Shree Refrigerations Ltd

SHREEREF

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Market Cap

₹ 691 Cr

P/E

50.73

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

LOW MARGIN

Technicals

Bearish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Shree Refrigerations Limited specializes in manufacturing high-performance refrigeration and HVAC systems for defense and marine applications, focusing on self-reliance and technological excellence.

The company has secured first HVAC turnkey orders, significantly enhancing its operational scope and growth potential from H1 FY26.

Collaboration with Smardt Chiller Group aims to penetrate the data centre market, leveraging oil-free chiller technology to meet rising demands.

Shree Refrigerations demonstrates robust financial management, with anticipated recovery of margins driven by strategic projects and team expansion for execution.

The company is enhancing its manufacturing capabilities with a proposed 100,000 sq. ft. facility to streamline delivery and reduce capital cycle time.

Sector

Engineering

Industry

Engineering - Light - General - Medium / Small

Market Cap

691 Cr

Volatility

Low Risk

P/E Ratio

50.7

Industry P/E

34.2

PEG Ratio

2.9

P/B Ratio

3.3

52W High

311.50

52W Low

153.00

Sales CAGR

22.94%

—

10Y

—

Profit CAGR

17.52%

—

10Y

—

ROE

TTM

3.09%

12.53%

11.42%

10Y

—

ROCE

TTM

5.78%

21.55%

20.34%

10Y

—

Technicals

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
AIRFLOA	343.50	826 Cr	32.42	4.09	0.00	13.16	17.06	8.74
C2C	475.95	808 Cr	28.00	3.73	0.00	19.33	21.78	14.61
AXTEL	469.90	753 Cr	37.59	6.04	2.36	16.06	20.58	9.48
SHREEREF	194.95	691 Cr	50.73	3.30	0.00	3.09	5.78	2.61
BATLIBOI	111.35	523 Cr	64.74	2.32	0.54	3.57	5.42	1.95
CGRAPHICS	200.00	486 Cr	23.39	4.55	0.00	20.04	19.02	8.90
SUNITATOOL	752.10	472 Cr	96.80	9.93	0.00	9.25	11.45	6.26

Financial Statements

AI Powered Summary

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Consolidated Half Yearly Results (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Sep 2024	Sep 2025
Sales	51	50
Expenses	36	45
Interest	2.64	2.29
Operating Profit	15	5.65
OPM %	30.32	11.21
Other Income	0.19	0.33
Depreciation	1.92	2.60
Profit Before Tax	11	1.09
Tax %	26.71	-44.04
Net Profit	8.12	1.57
EPS in Rs	—	—

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2023	Mar 2024	Mar 2025
Sales	56	89	111
Expenses	39	56	72
Operating Profit	17	33	39
OPM %	30.45	36.95	35.30
Other Income	0.33	0.88	0.37
Interest	4.41	4.54	4.55
Depreciation	3.57	3.82	4.24
Profit Before Tax	4.25	17	19
Tax %	39.44	31.79	26.87
Net Profit	2.57	12	14
EPS in Rs	—	—	—
Dividend Payout %	0.77	0.00	0.00

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2023	Mar 2024	Mar 2025
Equity Capital	4.06	4.90	5.61
Reserves	21	56	109
Borrowings	52	37	40
Other Liabilities	17	27	31
Total Liabilities	94	124	186
Fixed Assets	6.43	6.69	14
CWIP	0.00	0.34	0.06
Investments	8.90	9.69	12
Other Assets	79	107	160
Total Assets	94	124	186

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-8.67	-5.05	1.03	-5.10	-25
Cash from Investing Activity	-5.65	-6.35	-5.76	-1.20	-9.37
Cash from Financing Activity	14	11	8.56	5.64	39
Net Cash Flow	-0.16	-0.23	3.83	-0.66	4.97

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2024	Jun 2025	Jul 2025	Aug 2025	Sep 2025
Promoters	56.61%	44.60%	44.60%	44.60%	44.60%
FIIs	0.00%	3.97%	3.97%	3.97%	0.70%
DIIs	43.39%	18.69%	18.69%	18.69%	9.59%
Public	0.00%	32.74%	32.74%	32.74%	45.11%
Total Shareholders	153	2,287	2,287	2,287	3,381

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Nov 14, 2025	Mansi share and stock broking...	Bulk	Buy	186.75	7.26 Cr	3,88,500	1.09
Nov 14, 2025	Mansi share and stock broking...	Bulk	Sell	204.41	0.40 Cr	19,500	0.05
Sep 22, 2025	Maharashtra defence and aeros...	Bulk	Sell	228.24	11.41 Cr	5,00,000	1.40
Sep 22, 2025	Mona laroia	Bulk	Buy	229.99	6.49 Cr	2,82,000	0.79
Aug 01, 2025	Mansi share and stock broking...	Bulk	Sell	176.77	3.27 Cr	1,85,000	0.51
Aug 01, 2025	Mansi share and stock broking...	Bulk	Buy	169.78	1.88 Cr	1,11,000	0.31

Projection

Actions

Action Type

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Announcements

Last 7 days

Newest

Sentiment

Order Receipt

3 hours ago

Order Received from Naval Dockyard

Shree Refrigerations Limited has received an order from Naval Dockyard, Mumbai for the repair and refurbishment of a 144TR MBC AC plant, valued at Rs. 3.25 crore.

Analyst/Investor Meet

6 days ago

Investor Meeting Scheduled

Management will hold a virtual meeting with investors/analysts on December 11, 2025, at 11.30 A.M.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

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Overview

Detailed Summary

Shree Refrigerations Limited specializes in manufacturing high-performance refrigeration and HVAC systems for defense and marine applications, focusing on self-reliance and technological excellence.

The company has secured first HVAC turnkey orders, significantly enhancing its operational scope and growth potential from H1 FY26.

Collaboration with Smardt Chiller Group aims to penetrate the data centre market, leveraging oil-free chiller technology to meet rising demands.

Shree Refrigerations demonstrates robust financial management, with anticipated recovery of margins driven by strategic projects and team expansion for execution.

The company is enhancing its manufacturing capabilities with a proposed 100,000 sq. ft. facility to streamline delivery and reduce capital cycle time.

Sector

Engineering

Industry

Engineering - Light - General - Medium / Small

Market Cap

691 Cr

Volatility

Low Risk

P/E Ratio

50.7

Industry P/E

34.2

PEG Ratio

2.9

P/B Ratio

3.3

52W High

311.50

52W Low

153.00

Sales CAGR

22.94%

—

10Y

—

Profit CAGR

17.52%

—

10Y

—

ROE

TTM

3.09%

12.53%

11.42%

10Y

—

ROCE

TTM

5.78%

21.55%

20.34%

10Y

—

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
AIRFLOA	343.50	826 Cr	32.42	4.09	0.00	13.16	17.06	8.74
C2C	475.95	808 Cr	28.00	3.73	0.00	19.33	21.78	14.61
AXTEL	469.90	753 Cr	37.59	6.04	2.36	16.06	20.58	9.48
SHREEREF	194.95	691 Cr	50.73	3.30	0.00	3.09	5.78	2.61
BATLIBOI	111.35	523 Cr	64.74	2.32	0.54	3.57	5.42	1.95
CGRAPHICS	200.00	486 Cr	23.39	4.55	0.00	20.04	19.02	8.90
SUNITATOOL	752.10	472 Cr	96.80	9.93	0.00	9.25	11.45	6.26