What KRN Heat Exchanger does

KRN Heat Exchanger and Refrigeration Limited is an India-based, publicly listed (BSE: 544263) manufacturer of precision-engineered aluminium and copper fin heat exchangers, headquartered in Behror with primary manufacturing in Neemrana, Rajasthan. The company designs and produces thermal management components for data center cooling, commercial HVAC, industrial refrigeration, defense equipment, and bus air-conditioning applications, exporting to 18 countries including the UAE, US, and Germany. Its core technology is precision fin-tube heat exchanger manufacturing using aluminium and copper, with a recent 6x capacity expansion intended primarily to serve hyperscaler data center customers.

The company operates a B2B direct-sales model with no recurring revenue stream; pricing is quote-based for enterprise and government customers, with customers including the Indian Air Force, automotive OEMs, and data center operators. Its go-to-market motion is enterprise field sales, targeting industrial and institutional buyers through direct procurement relationships. Following an October 2024 IPO, KRN completed a Rs 350 crore QIP in June 2026 with anchor investors including Abu Dhabi Investment Authority, VQ Fastercap Fund, and WhiteOak Capital, signaling institutional validation. The business expanded its product surface in October 2025 by acquiring the Bus Air-Conditioning division of Sphere Refrigeration Systems through wholly-owned subsidiary KRN HVAC Products, and inaugurated a new HVAC manufacturing facility in March 2026. FY26 standalone revenue reached Rs 689.95 crore (57.36% YoY growth) with standalone net profit of Rs 71.31 crore (42.11% YoY growth).

Name

KRN Heat Exchanger

Legal name

KRN Heat Exchanger and Refrigeration Limited

Website

https://krnheatexchanger.com

Company type

Public

Founded year

2024

Operating status

Operating

Headcount range

501–1,000 employees

Short description

KRN Heat Exchanger and Refrigeration Limited is a publicly listed Indian manufacturer of precision-engineered aluminium and copper fin heat exchangers for data center cooling, commercial HVAC, defense, and automotive applications, exporting to 18 countries.

Ownership category

akta.pro rank

Product category

Heat Exchangers and HVAC Equipment

NAICS

Power Boiler and Heat Exchanger Manufacturing (33241), Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing (333415)

SIC

Heating Equipment, Except Electric & Warm Air Furnaces (3433)

akta.pro primary industry

Heat Exchangers & Thermal Transfer Equipment (IMAHAKAC)

akta.pro secondary industries

Cooling Systems & Thermal Management (CRAC/CRAH, Chillers, Liquid Cooling) (HDABAKAD), Heat Exchangers, Coils & Hydronic HVAC Components (IMADANAF), Commercial Vehicle Cooling, HVAC & Thermal Management Manufacturing (IMACABAN)

Keywords

• Heat exchangers
• HVAC systems
• Data center cooling
• Thermal management
• Industrial refrigeration

Headquarters

HQ city

Behror

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Heat Exchanger and HVAC Product Sales: KRN Heat Exchanger generates revenue through the manufacture and sale of precision heat exchangers and HVAC products including cooling systems for data centers, bus air-conditioning units, and industrial refrigeration equipment. The company operates on a one-time hardware sales model with no recurring revenue streams.

Go-to-market motion1 record

Distribution channels1 record

Core offering

KRN Heat Exchanger manufactures precision-engineered aluminium and copper fin heat exchangers used for thermal management and cooling. Its products serve data center cooling, commercial HVAC, defense, automotive (bus air-conditioning), and industrial refrigeration customers, with manufacturing concentrated at its Neemrana, Rajasthan facility. Revenue comes from one-time hardware sales rather than recurring contracts.

Product overview

KRN Heat Exchanger and Refrigeration Limited operates as a precision-engineered heat exchanger and HVAC manufacturer. The company produces aluminium and copper fin heat exchangers through its core product line, while its wholly-owned subsidiary KRN HVAC Products Private Limited handles HVAC manufacturing including bus air-conditioning systems (acquired from Sphere Refrigeration Systems). The company serves multiple segments including data center cooling, commercial HVAC, automotive HVAC, and industrial refrigeration, with exports across 18 countries.

