Shree Refrigerations Limited · BSE:SHREEREF
Shree Refrigerations — Investor Presentation (November 2025)
39 slides from Shree Refrigerations's investor presentation, Nov 26, 2025
Slide 1: Investor Presentation Covering Letter to BSE
November 26, 2025 To, Department of Corporate Services/ Listing BSE LIMITED 25th Floor, P J Towers, Dalal Street, Mumbai-400001 Subject: Investor Presentation for November 2025 Scrip Code: 544458 ISIN: INE0FMZ01045 Dear Sir/Madam, Pursuant to the provisions of Regulation 30 of Securities and Exchang
Slide 2: Power of Imagination, Revisited
Power of Imagination, Revisited Having taken the call to get in Naval HVAC&R Market, dominated by MNCs & Large Local Firms, guarding an almost Duopoly, and challenging the Market baseline assumptions, Shree imagined to be a market leader back in Year 2017-18. Today in 2024-25, the dream has material
Slide 3: Long Term Strategy
Long Term Strategy 100 Cr. Turnover and IPO with Market Cap of 750+ Cr. Just an overnight stop, not the destination, #
Slide 4: Naval HVAC Product Range
Naval HVAC Product Range 185 and 144 Tr Magnetic Bearing AC Plants – 185 Tr. MIL Grade Type Tested Products 180 and 80 Tr Screw Compressor AC Plants 3 to 7.5 Tr. Water-cooled Submarine Air-conditioners, MIL Grade Type Tested Products 3, 5 & 7.5 Tr. Water-cooled Air-conditioners MIL Grade Type Tested
Slide 5: Naval Orders Won (Executed and under Execution)
Naval Orders Won (Executed and under Execution) INS Dhruv : 180 Tr. Screw Compressor AC Plants INS Jalashwa : 2,3 & 5 Tr Package ACs. Scorpene Submarine ACs & Panels for ACs P17a Stealth Frigate AC Plants with Magnetic Bearing Compressors ASW Corvettes : 80 Tr. Screw Compressor AC Plants Cadet Train
Slide 6: Indigenous Tech Milestones
Indigenous Tech Milestones Active Participation in induction of Magnetic Bearing ACs in IN Active Front End Drive for Danfoss Turbocor Mag. Bearing Compressor Scorpene Submarine ACs with Control Panels w/o Foreign Collaboration Elect. Panels for Scorpene Submarine ACs w/o Foreign Collaboration Self
Slide 7: Sales & Service Coverage
Sales & Service Coverage Delhi Sales Team Mumbi Service Team Kolkata Service Team Goa Service Team Vizag Service Team Pune Sales Team Karad Factory Team
Slide 8: Quality Certificates
QUALITY CERTIFICATES Shree Refrigerations Pvt. Ltd; India #
Slide 9: DGQA Certificate
DGQA CERTIFICATE DGQA Approved HVAC Supplier for HVAC Systems up to 150 Tr. DGQA Approved Supplier for Electrical Control Panels #
Slide 10: MOUs with Shipyards
MOUs with Shipyards Signing MOU with Mazagon Dock Ltd. (MDL) Signing MOU with Hindustan Shipyard Ltd. (HSL) #
Slide 11: UDAYMI BHARAT Conclave – Meeting the PM
UDAYMI BHARAT Conclave – Meeting the PM Mrs. Shende, our Exec. Director interacting with Hon. Prime Minister, Shri. Narendra Modi ji in the UDYAMI BHARAT Conclave shortlisted for contribution to Make-in-India and Self-Reliant India. #
Slide 12: BBNG-Udyam Kaustubh Award
BBNG-UDYAM KAUSYUBH Honored to receive the BBNG-Udyam Kaustubh Award – 2024 from Mrs. Geetanjali Kirloskar #
Slide 13: MCCIA Annual Award 2021
MCCIA Annual Award 202% G.S-Parkhe Aivard B) | award for iaoovation in Entrepreneurship) ered MAHRATTA CHAMBER OF CONMERCE, INDUSTRIES & AGRICULTURE March 14, 2021 MCCIA Annual Award 2021 Bilg SB Ghorpade Award ‘(Award for SME's in Defence Production) Corsticate ot Appreciation Arena By MANRATTA CHI
Slide 14: GS Parkhe Award for Innovation in Entrepreneurship - 2021
GS Parkhe Award for Innovation in Entrepreneurship - 2021 Shree Refrigerations Pvt. Ltd; India #
Slide 15: Scorpene Submarine ACs & Panel
Scorpene Submarine ACS & Panel #
Slide 16: INS Vaghsheer, Air-Conditioned by Shree Ref.
