NSE:KRN

KRN HEAT EXCHANGE N REF L

NIFTY MICROCAP 250NIFTY SMALLCAP 500NIFTY TOTAL MARKET
₹1,122.80
at close · 27 Oct 2026
▲ 53.40 (+4.99%)
ThemesRailways· announced

Latest filings

Next results: Thu, 29 Oct · Financial Results
  1. KRN to hold Q2 and H1 FY27 earnings call on October 30 · Board & Shareholder Meetings
  2. Board to approve September 2026 quarterly and half-year results · Board & Shareholder Meetings
  3. Reg 74(5) compliance certificate filed for Q2 FY27 · Compliance
All filings ↓
Ask Nexa about KRN HEAT EXCHANGE N REF L

Snapshot

What the business is, and whether it's a good one at a fair price.

AI · written from filings

Makes heat exchangers, HVAC coils and related cooling products for B2B customers across data centers, industrial cooling, transport applications and refrigeration, operating through a wholly-owned subsidiary (KRN HVAC Products) that runs a new Neemrana facility. India contributes 86.4% of segment revenue at Rs. 583.94 cr in FY26 and overseas 13.6% at Rs. 92.29 cr; India generated Rs. 95.89 cr of segment EBIT while overseas recorded zero EBIT. A new Neemrana HVAC plant was commissioned in March 2026 at roughly 6x existing capacity, sitting at 15% utilization in FY26 and targeted at 50% in FY27 and 80% in FY28. Data center cooling made up 16% of FY26 revenue with a target of around 19% in FY27, and vendor approval from Vertiv has been completed. Bus AC has been entered as a new line, scaling from Rs. 10 cr in FY26 to a target of Rs. 150 cr and 15% market share in FY27, alongside a railway bar-and-plate heat exchanger approval with three tenders already won. Exports carry an opening order book of Rs. 120 cr with management targeting near-doubling of FY26's Rs. 100 cr exports, led by North America, UAE and Europe. Materials are the largest operating cost at 40.5% of revenue and capex runs at 41.3%, reflecting the heavy expansion phase.

Revenue mix · reported segments
India86.4%
Overseas13.6%
Operating scale
Neemrana HVAC facility capacity
6x existing capacityCommissioned March 2026
HVAC facility utilization
15% in FY26, targeted 50% in FY27, 80% in FY28
Data center revenue share
16% of FY26 revenue, targeted ~19% in FY27
Export order book
Rs. 120 croresEnd of FY26
Bus AC revenue target
Rs. 150 crores with 15% market share in FY27 (vs Rs. 10 cr FY26)
Recent domestic order
Heat Exchanger Coils worth Rs. 43.11 crores (Rs. 50.87 crores with IGST)July 2026
Who pays it
B2B buyers including data center operators (Vertiv), HVAC OEMs, bus AC OEMs, railways, and industrial cooling customers in India and export markets
Biggest cost
Materials at 40.5% of revenue; capex at 41.3% of revenue reflects the Neemrana expansion phase
Kind of business
Capital-intensive B2B heat exchanger and HVAC manufacturer in an aggressive scale-up phase, diversifying from fin-and-tube coils into data center, transport and refrigeration applications
Where it sits
Recently commissioned Neemrana HVAC plant is the primary growth lever, with management targeting Rs. 2,250-2,850 crores revenue by FY28-29
Market Cap
₹7,350 Cr
P / E (TTM)
72.4×
EV / EBITDA
49.1×
Div Yield
—
Growth
—·
Revenue 5y CAGR
PAT — · EBITDA —
Quality
18.0%▲
ROCE (FY26)
ROE 13.3% · margin 20.4%
Leverage
0.33·
Debt / Equity · low
Net debt ₹177 Cr
Moves on a normal day
1.87%·
Median daily move
Last 267 sessions · the yardstick for filing-day moves

Scorecard

Measured from the filed financials · as of FY26 — not investment advice

Strengths
Returns on capital 18.0%
Debt at 0.33× equity
Concerns
Heavy working capital — 176 days of cash tied up

Charts

How has the market priced it — with filings on the timeline?

KRN · price

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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Peers

How does it stack up on valuation, returns and growth?

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Financials

Quarterly & annual P&L, balance sheet, cash flow, ratios and segments.

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Ownership

Who owns it — and is the promoter stake clean?

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Common questions

Answered from KRN HEAT EXCHANGE N REF L's filed financials and exchange disclosures

What does KRN HEAT EXCHANGE N REF L do?

KRN HEAT EXCHANGE N REF L is listed on NSE and BSE, trading under the symbol KRN.

Is KRN HEAT EXCHANGE N REF L profitable?

Yes. Over the trailing twelve months KRN HEAT EXCHANGE N REF L reported a net profit of ₹97 Cr on revenue of ₹737 Cr.

Does KRN HEAT EXCHANGE N REF L pay a dividend?

Not in the latest reported year — KRN HEAT EXCHANGE N REF L's dividend payout for FY26 was nil.

Is KRN HEAT EXCHANGE N REF L debt-free?

No. It reported borrowings of ₹187 Cr on its 31 Mar 2026 balance sheet, or net debt of ₹177 Cr after cash. Debt stands at 0.33× equity.

How much does the KRN HEAT EXCHANGE N REF L share price move in a day?

On a typical session KRN HEAT EXCHANGE N REF L moves 1.87% — that is the median absolute close-to-close move across its last 267 trading days. MarketPing measures each filing's price reaction against it.

When are KRN HEAT EXCHANGE N REF L's next results?

Financial Results on Thu, 29 Oct. MarketPing alerts you on WhatsApp the moment the filing lands.

Where can I track KRN HEAT EXCHANGE N REF L's announcements?

Every NSE and BSE filing by KRN HEAT EXCHANGE N REF L appears on this page, AI-summarised, alongside the price reaction that followed it. Follow the company to get each new filing on WhatsApp within minutes.

Figures are as last reported and may lag the latest filing. Not investment advice.