# KRN Heat Exchanger and Refrigeration share price today (KRN Heat Exchanger and Refrigeration Ltd, NSE: KRN)

> KRN Heat Exchanger and Refrigeration share price today: ₹1,011.70 at the NSE close on 4 November 2026, up 27.0% in a year. KRN Heat Exchanger and Refrigeration (NSE: KRN) is worth ₹6,623 crore, trades at a P/E of 57.6 and has closed between ₹598.10 and ₹1,609.70 over the past 52 weeks. > KRN Heat Exchanger and Refrigeration Ltd's results are improving, while its P/E is near the low end of its own history over 2.1 years, higher than only 0% of past readings. KRN · Engineering - General · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/krn-heat-exchanger-and-refrigeration-ltd

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## Key numbers

- Business trend: Growing steadily, from fewer quarters than usual
- Price: ₹1,011.70 (+27.0% in a year)
- P/E: 57.6× (lower than 100% of the last 2.1 years)
- Revenue (Sep 2026): ₹319 Cr (+109.9% on a year ago)
- Profit (Sep 2026): ₹36.0 Cr (+100.0% on a year ago)
- Operating margin: 15.0% (−5.0 points on a year ago)
- ROCE: 16%, FY26
- ROIC: 13.8%, against a 12.0% cost of capital: +1.8 points

The main question: profits are rising, but only −45% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch. ## What is the KRN Heat Exchanger and Refrigeration share price today? KRN Heat Exchanger and Refrigeration Ltd's share price was ₹1,011.70 at the close on 4 November 2026. It has been rising for 32 weeks. That is 14.5% below its average price over the last 200 trading days. Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 1 week running. In the last 52 weeks it traded between ₹598 and ₹1,610, and at that close it sat 41% of the way up from that low. Over the last 2.1 years the share price moved +124% while the NIFTY 500 moved −7%, so it is ahead of the index over that whole period. It was last ahead over 13 weeks in the week of 30 October 2026. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at KRN Heat Exchanger and Refrigeration this quarter? Three changes stood out: revenue up on a year earlier for 9 quarters in a row (every quarter we can compare), foreign funds (FIIs) raised their stake for 3 quarters in a row and profit up on a year earlier for 5 quarters in a row. 1. Revenue up on a year earlier for 9 quarters in a row (every quarter we can compare) In the September 2026 quarter revenue was ₹319 crore, +109.9% on a year earlier. Why: Revenue rose because data-centre cooling sales jumped sharply, with quarterly data-centre revenue far above the year before. Next results: check whether sales are tracking toward the FY27 revenue range of Rs 1,200 crore to Rs 1,250 crore or more. From the earnings call on 30 Oct 2026. 2. Foreign funds (FIIs) raised their stake for 3 quarters in a row From 5.3% to 9% of the company by the September 2026 quarter. 3. Profit up on a year earlier for 5 quarters in a row In the September 2026 quarter profit was ₹36 crore, +100% on a year earlier. ## What are KRN Heat Exchanger and Refrigeration's latest quarterly results? For July to September 2026 (the quarter ended 30 September 2026), KRN Heat Exchanger and Refrigeration reported revenue of ₹319 crore, up 109.9% from ₹152 crore a year earlier, and a profit of ₹36.0 crore, up 100.0% from ₹18.0 crore. ### KRN Heat Exchanger and Refrigeration results: July to September 2026 against a year earlier

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹319 crore | ₹152 crore | +109.9% |
| Profit | ₹36.0 crore | ₹18.0 crore | +100.0% |
| Earnings per share | ₹5.52 | ₹2.90 | +90.3% |
| Operating margin | 15.0% | 20.0% | −5.0 points |

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). KRN Heat Exchanger and Refrigeration's management discussed these results on a call held on 30 October 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.)

