KRN specializes in the manufacturing of fin and tube type heat exchangers, offering a range of products used primarily in the Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC&R) industry. The company’s product portfolio includes:
- Condenser coils
- Evaporator units and coils
- Header/copper parts
- Fluid and steam coils
- Sheet metal parts
These products serve domestic, commercial, and industrial HVAC&R applications. KRN’s business model focuses mainly on B2B operations, providing air conditioning and refrigeration solutions across diverse industries, including:
- Commercial industries: Specializing in cooling solutions for data centers, heat pumps, and similar facilities.
- Transportation industries: Offering air conditioning solutions for buses, truck refrigeration, and metro trains.
KRN has established itself as a key player in the HVAC&R sector, with an impressive client base that includes major domestic and international brands such as: Daikin Air Conditioning, Schneider Electric, Kirloskar Chillers, Blue Star, Carrier, Voltas.
- Domestic sales: 85%
- Export sales: 15%
Objects of the Issue (₹342 Cr):
- Setting up a new manufacturing facility: ₹242 Cr
- General corporate purposes: ₹100 Cr
KRN’s plan to expand capacity by 7x is a significant driver for its long-term growth prospects. The new manufacturing facility, expected to become operational by March-April 2025, Company is coming at PE of 33.5x which looks Pretty Priced in. There is no comparable Listed Peer of the Company to compare with, this could mean that KRN has a unique market position, especially within its niche HVAC&R product segment and its B2B focus in commercial and transportation industries
Home – KRN Heat Exchanger and Refrigeration Limited
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