Shree RefrigerationsShare price, financial results, shareholding and management
- Market cap
- ₹1,058 cr
- Stock P/E
- 49.1peers 56.5
- Book value
- ₹60.6
- Price to book
- 4.90
- EV / operating profit
- -
- Market cap to sales
- 6.89
- ROCE · FY26
- 13.8%
- ROE · FY26
- 13.0%
- ROE, 3-year average
- 18.6%
- Operating margin · FY26
- 21.4%peers 20.0%
- Sales growth, 3 years
- 44.4%
- Profit growth, 3 years
- 92.9%
- Debt to equity
- 0.17peers 0.19
- Borrowings
- ₹37 cr
- Interest cover
- 8.1×
- Cash from business / op. profit
- 43%
- Debtor days
- 251
- Pledged
- 0.00%
- Promoter holding
- 44.60%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 4,461
- 52-week high / low
- ₹439 / ₹161
- Dividend yield
- 0.00%
- Face value
- ₹2
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Shree Refrigerations share price chart
Close on 6 Nov 2026 · -4.21% on the day · Vol 1.24 L
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -22.6%
- 3 months
- -9.1%
- 6 months
- +28.4%
- 1 year
- +32.3%
- Traded a day, 20 days
- ₹10.25 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +55% | +66% |
| 3 years, a year | +44% | +93% |
| Latest half, H2 FY26 | +115% | +399% |
About Shree Refrigerations: business, products and customers
Shree Refrigerations makes air conditioning, refrigeration and ventilation systems and their control panels for Indian Navy warships and submarines, and services them through their life. Its shares trade on BSE SME.
Shree Refrigerations started as a maker of refrigeration test equipment and moved into marine cooling in 2012. It now designs, makes, installs and services air conditioning plants, refrigeration plants, ship ventilation and filtration units and electrical control panels, mainly for shipyards building and refitting ships for the Indian Navy. The company says it is the only Indian firm registered with the Navy for all three: complete ship cooling systems, cooling plants and their control panels.
Its customers are a few large shipyards such as Mazagon Dock, Garden Reach Shipbuilders and Goa Shipyard, which award work through tenders. It has supplied systems for P17A Nilgiri class frigates and Scorpene submarines, and lists eight projects under way, including fleet support ships. Spares, installation and yearly maintenance add a second, smaller stream of income.
Read more about the business
It makes everything at Karad in Maharashtra, where a new plant of about 50,000 sq ft has opened next to the original unit of about 20,000 sq ft, with its own test rooms for ship cooling plants. What is new: a tie-up with Smardt of Canada to supply oil-free chillers for data centres, where the company aims for a first reference installation in FY27.
From the offer document (July 2025), the annual report 2025-26, the November 2025 and May 2026 earnings calls, the August 2026 investor presentation, the December 2025 CARE rating note and the October 2026 order filing.
Read the deeper study ↓In its favour
- Sales have grown fast: 44% a year over three years.
- It has little debt for its size: debt to equity 0.17.
To watch
- Execution of the ₹270.8 cr order book held at 31 March 2026 (Investor presentation, Aug 2026, p.31).
- Completion of four of the eight ship projects under way, which the company expects in FY27 (Earnings call, May 2026, p.5).
- A first data centre reference installation with Smardt chillers, aimed for FY27 (Earnings call, May 2026, p.12).
- The plan for spares and service to reach about 15% of revenue, from 7% in FY26 (Earnings call, May 2026, p.10).
- Delivery of the two magnetic bearing compressor based AC plants ordered through the Navy's Controller Procurement Material Organisation, Mumbai, due by 5 October 2027 (Exchange announcement, 8 October 2026, p.3).