## What is the KRN Heat Exchanger and Refrigeration share price history? KRN Heat Exchanger and Refrigeration closed at ₹1,011.70 on 4 November 2026, up 27.0% from ₹796.60 a year earlier (7 November 2025). Its highest weekly close since October 2024 was ₹1,609.70 on 28 August 2026. ### KRN Heat Exchanger and Refrigeration share price: then and now

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹1,147.20 | −11.8% |
| 1 month ago · 1 Oct 2026 | ₹1,414.70 | −28.5% |
| 6 months ago · 8 May 2026 | ₹1,300.20 | −22.2% |
| 1 year ago · 7 Nov 2025 | ₹796.60 | +27.0% |
| Earliest weekly close in our records · 4 Oct 2024 | ₹452.21 | +123.7% |
| Highest weekly close since October 2024, also the 52-week high · 28 Aug 2026 | ₹1,609.70 | −37.1% |
| Lowest weekly close since October 2024 · 25 Oct 2024 | ₹428.16 | +136.3% |
| 52-week low (weekly close) · 23 Jan 2026 | ₹598.10 | +69.2% |

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (116 weekly closes from 4 October 2024 to 4 November 2026.)

## What is the latest news on KRN Heat Exchanger and Refrigeration? 4 Nov 2026: KRN Heat Exchanger and Refrigeration closed at ₹1,011.70, down 11.8% on the week and down 28.5% on the month. 30 Oct 2026: KRN Heat Exchanger and Refrigeration held its results call for July to September 2026. Management guided: FY27 revenue ₹1,200 crore to ₹1,250 crore or more absent force majeure. ### Earlier

- Results for July to September 2026: Revenue up 109.9% and profit up 100.0% on a year earlier. - Our read, 17 May 2026: A heat-exchanger specialist mid-cap running a 6x capacity ramp, the operating leverage has just started inflecting but management credibility is noticeably fraying. ### Our read of the business

Latest quarter: FY26 closes with operating profit at 1.5x revenue pace, but 12% operating profit floor guidance and missed utilization goal raise credibility flags. (Our read after the latest results, written 17 May 2026.)

## What dividend does KRN Heat Exchanger and Refrigeration pay? KRN Heat Exchanger and Refrigeration has paid no dividend on the NSE since its first NSE close in our records (4 October 2024), the start of the period we checked. No. KRN Heat Exchanger and Refrigeration Ltd paid out 0% of its profit as dividends in each of its last 3 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate. (From the NSE corporate-actions record, read 5 November 2026.)

## What did KRN Heat Exchanger and Refrigeration management say on the latest results call? On the call for July to September 2026, held on 30 October 2026, KRN Heat Exchanger and Refrigeration's management guided: FY27 revenue ₹1,200 crore to ₹1,250 crore or more absent force majeure. > “As of now, we do not have any slowdown in any of our products.”
> Management, on the call for July to September 2026

### What management guided

- FY27 exports ₹200 crore to ₹250 crore with next-year export growth 60-80%. - FY27 operating margin 17-18% centred on 18% with third quarter flat and fourth quarter 1-2% higher, long-term 18-20% intact. - Neemrana utilization 50% this year and 80% next year with Bangalore capacity thereafter and 30% growth beyond, ₹1,800 crore rough potential. - Railway HVAC ₹20 crore next year with bus approvals in one to two months and plant audit in two weeks. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijoristack.ai/concall/transcript/57829-30-Oct-2026.pdf). (From the call for July to September 2026, 30 October 2026.)

## What is the future of KRN Heat Exchanger and Refrigeration? What is changing in the business? What is changing at KRN Heat Exchanger and Refrigeration, from the latest results and calls: operating leverage inflection (new neemrana hvac facility), data center hvac demand surge and export expansion (north america, europe, uae). - Operating Leverage Inflection (New Neemrana HVAC Facility). 6x capacity at 15% utilization; operating profit grew 59.5% on 39.5% revenue in FY26, the leverage is just starting. 50% utilization goal in FY27 implies ₹900 Cr+ consolidated revenue. ⚠ estimate
- Data Center HVAC Demand Surge. Data center grew from ~7% to 18.7% of January to March 2026 revenue in 3 quarters; Schneider Electric + Vertiv approvals in place; North America and Europe export pipeline building with 6-7 month forward visibility. ⚠ estimate
- Export Expansion (North America, Europe, UAE). ₹100 Cr export in FY26 aiming for ₹120+ Cr in FY27; 15-20% landed price advantage over North American and European suppliers; data center orders adding long-lead visibility. UAE disruption temporary. ⚠ estimate
- Bus AC New Segment Launch. ₹10 Cr in FY26 first year; aiming for 15% of ₹1,000+ Cr India bus AC market in FY27; unique backward integration advantage (in-house fin-tube, microchannel, tubing, FRP) vs peer manufacturers. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Our read after the latest results, written 17 May 2026.)

