KRN Heat Exchangers: Priced for Perfection or Just Hot Air?
At a Glance In five years, KRN Heat Exchanger & Refrigeration Ltd has grown standalone revenues from ₹76 Cr (FY21) to ₹431 Cr (FY25), a 40 % CAGR, while PAT climbed from ₹2 Cr to ₹50 Cr. ROCE stands at 20.7 % and net debt is negligible. At a steep P/E of 110×, fair value is ₹150–200.
Introduction with Hook Imagine air conditioners whispering “ice-cold bliss” on scorching July afternoons—that’s KRN’s world. From humble Copper tubes to bespoke fin-and-tube heat exchangers for HVAC and refrigeration, they’ve ridden India’s cooling boom. But at ₹887 a share, investors must decide: are they buying durable engineering genius or paying for overheated expectations?
Business Model (WTF Do They Even Do?)
Design & Manufacture: Fin-and-tube heat exchangers used in HVAC, refrigeration, process cooling.
