KRN Heat Exchanger | Business Upturn

KRN Heat Exchanger subsidiary commences commercial production at new bus AC division in Rajasthan

Aman Shukla — Wed, 15 Oct 2025 11:21:44 +0000

KRN Heat Exchanger Ltd has officially announced the commencement of commercial production and operations at the Bus AC Division of its wholly owned subsidiary, KRN HVAC Products Pvt. Ltd., effective October 15, 2025. The new facility is situated at Plot No. SP1-24, RIICO Industrial Area, Kolila Joga, Neemrana, Alwar, Rajasthan, a key industrial hub known for its strong manufacturing ecosystem.

The plant will primarily focus on the production of heat exchangers and advanced HVAC systems, catering to the growing demand in the automotive, industrial, and commercial air-conditioning sectors. This expansion represents a significant step forward in KRN Heat Exchanger’s long-term growth strategy, as it aims to strengthen its product portfolio and enhance operational efficiency through localized production.

The successful start of commercial operations at the Bus AC Division is expected to boost the company’s manufacturing capacity, reduce lead times, and support the development of innovative, energy-efficient thermal management solutions.

KRN Heat Exchanger acquires Bus Air-Conditioning division from Sphere Refrigeration System

Aman Shukla — Mon, 06 Oct 2025 11:39:37 +0000

KRN Heat Exchanger and Refrigeration Limited has taken a significant step to strengthen its position in the HVAC sector through its wholly owned subsidiary, KRN HVAC Products Private Limited. The Board of Directors of KRN HVAC approved the signing of a Business Transfer Agreement with Sphere Refrigeration Systems Private Limited (SRSPL), under which the Bus Air-Conditioning division previously managed by SRSPL will be transferred to KRN HVAC.

With this strategic acquisition, all operations, employees, and management of the Bus Air-Conditioning division will integrate into KRN HVAC. The move is expected to enhance revenues, improve profitability, and reinforce KRN Heat Exchanger’s presence in the competitive HVAC and refrigeration industry. Employees and promoters of the division at SRSPL will continue in their roles under KRN HVAC, ensuring a smooth transition and continuity of operations.

This transaction does not involve any issuance of shares, nor does it impact the management or control of KRN Heat Exchanger. It is not a related-party transaction, and no additional restrictions or liabilities are imposed on the company. The acquisition reflects KRN Heat Exchanger’s commitment to expanding its product portfolio and delivering innovative solutions for bus air-conditioning and related services.

By leveraging the expertise and established operations of SRSPL, KRN HVAC is well-positioned to strengthen its market capabilities and drive sustainable growth.

KRN Heat Exchanger and Refrigeration shares surge nearly 6% on PLI scheme announcement

Aditya Bhagchandani — Mon, 20 Jan 2025 07:04:08 +0000

KRN Heat Exchanger and Refrigeration Ltd witnessed a sharp rise in its stock price, climbing 5.43% to ₹794.40 during the day. The surge comes after the Ministry of Commerce & Industry revealed the selection of 24 companies under the third round of the Production Linked Incentive (PLI) scheme for white goods, including air conditioners (ACs) and LED lights.

PLI Scheme Details:

The government’s PLI scheme for white goods aims to boost domestic manufacturing, reduce imports, and increase exports in key sectors such as air conditioning and LED lighting. The initiative has garnered committed investments of ₹3,516 crore from the selected companies in its third round.

KRN Heat Exchanger and Refrigeration Ltd has committed an investment of ₹140 crore under the scheme, reflecting its ambition to expand its production capabilities and enhance competitiveness in the market.
Other Participants:
- Ram Ratna Wire: Committed an investment of ₹250 crore.
- Voltas: Committed an investment of ₹250 crore.