## What is KRN Heat Exchanger and Refrigeration's order book? Export revenue aiming for ₹120+ Cr in FY27, doubling vs FY26 ₹100 Cr; order book ₹120 Cr plus with data center as primary driver; North America more significant than Europe. ✓ fact

(Our read after the latest results, written 17 May 2026.)

## What could change the KRN Heat Exchanger and Refrigeration story? What are the risks? Management has missed the HVAC utilization goal in every quarter since Aug 2025 guidance. ### The main risks

- HVAC Facility Utilization Misses Again, Execution Credibility Risk: Management has missed the HVAC utilization goal in every quarter since Aug 2025 guidance. ⚠ estimate
- Operating profit Margin Guidance Unreliability, 800 basis points Stepdown in One Quarter: Nov 2025 guidance: 20% operating profit 'sustainable'. May 2026 guidance: 12% minimum for FY27. An 800 basis points cut on a known depreciation load that was never flagged as a risk when the 20% claim was made. ✓ fact
- RIPS Approval Chronically Delayed: Expected in 4-6 weeks (Nov 2025), then 'very soon maybe this month' (May 2026), 9+ months overdue; 1.56% top-line for 10 years still unrealized. ✓ fact
- Working Capital Intensity Structurally Rising: Working capital days increased from 107 to 153 days; UAE disruption added ₹20+ Cr of stuck inventory; 8 new product lines requiring minimum buffer stock. ⚠ estimate

(Our read after the latest results, written 17 May 2026.)

## What to watch in KRN Heat Exchanger and Refrigeration's next results? When KRN Heat Exchanger and Refrigeration reports October to December 2026, these are the 3 checks that show whether the story is still on course. First: Q3 margin print versus Q2 with Q4 uplift from leverage and export mix - per commentary on flat near term then recovery. - What to check (from the call)
- Q3 margin print versus Q2 with Q4 uplift from leverage and export mix - per commentary on flat near term then recovery. - Second-half revenue run-rate delivering the flagged full-year ambition - per confidence in coming two quarters. - Bus OEM and rail plant clearances converting to dispatches within flagged windows - per approval commentary. ## Which stock lists is KRN Heat Exchanger and Refrigeration on? KRN Heat Exchanger and Refrigeration is on one of our India lists: AI & data centre stocks. [AI & data centre stocks Group on the list: Data centre suppliers](https://www.sectoralpha.in/ai-stocks-india)

## Is KRN Heat Exchanger and Refrigeration profitable? KRN Heat Exchanger and Refrigeration Ltd earned ₹36.0 Cr of net profit in the Sep 2026 quarter, +100.0% on the same quarter a year earlier. That is the 5th quarter in a row of profit growth. Full-year FY26 profit was ₹76.0 Cr. Over 2 years profit has grown 39.6% a year on average. That is 11.3% of the quarter's revenue. The same quarter a year earlier earned ₹18.0 Cr. For the full year, FY26 profit was ₹76.0 Cr (+43.4% on the year before). Why profit moved: revenue changed +109.9% on a year earlier and the margin moved −5.0 percentage points. Sales did the work while the margin got thinner. On average over the last four quarters, profit changed +98.2% and revenue +75.6%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit. ## How much revenue does KRN Heat Exchanger and Refrigeration make, and is it growing? KRN Heat Exchanger and Refrigeration Ltd reported ₹319 Cr of revenue in the Sep 2026 quarter, +109.9% on the same quarter a year earlier. That is the 9th quarter in a row with growth on the year before. Over 2 years it has grown 39.8% a year on average. The last full year, FY26, came in at ₹600 Cr. Why this happened. AI-driven data center capital expenditure in India and globally is creating structural demand for large-scale heat exchangers for outdoor cooling (ODU side). KRN's new Neemrana facility has unique large-coil manufacturing infrastructure (overhead cranes, multiple production stations) that domestic competitors cannot match. Domestic customers include Schneider Electric and Vertiv (recently approved in Q4 FY26, mass production imminent). Export data center business established in North America (primary) and Europe with 6-7 month forward order visibility from anchor customers. Management aiming for 80-90% of incremental finned-tube growth from this segment in FY27. Microchannel HX development…

