KRN HEAT EXCHANGER AND REFRIGERATION LIMITED
Current Price
₹1,055.7
As of 20 May 2026
Market Cap
₹6.80K Cr
As of 20 May 2026
6x capacity ramp, three engines, P/E 91x
Report updated: 2026-05-18
KRN HEAT EXCHANGER AND REFRIGERATION LIMITED
India's emerging HVAC&R engineering champion — manufactures heat exchangers, cooling coils, integrated HVAC systems. Founded 2017, IPO'd Oct 2024. 2 facilities at Neemrana (Rajasthan), 12.9M unit annual capacity, 200+ global customers across 14 countries. FY26 consol revenue Rs.600 Cr (+38% YoY), PAT Rs.76 Cr (+45%), EBITDA margin 18.74%. Plant II (KRN HVAC Products subsidiary) inaugurated May 2025 unlocks 6x existing capacity; Sphere Bus AC division acquired Q2 FY26 for entry into Rs.1,000 Cr Bus AC market. Unrated (no CRISIL / ICRA).
Rs.1,151
Share price
Rs.7,359 Cr
Market cap
Rs.600 Cr
FY26 revenue (+38%)
Rs.76 Cr
FY26 PAT (+45%)
91.6x
Trailing P/E
70.78%
Promoter holding
Stock Funda Summary
- KRN Heat Exchanger is an 8-year-old Neemrana-based HVAC&R engineering company — manufactures heat exchangers, cooling coils, microchannels, Bus AC systems and refrigeration components.
- Founded 2017 by Santosh Kumar Yadav (ex-Lloyd Electric, 19-yr veteran).
- IPO'd Oct 2024 at Rs.220 issue, now Rs.1,151 (5x in 19 months).
- FY26 consolidated: Rev Rs.600 Cr (+38%), EBITDA Rs.112 Cr (margin 18.74%, +234 bps), PAT Rs.76 Cr (+45%).
- Plant II (KRN HVAC Products subsidiary) inaugurated May 2025 unlocks 6x capacity = Rs.1,800-2,400 Cr peak revenue
- Sphere Bus AC acquisition Q2 FY26 targets Rs.160 Cr FY27 in Rs.1,000 Cr TAM; data-centre exposure doubled from 7% to 15% in 1 year.
- Three growth engines power FY27-29: Plant II utilisation 20-25% to 50% to 80%, Bus AC ramp, exports 16.57% to 30%.
- PLI + RIPS + Sec 115BAB stack delivers ~6.5% margin uplift from FY27.
- Risks: P/E 91.6x trailing leaves no execution slip room; ops cash flow -Rs.114 Cr FY26 on working-capital build-out; current borrowings jumped 5.8x to Rs.187 Cr; company is unrated (AR FY25 disclosure: NA); top 10 customers = 80% revenue.
- CFO transition 14-15 May 2026 was a planned internal handover (predecessor stays as Senior Mgmt). 99% of IPO proceeds utilised.