KRN Heat Exchanger and Refrigeration Ltd
KRNKRN Heat Exchanger and Refrigeration Ltd is strength at full price. The numbers are improving — and a P/E at the 94th percentile of its own range says the market knows.
The sharpest disagreement: profits are rising, but only −45% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch.
The price is in a confirmed uptrend (17 weeks in) while the P/E sits at the 94th percentile of its own 2-year range. Underneath, the last four quarters read improving — profit +53.3% year on year, and −45% of the last 3 years' profit arrived as cash. What settles it: whether the cash starts following the profit.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
KRN Heat Exchanger and Refrigeration Ltd trades at ₹1,250, in a confirmed uptrend and 17 weeks into that stage. That is +25.0% against its own 200-day average. It sits at 93% of a 52-week range of ₹598 to ₹1,300. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks.
Today the stock is in a confirmed uptrend — week 17 of stage 2, confirmed. At ₹1,250 it trades +25.0% versus its 200-day average and sits at 93% of its 52-week range (₹598–₹1,300).
Against the market, two honest reads. Cumulative: over the last 1.8 years the stock moved +176% while the NIFTY 500 moved −1% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 2 straight weeks — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
KRN Heat Exchanger and Refrigeration Ltd trades at 107.0× P/E, at the pricey end of its own range (94th percentile). Its long-run median P/E is 89.4×, measured across 1.8 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 107.0× is at the pricey end of its own range (94th percentile), against a long-run median of 89.4× measured over 1.8 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved +44.5% against a +47.0% price move — the price outran earnings, pushing the multiple UP its own range.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
KRN Heat Exchanger and Refrigeration Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 8 quarters across 1 curve, on partial evidence.
Why it matters: with too little history, an honest page says so instead of guessing a trajectory.
One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.
Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +39.5% | — | — | — |
| Profit | +43.4% | — | — | — |
| EPS | +44.5% | — | — | — |
| Share price | +47.0% | — | — | — |
4-Factor Sector Score
No sector-relative score — KRN Heat Exchanger and Refrigeration Ltd is not present in the sector comparison for Engineering - General.
The score is a rank WITHIN a peer set: every metric is scored by percentile against the other members. Without the peer set there is no score to state, so none is invented here.
Revenue Revenue is the top line: everything the company billed its customers in the period.
KRN Heat Exchanger and Refrigeration Ltd reported ₹179 Cr of revenue in the Mar 26 quarter, +35.6% year on year. That is the 7th straight quarter of year-on-year growth. Over 2 years it has compounded at 39.8% a year. The last full year, FY26, came in at ₹600 Cr. The last four reported quarters add to ₹599 Cr.
FY26 revenue came in at ₹600 Cr (+39.5% on the year), capping 2 years at 39.8% compound. The latest quarter (Mar 26) printed ₹179 Cr, +35.6% year on year — the 7th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +40.0% growth against the decade's 39.8% — the current year is running in line with its own long-run rate.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
KRN Heat Exchanger and Refrigeration Ltd's operating margin is 19.0% in the Mar 26 quarter, +5.0 percentage points against the same quarter a year ago. Across 3 fiscal years the operating margin has ranged 16.0% to 19.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 19.0%, +5.0 pp against the same quarter a year ago. Across 3 fiscal years the operating margin has ranged 16.0%–19.0%.
Why the margin moved: operating margin went +4.3 pp year on year while gross margin went +7.7 pp — the gain came mostly from the gross line: input costs and pricing.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
KRN Heat Exchanger and Refrigeration Ltd earned ₹23.0 Cr of net profit in the Mar 26 quarter, +53.3% year on year. It is the 3rd consecutive quarter of growth. Full-year FY26 profit was ₹76.0 Cr. The 2-year compound rate is 39.6%. That is 12.8% of the quarter's revenue. The same quarter a year earlier earned ₹15.0 Cr.
Mar 26 profit was ₹23.0 Cr, +53.3% year on year — the 3rd consecutive quarter of growth. On the full year, FY26 printed ₹76.0 Cr (+43.4%), and the 2-year compound rate is 39.6%.
Why profit moved: revenue contributed +35.6% and the margin +5.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit +41.9% vs revenue +40.0%. Profit and revenue are moving roughly in step.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years −45% of KRN Heat Exchanger and Refrigeration Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−114 Cr of operating cash against ₹76.0 Cr of profit. After ₹199 Cr of capital spending, ₹−313 Cr was left as free cash.
FY26: operating cash of ₹−114 Cr against reported profit of ₹76.0 Cr, leaving free cash of ₹−313 Cr after ₹199 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −45% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
🚨 Why conversion sits at −45%: the cash cycle stretched 67 days between FY24 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.
