ltd's long-term compounding rates
KRN Heat Exchanger and Refrigeration Ltd's earnings growth is stable with mixed signals on a sequential basis.
KRN Heat Exchanger and Refrigeration Ltd's trailing twelve month (TTM) performance
KRN Heat Exchanger and Refrigeration Ltd appears significantly overvalued based on our fair value analysis.
KRN Heat Exchanger and Refrigeration Ltd's current PE ratio is 81.1x.
KRN Heat Exchanger and Refrigeration Ltd's current PE is 81.1x.
KRN Heat Exchanger and Refrigeration Ltd's price-to-book ratio is 10.4x.
KRN Heat Exchanger and Refrigeration Ltd is rated Average with a fundamental score of 45.09/100. This score is calculated from objective financial metrics
KRN Heat Exchanger and Refrigeration Ltd has a debt-to-equity ratio of N/A.
KRN Heat Exchanger and Refrigeration Ltd's return ratios over recent years
KRN Heat Exchanger and Refrigeration Ltd's operating cash flow is positive (FY2025).
KRN Heat Exchanger and Refrigeration Ltd currently does not pay a significant dividend (yield 0.00%).
KRN Heat Exchanger and Refrigeration Ltd's shareholding pattern (Dec 2025)
KRN Heat Exchanger and Refrigeration Ltd's promoter holding has remained stable recently.
KRN Heat Exchanger and Refrigeration Ltd has been outperforming Nifty 500 for 6 consecutive weeks, indicating building momentum.
KRN Heat Exchanger and Refrigeration Ltd is an established outperformer with 6 weeks of consecutive Nifty 500 outperformance.
KRN Heat Exchanger and Refrigeration Ltd has 3 key growth catalysts identified from recent earnings analysis
KRN Heat Exchanger and Refrigeration Ltd has 2 key risks worth monitoring
In Q3 FY26, KRN Heat Exchanger and Refrigeration Ltd's management highlighted
KRN Heat Exchanger and Refrigeration Ltd's management has provided the following forward guidance for FY27
Based on quantitative research signals, here is why KRN Heat Exchanger and Refrigeration Ltd may be worth studying
KRN Heat Exchanger and Refrigeration Ltd investment thesis summary:
KRN Heat Exchanger and Refrigeration Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