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Shree Refrigerations revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
Shree Refrigerations half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 51 | 48 | 50.39 | 103.16 |
| Expenses | 36 | 36 | 44.73 | 76 |
| Operating profit | 15 | 12 | 5.66 | 27.16 |
| OPM | 30.0% | 24.0% | 11.2% | 26.3% |
| Interest | 3 | 2 | 2.29 | 1.25 |
| Depreciation | 2 | 2 | 2.60 | 3.18 |
| Profit before tax | 11 | 7 | 1.09 | 23.90 |
| Net profit | 8 | 4 | 1.57 | 19.96 |
Shree Refrigerations profit and loss
Full years to March, FY20 to FY26 · ₹ crore, consolidated where reported
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Sales | 13 | 10 | 45 | 51 | 80 | 99 | 153.55 |
| Expenses | 14 | 8 | 33 | 38 | 55 | 72 | 120.74 |
| Operating profit | -1 | 3 | 12 | 12 | 25 | 27 | 32.81 |
| OPM | -9.0% | 26.0% | 26.0% | 25.0% | 31.0% | 27.0% | 21.4% |
| Other income | 0 | 0 | 0 | 0 | 1 | 0 | 1.51 |
| Interest | 3 | 3 | 4 | 5 | 5 | 5 | 3.54 |
| Depreciation | 1 | 0 | 4 | 4 | 4 | 4 | 5.78 |
| Exceptional and other items | 1 | · | · | 1 | · | 1 | · |
| Profit before tax | -4 | 0 | 4 | 4 | 17 | 19 | 24.99 |
| Tax rate | -24.0% | 58.0% | 25.0% | 25.0% | 29.4% | 31.6% | 13.8% |
| Net profit | -3 | 0 | 3 | 3 | 12 | 13 | 21.53 |
| EPS ₹ | · | · | · | · | · | 4.49 | 6.50 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
A tax rate above 60% or below zero (FY20) comes from tax charged on a small or negative profit, as reported.
Shree Refrigerations profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Operating margin | -9.0% | 26.0% | 26.0% | 25.0% | 31.0% | 27.0% | 21.4% |
| Tax rate | -24.0% | 58.0% | 25.0% | 25.0% | 29.4% | 31.6% | 13.8% |
| ROCE | · | 9.7% | 16.3% | 13.2% | 24.9% | 18.5% | 13.8% |
| ROE | · | 0.0% | 120.0% | 20.7% | 27.9% | 14.8% | 13.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Shree Refrigerations debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Shree Refrigerations balance sheet
At each 31 March · ₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Equity capital | 3 | 3 | 3 | 4 | 5 | 6 | 7 |
| Reserves | 0 | -2 | 1 | 21 | 56 | 109 | 209 |
| Net worth | 3 | 1 | 4 | 25 | 61 | 115 | 216 |
| Borrowings | 19 | 39 | 54 | 53 | 38 | 45 | 37 |
| Other liabilities | 8 | 14 | 23 | 16 | 25 | 23 | 41 |
| Total liabilities | 30 | 54 | 81 | 94 | 124 | 183 | 294 |
| Fixed assets | 4 | 5 | 6 | 12 | 12 | 18 | 22 |
| Capital work in progress | 1 | 1 | 1 | 0 | 0 | 0 | 18 |
| Investments | 2 | 0 | 0 | 4 | 4 | 7 | 15 |
| Other assets | 23 | 48 | 74 | 78 | 108 | 158 | 239 |
Shree Refrigerations cash flow
₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | · | -9 | · | -4 | -5 | -25 | 14 |
| Cash from investing | · | -6 | · | -8 | -2 | -9 | -31 |
| Cash from financing | · | 14 | · | 14 | 6 | 39 | 69 |
| Net cash flow | · | -1 | · | 2 | -1 | 5 | 52 |
Working capital
Days
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Debtor days | 160 | 95 | 172 | 228 | 289 | 352 | 251 |
| Inventory days | 414 | 2,821 | 429 | 464 | 299 | 361 | 249 |
| Days payable | 147 | 809 | 186 | 158 | 115 | 130 | 123 |
| Cash conversion cycle | 427 | 2,106 | 414 | 534 | 474 | 583 | 377 |
| Working capital days | -58 | 666 | 170 | 208 | 222 | 343 | 253 |
Shree Refrigerations peers and competitors
Listed SME companies in the same industryBy sales, Shree Refrigerations is number 1 of the 6 listed SME companies in aerospace & defense.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Shree Refrigerations | 1,058 | 49.1 | 154 | 21.5 | 21.4% | 0.17 |
| Millworks Technologies | 1,903 | 51.4 | 149 | 37 | 35.0% | 0.20 |
| C2C Advanced Systems | 304 | 16.6 | 146 | 18.3 | 15.9% | 0.19 |