Router verdict: conversion is below par and the cash cycle has stretched 67 days — the next section's job is to find where the cash is stuck.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
KRN Heat Exchanger and Refrigeration Ltd's cash conversion cycle runs 208 days in FY26, up from 141 days in FY24. Capital spending ran ₹285 Cr over the last 2 years. At FY26 sales of ₹600 Cr each day of that cycle holds about ₹1.6 Cr, so roughly ₹342 Cr sits inside the business at any moment.
FY26: debtors at 106 days, inventory at 242 days — roughly 8.0 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 208 days, looser than FY24's 141.
The full loop: cash goes out to suppliers and production on day 0; stock waits 242 days to sell; customers pay about 106 days after that; and suppliers themselves are paid at 140 days — netting out to the 208-day cycle.
In money terms: at FY26 sales of ₹600 Cr, each day of the cycle holds about ₹1.6 Cr — so the 208-day loop keeps roughly ₹342 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹285 Cr over the last 2 fiscal years against ₹24.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹33.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
KRN Heat Exchanger and Refrigeration Ltd earns a ROCE of 16% in FY26. Return on invested capital clears the cost of that capital by +0.2 percentage points, so growth here adds value rather than only size. The wiring behind it is 12.7% net margin on 0.64× asset turns.
FY26 ROCE is 16%.
Why the return is what it is — the wiring (FY26): 12.7% net margin × 0.64× asset turns × 1.62× balance-sheet leverage ≈ 13.2% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 12.2% − 12.0% = a +0.2 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
KRN Heat Exchanger and Refrigeration Ltd carries total debt of ₹187 Cr against shareholder equity of ₹574 Cr as of Mar 26, a debt-to-equity of 0.33. On the annual view that ratio went from 0.67 in FY24 to 0.33 in FY26. Read the returns elsewhere on this page with that leverage in mind.
Mar 26: total debt of ₹187 Cr against shareholder equity of ₹574 Cr — a debt-to-equity of 0.33. On the annual view, debt-to-equity went from 0.67 (FY24) to 0.33 (FY26). Read the returns on this page with that leverage in mind.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Promoters cut 5.1 points of KRN Heat Exchanger and Refrigeration Ltd over 7 quarters, the biggest move on the register. That takes promoters to 65.7% of the company. Foreign institutions moved +4.8 points over the same window, to 8.9%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Promoters: −5.1 points over 7 quarters to 65.7%; Foreign institutions: +4.8 points over 7 quarters to 8.9%; Domestic institutions: +0.9 points over 7 quarters to 8.3%.
🚨 Why the register moved: promoters drove it (−5.1 points), absorbed on the other side by foreign institutions (+4.8 points) — distribution into the market’s bid.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
KRN Heat Exchanger and Refrigeration Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
No sector comparison is shown here — not present in the sector comparison.
Frequently asked questions
What is KRN Heat Exchanger and Refrigeration Ltd's share price today?
KRN Heat Exchanger and Refrigeration Ltd trades at ₹1,250, +47.0% over the past year. The company is valued at ₹8,182 Cr. The stock sits at 93% of its 52-week range of ₹598–₹1,300, +25.0% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 17 weeks in. — as of 31 July 2026.
What were KRN Heat Exchanger and Refrigeration Ltd's latest quarterly results?
KRN Heat Exchanger and Refrigeration Ltd reported revenue of ₹179 Cr and net profit of ₹23.0 Cr for the Mar 26 quarter. Revenue rose 35.6% and profit rose 53.3% year on year. Earnings per share were ₹3.76. The operating margin was 19.0%, 5.0 pp higher than a year earlier. — as of 31 July 2026.
What is KRN Heat Exchanger and Refrigeration Ltd's revenue?
KRN Heat Exchanger and Refrigeration Ltd reported revenue of ₹179 Cr in the Mar 26 quarter, +35.6% year on year. For the full FY26 fiscal year, revenue was ₹600 Cr (+39.5%). Over the last 2 years revenue compounded at 39.8% a year. — as of 31 July 2026.
What is KRN Heat Exchanger and Refrigeration Ltd's profit?
KRN Heat Exchanger and Refrigeration Ltd earned ₹23.0 Cr of net profit in the Mar 26 quarter, +53.3% year on year — the 3rd straight quarter of growth. Full-year FY26 profit was ₹76.0 Cr. The operating margin ran 19.0% in the latest quarter. — as of 31 July 2026.
What is KRN Heat Exchanger and Refrigeration Ltd's market cap?
KRN Heat Exchanger and Refrigeration Ltd's market capitalisation is ₹8,182 Cr at a share price of ₹1,250. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 31 July 2026.
What is KRN Heat Exchanger and Refrigeration Ltd's P/E ratio?
