Shree Refrigerations Limited · BSE:SHREEREF
Shree Refrigerations — H1 FY2026 Earnings Presentation
32 slides from Shree Refrigerations's earnings presentation, Nov 12, 2025
Slide 1: Cover letter to BSE on investor presentation
November 12, 2025 To, Department of Corporate Services/ Listing BSE Limited 25th Floor, P. J. Towers, Dalal Street, Mumbai – 400001 Subject: Investor Presentation on the Financial Results for the Half Year Ended September 30, 2025 Scrip Code: 544458 ISIN: INE0FMZ01045 Dear Sir/Madam, Pursuant to the
Slide 2: Investor Presentation H1 FY2026
SHREE REFRIGERATIONS LTD DEFENCE | DATA CENTRES We don’t manufacture product, we manufacture Pride I N V E S T O R P R E S E N TAT I O N H1 FY2026
Slide 3: Safe Harbor
Safe Harbor This document has been prepared for information purposes only and is not an offer or invitation or recommendation to buy or sell any securities of Shree Refrigerations Limited (“SRL”, “Shree”, “Shree Refrigerations“, "Company“), nor shall part, or all, of this document form the basis of,
Slide 4: Company Overview
COMPANY OVERVIEW Legacy of Precision Cooling SHREE REFRIGERATIONS LTD 3
Slide 5: Inside Shree Refrigerations
Inside Shree Refrigerations Certifications . + Directorate of Quality Assurance (Warship Project), Ministry of Defence + Directorate of Electrical Engineering, Ministry of Defence India's leading defence-oriented manufacturer of high- (Navy) for Motor Starter Panels performance refrigeration, Coolin
Slide 6: Challenge Accepted
CHALLENGE ACCEPTED India’s defence and critical Designing and manufacturing advanced, industries faced customized HVAC and refrigeration systems Need for mission-critical, reliable, and ▪ Dependence on imports for high-spec “INDIGENOUS” ▪ Engineered to meet naval and military refrigeration/HVAC cool
Slide 7: What Drives Us
What Drives Us Mission Provide reliable, high-quality products for defence Core and engineering sectors, supporting India’s self- reliance and technological excellence. Values Collaboration Vision Building a stronger nation with indigenous Transparency products and cooling solutions. Integrity Purpo
Slide 8: Our Journey of Engineering
OUR JOURNEY OF ENGINEERING 1990 1994 1995 1998 2002 2006 Started as a Introduced Manufactured first Moved to owned Developed first Became a private partnership firm in condensing units for chiller for newspaper premises calorimeter test rig limited company rented premises milk cooling printing and r
Slide 9: Meet The Team
Meet The Team Mr. Ravalnath Gopinath Shende Mr. Rajashri Ravalnath Shende Mrs. Devashree Vishwesh Nampurkar CMDE. Sunil Kaushik NM, VSM (Retd.) Chairman & MD Executive Director Whole Time Director Whole Time Director A founding member of the company Holds a Diploma in Electronics and Holds a Bachelo
Slide 10: Meet The Team
Meet The Team Col. Lalit Rai VrC (Retd.) CDME. Vivek Karnavat (Retd.) Mr. Nandkumar Madhav Athawale Mr. Umesh Ramswamy Shastry Independent Director Independent Director Independent Director Indendent Director Appointed as Independent Director in Appointed as Independent Director in Appointed as Inde
Slide 11: Meet The Team
Meet The Team Mr. Abhijit Saoji Mr. Manoj Kothale Mr. Harshal Bakade Cdr. Manoj Parashar Mr. Manoj Manve CEO CFO Chief Proposals Officer VP – Aftermarket & Retrofit AVP - Manufacturing Mr. Sagar Babar Mr. Nilkumar Gharat Mr. Sumeet Mathur Mr. Ankur Srivastava Mr. Aditya Kulkarni VP – Design & Deelop
Slide 12: Business Overview
BUSINESS OVERVIEW Delivering Mission-Critical Cooling Solutions SHREE REFRIGERATIONS LTD 11
Slide 13: Core Business Identity
Core Business Identity . Trusted supplier to the Indian Navy, Indian PSUs, shipyards, and private industrial Defence-focused clients manufacturer of marine- grade HVAC & refrigeration Integrated Manufacturing Process systems including CNC fabrication, custom heat exchanger production, Navy-approved
Slide 14: Business Model
BUSINESS MODEL MANUFACTURING VALUE-ADDED & SUPPLY SERVICES Sale of Equipment (New + Retrofit) Installation Services Revenue Mix – H1’FY26: ~97% Products Offering Turnkey HVAC & R, Chillers, Refrigeration Installation and commissioning of Systems, systems, Heat Exchangers, Defence- Grade Electrical T
Slide 15: India Design, Develop & Manufacture (IDDM) Solution for Complex Naval HVAC&R