| Digilogic Systems | 565 | 56.5 | 77 | 10 | 20.0% | 0.04 |
| TechEra Engineering (India) | 244 | 87.9 | 48.5 | 2.8 | 17.1% | 0.61 |
| Apsis Aerocom | 759 | 101.1 | 30.7 | 7.5 | 37.5% | 0.09 |
| Median of the 5 others | 565 | 56.5 | 77 | 10 | 20.0% | 0.19 |
Shree Refrigerations shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own less than half the company. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Shree Refrigerations shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Sep 25 | Mar 26 | |
|---|---|---|
| Promoters | 44.60% | 44.60% |
| Foreign investors (FIIs) | 0.70% | - |
| Indian institutions (DIIs) | 9.60% | - |
| Number of shareholders | 3,381 | 4,461 |
Shree Refrigerations study: the business from its own documents
Read from 10 of the company's own documentsShree Refrigerations so far
From the company's own record
- 8 Oct 2026Order worth ₹7.86 cr
- 31 March 2026Promoters at 44.60%
- 7 Sept 2026Highest close since listing, ₹424.85
Shree Refrigerations key facts from the filings
Each figure with the document it comes from
- Order book
- ₹270.8 cr
- Unexecuted orders at 31 March 2026, about 1.8 times FY26 revenue, mostly ship cooling systems and cooling plants.Investor presentation, Aug 2026, p.31
- New orders
- ₹208.9 cr
- Orders received during FY26, against ₹153.6 cr of work executed in the year.Investor presentation, Aug 2026, p.31
- Revenue
- ₹153.6 cr
- FY26 revenue from operations, up 55.5% from ₹98.7 cr; most of it came in the second half once approvals and type tests were done.Investor presentation, Aug 2026, p.3 and p.29; Earnings call, May 2026, p.9
- Top three customers
- About 73%
- Share of FY25 operating income from the three largest customers, down from about 88% a year earlier.CARE rating note, Dec 2025, p.2
- Spares and service
- 7% of revenue
- Share of FY26 revenue from spares and service, against 30% in FY25; the company says this work earns more and it expects about 15% in future.Earnings call, May 2026, p.9 and p.10
Show 5 more facts
- Working capital cycle
- About 370 days
- Days of money tied up in receivables and stock in FY26, down from about 570 days in FY25.Investor presentation, Aug 2026, p.3
- Fresh Navy orders
- Over ₹14 cr
- Orders from the Indian Navy in about six weeks to 8 October 2026; the latest, ₹7.86 cr before GST, is for two magnetic bearing compressor AC plants due by 5 October 2027.Exchange announcement, 8 October 2026, p.1, p.3 and p.4
- New plant
- About 50,000 sq ft
- Second unit at Karad, now inaugurated, which the company says can grow to about 1,00,000 sq ft and replaces a leased unit.Investor presentation, Aug 2026, p.14 and p.15; Earnings call, May 2026, p.6
- Projects under way
- 8
- Ship projects in progress in May 2026, of which the company expects four to finish in FY27.Earnings call, May 2026, p.5
- Credit rating
- CARE BB+; Stable
- Rating on long term bank loans, reaffirmed in December 2025; the agency points to slow collections and tender based work.CARE rating note, Dec 2025, p.1
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says it held orders of ₹270.8 cr at 31 March 2026 and has the money, plant and team in place to execute them. In its August 2026 presentation it states a plan to grow about 40% a year for the next three to five years from the FY26 base. On the May 2026 call the Chief Executive Officer said the existing plants can support revenue of up to ₹400 cr without major new spending, and that the company aims for a first data centre reference installation in FY27, with larger data centre revenue expected in FY28. The Chief Financial Officer said spares and service should rise to about 15% of revenue.
