Key Financial Highlights (H1FY27 - Standalone)

Income Statement Performance

  • Revenue from Operations: ₹93.2 Cr (H1FY26: ₹50.4 Cr), representing 84.9% YoY growth
  • Total Expenditure: ₹80.5 Cr (H1FY26: ₹44.7 Cr), 80.0% YoY increase
  • COGS: ₹58.5 Cr (H1FY26: ₹28.5 Cr), 105.0% YoY increase
  • Employee Benefit Expenses: ₹14.9 Cr (H1FY26: ₹10.2 Cr), 46.7% YoY increase
  • Other Expenses: ₹7.1 Cr (H1FY26: ₹6.0 Cr), 17.6% YoY increase
  • EBITDA: ₹12.7 Cr (H1FY26: ₹5.7 Cr), 123.6% YoY growth
  • EBITDA Margin: 13.6% (H1FY26: 11.2%), improvement of 235 bps YoY
  • Other Income: ₹1.0 Cr (H1FY26: ₹0.3 Cr), 197.6% YoY increase
  • Depreciation: ₹1.7 Cr (H1FY26: ₹2.6 Cr), (33.5%) YoY decrease
  • EBIT: ₹11.9 Cr (H1FY26: ₹3.4 Cr), 251.4% YoY growth
  • Interest: ₹2.3 Cr (H1FY26: ₹2.4 Cr), (3.2%) YoY decrease
  • PBT: ₹9.6 Cr (H1FY26: ₹1.0 Cr), 857.8% YoY growth
  • Tax: ₹2.8 Cr (H1FY26: ₹(0.5) Cr)
  • Net Profit: ₹6.8 Cr (H1FY26: ₹1.5 Cr), 360.9% YoY growth
  • Net Profit Margin: 7.3% (H1FY26: 2.9%), improvement of 438 bps YoY
  • Reported EPS: ₹1.91 (H1FY26: ₹0.48), 297.9% YoY growth

Historical Financial Performance (Standalone)

Annual Income Statement (₹ Cr):

| Particulars | FY23 | FY24 | FY25 | FY26 |

| Revenue | 50.6 | 80.3 | 98.7 | 153.5 |

| EBITDA | 11.9 | 24.1 | 27.0 | 32.9 |

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

| Net Profit | 3.4 | 11.0 | 13.0 | 21.4 |

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

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

Balance Sheet Position (Standalone)

H1FY27 (₹ Cr):

  • Total Assets: ₹316.2 Cr
  • Shareholders' Funds: ₹227.2 Cr
  • Share Capital: ₹7.2 Cr
  • Reserves & Surplus: ₹220.0 Cr
  • Non-Current Liabilities: ₹6.2 Cr
  • Current Liabilities & Provisions: ₹82.9 Cr
  • Non-Current Assets: ₹69.3 Cr
  • Property, Plant & Equipment: ₹49.4 Cr
  • Intangible Assets: ₹0.3 Cr
  • Non-current Investment: ₹19.1 Cr
  • Current Assets: ₹246.9 Cr
  • Current Investments: ₹5.2 Cr
  • Inventories: ₹79.8 Cr
  • Trade Receivables: ₹128.5 Cr
  • Cash & Cash Equivalent: ₹6.8 Cr
  • Other Current Assets: ₹26.6 Cr

Order Book Summary

  • Opening Order Book: ₹270.8 Cr
  • Orders Received: ₹21.3 Cr
  • Orders Executed: ₹93.2 Cr
  • Unexecuted Order Book as on September 30, 2026: ₹198.9 Cr (1.3x FY26 Revenue)

Business Highlights & Strategic Updates

Awards & Recognition

  • Received SIDM Champion Award 2026 at 8th Society of Indian Defence Manufacturers Annual Session
  • Recognized for indigenizing air conditioning system for Scorpène-class submarine
  • Award presented by Hon'ble Raksha Mantri Shri Rajnath Singh on October 9, 2026, in New Delhi

Manufacturing Expansion

  • New greenfield manufacturing unit (Unit 2) inaugurated with ~50,000 sq. ft. area, expandable to ~100,000 sq. ft.
  • Enhanced capabilities include Laser Cutting Machine, Paint Shop, Shot Blasting, and Recreational Area
  • Unit 1 existing facility: ~20,000 sq. ft.

Strategic Partnerships

  • Appointed as Turbocor® Authorised Service Partner (TASP) for India by Danfoss Turbocor® (agreement signed March 17, 2026)
  • Tech Cooperation with Smardt (Canada) for Oil-Free Data Centre Chillers (agreement signed)

Operational Capabilities

  • Team Strength: 375+ employees as of September 30, 2026
  • 8 locations across India (2 Manufacturing & 6 Branch Offices)
  • 30+ years of Naval Marine Registrations
  • Only Indian company registered across all 3 critical naval segments: Turnkey HVAC&R Solutions, AC & Ref Plants, Electrical Control Panels

Market Outlook

Defence Marine Opportunity:

  • Indian Navy expected to expand to 200+ ships by 2032 and 230+ ships by 2035
  • Government approvals for projects worth ~₹2.75 lakh crore
  • Order inflows expected over 2-year horizon
  • AC/HVAC systems constitute ~1% of project value

Data Centre Cooling Opportunity:

  • India data center market valued at ~₹46,065 Cr (2025) projected to reach ~₹1,08,813 Cr (2034)
  • Operational capacity: 1.57 GW (Aug 2026), projected to reach ~8 GW by 2030
  • Industry expected to grow at ~10.01% CAGR
  • DC Cooling systems account for ~12-13% of total project cost

Future Guidance

  • Expected Long Term Full Year EBITDA Margin: 20% to 22%
  • Business has inherent seasonal nature with revenue typically weighted towards H2
  • Stronger second-half performance expected to drive improved operating leverage and margin expansion

Investor Relations

  • Live webcast of Earnings Conference call scheduled for October 30, 2026, at 12:15 P.M. at https://events.kaptify.in/ShreeRef-H1FY27-Concall
  • Investor presentation available on company website: www.shreeref.com