Financial Performance Highlights (H1 FY27 vs H1 FY26)

  • Revenue from Operations: ₹93.2 Cr (vs ₹50.4 Cr) - 84.9% YoY growth
  • EBITDA: ₹12.7 Cr (vs ₹5.7 Cr) - 123.6% YoY growth
  • EBITDA Margin: 13.6% (vs 11.2%) - +235 bps improvement
  • Net Profit: ₹6.8 Cr (vs ₹1.5 Cr) - 360.9% YoY growth
  • Net Profit Margin: 7.3% (vs 2.9%) - +438 bps improvement

Operational Highlights

  • Unexecuted order book as of 30 September 2026: ₹198.9 Cr, representing approximately 1.3x of FY26 revenue

Awards and Recognition

  • Received Society of Indian Defence Manufacturers (SIDM) Champion Award in Medium Industry Category for Import Substitution
  • Award presented by Hon'ble Defence Minister of India, Shri Rajnath Singh, on 28th October 2026
  • Recognition specifically for contribution to indigenisation of air-conditioning systems for Scorpène-class submarines
  • Award received by Mr. Ravalnath Gopinath Shende (Chairman and Managing Director), Mr. Abhijit Saoji (Chief Executive Officer), and Cdr. Manoj Parashar (Vice President – Defence & Marine)

Credit Rating Update

  • CARE Ratings Limited (CareEdge Ratings) upgraded credit ratings in September 2026
  • Long-term rating moved to investment-grade category
  • New rating: CARE BBB-; Stable / CARE A3 for additional bank facility of ₹15 Cr
  • Total rated bank facilities now stand at ₹90 Cr
  • Rating upgrade based on improvement in scale of operations, operating cycle, liquidity in FY26, experienced team, reputed defence-sector clients, order book visibility, and comfortable capital structure

Capacity Expansion

  • New Unit 2 commissioned and operationalised on 20th June 2026
  • Facility spans approximately 50,000 sq ft with expansion potential to 100,000 sq ft
  • Supported by capital expenditure subsidy of 40-50% under Government of Maharashtra's Package Scheme of Incentives (PSI)
  • New manufacturing capabilities include:
  • Laser Cutting Machine for precision cutting and manufacturing accuracy
  • Paint Shop for finishing capabilities and process control
  • Shot Blasting for component quality and surface preparation

Business Outlook

  • Focus on strengthening presence in defence-oriented cooling and HVAC&R systems
  • Expansion into high-growth segments including data centers
  • New manufacturing unit expected to improve production efficiency, strengthen process control, and enhance scalability

Management Commentary

Mr. Ravalnath Shende, Chairman & Managing Director, stated: "We are pleased to have delivered healthy growth in revenue and profitability during the first half of FY27. The commissioning of our second manufacturing unit is an important step towards expanding our capabilities and supporting our future growth plans. The addition of new manufacturing capabilities will help us improve efficiency and quality. We are also proud to receive the SIDM Champion Award for MSEs in the Import Substitution category. This recognition of our contribution to the indigenisation of air-conditioning systems for Scorpène-class submarines is a significant milestone for the Company and reinforces our commitment to strengthening India's domestic defence manufacturing ecosystem. The credit rating upgrade by CARE Ratings Limited is also encouraging and reflects the progress we are making. As we move forward, our focus remains on leveraging our enhanced manufacturing capabilities, improving productivity and delivering sustainable growth."

Company Background

Shree Refrigerations Limited is a leading Indian manufacturer of high-performance Refrigeration, Cooling, and HVAC systems with end-to-end in-house capabilities for mission-critical and defence-oriented applications, serving the Indian Navy and strategic defence sectors.