Shree Refrigerations H1 FY27 Revenue Rises 84.9% to Rs 93.2 Crore

Shree Refrigerations Limited reported H1 FY27 revenue from operations of Rs 93.2 crore, up 84.9% year on year, while net profit increased 360.9% to Rs 6.8 crore. The higher revenue, EBITDA growth and margin expansion point to improved operating performance at the defence-oriented HVAC&R systems manufacturer during the half year ended 30 September 2026.

What did Shree Refrigerations report for H1 FY27?

Shree Refrigerations reported standalone revenue from operations of Rs 93.2 crore for H1 FY27, compared with Rs 50.4 crore in H1 FY26. EBITDA rose to Rs 12.7 crore from Rs 5.7 crore, while net profit increased from Rs 1.5 crore to Rs 6.8 crore over the same period.

The company said the performance was supported by higher business volumes and improved operating performance. Its EBITDA rose 123.6% year on year, exceeding revenue growth on a percentage basis. Net profit grew faster than both revenue and EBITDA, increasing 360.9% from the comparatively lower base in the previous corresponding period.

Shree Refrigerations is a manufacturer of heating, ventilation, air-conditioning and refrigeration, or HVAC&R, systems with a defence-oriented business focus. Its reported H1 FY27 figures cover the six months ended 30 September 2026. The company also disclosed standalone earnings per share of Rs 1.91, compared with Rs 0.48 in H1 FY26.

How did profitability change at Shree Refrigerations?

Shree Refrigerations improved its EBITDA margin to 13.6% in H1 FY27 from 11.2% a year earlier, an expansion of 235 basis points. The net profit margin increased by 438 basis points to 7.3%, reflecting the stronger increase in profit relative to revenue.

Cost of goods sold rose 105.0% to Rs 58.5 crore during the half year, according to the disclosed results. Despite this increase, the company reported higher operating and net margins. The disclosed figures indicate that profitability improved even as the cost base expanded alongside business volumes.

Chairman and Managing Director Ravalnath Shende said the company was pleased with the growth in revenue and profitability in the first half of FY27. The statement accompanied the results release and focused on the reported improvement in operating and financial performance.

What does the Rs 198.9 crore order book indicate?

Shree Refrigerations had an unexecuted order book of Rs 198.9 crore as of 30 September 2026, equivalent to about 1.3 times its FY26 revenue. The order book provides disclosed visibility on work yet to be executed, although its conversion into revenue depends on project execution and delivery schedules.

For a manufacturer supplying specialised cooling and HVAC&R systems, the pending order book is a key operating measure alongside reported revenue. It indicates the scale of contracted or awarded work awaiting execution at the end of the half year. The company did not provide a timetable in the supplied disclosures for completing the order book.

The business is seeking to strengthen its presence in defence-oriented cooling and HVAC&R systems while expanding into data centre-related opportunities. These are the segments identified by the company in its H1 FY27 communication. No revenue contribution from data centres was disclosed in the material provided.

What operational developments took place during the period?

Shree Refrigerations commissioned its second manufacturing unit on 20 June 2026. The new unit is an important operational development because it adds manufacturing capacity during a period in which the company reported higher revenue and maintained an unexecuted order book of Rs 198.9 crore.

The company also received the Society of Indian Defence Manufacturers Champion Award in the Medium Industry Category for Import Substitution at the organisation's eighth annual session and awards ceremony in New Delhi. The recognition relates to defence indigenisation, which remains relevant to Shree Refrigerations' stated focus on defence-oriented systems.

These developments come as the company looks at defence and data centre opportunities. The available filing does not quantify the capacity of the second unit, the capital expenditure involved, or the expected revenue addition from the expansion. Investors therefore have disclosed evidence of the commissioning, but not a financial guidance figure linked to it.

How were investors updated on the H1 FY27 results?

Shree Refrigerations held a virtual earnings conference call on 30 October 2026 at 12:15 PM to discuss its unaudited standalone and consolidated financial results for the half year ended 30 September 2026. The company later made the video and audio recording of the call available through its website and a YouTube link.

The company confirmed that no unpublished price sensitive information was shared during the investor interaction. It had earlier informed the exchanges about the scheduled call under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The investor presentation and call recording give shareholders access to management's discussion of the half-year results.

For investors, the reported numbers establish a high growth base for H1 FY27: revenue increased by Rs 42.8 crore, EBITDA by Rs 7.0 crore and net profit by Rs 5.3 crore from the prior-year period. The second manufacturing unit, order book position and stated focus on defence and data centre segments form the principal disclosed operating factors alongside the financial results.

Conclusion

Shree Refrigerations delivered stronger H1 FY27 financial performance, with revenue rising 84.9% to Rs 93.2 crore, EBITDA increasing 123.6% to Rs 12.7 crore and net profit growing 360.9% to Rs 6.8 crore. Margin expansion despite a higher cost of goods sold was a notable feature of the reported half-year performance, while the Rs 198.9 crore order book adds visibility to the disclosed pipeline.

The next developments to watch are execution of the unexecuted order book, the operational contribution from the second manufacturing unit commissioned in June 2026, and any further disclosures on the company's defence and data centre business plans. The company has also made its 30 October 2026 earnings-call recording available for investors seeking management's discussion of the results.