Major Highlights:

Total Committed Investment:
- ₹3,516 crore from 24 selected companies.
- 18 new beneficiaries committed ₹2,299 crore.
- 6 existing beneficiaries pledged an additional ₹1,217 crore.
Top Investors:
- Ram Ratna Wires Ltd: ₹253 crore.
- KRN HVAC Products Pvt Ltd: ₹141.72 crore.
- Voltas Components Pvt Ltd: ₹256.73 crore.
Production Impact:
- Expected to generate investments worth ₹10,478 crore across all rounds of the PLI scheme for White Goods.
- Estimated to result in a production output worth ₹1.72 lakh crore during the scheme’s duration.

Market Performance:

Previous Close: ₹753.45
Current Price: ₹794.40 (+5.43%)
Day Range: ₹749.80 – ₹800.00
Year Range: ₹402.10 – ₹879.95
Market Cap: ₹48.17 billion

KRN Heat Exchanger & Refrigeration’s market cap surges by ₹1,119 crore this week – Know More

Aditya Bhagchandani — Sun, 10 Nov 2024 10:08:36 +0000

KRN Heat Exchanger & Refrigeration Ltd’s stock price saw a substantial increase this week, closing at ₹588.05 on Friday, marking a 30.84% rise from Monday’s close of ₹450.25. This impressive gain added approximately ₹1,119 crore to the company’s market capitalization, reflecting strong investor confidence in the wake of its robust Q2 FY25 financial results.

KRN Heat Exchanger, a leading manufacturer in the HVAC&R industry, reported standalone revenues exceeding ₹100 crore for the recent quarter. Known for its expertise in aluminium and copper heat exchangers, the company experienced a 39% year-on-year revenue increase, driven by growing domestic and international demand.

For Q2 FY25, the company’s consolidated revenue growth stood at 28.41%, while net profit surged by 43% year-on-year, reaching ₹12.37 crore compared to ₹8.65 crore in the same period last year. The EBITDA margin also improved by 124 basis points, now standing at 21.34%, showcasing the company’s focus on operational efficiency.

A breakdown of KRN Heat Exchanger’s revenue by geography shows that domestic sales contributed 80.89% (₹73.69 crore), while international sales accounted for 19.11% (₹17.40 crore), highlighting balanced growth across both markets.

KRN Heat Exchanger shares surged over 30% this week – Check out the reason

Aditya Bhagchandani — Sat, 09 Nov 2024 06:58:22 +0000

KRN Heat Exchanger & Refrigeration Ltd’s stock price has surged by an impressive 30.84% this week, closing at ₹588.05. The stock has shown consistent growth in the wake of its strong Q2 FY25 financial results.

KRN Heat Exchanger, a leading manufacturer in the HVAC&R industry, saw its standalone revenues exceed ₹100 crore in the recent quarter. Known for its aluminium and copper heat exchangers, the company experienced a 39% year-on-year revenue increase, driven by domestic and international demand.

For Q2 FY25, consolidated revenue growth stood at 28.41%. The company also reported a substantial year-on-year net profit increase of 43%, reaching ₹12.37 crore, up from ₹8.65 crore in the same period last year. EBITDA margins improved by 124 basis points, now standing at 21.34%.

A breakdown of KRN Heat Exchanger’s geographic revenue split for Q2 FY25 reveals that domestic sales contributed 80.89% (₹73.69 crore), while international sales contributed 19.11% (₹17.40 crore), showcasing a balanced growth across markets.

Nifty 50 Performance
Meanwhile, the Nifty 50 index has declined by 3.74% this month, reflecting broader market caution amidst KRN Heat Exchanger’s strong performance.

KRN HEAT EXCHANGE N REF L Share Price history

Day	Open	Close	Change %
Fri, Nov 8 2024	₹577.05	₹588.05	-0.81%
Thu, Nov 7 2024	₹565.45	₹592.85	+10.30%
Wed, Nov 6 2024	₹455.00	₹537.50	+19.99%
Tue, Nov 5 2024	₹450.20	₹447.95	-0.51%
Mon, Nov 4 2024	₹466.90	₹450.25	-3.76%
Fri, Nov 1 2024	₹455.50	₹467.85	+3.66%
Thu, Oct 31 2024	₹458.00	₹451.32	-1.03%
Wed, Oct 30 2024	₹455.00	₹456.03	-0.11%

KRN Heat Exchanger IPO debuts at ₹480 with over 118% gains on listing

Aditya Bhagchandani — Thu, 03 Oct 2024 04:30:34 +0000

The initial public offering (IPO) of KRN Heat Exchanger and Refrigeration saw strong demand during its bidding period from September 25 to 27. The listing date for KRN Heat Exchanger IPO is today, October 3.