INS Vaghsheer, Air-Conditioned by Shree Ref. #
Slide 17: Mag. Bearing AC Plant for P17a Frigates
Mag. Bearing AC Plant for P17a Frigates • Oil-Free Navy Grade Chiller • Duly Type Tested all Military Grade Shree developed • Complete In-House With ACTIVE FRONT END (AFE) Drive Water-Cooled Manufacturing Developed indigenously Panel Cooler (Fabrication, Heat Type Tested to MIL 461 E and JSS 55555 f
Slide 18: Factory
Factory #
Slide 19: New Factory Site
New Factory Site Proposed Expansion : • 2,40,000 Sq. Ft. Industrial Plot and 2 X 50,000 Sq. Ft. Factor Sheds (Under Construction) • CNC Laser Cutting, 3 & 4 Mtr. Press Brake, CNC Turret Punching Mc., Shot Blasting & Liquid Painting Shop, CNC Drilling Centres, Welding & Finishing, Heavy Cranes, • Pro
Slide 20: Marine Products
Marine Products Marinized Package ACs 600 kW Sea-Water Cooled Chilled Water Plant for NTRO Vessel Mag Bearing Plant on INS Beas 37 kW Ref. Plant for NTRO Vessel Ref. Plant for Small Ships Submarine AC #
Slide 21: Marine Chiller Test Beds – Self Made
Marine Chiller Test Beds – Self Made Clockwise from Bottom Left : Controlled Ambient AC Test Room Chiller Test Bed Chiller Tilt Test Bed Proposed : Air-Borne & Structure-Born Noise Test Bed, Environmental Stress Screening Chamber, #
Slide 22: Market Scenario: The Report
Market Scenario The Report https://www.npcindia.gov.in/NPC/Uploads/publication/ Please refer page 8 to 14 of the KPMG Report. Leveraging%20defence%20shipbuilding_LR371892.pdf Page 13 Indian Naval HVAC Market projected to be 1.5% & 14 of USD 40 Bn = USD 600 Mn. (INR 4800 Cr.) Accounting for some fini
Slide 23: Financial Highlights
FINANCIAL FINANCIAL HIGHLIGHTS HIGHLIGHTS Scaling Activities for Long-Term Growth SHREE REFRIGERATIONS LIMITED 22
Slide 24: Half Yearly Income Statement
Half Yearly Income Statement (Standalone) . Particulars (INR Mn) H1FY26 H2FY25 H1FY25 YoY% WHAT IMPACTED OUR MARGINS? Revenuefrom Operations 503.9 477.6 509.6 (1.1) 1. Increased Onsite Project Execution for HVAC Systems Total expenditure 447.3 362.6 355.2 25.9 ▪ New HVAC orders received require onsi
Slide 25: Business Updates – H1 FY26
Business Updates – H1’FY26 Chillers Turnkey Others 29.5 13.1 • TeamExpansion for HVACOperations 159.3 Spares ▪ Began securing HVACorders from H1FY26, introducing a 290.4 new product/project with strong growth potential. ▪ Team size increased to support on-site installation, 292.6 commissioning, and
Slide 26: Financial Performance
Financial Performance (Standalone) Total Income from Operations (INR Mn) EBITDA(INR Mn) PAT(INR Mn) 269.5 130.0 987.3 241.5 110.3 803.1 505.8 119.0 33.8 FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 30.1 27.3 23.5 13.7 13.2 6.7 FY23 FY24 FY25 EBITDAMargin (%) PATMargin (%) 25 SHREE REFRIGERATIONS LIM
Slide 27: Income Statement
Income Statement (Standalone) Particulars (INR Mn) FY23 FY24 FY25 Revenuefrom Operations 505.8 803.1 987.3 Total expenditure 386.8 561.5 717.7 COGS 241.4 400.5 501.0 Employee benefit expenses 70.7 87.3 143.2 Other expenses 74.6 73.8 73.6 EBITDA 119.0 241.5 269.5 EBITDAMargin (%) 23.5 30.1 27.3 Other