KRN Heat Exchanger and Refrigeration Ltd trades at a P/E of 107.0×, at the 94th percentile of its own 2-year range, against a long-run median of 89.4×. This is a comparison with the stock's own history, not a value call — as of 31 July 2026.
Does KRN Heat Exchanger and Refrigeration Ltd pay a dividend?
No — KRN Heat Exchanger and Refrigeration Ltd has recorded a dividend payout of 0% of profit in each of its last 3 reported fiscal years, so there is no payout history to quote. That is a reading of the filed annual statements, not an estimate. — as of 31 July 2026.
Is KRN Heat Exchanger and Refrigeration Ltd overvalued?
On its own history, KRN Heat Exchanger and Refrigeration Ltd looks expensive against its own history: its P/E of 107.0× sits at the 94th percentile of its 2-year range (long-run median 89.4×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 31 July 2026.
Is KRN Heat Exchanger and Refrigeration Ltd growing?
Yes — KRN Heat Exchanger and Refrigeration Ltd is growing: latest-quarter revenue +35.6% year on year, profit +53.3%, and the margin +5.0 pp at 19.0%. The 2-year compound rates are 39.8% (revenue) and 39.6% (profit). The earnings engine currently reads: improving — as of 31 July 2026.
How is KRN Heat Exchanger and Refrigeration Ltd performing?
KRN Heat Exchanger and Refrigeration Ltd is in a confirmed uptrend, 17 weeks in. Its latest quarter's revenue rose 35.6% and profit rose 53.3% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 2 weeks. — as of 31 July 2026.
Is KRN Heat Exchanger and Refrigeration Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 17 of stage 2), trading +25.0% versus its 200-day average and at 93% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 31 July 2026.
Is KRN Heat Exchanger and Refrigeration Ltd beating the market?
On recent form, yes — KRN Heat Exchanger and Refrigeration Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 1.8 years the stock moved +176% against the NIFTY 500's −1% — ahead of the index over the full window. — as of 31 July 2026.
Will KRN Heat Exchanger and Refrigeration Ltd's share price go up?
This page publishes no price forecast for KRN Heat Exchanger and Refrigeration Ltd. What it measures instead: the share price is ₹1,250, the price is in a confirmed uptrend 17 weeks in. Its P/E of 107.0× sits at the 94th percentile of its own 2-year range. — as of 31 July 2026.
Who owns KRN Heat Exchanger and Refrigeration Ltd?
Promoters hold 65.7% of KRN Heat Exchanger and Refrigeration Ltd, foreign institutions 8.9%, domestic institutions 8.3% and the public 17.1% (latest quarter). The biggest move on the register over the last two years: Promoters cut 5.1 points over 7 quarters. — as of 31 July 2026.
Does KRN Heat Exchanger and Refrigeration Ltd have too much debt?
It is moderate — KRN Heat Exchanger and Refrigeration Ltd's debt-to-equity is 0.33, and operating profit covers the interest bill 19×. FY26 borrowings were ₹187 Cr against equity of ₹574 Cr. Read the returns on this page with that leverage in mind — as of 31 July 2026.
What is KRN Heat Exchanger and Refrigeration Ltd's capex?
KRN Heat Exchanger and Refrigeration Ltd spent ₹285 Cr on capital expenditure over the last 2 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹199 Cr, with ₹33.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 31 July 2026.
What is KRN Heat Exchanger and Refrigeration Ltd's cash flow?
KRN Heat Exchanger and Refrigeration Ltd generated ₹−114 Cr of operating cash flow in FY26 and ₹−313 Cr of free cash flow after ₹199 Cr of capital spending. Reported profit that year was ₹76.0 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 31 July 2026.
Is KRN Heat Exchanger and Refrigeration Ltd's profit real cash?
Not fully — over the last 3 fiscal years, −45% of KRN Heat Exchanger and Refrigeration Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹−114 Cr against reported profit of ₹76.0 Cr. The cash then goes mostly into the working-capital cycle. Cash-flow resolution is annual — as of 31 July 2026.
Where is KRN Heat Exchanger and Refrigeration Ltd in its business cycle?
KRN Heat Exchanger and Refrigeration Ltd's FY26 operating margin was 19.0%, against a 3-year band of 16.0%–19.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 19.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 31 July 2026.
What could break the KRN Heat Exchanger and Refrigeration Ltd story?
The sharpest disagreement: profits are rising, but only −45% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 31 July 2026.
Is KRN Heat Exchanger and Refrigeration Ltd a stock worth studying right now?
This is not investment advice. The machine read: KRN Heat Exchanger and Refrigeration Ltd is strength at full price. The numbers are improving — and a P/E at the 94th percentile of its own range says the market knows. The sharpest open question: whether the cash starts following the profit. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 31 July 2026.