KRN Heat Exchanger
MAINBOARD
Listed
Price Band
₹209 - ₹220
Lot Size
65 Shares
Issue Size
₹341.95 Cr
Fresh Issue
₹341.95 Cr
OFS
Nil (100% Fresh)
Registrar
Bigshare Services Private Limited
AI Sentiment Score
Listing Price
₹478.79
vs Issue: ₹220 (+117.63%)
📅 IPO Timeline
✓
Open
Sep 25, 2024
✓
Close
Sep 27, 2024
✓
Allotment
Sep 30, 2024
✓
Refund
Oct 1, 2024
✓
Demat
Oct 1, 2024
✓
Listing
Oct 3, 2024
📈 Grey Market Premium (GMP) Trendline
Daily consensus GMP movement (₹) recorded across market sources
✨ AI Analysis & Prediction
🔒 Final Reconciled Estimate
Locked post-listing with actual debut performance
KRN Heat Exchanger displays an established operational footprint with expanding revenue streams (39.8% CAGR) and a defensible value proposition.
💪 Strengths
- Demonstrated operational revenue trajectory with resilient top-line growth (39.8% CAGR).
- Established customer relationships and market position across target industry sectors.
- Sound operational capital returns with Return on Capital Employed (ROCE) at 16.0%.
⚠️ Weaknesses
- Exposure to input cost fluctuations and broader macroeconomic supply chain cycles.
- Working capital requirements to support continuous capacity expansion.
- Competitive landscape from both established incumbents and specialized regional players.
🚀 Opportunities
- Industry tailwinds from rising domestic capex and infrastructure spending.
- Operating leverage potential allowing margin expansion as manufacturing utilization rises.
- Geographic diversification and entry into higher-margin specialized product lines.
🛡️ Threats
- Sectoral regulatory shifts and evolving statutory compliance requirements.
- Aggressive pricing actions by domestic competitors impacting gross margins.
- Broader market equity volatility and liquidity fluctuations.
📊 Financial Overview & Growth Trajectory
Multi-year operational scale & net profitability trajectory
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue (₹ Cr) | Rs 307.00 Cr | Rs 430.00 Cr | Rs 600.00 Cr |
| Net Profit / PAT (₹ Cr) | Rs 39.00 Cr | Rs 53.00 Cr | Rs 76.00 Cr |
| EBITDA / Op. Profit (₹ Cr) | Rs 59.00 Cr | Rs 70.00 Cr | Rs 112.00 Cr |
| Borrowings (₹ Cr) | Rs 87.00 Cr | Rs 33.00 Cr | Rs 187.00 Cr |
| Total Assets (₹ Cr) | Rs 257.00 Cr | Rs 595.00 Cr | Rs 932.00 Cr |
| ROE % | 0.00% | 0.00% | 0.00% |
| ROCE % | 16.00% | 16.00% | 16.00% |
| Debt / Equity | 0.00 | 0.00 | 0.00 |
Company P/E
98.5x
Industry P/E
113.3x
Debt/Equity
0.33
⚖️ Valuation Benchmark Range
🟢 Attractively Priced vs Industry Peers
Industry 113.3x
IPO 98.5x
0x (Deep Value)
153x (High Multiple)
📋 Live Subscription Status
QIB
253.04x
NII
445.31x
Retail
98.29x
Total
214.42x
🎯 Retail Allotment Probability
1% Odds
1 in 98.3 chance (~1% probability per PAN)
SEBI Rule: Under SEBI lottery allotment rules, applying for multiple lots under Retail does NOT increase your lottery odds. All valid retail applicants have identical 1-lot odds per PAN.
Updated: Sep 12, 2026 2:42 PM
💼 Issue Structure & Reservation Quota
Capital Structure
₹342.0 Cr
Issue Size
Fresh (100%)
Reservation Quota
100%
Allocation
QIB (50%)
NII (15%)
Retail (35%)
QIB
50.00%
Retail
35.00%
NII
15.00%
🔗 Important Links & Lead Managers
- SEBI Filings (DRHP)View on SEBI →
- SEBI Filings (RHP)View on SEBI →
Disclaimer: The information provided on this page is for educational and informational purposes only and does not constitute financial advice. IPO investments are subject to market risks. AI-generated analysis is based on publicly available data and may not be accurate. Grey Market Premium (GMP) is unofficial and highly speculative. Always consult a qualified financial advisor and read the DRHP/RHP carefully before making investment decisions.