India Design, Develop & Manufacture (IDDM) Solution for Complex Naval HVAC&R Refrigeration Plant Marinised Split Air Conditioner 0.5 TR to 10 TR Designed for maritime environments Marine HVAC&R Systems Starter & Control Panels Chilled Water Plant For pumps and motors in defence 5 TR to 300 TR (seawa
Slide 16: State-of-the-art Manufacturing Facility
State-of-the-art Manufacturing Facility Located at Karad, Equipped with Advanced Machinery and Testing Equipment Maharashtra Enabled with In-house Design Stringent multi-stage From raw material to Ensures naval-grade inspection process final system testing quality Each stage advances only after form
Slide 17: In-house Test Facility
. In-house Chiller Performance Controlled Ambient Test Bed AC Test Room Test Facility Chiller Tilt Test Facility SHREE REFRIGERATIONS LTD 16
Slide 18: Our Strategic Presence
Our Strategic Presence . Client Portfolio Defense & PSUs Mumbai Installation & Services Team Pune BD & Sales Office Kolkata Installation & Services Team Karad Vizag Head Office & Factory Installation & Services Team Goa Installation & Services Team SHREE REFRIGERATIONS LTD 17
Slide 19: Competitive Strengths
Competitive Strengths . In-House Manufacturing Customization End-to-end control from raw materials to finished Tailored HVAC, chiller, and fabrication solutions products, ensuring quality, cost, and delivery to meet specific client needs. efficiency. After-Sales Service Technology & Collaborations S
Slide 20: SWOT Analysis
SWOT Analysis 01 Strengths S 02 W Weaknesses 03 O Opportunities 04 Threats T ▪ Technological ▪ Heavy reliance on ▪ India’s growth ▪ Long Revenue cycles collaborations and in- defence contracts prospects and focus on house design ▪ High working capital Make in India/ capabilities requirements Aatmani
Slide 21: Registrations & Certifications
Registrations & Certifications Defence Registrations Directorate of Quality Assurance (Warship Project), Directorate of Electrical Engineering, Integrated Headquarters, Ministry of Defence Ministry of Defence (Navy) for Motor Starter Panels Ministry of Defence (Navy) for HVAC systems CE Certificate
Slide 22: Financial Highlights
FINANCIAL HIGHLIGHTS Scaling Activities for Long-Term Growth SHREE REFRIGERATIONS LTD 21
Slide 23: Half Yearly Income Statement
Half Yearly Income Statement (Standalone) . Particulars (INR Mn) H1FY26 H2FY25 H1FY25 YoY% WHAT IMPACTED OUR MARGINS? Revenue from 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 ons
Slide 24: Business Updates – H1'FY26
Business Updates – H1’FY26 Chillers Turnkey Others 29.5 13.1 Team Expansion for HVAC Operations 159.3 Spares ▪ Began securing HVAC orders 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 25: 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 EPS (INR) 27.3 5.31 5.04 23.5 13.7 13.2 6.7 1.70 FY23 FY24 FY25 FY23 FY24 FY25 EBITDA Margin (%
Slide 26: Income Statement
Income Statement (Standalone) Particulars (INR Mn) FY23 FY24 FY25 Revenue from 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 EBITDA Margin (%) 23.5 30.1 27.3 Oth
Slide 27: 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 Current Assets 163.6 279.7 339.1 Share Capital 49.0 56.1 71.3 Property, Plant & Equipment 48.1 175.3 196.0 Reserves & Surpl
Slide 28: Way Forward
WAY FORWARD Strategic Growth with Future-Ready Solutions SHREE REFRIGERATIONS LTD 27
Slide 29: Next Big Opportunity – Data Centre Chillers
NEXT BIG OPPORTUNITY – DATA CENTRE CHILLERS SHREE REFRIGERATIONS LTD 28
Slide 30: 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 reducing delays in stage-wise manufacturing inspections by Nava
Slide 31: MOUs & Co-operations
MOUs & Co-operations Strategic Alliances Mazagon Dock Shipbuilders Ltd Smardt Chiller Group, Canada International sale of SRL’s Equipment Oil-free chillers for Data Centres Hindustan Shipyard Ltd Knud E. Hansen, Denmark International sale of SRL’s Equipment HVAC Design and Validation 30 SHREE REFRIG
Slide 32: Thank You!
THANK SHREE REFRIGERATIONS LIMITED KAPTIFY® Consulting YOU! Plot No. 131/1+2, Mouje Virawade, Ogalewadi, Strategy & Investor Relations | Consulting Karad . Maharashtra, India – 415105 Tel: +91 - 845 288 6099 Website: www.shreeref.com Email: contact@kaptify.in Website: www.kaptify.in
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