The last four reported quarters add to ₹903 Cr. FY26 revenue was ₹600 Cr, +39.5% on the year before. Recent pace: the last four quarters grew +75.6% on average, against 39.8% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +77.1%, against +64.2% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +94.9%, against +61.7% a year (accelerating). ## How much of every ₹100 of sales does KRN Heat Exchanger and Refrigeration keep? KRN Heat Exchanger and Refrigeration Ltd's operating margin was 15.0% in the Sep 2026 quarter, 5.0 percentage points lower than the same quarter a year ago. Across 3 years it has been between 16.0% and 19.0%. The latest quarter is below every full year in that period. Why this happened. The core thesis engine. KRN commissioned a new HVAC facility in March 2024 that is 6x the old standalone facility's capacity. FY26 closed with the new facility at only 15% utilization, yet consolidated EBITDA grew at 1.5x the revenue pace. As utilization climbs to 50% (FY27 goal) and 80% (FY28 goal), every incremental ₹ of revenue has a dramatically lower variable cost contribution because fixed costs (depreciation, overheads) are already absorbed. Peak capacity on the new facility implies ₹2,000 Cr of incremental revenue potential. The 'minimum 12% EBITDA' guide for FY27 is management's conservative floor given high depreciation, actual realization likely higher as volumes ramp. Why the margin moved: operating margin changed −4.6 percentage points on the year while gross margin changed −1.9 points. So the drop came mostly from costs below the gross margin, such as staff and overheads, measured against sales. ## Is KRN Heat Exchanger and Refrigeration's profit turning into cash? Over the last 3 years KRN Heat Exchanger and Refrigeration Ltd's operations used more cash than they brought in, so cash conversion was −45%, a gap worth watching. In FY26 its operations used ₹114 Cr of cash, against ₹76.0 Cr of profit. After ₹199 Cr of spending on assets, free cash was −₹313 Cr: it spent more than its operations brought in. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why −45% of profit came in as cash: the cash cycle got 67 days longer between FY24 and FY26, so more of each rupee of profit waits in the business before it arrives. When less than 70% of profit comes in as cash, it is the thing to watch on this page. What to look at next: less of the profit turns into cash than it should, and the cash cycle is 67 days longer. The next section looks at where the cash is stuck. ## Where does KRN Heat Exchanger and Refrigeration's cash go? KRN Heat Exchanger and Refrigeration Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 208 days in FY26, up from 141 days in FY24. It spent ₹285 Cr on assets over the last 2 years. Customers take 106 days to pay, and stock sits for 242 days on average. At FY26 sales of ₹600 Cr, each day of that cycle ties up about ₹1.6 Cr, so roughly ₹342 Cr is tied up in the business at any time. FY26: customers took 106 days to pay and stock sat for 242 days, about 8.0 months of sales sitting as stock, for a full cycle of 208 days, longer than FY24's 141. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 242 days. Customers pay about 106 days after that. Suppliers are paid at 140 days. Together that makes the 208-day cycle. Spending on assets: ₹285 Cr over the last 2 years, against ₹24.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹33.0 Cr (FY26): assets paid for that are not earning yet. In short: cash is getting stuck in the daily cycle, so watch the cycle more than the profit. ## What is KRN Heat Exchanger and Refrigeration's P/E ratio, and how does it compare with its own history? KRN Heat Exchanger and Refrigeration Ltd's P/E is 57.6×, about the lowest it has ever been. Its usual P/E (the middle reading) is 97.2×, over 2.1 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Sep 2026 add up to ₹17.96. Why the multiple is where it is: over the past year earnings per share moved +44.5% while the price moved +27.0%. Earnings did better than the price, which pulled the multiple down within its own range. In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple. ## Is the KRN Heat Exchanger and Refrigeration business getting better or worse? KRN Heat Exchanger and Refrigeration Ltd's business is growing steadily. Revenue and profit growth have stayed positive throughout, and ROCE is steady at 20.0%. This is based on 10 quarters of 3 measures, with some gaps. Why it matters: steady growth with healthy returns is how a business compounds over time. One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result. This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution. ## What is the KRN Heat Exchanger and Refrigeration story, and has it been checked? KRN Heat Exchanger and Refrigeration Ltd's story is not scored yet against the checks our research set on 17 May 2026. Where it sits in its own cycle: GROWTH EXPANSION. Still open: Management has missed the HVAC utilization goal in every quarter since Aug 2025 guidance. Our read, 17 May 2026. A heat-exchanger specialist mid-cap running a 6x capacity ramp, the operating leverage has just started inflecting but management credibility is noticeably fraying. From the numbers. FII stake-building has accelerated from 1.98% in Dec 2024 to 6.66% in Mar 2026, institutional support…

