Koolking Industries India IPO

Koolking Industries India Limited has filed a Draft Red Herring Prospectus with the Securities and Exchange Board of India on September 25, 2026, to raise funds through an Initial Public Offering.

Koolking Industries India Limited Initial Public Offering is a Book Built Issue consisting of a fresh issue of ₹300 crores and an offer for sale of up to 30.50 lakh equity shares.

The equity shares are proposed to be listed on NSE and BSE. Keynote Financial Services Limited is the Book Running Lead Manager, and Kfin Technologies Limited is the Registrar to the Issue. Key details such as the Initial Public Offering dates, price band, and lot size are yet to be announced.

About Koolking Industries India Limited

Koolking Industries India Limited was incorporated in 2008 and commenced operations in the copper and brass heating, ventilation, and air-conditioning components business in 2009. Over the years, the company has evolved from a single-unit manufacturer into a diversified supplier of heating, ventilation, and air-conditioning components, with a presence across multiple manufacturing locations in India.

The company is engaged in the manufacturing and supply of brass and copper heating, ventilation, and air-conditioning components for commercial and residential air conditioners, including window air conditioners and split air conditioners, as well as the refrigeration industry. Its product portfolio spans four business verticals: indoor unit components such as U-bends, evaporator inlet and outlet tubes and sockets; outdoor unit components such as suction tubes, condenser inlet and outlet tubes, C-bends, and discharge tubes; other heating, ventilation, and air-conditioning components such as brass flare nuts and dead nuts; and refrigeration components such as refrigeration lines.

Koolking Industries operates five manufacturing facilities across Punjab, Uttar Pradesh, Rajasthan, and Andhra Pradesh. The company serves a diversified customer base comprising large original design manufacturers of air conditioners across different specifications, energy ratings, and refrigerant types. It has established long-standing relationships with major customers including Daikin Airconditioning India Private Limited, Amber Enterprises India Limited, KRN Heat Exchanger and Refrigeration Limited. Revenue from repeat customers accounted for more than 95% of revenue from operations in each of the last three financial years.

Koolking Industries has a strong presence in the Indian heating, ventilation, and air-conditioning components industry, with supply relationships with eight of the top ten heating, ventilation, and air-conditioning manufacturers in the country. The company had a 15% share of its total addressable market in Fiscal 2026, while the total addressable market for its current and proposed products is expected to grow from approximately ₹34,800 million in Fiscal 2026 to ₹83,500 million in Fiscal 2030, representing a compound annual growth rate of 24.46%.

The company has developed in-house new product development capabilities at each of its manufacturing facilities, supported by a dedicated team that works on designing, validating, testing, and approving new components before mass production. Its manufacturing facilities hold ISO 45001:2018, ISO 14001:2015, and ISO 9001:2015 certifications, while the company has also received supplier ratings and customer recognitions from leading customers for quality, customer support, and business association.

Industry Outlook

• The Indian air-conditioner market grew from approximately ₹16,218.1 crore in FY21 to ₹37,466.0 crore in FY26, indicating strong expansion in the domestic cooling market.
• Air-conditioner household penetration increased from 6% in 2019 to 10% in 2024 but remains below penetration levels in several developing and developed economies, leaving significant headroom for future adoption.
• The Indian air-conditioner and refrigerator components industry is projected to grow from ₹45,500.8 crore in FY26 to ₹63,104.2 crore by FY30, implying a CAGR of approximately 8.5%.
• Indian air-conditioner market volumes are estimated to rise from 12.8 million units in FY27 to 16.7 million units by FY30, representing a CAGR of 9.3%, supporting sustained demand for HVAC components.
• The shift towards inverter-based, energy-efficient appliances and environmentally friendly refrigerants is increasing the complexity and value of components used per unit, creating opportunities for organised component manufacturers.
• Rising urbanisation, nuclear households, disposable incomes, and increasing adoption of air conditioners and refrigerators across residential, commercial, and industrial segments are expected to provide a volume-led growth base for the components industry.
• Government policies promoting localisation and import substitution are encouraging domestic manufacturing and reducing dependence on imported components. Increasing domestic sourcing is also supported by shorter lead times, lower logistics costs, and improved supply-chain reliability.
• OEMs and original design manufacturers are increasingly rationalising their vendor base and favouring organised suppliers with strong engineering capabilities, quality systems, and the ability to meet stringent specifications, creating opportunities for established manufacturers.
• Proximity to OEM manufacturing facilities is becoming an important competitive factor, as suppliers located near manufacturing clusters can offer shorter turnaround times, lower logistics costs, reduced inventory requirements, and better supply-chain coordination.
• Replacement demand, expanding cold-chain infrastructure, and growth in commercial refrigeration are expected to broaden the end-use market beyond residential cooling appliances, supporting additional demand for refrigeration and HVAC components.

Koolking Industries India IPO Objectives

The company proposes to utilise the net proceeds from the IPO for the following objectives:

• Funding capital expenditure towards the proposed projects.
• Funding capital expenditure towards the purchase of new machinery and equipment at the existing manufacturing facilities.
• Funding the working capital requirements of the company.
• Towards general corporate purposes.

Financial Performance of Koolking Industries India Limited

Koolking Industries India Limited Peer Details Comparison