Shree Refrigerations Ltd

BSE: 544458

₹ 328.3-2.32%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,175 crNext results: 28 Oct 2026Website: www.shreeref.comUpdated: 24 Oct 2026

About

Shree Refrigerations Ltd makes HVAC and air-conditioning systems for naval and marine vessels at its plants in Karad. It also runs a turnkey HVAC business and is moving into data centre cooling. FY26 revenue was 153.55 (Rs Cr), and the order book stood at INR 2,707.7 Mn at 31 March 2026. Management says it wins 50%+ of naval HVAC orders in a market of three to four players.^[1][2][3][4]

Order book and inflows

Unexecuted order book was INR 2,707.7 Mn at 31 March 2026, up from an opening INR 2,154.1 Mn. That is 1.8x FY26 revenue.^[4][2]
Orders received in FY26 were INR 2,089.1 Mn, against INR 1,535.5 Mn executed.^[2]
AC Plant orders (INR 1,596.9 Mn) were the largest part of the order book at 31 March 2026.^[4]
Bid pipeline to March 2027 was about INR 800 cr in naval plus about INR 200 cr in non-naval marine, as of Q2 FY26.^[3]

Products and business mix

Spares made up about 8% of revenue in FY26, down from about 40% the year before.^[3]
The company began winning turnkey HVAC orders in H1 FY26. In Q4 FY26, management described turnkey HVAC as a scalable growth vertical.^[3][4]
The company plans to expand its after-sales and AMC lifecycle service contracts.^[4]

Market position and customers

Management says it wins 50%+ of naval HVAC orders in a market of three to four players. A company deck puts its share of new orders at about 80%.^[3]
Management expects Navy orders over a 2-year horizon from about INR 2.35 lakh crore of approved projects.^[4]
The company is pursuing non-defence merchant marine: about 437 vessels, with HVAC at about 0.5% of project value.^[4]

Manufacturing operations

Karad Unit 1 is about 20,000 sq ft. In Q2 FY26 the company rented an extra 20,000 sq ft to meet H2 deliveries.^[2][3]
Headcount rose to 323 in H1 FY26 from 247, to handle onsite execution.^[3]
Roughly 70% of deliveries fall in the second half of the year, set by customer delivery schedules (as of Q2 FY26).^[3]

Expansion and capex

Karad Unit 2, a greenfield plant of about 50,000 sq ft, was inaugurated by Q1 FY27. It can be expanded to about 1,00,000 sq ft.^[2]
Unit 2 adds laser cutting, a paint shop and shot blasting. The Maharashtra PSI scheme subsidises 40%-50% of its capex.^[2]

Data centre cooling

The company signed a technology cooperation agreement with Smardt (Canada) for oil-free data centre chillers. The agreements were formally exchanged on September 9, 2025.^[5][2]
As of Q2 FY26 the Smardt business ran on commission plus service, with an enquiry book but no orders. Major revenue is expected from FY28.^[3]

Recent operating changes

The working capital cycle improved to about 370 days in FY26 from about 570 days in FY25, and operating cash flow turned positive.^[2]
H2 FY26 revenue was INR 1,031.6 Mn, up 116% YoY.^[4]

Market Cap

₹1,175 Cr

High / Low

₹439 / 161

Stock P/E

55.8

Price / Book

0.0

Book Value

₹61

EPS

₹6.0

No. of Shares

3.56 Cr

ROCE

11.3%

ROE

10.0%

OPM

18.4%

Debt / Equity

0.17

Sales

₹154 Cr

Net Profit

₹22 Cr

Promoter holding

44.6%

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