KRN Heat Exchanger and Refrigeration Ltd — Cyborg Score 7/10
Strong
HVAC & Refrigeration Heat Exchanger Manufacturing
Strategic Profile
KRN exports a minimum of 33% of its production worldwide, serving major OEM clients including Daikin, Blue Star, and Kirloskar. The company raised ₹341.9 crore through a fresh equity issuance in September 2024, and in FY 2025 commissioned a new Kolila Plant at Neemrana, Alwar and formed a subsidiary company for advanced HVAC&R testing and training facility. The company is experiencing strong momentum with rapid scale-up and factory expansion supporting growth in an expanding thermal solutions market.
Cyborg Score Rationale
The company has seen consistent increase in revenue from operations and profit after tax over the past few years. However, the company's revenue significantly depends on a single customer, Daikin Airconditioning India, which contributed 33.34% of consolidated revenue in FY24. The top 10 customers accounted for 72.31% of FY24 consolidated revenue.
Top Insights
Remarkable IPO trajectory: went public within 7 years of founding (September 2024), one of India's fastest manufacturing company listings
Customer concentration: Daikin represents ~33% of revenue; top 10 customers represent ~72% of revenue—significant diversification opportunity
Capacity expansion underway: new Kolila Plant commissioned in FY2025 at Neemrana, Alwar; subsidiary Thermotech Research Lab created for testing and training
Strong export footprint: 33%+ of production exported globally; clients span major OEMs in HVAC, automotive, refrigeration, power sectors
Named Competitors
HVAC Coils & Heat Exchangers — Global HVAC and refrigeration equipment manufacturer; KRN's largest customer
Chillers & Thermal Solutions — Indian HVAC and refrigeration equipment OEM
Industrial Cooling Components — Indian manufacturer of industrial equipment including refrigeration chillers
Heat Exchanger Systems — Indian heat exchanger and thermal solution manufacturer
Recent Developments
(September 2024) Completed IPO with fresh issuance of 1.55 crore shares, raising ₹341.9 crore
(FY 2025) Commissioned new Kolila Plant at Neemrana, Alwar
(FY 2025) Formed subsidiary Thermotech Research Laboratory Private Limited for advanced testing and training
(March 2026) Updated company website emphasizing global presence and modern manufacturing
Open the full interactive KRN Heat Exchanger and Refrigeration Ltd report
Strategic research, analyst-debate audio, full Cyborg Score breakdown across 11 dimensions, and saved-company audio playlists.