Financial Performance Highlights
Half Year Performance (H2FY26 vs H2FY25)
- Revenue from Operations: ₹1,031.6 Mn (vs ₹477.6 Mn) - 116.0% YoY growth
- EBITDA: ₹271.6 Mn (vs ₹115.1 Mn) - 136.0% YoY growth
- EBITDA Margin: 26.3% (vs 24.1%)
- Net Profit: ₹199.2 Mn (vs ₹46.8 Mn) - 325.5% YoY growth
- Net Profit Margin: 19.3% (vs 9.8%)
Full Year Performance (FY26 vs FY25)
- Revenue from Operations: ₹1,535.5 Mn (vs ₹987.3 Mn) - 55.5% YoY growth
- EBITDA: ₹328.2 Mn (vs ₹269.5 Mn) - 21.8% YoY growth
- EBITDA Margin: 21.4% (vs 27.3%)
- Net Profit: ₹214.0 Mn (vs ₹130.0 Mn) - 64.7% YoY growth
- Net Profit Margin: 13.9% (vs 13.2%)
Strategic Initiatives and Operational Performance
H1FY26 Strategic Investments
The Company undertook significant investments to strengthen its HVAC execution platform and build long-term scalability, including:
- Significant investments in HVAC execution capabilities
- Expansion of execution and project management teams
- Increased onsite manpower deployment to support new projects
- Strengthening of execution infrastructure and operational bandwidth
H2FY26 Execution-led Growth
The strategic investments made in H1FY26 began yielding strong results in H2FY26:
- Expanded execution platform contributed meaningfully to project delivery
- Higher execution capacity enabled faster project completion
- Revenue growth exceeded 100% YoY and HoH in H2FY26
- Improved operating leverage supported margin expansion
Key Operational Metrics
- Working Capital Cycle: Improved from ~570 days (FY25) to ~370 days (FY26)
- Closing Order Book (31 March 2026): ₹2,707.7 Mn, approximately 1.8x of FY26 revenue
- EBITDA Margin Guidance Achievement: FY26 EBITDA margins achieved the guided range of 20%–22%
Business Outlook and Growth Strategy
The Company remains focused on:
- Strengthening presence in defence-oriented cooling and HVAC&R systems
- Expanding into high-growth segments and emerging markets such as data centres
- Leveraging strengthened execution platform and healthy order book for scalable growth
- Sustaining growth momentum through improving execution capabilities and operating leverage
Management Commentary
Mr. Ravalnath Shende, Chairman & Managing Director, commented:
- FY26 marks an important inflection point in the growth journey
- Strategic investments in execution capabilities delivered strong results in H2FY26
- H2FY26 achieved revenue growth of over 100% on both YoY and HoH basis
- EBITDA margins improved to 27% [Note: discrepancy with reported 26.3% in table] in H2FY26
- Working capital cycle improved substantially from ~570 days (FY25) to ~370 days (FY26)
- Closing order book at nearly 2.0x of FY26 revenue [Note: discrepancy with reported 1.8x in text]
- Company remains confident about sustaining strong growth momentum
Company Business Profile
Shree Refrigerations Limited is a leading Indian manufacturer of high-performance Refrigeration, Cooling, and HVAC systems with:
- Deep domain expertise in defence-oriented applications
- End-to-end in-house capabilities for mission-critical applications
- Offerings encompass design, engineering, manufacturing, installation, and commissioning
- Focus on complex projects requiring reliability and precision in demanding environments
Additional Information
- Press release available on company website: www.shreeref.com
- Investor contact: investor@shreeref.com
- Investor relations managed by KAPTIFY Consulting (contact@kaptify.in)
- Document contains forward-looking statements with appropriate risk disclosures