| What management said | When | What happened |
|---|---|---|
| Long term EBITDA margin of 20% to 22% | Nov 2025 call | 21.4% in FY26 |
| New 50,000 sq ft plant running from the start of FY27 | Nov 2025 call | New unit shown as inaugurated in the August 2026 presentation |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Shree Refrigerations earns its money building and servicing cooling systems for Navy ships, a niche where it holds every Navy registration needed and a long list of tested products.
Its weak spots are a few shipyard customers who award work by lowest bid, and a lot of money tied up in stock and unpaid bills while long ship projects run.
WatchCan it set its own prices?Work is won through tenders where the lowest bid usually wins, and contracts do not let the company pass on rises in metal prices.
AverageHow strong is it against rivals?The company holds all three Navy registrations and has type tested most standard Navy cooling sizes, which a newcomer would take years to match. The rating agency still calls the field fragmented and competitive.
WatchWho are its customers?A handful of large shipyards building Navy ships bring in most of the sales, though they come back with repeat orders.
WatchDoes it need a lot of money?Ship projects run for years with many Navy inspections, so money waits a long time in stock and unpaid bills, even after an improvement in the latest year.
StrongCan it keep finding new work?The Navy is adding ships, the company won more orders than it delivered last year, and finished projects bring later spares and service work.
WatchDo good and bad years swing a lot?Revenue and margins depend on when Navy approvals and deliveries fall, so one half can be weak and the next strong.
Who runs Shree Refrigerations?
Promoters, directors and officers; tap a name for the background
RGRavalnath Gopinath ShendePromoter, Chairman and Managing Director · holds 35.00%
A founding member and director since the company was formed in 2006; holds a Bachelor of Engineering (Production) from VJTI, University of Bombay (1983), with experience in sales, manufacturing, operations, finance, compressor manufacturing and vendor development. Received the GS Parkhe Award for innovation in entrepreneurship and the Brig SB Ghorpade award for MSME defence manufacturing.
Offer document, p.223, p.227 and p.228; Annual report 2025-26, p.5RRRajashri Ravalnath ShendePromoter and Executive Director · holds 9.56%
A founding member of the company and a whole-time director since 2021; holds a Diploma in Electronics and Telecommunication Engineering (1986) and a Master's degree in science, with experience in leadership and team building. The offer document states that Rajashri Ravalnath Shende is the wife of Ravalnath Gopinath Shende.
Offer document, p.224, p.228 and p.229; Annual report 2025-26, p.5DVDevashree Vishwesh NampurkarPromoter and Whole Time Director
Holds a Bachelor of Engineering (Mechanical) from Shivaji University, Kolhapur (2010) and a Master of Science in Business and Management from the University of Strathclyde (2012); joined the company in 2016 as Manager, Sales and Marketing, with 13 years in sales, marketing and business strategy. The offer document states that Devashree Vishwesh Nampurkar is the daughter of Ravalnath Gopinath Shende and Rajashri Ravalnath Shende.
Offer document, p.224, p.228, p.229 and p.251SKSunil KaushikWhole Time Director
A retired Commodore with more than 35 years in the Indian Navy, including leading Navy shipbuilding projects, project planning and contract management; holds a B.Tech in Mechanical Engineering from Jawaharlal Nehru University, an M.Phil, a master's degree in Defence and Strategic Studies and a postgraduate diploma in industrial engineering. On the board since November 2024.
Offer document, p.225 and p.228; Annual report 2025-26, p.5AGAbhijeet Govind SaojiChief Executive Officer
Appointed in November 2023; holds a B.Tech in Agricultural Engineering and had 15 years of experience in manufacturing at the time of the offer.