From the price. Price stage 2, week 32, below its 200-day line, relative strength falling. From the research. A heat-exchanger specialist mid-cap running a 6x capacity ramp, the operating leverage has just started inflecting but management credibility is noticeably fraying. Where they disagree. FII stake-building has accelerated from 1.98% in Dec 2024 to 6.66% in Mar 2026, institutional support for the growth thesis is growing. What is proven. A heat-exchanger specialist mid-cap running a 6x capacity ramp, the operating leverage has just started inflecting but management credibility is noticeably fraying. What is not proven yet. Management has missed the HVAC utilization goal in every quarter since Aug 2025 guidance. The test written in advance. HVAC Facility Utilization Misses Again, Execution Credibility Risk. Measured by: HVAC Facility Utilization Misses Again, Execution Credibility Risk Q1 FY27 HVAC facility utilization (reported ~Aug 2026), must reach 25-30% by the next result. The test written in advance. EBITDA Margin Guidance Unreliability, 800 bps Stepdown in One Quarter. Measured by: EBITDA Margin Guidance Unreliability, 800 bps Stepdown in One Quarter by the next result. The test written in advance. RIPS Approval Chronically Delayed. Measured by: RIPS Approval Chronically Delayed RIPS approval announcement, if not received by Q1 FY27 call, downgrade this risk to structural by the next result. Lever 1 · Operating leverage: building. 6x capacity at 15% utilization; EBITDA grew 59.5% on 39.5% revenue in FY26, the leverage is just starting. 50% utilization goal in FY27 implies ₹900 Cr+ consolidated revenue. What proves it keeps working: Operating Leverage Inflection (New Neemrana HVAC Facility). It stops working if Q1 FY27 HVAC facility utilization (reported ~Aug 2026), must reach 25-30%. Lever 14 · A bigger market to serve: building. Data center grew from ~7% to 18.7% of Q4 FY26 revenue in 3 quarters; Schneider Electric + Vertiv approvals in place; North America and Europe export pipeline building with 6-7 month forward visibility. What proves it keeps working: Data Center HVAC Demand Surge. It stops working if Q1 FY27 HVAC facility utilization (reported ~Aug 2026), must reach 25-30%. Lever 10 · New geographies: building. ₹100 Cr export in FY26 aiming for ₹120+ Cr in FY27; 15-20% landed price advantage over North American and European suppliers; data center orders adding long-lead visibility. UAE disruption temporary. What proves it keeps working: Export Expansion (North America, Europe, UAE). It stops working if Q1 FY27 HVAC facility utilization (reported ~Aug 2026), must reach 25-30%. Lever 12 · New product launch: building. ₹10 Cr in FY26 first year; aiming for 15% of ₹1,000+ Cr India bus AC market in FY27; unique backward integration advantage (in-house fin-tube, microchannel, tubing, FRP) vs peer manufacturers. What proves it keeps working: Bus AC New Segment Launch. It stops working if Q1 FY27 HVAC facility utilization (reported ~Aug 2026), must reach 25-30%. Sources: our stock research file (17 May 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did KRN Heat Exchanger and Refrigeration management deliver what it promised? What KRN Heat Exchanger and Refrigeration Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. Liquid-Cooling Product Timeline Pushed Out · 30 October 2026. In May 2026, management said the plate heat exchanger for liquid cooling could be added to the portfolio in the coming year. In Oct 2026, management said the brazed plate heat exchanger would take another 1.5 years and would generate revenue only after FY28, potentially FY29, with no explanation for the material timeline change. Vertiv Qualification Timeline Regressed · 21 August 2026. In May 2026, management said Vertiv had cleared its QMS audit and expected prototype approval followed by mass production in the coming month. In Aug 2026, management said only a sample order had been received and that sample approval was still required before mass production, a material and unexplained reversal in the customer onboarding timeline. Micro-Channel Launch Delayed · 21 August 2026. The Feb 2026 call planned micro-channel inclusion by the end of 2026 or early 2027. By Aug 2026, management had moved the goal to approximately one year from then and was still ordering machinery, implying a material launch delay with no explanation. Bus AC Market Share Guidance Increased Sharply · 21 August 2026. In May 2026, management guided to 10-15% of the bus AC market for the year. In Aug 2026, it stated that the company would achieve approximately 50% market share this year, a several-fold increase with no explanation; the latest call also separately repeated a 10-15% goal. Every quote above is taken word for word from the company’s own earnings calls. ## What is KRN Heat Exchanger and Refrigeration management's track record? KRN has maintained a robust execution track record since its October 2024 listing. Management initially guided for the Neemrana plant to begin production by April 2025; commercial operations actually commenced on May 31, 2025, a negligible delay given the scale. Financial performance has consistently exceeded baseline expectations: FY25 revenue reached ₹441.71 Cr (up from ₹308 Cr in FY24). In October to December 2025, the company reported a 33% on a year earlier revenue jump to ₹155.09 Cr and a 65% surge in profit, supported by a significant 610 basis points operating margin expansion. Management successfully launched the Bus AC division in October 2025 and has already scaled data center cooling to 15% of total revenue, meeting diversification goals. ### Regulatory and governance record

