Shree Refrigerations Limited lists 10 projects, not order-book value

Shree Refrigerations Limited does not state an unexecuted order-book amount, a backlog-to-revenue ratio or a segment-wise backlog mix in the supplied presentation. The company instead lists 10 ongoing marine and defence-related project scopes, compared with 10 completed entries, and describes air-conditioning plant capacity from 5 to 300 tons of refrigeration (TR).

Does Shree Refrigerations disclose an order-book value?

No, Shree Refrigerations does not disclose an order-book value in the supplied presentation. The business overview identifies it as a defence-focused manufacturer of marine-grade heating, ventilation, air-conditioning and refrigeration systems, or HVAC&R, serving the Indian Navy, public-sector undertakings, shipyards and private industrial clients. It provides no rupee value for contracts awaiting execution.

The supplied material also provides no financial-year revenue figure from which a backlog multiple could be calculated. It identifies three naval segments in which Shree Refrigerations says it is registered: turnkey HVAC&R solutions, air-conditioning and refrigeration plants, and electrical control panels. These registrations describe operating areas, but not the value, timing or segment share of outstanding orders.

Which Shree Refrigerations projects are currently ongoing?

Shree Refrigerations lists 10 ongoing project entries, the same number of completed entries shown in the preceding project table. The ongoing schedule covers Fleet Support Ships, Fast Patrol Vessels for Mazagon Dock Shipbuilders, B-Class vessels, Shivalik, New Generation Missile Vessels, New Generation Offshore Patrol Vessels and a Kongsberg cooling-system assignment.

The product mix differs between the two status groups. Completed work includes a self-contained air conditioner with control panel and a unit cooler for INS Jalashwa, while the ongoing schedule has three separate Fleet Support Ships entries for an AC plant, a refrigeration plant and HVAC. The presentation therefore shows that a vessel programme may involve multiple equipment scopes, but does not assign contract values to them.

Fleet Support Ships appears three times in the ongoing list. B-Class-1, B-Class-2 and Shivalik are each listed for magnetic-bearing-compressor AC plants with control panels, while Fast Patrol Vessel and New Generation Offshore Patrol Vessel assignments are for turnkey HVAC. The schedule also includes a refrigeration plant with control panel for New Generation Missile Vessel and cooling systems for RAS and FAS for Kongsberg, without completion dates.

What products support Shree Refrigerations’ project execution?

Shree Refrigerations lists AC plants from 5 TR to 300 TR and refrigeration plants from 0.5 TR to 35 TR. The AC-plant range is wider at both the lower and upper ends, and the presentation says those AC plants can be seawater-cooled or air-cooled. These ranges relate directly to the AC, refrigeration and HVAC scopes listed for ship programmes.

The portfolio also includes chillers for warships and submarines, turnkey HVAC&R systems, electrical control panels, self-contained air conditioners, marinised split air conditioners, starter and control panels, air-handling units, air-treatment units and fan-coil units. Completed P75 Scorpene submarine work involved fan-coil-unit AC plants with control panels, whereas the Fleet Support Ships schedule separates AC, refrigeration and HVAC into three ongoing entries.

Shree Refrigerations describes its business model as equipment manufacturing and supply supported by value-added services. Equipment includes new and retrofit turnkey HVAC&R, AC and refrigeration plants, heat exchangers and electrical control panels. The service model includes installation, commissioning, training, operations and maintenance handover, extending execution beyond equipment delivery.

How does Shree Refrigerations generate service and spares work?

Shree Refrigerations says spares are held on board vessels and at base depots, with inventory replenished every three to five years over equipment life. The presentation classifies this as recurring revenue, while annual maintenance contracts cover preventive and corrective maintenance across the system lifecycle. It does not disclose revenue from spares or annual maintenance contracts.

The service structure is linked to projects that include control panels. Completed AC and refrigeration work for INS Dhruv, Brahmaputra Class, P17A Nilgiri Class Ships and CTS includes control panels, while several ongoing AC-plant and refrigeration-plant entries also include them. The presentation does not say whether each ongoing project carries a subsequent maintenance contract or specified spares commitment.

What manufacturing capacity supports Shree Refrigerations’ work?

Shree Refrigerations operates a roughly 20,000-square-foot Unit 1 for core manufacturing processes and describes Unit 2 as a new greenfield expansion of roughly 50,000 square feet. Unit 2 is expandable to roughly 100,000 square feet, making its initial stated area roughly 30,000 square feet larger than Unit 1. The presentation does not disclose utilisation, output capacity or timing for the expandable area.

The facility description includes computer numerical control laser cutting, bending, drilling, grooving, robotic welding, heavy-duty plate rolling, vertical machining centre equipment and computer numerical control systems. It also lists two cranes with a 25-metre span and 15-tonne capacity each. Unit 2 adds a laser-cutting machine, paint shop and shot-blasting capability, which management presents as additions to precision, finishing and process control.

Conclusion

The supplied presentation shows a visible project schedule rather than a quantified backlog: 10 ongoing entries across AC plants, refrigeration plants, turnkey HVAC and cooling systems, alongside 10 completed entries. It does not support a conclusion on an unexecuted order book, a backlog-to-revenue ratio or the largest backlog segment because none of those figures is disclosed.

The next disclosed operational item to watch is the planned scaling of Unit 2 from roughly 50,000 square feet toward its stated expandable area of roughly 100,000 square feet. The presentation identifies laser cutting, a paint shop and shot blasting as new additions, but leaves the timing of expansion, plant utilisation and completion schedules for the 10 ongoing entries unresolved.