Differentiator

Problem solved

Functional benefit

Brands

• KRN HVAC Products: Wholly-owned subsidiary focused on HVAC products manufacturing including bus air-conditioning

Products and services

• Precision Heat Exchangers Precision-engineered aluminium and copper fin heat exchangers used for thermal management in data center cooling, commercial HVAC, defense, and industrial refrigeration applications. The company's core manufactured product line.
• Data Center Cooling Systems Cooling systems and thermal management solutions specifically designed for data center operations, contributing approximately 15% of company revenue and positioned as a key growth driver for hyperscale and enterprise customers.
• Bus Air-Conditioning Systems Bus air-conditioning systems for bus OEMs and fleet operators, manufactured by the wholly-owned subsidiary KRN HVAC Products Private Limited after acquiring Sphere Refrigeration's bus air-conditioning division in October 2025.
• Commercial HVAC and Refrigeration Coils Heat exchangers and coils used for commercial HVAC systems and industrial refrigeration, including water coils, condenser coils, and evaporator coils for climate control and process refrigeration in commercial buildings and industrial facilities.

Quantifiable outcome

• FY26 standalone revenue grew 57.36% YoY to Rs 689.95 crore
• +3 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Sphere Refrigeration Systems Private LimitedcoreStrategic or Co-development Partner · 6 October 2025KRN Heat Exchanger acquired the Bus Air-Conditioning division of Sphere Refrigeration Systems through its wholly-owned subsidiary KRN HVAC Products. All employees from the acquired division were transferred to KRN HVAC, marking KRN's strategic entry into the bus air-conditioning segment.

Scale indicators11 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Vertiv Holdings: Vertiv is a leading global provider of critical digital infrastructure and continuity solutions, including thermal management systems for data centers. Directly comparable to KRN's precision heat exchangers for data center cooling, the segment identified as KRN's primary growth driver.
• Modine Manufacturing: Modine manufactures heat exchangers and thermal management technology for data centers, commercial HVAC, and industrial applications. Closely matches KRN's core product offering in aluminium and copper fin heat exchangers across the same end markets.
• Boyd Corporation: Boyd designs and manufactures engineered thermal management solutions for data centers, EV batteries, and industrial applications. Comparable to KRN in precision thermal solutions for high-density computing environments.
• Kelvion (formerly GEA Heat Exchangers): Kelvion is one of the world's leading manufacturers of heat exchangers serving power, oil & gas, chemical, and HVAC markets. Comparable product portfolio and target customers to KRN's industrial heat exchanger business.
• SPX Technologies (Heat Transfer): SPX Technologies' Heat Transfer segment designs and manufactures heat exchangers and cooling solutions for HVAC, refrigeration, and industrial markets. Direct overlap with KRN's commercial HVAC and refrigeration product lines.
• Subros: Subros is India's largest manufacturer of automotive air conditioning systems and bus HVAC, with a joint venture with Denso. Directly comparable to KRN's newly acquired bus air-conditioning division from Sphere Refrigeration.
• API Heat Transfer (API Basco): API Heat Transfer manufactures a broad range of heat exchangers including shell-and-tube, plate, and air-cooled designs for industrial and HVAC applications. Direct product overlap with KRN's heat exchanger portfolio.

Broad incumbents

• Alfa Laval: Alfa Laval is a global industrial group with a major heat exchanger division serving energy, marine, food, and HVAC markets. Larger, broader portfolio player in the same heat exchange technology category as KRN.

Emerging players

• CoolIT Systems: CoolIT specializes in liquid cooling solutions for AI and high-performance data centers. Emerging specialist player in the same data center thermal management segment that KRN is targeting with its expanded capacity.

Regional players

• Sterling Engineering Heat Exchangers (SHECL): SHECL is an Indian heat exchanger manufacturer serving HVAC and industrial markets domestically. Regional peer in the same Indian heat exchanger market as KRN with overlapping customer base in commercial HVAC and industrial refrigeration.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/krn-heat-exchanger-refrigeration-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about KRN Heat Exchanger