Search failed: KRN/red flags: insufficient evidence (sources=0, findings len=0)

(Checked 20 April 2026.)

## How much does KRN Heat Exchanger and Refrigeration earn on its capital? KRN Heat Exchanger and Refrigeration Ltd earned a ROCE of 16% in FY26. Its return on capital used (ROIC) is 1.8 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 12.7% net margin and 0.64× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 12.7% net margin × 0.64× asset turnover × 1.62× leverage (assets divided by equity) ≈ 13.2% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 13.8% − 12.0% = +1.8 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Positive but thin: it creates value with little room for error. The 13.8% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 12.0%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does KRN Heat Exchanger and Refrigeration have too much debt? KRN Heat Exchanger and Refrigeration Ltd has total debt of ₹153 Cr against shareholder equity of ₹984 Cr as of Sep 2026, so its debt is 0.16× its equity, which is very little. Year by year, that ratio went from 0.67 in FY24 to 0.33 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the KRN Heat Exchanger and Refrigeration shareholding pattern? Promoters cut their stake in KRN Heat Exchanger and Refrigeration Ltd by 5.1 percentage points over 8 quarters, the biggest change among its owners. Promoters now own 65.7% of the company. Foreign institutions moved +4.9 points over the same period, to 9.0%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Promoters: −5.1 points over 8 quarters, to 65.7%; Foreign institutions: +4.9 points over 8 quarters, to 9.0%; Domestic institutions: +0.5 points over 8 quarters, to 8.0%. Why the owners changed: promoters drove it (−5.1 points), with the other side taken by foreign institutions (+4.9 points). They reduced their stake. ## How far is KRN Heat Exchanger and Refrigeration from balance-sheet trouble? For KRN Heat Exchanger and Refrigeration Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does KRN Heat Exchanger and Refrigeration rank in its industry? 65.9 out of 100, rank 1 of 4 in Engineering - General, with 90% of the evidence available. KRN Heat Exchanger and Refrigeration Ltd scores 65.9 out of 100 against the 4 companies it is compared with in Engineering - General, ranking 1. Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. The four parts add up to the total exactly: 24.4 + 16.5 + 5 + 20 = 65.9. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is KRN Heat Exchanger and Refrigeration compared with? KRN Heat Exchanger and Refrigeration ranks 1 of 4 Engineering - General companies on the 4-Factor Sector Score, with 65.9 out of 100. 1. KRN Heat Exchanger and Refrigeration Ltd this page KRN · turning · Most evidence points up · 90% evidence 65.