According to a notice on BSE:
“Trading Members of the Exchange are hereby informed that effective from Thursday, October 3, 2024, the equity shares of KRN HEAT EXCHANGER AND REFRIGERATION LIMITED shall be listed and admitted to dealings on the Exchange in the list of ‘B’ Group of Securities.”

Listing Highlights

Issue Price: ₹220.00 per share
Retail Lot Size: 65 shares
Listing Price:
- BSE: ₹470.00
- NSE: ₹480.00
Profit Per Lot:
- BSE: ₹16,250
- NSE: ₹16,900

The IPO listing recorded a substantial gain of 118%, with the shares delivering high returns to investors.

KRN Heat Exchanger IPO GMP

Ahead of the listing, the Grey Market Premium (GMP) for KRN Heat Exchanger IPO stood at ₹243 per share, as per stock market analysts. This suggests the shares were trading at a premium of 110% over their issue price in the grey market.

KRN Heat Exchanger IPO Details

KRN Heat Exchanger and Refrigeration Ltd specializes in the manufacturing of fin and tube-type heat exchangers. The IPO opened on September 25 and closed on September 27. The IPO allotment was finalized on September 30, and the shares are listed on BSE and NSE.

Total Raised: ₹341.95 crore
Issue Size: Entirely a fresh issue of 1.55 crore equity shares
Price Band: ₹209 to ₹220 per share

The company aims to use the net proceeds to invest in its wholly-owned subsidiary, KRN HVAC Products Pvt Ltd, for establishing a new manufacturing facility and general corporate purposes.

Subscription Details

KRN Heat Exchanger IPO was oversubscribed 213.41 times in total:

Retail Category: 96.74 times
Qualified Institutional Buyers (QIB): 253.04 times
Non-Institutional Investors (NII): 430.54 times

The public issue received a total of 214.42 times subscription, indicating high investor interest. The book-running lead manager for the IPO is Holani Consultants Private Limited, while Bigshare Services Pvt Ltd is the registrar.

THIS Rs 342 crore IPO got fully subscribed within 20 minutes of opening

Aditya Bhagchandani — Wed, 25 Sep 2024 05:14:41 +0000

The KRN Heat Exchanger IPO, aiming to raise ₹342 crore, opened for subscription on Wednesday, September 25, and was fully subscribed within 20 minutes. Ahead of the IPO, the company raised ₹100.10 crore from 10 anchor investors, allocating 45.5 lakh equity shares at ₹220 per share. The IPO, a fresh issue of 1.55 crore shares with no offer for sale (OFS) component, will remain open until Friday, September 27.

By 10:30 am on the first day, the IPO had been subscribed 2.37 times overall, with the retail portion subscribed 2.37 times and non-institutional investors subscribing 4.86 times. The Qualified Institutional Buyer (QIB) category had not yet seen any subscriptions.

The price band for the IPO is set at ₹209-220 per share, with a minimum lot size of 65 shares, requiring retail investors to bid at least ₹14,300. The company expects to use the proceeds to invest in its subsidiary KRN HVAC Products to establish a manufacturing facility in Neemrana, Rajasthan, with additional funds allocated for general corporate purposes.

KRN Heat Exchanger, which manufactures components for the HVAC and refrigeration industries, has shown strong financial growth, with profits rising from ₹11 crore in FY22 to ₹39 crore in FY24. The company’s shares are expected to list on the BSE and NSE on Thursday, October 3.