Shree Refrigerations New 50k Sq Ft Plant Inaugurated

Regulatory Filing Details

Subject: Submission of Updated Investor Presentation regarding New Manufacturing Facility

Regulatory Reference: Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

This filing constitutes an updated investor presentation submitted to BSE Limited, issued in continuation of the disclosure made on 26th May 2026, revised to include information relating to the Company's new manufacturing facility. The presentation is proposed to be used during the Company's upcoming investor meeting.

New Manufacturing Facility Details

New Greenfield Expansion Unit: 50,000 sq. ft., expandable to ~100,000 sq. ft.
Location: Not specified in document
Government Support: Supported by 40%-50% subsidy on CAPEX under PSI scheme of Government of Maharashtra
Infrastructure: Unit-1 (~20,000 sq. ft.) for core manufacturing processes; Unit-2 (new unit) for expanded operations
New Capability Additions: Laser Cutting Machine, Paint Shop, Shot Blasting, Recreational Area
Manufacturing Equipment: CNC Laser Cutting, Bending, Drilling & Grooving; SPM for Tube Sheet; Plasma Hole Cutting & Chamfering; SPM for Condenser; Modern Shot Blast & Painting Shop; Robot Welding Stations; Heavy Duty Plate Rolling Machines; VMC, CNC set up; 25m Span 15T Cranes (2 nos)
Purpose: Streamline and accelerate stage-wise inspections by Naval officials, enable greater agility in integration, support timely deliveries aligned with growing defence demand

Company Overview

Shree Refrigerations Limited is India's leading defence-oriented manufacturer of high-performance HVAC System and AC & Ref Plant for mission-critical applications. The company has 30+ years of trusted Indian Navy engagement and is registered across all 3 critical naval segments.

Operational Metrics (as of 31st March 2026):

Team Strength: 345+ employees
Locations: 8 across India (2 Manufacturing & 6 Branch Offices)
Naval Marine Registrations: Multiple approvals including NHQ/DME, NHQ/DNA, NHQ/DEE

Business Model

Manufacturing & Supply: Equipment (New + Retrofit) including Turnkey HVAC & R, AC & Ref Plants, Heat Exchangers, Electrical Control Panels

Spares: Recurring revenue through on-board vessel storage and base depot inventory replenished every 3–5 years

AMC & Life Cycle Services: Preventive + Corrective Maintenance throughout system lifecycle

Installation & Commissioning: On-site execution, training, operations and maintenance handover

Marine HVAC&R Portfolio

Product Range:

Marine HVAC&R Systems (NHQ/DME Approved)
Turnkey HVAC&R for warships and submarines (NHQ/DNA Approved)
Electrical control panels for warships and submarines (NHQ/DEE Approved)
AC Plant: 5 TR to 300 TR (seawater or air-cooled)
Refrigeration Plant: 0.5 TR to 35 TR
Self-Contained Air Conditioner for marine applications
Marinised Split Air Conditioner for maritime environments
Starter & Control Panels for defence applications
AHU/ATU & Fan Coil Units for efficient air distribution

Project Delivery Status:

INS Dhruv (Project VC 11184): AC & Ref Plant with Control Panel - Completed
INS Jalashwa: SCAC with Control Panel - Completed
Brahmaputra Class: AC Plant with Control Panel - Completed
P17A, Nilgiri Class Ships: AC Plant with Control Panel - Completed (06/07 Shipsets Delivered)
P75 Scorpene Submarine (INS Vagsheer): FCU AC Plants with Control Panel - Completed
FPV, Coast Guard (GSL): Turnkey HVAC - Completed (06/08 Shipsets Delivered)
CTS: AC Plant with Control Panel - Completed (03/03 Shipsets Delivered)
Solas Marine: Turnkey HVAC for Tugs - Completed (02/02 Shipsets Delivered)
Fleet Support Ships: AC Plant, HVAC and Ref Plant - Ongoing
FPV Beas: Turnkey HVAC - Ongoing (02/14 Shipsets Delivered)
Shivalik: MCB AC Plant with Control Panel - Ongoing
NGMV: Ref Plant with Control Panel - Ongoing
NGOPV: Turnkey HVAC - Ongoing (03/07 Shipsets Delivered)
Kongsberg: Cooling System for RAS & FAS - Ongoing

Market Outlook & Growth Drivers

Defence Marine Opportunity:

Indian Navy expected to expand to ~230 ships by 2035
Government approvals for projects worth ~₹2.35 lakh crore
Order inflows expected over 2 years horizon
AC/HVAC systems constitute ~1% of project value

Non-Defence Marine Opportunity:

Merchant marine demand: ~437 vessels
Projects worth ~₹1.9 lakh crore being tendered
AC/HVAC share estimated at ~0.5% of project value

Data Centre Cooling Opportunity:

India data centre capacity expected to increase from ~₹9,600 Cr (2024) to ~₹13,000 Cr (2033)
Industry expected to grow at ~10.5% CAGR
DC Cooling systems account for ~12–13% of total project cost
Technology shift toward oil-free magnetic-bearing technology and liquid cooling