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.4/35 · Revenue 77.1% · Profit 94.9% · Operating margin change -5 points · 100% evidence Capital efficiency 16.5/25 · ROCE 16% · Operating margin 15% · 100% evidence Valuation 5.0/20 · P/E 65.3× · PEG 3 · 50% evidence Relative strength 20.0/20 · Lead over its industry 20.4% · Lead over NIFTY 500 11.9% · 1 year 45.7% · 100% evidence · 10 of 12 weeks ahead Exact sum: 24.4 + 16.5 + 5 + 20 = 65.9 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [National Standard (India) Ltd](https://www.sectoralpha.in/stocks/national-standard-indialtd) NATIONSTD · Too little evidence to rank firmly · 52% evidence 38.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.5/43.75 · Revenue -8.6% · Profit -26.8% · Operating margin change 4.3 points · 88% evidence Capital efficiency 7.5/31.25 · ROCE 4.8% · Operating margin n/a · 84% evidence Valuation 12.5/25 · P/E 20.7× · PEG n/a · 0% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 18.5 + 7.5 + 12.5 = 38.5 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 3. [Mamata Machinery Ltd](https://www.sectoralpha.in/stocks/mamata-machinery-ltd) MAMATA · quiet · Most evidence points down · 71% evidence 33.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 4.4/35 · Revenue -13.3% · Profit -79.3% · Operating margin change -21 points · 88% evidence Capital efficiency 7.3/25 · ROCE 12.6% · Operating margin -13% · 100% evidence Valuation 14.4/20 · P/E 80.7× · PEG 0.85 · 50% evidence Relative strength 7.5/20 · Lead over its industry n/a · Lead over NIFTY 500 -5.9% · 1 year -18.7% · 25% evidence · 6 of 12 weeks ahead Exact sum: 4.4 + 7.3 + 14.4 + 7.5 = 33.6 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 4. Forbes & Company Ltd Too little evidence to rank firmly · 33% evidence 56.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.7/43.75 · Revenue -25.6% · Profit -14.8% · Operating margin change 9.5 points · 45% evidence Capital efficiency 20.8/31.25 · ROCE 20% · Operating margin 16.2% · 71% evidence Valuation 12.5/25 · P/E 18.8× · PEG n/a · 0% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 22.7 + 20.8 + 12.5 = 56 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Engineering - General](https://www.sectoralpha.in/sectors/engineering-general), all 4 compared on one page. ## Which companies are close to KRN Heat Exchanger and Refrigeration in size? KRN Heat Exchanger and Refrigeration is the largest of 3 Engineering - General companies on Sector Alpha by market value (scores of 30 October 2026). It is the largest. Just below it: Mamata Machinery and National Standard (India). ### Engineering - General companies close in size

1. KRN Heat Exchanger and Refrigeration Ltd ₹6,667 crore
2. [Mamata Machinery Ltd](https://www.sectoralpha.in/stocks/mamata-machinery-ltd) ₹886 crore
3. [National Standard (India) Ltd](https://www.sectoralpha.in/stocks/national-standard-indialtd) ₹232 crore

[All 3 Engineering - General companies, largest first](https://www.sectoralpha.in/sectors/engineering-general#all-companies)

