KRN Heat Exchanger is turning a Neemrana facility into a nearly sixfold larger operation—from about one million units a year to almost six million—to chase AI data center cooling and export demand.
Incorporated in 2017 and based in Neemrana, Rajasthan, KRN designs and builds precision heat exchangers, cooling coils, and heating, ventilation, air conditioning, and refrigeration systems for original equipment manufacturers.
KRN sits at the intersection of three tailwinds: surging commercial cooling, manufacturers shifting supply chains beyond China, and AI data centers that need precision liquid cooling.
Funded by the October 2024 initial public offering and a ₹350 crore June 2026 qualified institutional placement, the 600,000 square foot Neemrana plant lifts capacity from roughly one million units to nearly six million and could generate peak revenue above ₹2,000 crore.
First-quarter fiscal 2027 group revenue reached ₹252.32 crore, up 118.87% year-on-year, with exports growing 177% to ₹52.37 crore and domestic revenue up 107.42% to ₹199.94 crore.
Exports have grown to over 15% of total revenue, with management targeting 30–35%. In the first half of fiscal 2026, the largest export markets were UAE, USA, Canada, and Italy, led by UAE at 47.43%.
First-quarter fiscal 2027 consolidated revenue of ₹252.32 crore grew 118.87% year-on-year, from ₹115.28 crore. This is the clearest sign the new export-heavy mix is translating into scale.
Operating profit (EBITDA) rose 178.85% to ₹49.06 crore, lifting the EBITDA margin 418 basis points to 19.44%. Profit after tax climbed 164.84% to ₹32.90 crore, with earnings per share at ₹5.20.
Growth consumes cash: gross current assets run 340–350 days, inventory 200–210 days, debtor days above 100. The stock trades above 100x trailing earnings, leaving little room for execution delays.
KRN is a Make in India thermal platform riding AI cooling, exports, and domestic refrigeration. The full article details its financial architecture, governance, customers, and the execution risks behind the premium valuation.
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