Strategic Initiatives

Technology Partnership: Tech Cooperation with Smardt (Canada) for Oil-Free Data Centre Chillers (Agreement signed)

Growth Target: ~40% CAGR for next 3 to 5 years (on base of FY26)

Expansion Plans: Targeting high-potential sectors including Data Center and other rapidly growing industries

R&D Focus: Developing energy-efficient, high-performance systems aligned with market needs

After-Sales Expansion: Comprehensive maintenance and support contracts for long-term system reliability

Financial Highlights (Standalone)

Income Statement (₹ Million):

| Particulars | FY23 | FY24 | FY25 | FY26 |

| Revenue from Operations | 505.8 | 803.1 | 987.3 | 1,535.5 |

| Total expenditure | 386.8 | 561.5 | 717.7 | 1,207.3 |

| COGS | 241.4 | 400.5 | 503.3 | 866.3 |

| Employee benefit expenses | 70.7 | 87.3 | 137.9 | 217.4 |

| Other expenses | 74.6 | 73.8 | 76.5 | 123.7 |

| EBITDA | 119.0 | 241.5 | 269.5 | 328.2 |

| EBITDA Margin (%) | 23.5 | 30.1 | 27.3 | 21.4 |

| Other Income | 3.3 | 11.2 | 3.6 | 15.1 |

| Depreciation | 35.7 | 38.2 | 41.5 | 57.8 |

| EBIT | 86.6 | 214.5 | 231.7 | 285.4 |

| Interest | 39.2 | 40.9 | 44.8 | 37.2 |

| PBT (before exceptional) | 47.4 | 173.6 | 186.9 | 248.2 |

| Prior Period Expenses | - | 0.5 | - | - |

| PBT (after exceptional) | 47.4 | 173.1 | 186.9 | 248.2 |

| Tax | 13.6 | 62.8 | 56.9 | 34.1 |

| Net Profit | 33.8 | 110.3 | 130.0 | 214.0 |

| Net Profit Margin (%) | 6.7 | 13.7 | 13.2 | 13.9 |

| Reported EPS | 1.70 | 5.31 | 5.04 | 6.47 |

Balance Sheet (₹ Million):

| Particulars | FY24 | FY25 | FY26 |

| Shareholders' Funds | 647.4 | 1,182.1 | 2,196.4 |

| Share Capital | 49.0 | 56.1 | 71.3 |

| Reserves & Surplus | 598.4 | 1,125.9 | 2,125.1 |

| Non-Current Liabilities | 60.5 | 117.4 | 62.4 |

| Long-term Borrowings | 24.2 | 108.4 | 59.1 |

| Deferred Tax Liability (Net) | 15.0 | 7.2 | - |

| Long-term Provisions | 0.4 | 1.8 | 3.3 |

| Other Long-term Liabilities | 21.0 | - | - |

| Current Liabilities & Provisions | 540.8 | 587.6 | 740.5 |

| Short-term Borrowings | 314.1 | 360.8 | 335.5 |

| Trade Payables | 123.3 | 170.6 | 270.2 |

| Short-term Provisions | 60.0 | 30.9 | 12.5 |

| Other Current Liabilities | 43.4 | 25.4 | 122.3 |

| Total | 1,248.7 | 1,887.0 | 2,999.3 |

| ASSETS | FY24 | FY25 | FY26 |

| Non Current Assets | 177.8 | 277.3 | 569.0 |

| Property, Plant & Equipment | 48.1 | 175.3 | 215.4 |

| Intangible Assets | 4.8 | 3.0 | 3.8 |

| Capital WIP | 3.4 | 0.6 | 175.5 |

| Non-current Investment | 85.7 | 96.9 | 160.2 |

| Deferred Tax Assets (Net) | - | - | 2.7 |

| Long-term Loans & Advances | 6.0 | 0.6 | 2.5 |

| Other Non-current Assets | 29.8 | 0.7 | 9.1 |

| Current Assets | 1,070.9 | 1,609.8 | 2,430.3 |

| Current Investments | 27.9 | 35.0 | 51.5 |

| Inventories | 322.0 | 474.0 | 547.7 |

| Trade Receivables | 635.7 | 951.6 | 1,054.3 |

| Cash & Cash Equivalent | 9.6 | 59.3 | 575.1 |

| Short-term Loans & Advances | 45.0 | 0.4 | 2.3 |

| Other Current Assets | 30.7 | 89.4 | 199.4 |

| Total | 1,248.7 | 1,887.0 | 2,999.3 |

Order Book Summary

Order Book Position (₹ Million):

Opening Order Book (FY26): 2,154.1
Orders Received (FY26): 2,089.1
Orders Executed (FY26): 1,535.5
Unexecuted Order Book as on 31 March 2026: 2,707.7
Order Book to Revenue Multiple: 1.8x FY26 Revenue