### Companies close in size in other industries

1. [Ethos Ltd](https://www.sectoralpha.in/stocks/ethos-ltd) ₹6,694 crore · Watches
2. [S J S Enterprises Ltd](https://www.sectoralpha.in/stocks/s-j-s-enterprises-ltd) ₹6,694 crore · Auto Ancillaries - Diversified
3. KRN Heat Exchanger and Refrigeration Ltd ₹6,667 crore
4. [Mahindra Lifespace Developers Ltd](https://www.sectoralpha.in/stocks/mahindra-lifespace-developers-ltd) ₹6,545 crore · Construction & Contracting
5. [Rain Industries Ltd](https://www.sectoralpha.in/stocks/rain-industries-ltd) ₹6,530 crore · Cement

## What else do people ask about KRN Heat Exchanger and Refrigeration? ### What is KRN Heat Exchanger and Refrigeration's share price today? KRN Heat Exchanger and Refrigeration Ltd's share price is ₹1,011.70, +27.0% over the past year. The whole company is worth ₹6,623 Cr on the market. In the last 52 weeks it traded between ₹598 to ₹1,610; today it is 41% of the way up from the low, 14.5% below its 200-day average (as of 4 November 2026). ### What were KRN Heat Exchanger and Refrigeration's latest quarterly results? KRN Heat Exchanger and Refrigeration Ltd reported revenue of ₹319 Cr and net profit of ₹36.0 Cr for the Sep 2026 quarter. Revenue rose 109.9% and profit rose 100.0% compared with a year earlier. Earnings per share were ₹5.52 (as of 4 November 2026). ### What is KRN Heat Exchanger and Refrigeration's market cap? KRN Heat Exchanger and Refrigeration Ltd's market capitalisation is ₹6,623 Cr at a share price of ₹1,011.70. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is KRN Heat Exchanger and Refrigeration performing? KRN Heat Exchanger and Refrigeration Ltd's share price has been rising for 32 weeks. In its latest quarter, revenue rose 109.9% and profit rose 100.0% compared with a year earlier. Over the past 13 weeks it has done worse than the NIFTY 500, for 1 week running (as of 4 November 2026). ### Will KRN Heat Exchanger and Refrigeration's share price go up? This page does not forecast KRN Heat Exchanger and Refrigeration Ltd's share price. What it shows instead: the share price is ₹1,011.70, and it has been rising for 32 weeks. Its P/E of 57.6× is higher than 0% of its own last 2 years (as of 4 November 2026). ### Who owns KRN Heat Exchanger and Refrigeration? Promoters own 65.7% of KRN Heat Exchanger and Refrigeration Ltd, foreign institutions 9.0%, domestic institutions 8.0% and the public 17.4% (latest quarter). The biggest change over the last two years: Promoters cut their stake by 5.1 percentage points over 8 quarters (as of 4 November 2026). ### Does KRN Heat Exchanger and Refrigeration have too much debt? KRN Heat Exchanger and Refrigeration Ltd has a moderate amount of debt: its debt is 0.33× its equity, and its operating profit is 19 times its interest bill. FY26 borrowings were ₹187 Cr against equity of ₹574 Cr. Keep that borrowing in mind when reading the returns on this page (as of 4 November 2026). ### Where is KRN Heat Exchanger and Refrigeration in its business cycle? KRN Heat Exchanger and Refrigeration Ltd's FY26 operating margin was 19.0%, against a 3-year range of 16.0% to 19.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 15.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the KRN Heat Exchanger and Refrigeration story? The main question: profits are rising, but only −45% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is KRN Heat Exchanger and Refrigeration a stock worth studying right now? What the numbers show: KRN Heat Exchanger and Refrigeration Ltd's results are improving, while its P/E is near the low end of its own history over 2.1 years, higher than only 0% of past readings. The main open question: whether the cash starts to follow the profit. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a KRN Heat Exchanger and Refrigeration share price forecast for 2026? What management itself guided: FY27 revenue ₹1,200 crore to ₹1,250 crore or more absent force majeure. What is changing at KRN Heat Exchanger and Refrigeration, from the latest results and calls: operating leverage inflection (new neemrana hvac facility), data center hvac demand surge and export expansion (north america, europe, uae). What would change the story: Management has missed the HVAC utilization goal in every quarter since Aug 2025 guidance. ### Where does this page get KRN Heat Exchanger and Refrigeration's management information? From KRN Heat Exchanger and Refrigeration's results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

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