Slide 28: Balance Sheet
Balance Sheet (Standalone) Particulars (INR Mn) FY24 FY25 H1FY26 Particulars (INR Mn) FY24 FY25 H1FY26 EQUITY&LIABILITIES ASSETS Shareholders' Funds 647.3 1,182.1 2,000.1 Non CurrentAssets 163.6 279.7 339.1 Share Capital 49.0 56.1 71.3 Property, Plant & Equipment 48.1 175.3 196.0 Reserves & Surplus
Slide 29: Shree & Smardt Signing Cooperation
Shree & Smardt Signing Cooperation #
Slide 30: Turbocor Compressor Technology
Turbocor Compressor Technology
Slide 31: Lowest Cost of Ownership
Lowest Cost of Ownership Increased Reliability = Decrease Maintenance & Service Costs • Over 70% of chiller field/service costs are caused by oil-return issues. (Sources: Emerson Electric, AHRI) • Conventional chillers degrade by more than 20% for every 10 years of operation (Source: Tsinghua Resear
Slide 32: Smardt-Chiller - Efficiency
Smardt-Chiller - Efficiency Smardt-Chiller - Efficiency Majority of Run Time Diagram: Comparison uses generic industry performance data for 250TR water-cooled chillers (data source AHRI) with cooling tower relief
Slide 33: Efficiency (kw/TR): Smardt vs. Centrifugal vs. Screw
Smardt vs. Centrifugal vs. Screw Constant Condenser Water Temp (6.7C/ 12.2C and 29.5C/35C, based on 600RT) Smardt Standard Centrifugal Standard Screw 1.3 1.2 1.1 1 Efficiency (kw/TR) 0.9 0.8 25% better 0.7 50% better efficiency efficiency 0.6 0.5 0.4 60 120 180 210 240 300 360 420 480 540 600 Capaci
Slide 34: Revolutionary compressor technology
Revolutionary compressor technology Inverter (VSD) Softstart (< 2 Amp inrush) (24 kHz) Solenoid valves for cooling Press.Temp Sensors Permanent Magnet, DC Motor Motor & Bearing Two Stage Inlet-Guide-Vanes Controller Centifugal Impeller
Slide 35: Chiller Lifecycle Costs: The Reality
Chiller Lifecycle Costs: The Reality First Cost Operating Costs
Slide 36: Lowest Lifecycle Costs
Lowest Lifecycle Costs Total costs in 2 years of operation, S. Diego operating costs a disadvantage operating costs turns into a benefit maintenance maintenance soft start kit noise reduction first costs first costs Leading screw chiller Smardt Chiller
Slide 37: Smardt Data Center References
Smardt Data Center References • Orlando Data Center - USA • Global Switch – SGP • AirTrunk • BDx • Amazon Web Services • IBM - EU • FUJITSU - AUS • WCCC Data Center Phase - USA • AT&T - USA • Optimus -AUS • Infraserv Höchst - EU • WETA DIGITAL - NZ • DATEV Rechenzentren - EU • TELSTRA - CENTRE - AUS
Slide 38: Shree & Smardt Signing Cooperation
Shree & Smardt Signing Cooperation
Slide 39: Strategic Growth & Future Outlook
Strategic Growth & Future Outlook Scaling Manufacturing &In-House Capabilities for Faster Delivery Expanding capacity and internal capabilities - Greenfield project spanning 50,000 sq. ft. expandable to 100,000 sq. ft. CAGR - Aimed at streamlining and accelerating stage-wise inspections carried out
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