Offer document, p.246; Annual report 2025-26, p.5MMManoj Mahavir KothaleChief Financial Officer
A Chartered Accountant appointed in November 2023, earlier with LV Dairys Patas, with more than four years in finance, banking and taxation at the time of the offer.
Offer document, p.246; Annual report 2025-26, p.5NMNandkumar Madhav AthawaleIndependent Director
Holds an M.Tech in Mechanical Engineering from IIT Madras (1984) and has more than 37 years in heavy engineering, defence and aerospace, in design, engineering, manufacturing and new business development.
Offer document, p.226 and p.228URUmesh Ramaswamy ShastryIndependent Director
A Chartered Accountant (1989) and Company Secretary (1995) with a Bachelor of Commerce from the University of Pune, and 14 years in accounts, finance and internal audit.
Offer document, p.226 and p.228Shree Refrigerations latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹103 cr (+115%), net profit ₹20 cr (+399%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 44.60%.
- 8 Oct 2026: order worth ₹7.86 cr announced.
Shree Refrigerations announcements
4 on record, latest first; each opens the filing on the exchange
- Company UpdatePursuant to Regulation 74(5) of SEBI (Depositories & Participants) Regulations, 2018, the Company is hereby submitting the confirmation certificate as provided PDF ↗
- Company UpdatePursuant to the provisions of Regulation 30 read with sub para 4, para B, Part A Schedule III, of SEBI (LODR) Regulations, 2015, we hereby inform that the CompaPDF ↗
- Insider Trading / SASTPursuant to the provisions of the SEBI (PIT) Regulations, 2015, we wish to inform you that the Trading Winodw for dealing in the securities of the Company shallPDF ↗
- Company UpdateIn accordance with the provisions of Regulation 30 of SEBI (LODR) Regulations, 2015, we wish to inform you that the Company will be participating in " Virtual CPDF ↗
Shree Refrigerations annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 30 June 2026 ↗read
- 30 Nov 2025 ↗read
Shree Refrigerations share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Shree Refrigerations' data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (3,56,30,409 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY20 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Shree Refrigerations
What does Shree Refrigerations do?
Shree Refrigerations makes air conditioning, refrigeration and ventilation systems and their control panels for Indian Navy warships and submarines, and services them through their life. Its shares trade on BSE SME.
What is the share price of Shree Refrigerations?
₹297 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Shree Refrigerations?
₹1,058 cr at the close on 6 Nov 2026, on 3,56,30,409 shares.
What is the P/E of Shree Refrigerations?
49.1 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Shree Refrigerations' revenue and profit?
Revenue ₹154 cr and profit after tax ₹22 cr in FY26.
Who are the promoters of Shree Refrigerations?
Ravalnath Gopinath Shende, Rajashri Ravalnath Shende, Devashree Vishwesh Nampurkar; promoters held 44.60% at 31 March 2026.
What is Shree Refrigerations' website?
www.shreeref.com
More SME companies like Shree Refrigerations
Other listed SME companies in aerospace & defense, the closest in size first, each read from its own documents.
- Millworks TechnologiesMILLWORKS · BSE SME · Aerospace & DefenseMarket cap ₹1,799 cr
- Apsis AerocomAPSISAERO · NSE Emerge · Aerospace & Defense · listed 2026Market cap ₹564 cr
- Digilogic SystemsDIGILOGIC · BSE SME · Aerospace & DefenseMarket cap ₹542 cr
- C2C Advanced SystemsC2C · NSE Emerge · Aerospace & Defense · listed 2024Market cap ₹256 cr
- TechEra Engineering (India)TECHERA · NSE Emerge · Aerospace & Defense · listed 2024Market cap ₹202 cr
Built from 3 investor presentations, 2 earnings call transcripts, 2 annual reports, 2 credit rating notes, 1 offer document, 4 exchange announcements, 2 shareholding patterns and 7 years of reported results. Every figure carries its source; where the documents are silent, the page says so.