KRN Heat Exchanger & Refrigeration Ltd. (KRN.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-165.6%

-₹679.46

vs ₹1,035.50 price

Levered DCF

-₹962.12

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

11.83

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	72.49×	88.63×	56.66×	69.09×	210.92×	648.26×	586.57×
P/B	9.66×	9.4×	17.13×	37.47×	87.41×	187.53×	251.64×
P/S	9.24×	10.92×	7.24×	9.02×	14.31×	29.13×	25.12×
EV / EBITDA	46.65×	57.6×	36.91×	44.31×	120.44×	290.59×	337.27×
Gross margin	31.4%	23.6%	26.0%	25.7%	16.8%	17.0%	12.7%
Operating margin	15.6%	15.8%	18.1%	19.1%	9.7%	10.5%	8.2%
Net margin	12.7%	12.3%	12.8%	13.1%	6.8%	4.5%	4.3%
Current ratio	1.64×	4.52×	1.66×	1.61×	1.28×	0.84×	1.19×
Debt / equity	0.33×	0.07×	0.67×	0.62×	0.87×	1.42×	0.72×
Interest coverage	15.88×	24.15×	21.27×	19.96×	12.93×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.3%	10.6%	30.2%	54.2%	41.5%	28.9%	42.9%
Return on invested capital	9.6%	9.0%	18.0%	34.5%	22.1%	20.2%	37.7%
Return on assets	8.2%	8.9%	15.3%	21.7%	11.4%	6.4%	10.6%
Free cash flow yield	-6.5%	-2.7%	-2.4%	-0.4%	0.1%	-0.5%	0.2%
Earnings yield	1.4%	1.1%	1.8%	1.4%	0.5%	0.2%	0.2%
Enterprise value	₹57.2B	₹47.1B	₹23.1B	₹22.6B	₹22.5B	₹22.3B	₹21.1B
Net debt / EBITDA	1.45×	0.28×	1.23×	0.57×	0.9×	2.13×	0.14×
Cash conversion cycle (days)	208	129	143	72	21	-8	-12