Shree Refrigerations Limited · BSE:SHREEREF
Shree Refrigerations — H1 FY2027 Earnings Presentation
34 slides from Shree Refrigerations's earnings presentation, Oct 30, 2026
Slide 1: BSE filing cover letter for investor presentation
30th October 2026 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, 2026 Ref: Regulation 30 of the SEBI (Listing Obligations and Disclosure Requir
Slide 2: Investor Presentation H1 FY27
SHREE REFRIGERATIONS LTD DEFENCE | DATA CENTRES We don’t just make Products, We manufacture Pride I N V E S T O R P R E S E N TAT I O N H1 FY27
Slide 3: Key Financial Highlights (H1 FY27 Standalone)
Key Financial Highlights (H1’FY27 - Standalone) Revenue EBITDA Net Profit INR 93.2 INR 12.7 INR 6.8 Cr Cr Cr 84.9% YoY 123.6% YoY 360.9% YoY EPS EBITDA % Net Profit % INR 1.91 13.6 7.3 % % 297.9% YoY +235 bps YoY +438 bps YoY SHREE REFRIGERATIONS LIMITED 2
Slide 4: SIDM Champion Award 2026
SIDM Champion Award 2026 (8th Society of Indian Defence Manufacturers Annual Session | Indigenization – Critical Equipment | New Delhi | 9 Oct 2026) Recognized for indigenizing the air conditioning system for Scorpène-class submarine Presented by Hon’ble Raksha Mantri Shri Rajnath Singh SHREE REFRIG
Slide 5: Company Overview
COMPANY OVERVIEW SHREE REFRIGERATIONS LIMITED 4
Slide 6: Inside Shree Refrigerations
Inside Shree Refrigerations DECADE+ OF SERVING INDIAN NAVY 10+ years India's leading defence-oriented manufacturer of high- performance HVAC System and AC & Ref Plant for mission-critical applications. of trusted Indian Navy engagement from first marine HVAC orders (2012) to Corporate indigenous sub
Slide 7: What Drives Us
What Drives Us Core Vision Building a stronger nation with indigenous products and Values cooling solutions. Collaboration Transparency Mission Integrity Provide reliable, high-quality products for defence and Agility engineering sectors, supporting India’s self-reliance and technological excellence
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: Business Overview
BUSINESS OVERVIEW SHREE REFRIGERATIONS LIMITED 8
Slide 10: Core Business Identity
Core Business Identity . Defence-focused Trusted supplier to the Indian Navy, manufacturer of marine- Indian PSUs, shipyards and private grade HVAC & refrigeration industrial clients systems Only Indian company registered across all 3 Turnkey HVAC&R Solutions AC & Ref Plants Electrical Control Panel
Slide 11: Business Model
Business Model MANUFACTURING VALUE-ADDED & SUPPLY SERVICES Equipment (New + Retrofit) Installation & Commissioning Turnkey HVAC & R, AC & Ref Plants, Heat Exchangers, Electrical On-site execution, training, operations and maintenance Control Panels handover Spares (Recurring Revenue) AMC & Life Cycl
Slide 12: Marine HVAC&R Portfolio
Marine HVAC&R Portfolio AC Plant Marinised Split Air Conditioner Marine HVAC&R 5 TR to 300 TR (seawater or air-cooled) Designed for maritime environments Systems ▪ Chillers for warships and submarines – NHQ/ DME Approved Starter & Control Panels Refrigeration Plant ▪ Turnkey HVAC&R for For pumps and
Slide 13: SRL's Projects (1/2)
SRL’s Projects (1/2) Project/Ship Product Project Status INS Dhruv (Project VC 11184) AC & Ref Plant with Control Panel Completed INS Jalashwa SCAC with Control Panel Completed INS Jalashwa Unit Cooler Completed Brahmaputra Class AC Plant with Control Panel Completed P17A, Nilgiri Class Ships AC Pla
Slide 14: SRL's Projects (2/2)
SRL’s Projects (2/2) Project/Ship Product Project Status Fleet Support Ships AC Plant Ongoing Fleet Support Ships Ref Plant Ongoing Fleet Support Ships HVAC Ongoing FPV (MDL) Turnkey HVAC Ongoing B-Class - 1 MBC AC Plant with Control Panel Ongoing B-Class - 2 MBC AC Plant with Control Panel Ongoing
Slide 15: State-of-the-art Manufacturing Facility
State-of-the-art Manufacturing Facility Located at Karad, Equipped with advanced machinery, in-house design and naval-grade testing Maharashtra Every system inspected and signed off stage-by-stage as per naval quality standards Infrastructure Unit - 1 Unit – 2 (New Greenfield Expansion) (~20,000 sq.
Slide 16: Birds Eye View of the New Unit Inaugurated
Birds Eye View of the New Unit Inaugurated SHREE REFRIGERATIONS LTD 15
Slide 17: Overview of the New Plant
Overview of the New Plant (Unit 2 : Designed to enhance capacity, efficiency and operational scalability) New Capability Additions: 01 | Laser Cutting Machine Enhanced precision cutting capability 02 | Paint Shop Strengthen finishing capabilities and process control. 03 | Shot Blasting Supporting im
Slide 18: In-house Test Facility
In-house Test Facility . Our advanced in-house testing facility enables performance validation, quality assurance, and rigorous testing under controlled conditions Controlled Ambient AC Test Room Chiller Performance Test Bed Chiller Tilt • Test Bed facility for 650 KW Marine Plant – 2 nos • Leak tes
Slide 19: MBC Repair Facility
MBC Repair Facility • Growing deployment of Turbocor® Strategic Collaboration with compressors in HVAC applications, including comfort cooling and data centre cooling. Danfoss Turbocor® • Domestic repair capability addresses the need to reduce reliance on sending compressors to the USA for repairs.
Slide 20: Our Strategic (Coastal) Presence
Our Strategic (Coastal) Presence Client Delhi Portfolio BD & Sales Office Defence & 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 Chennai Kochi Insta
Slide 21: Registrations & Certifications
Registrations & Certifications Defence Registrations Directorate of Marine Engineering, Directorate of Electrical Engineering, Directorate of Naval Architecture, Ministry of Defence (Navy) for AC & Ref Plants Ministry of Defence (Navy) for Motor Starter Panels Ministry of Defence (Navy) for HVAC sys
Slide 22: Market Outlook
MARKET OUTLOOK SHREE REFRIGERATIONS LIMITED 21
Slide 23: Marine & Defence Opportunity Landscape
Marine & Defence Opportunity Landscape Defence Marine Opportunity • Indian Navy expected to expand to 200+ ships by 2032 and 230+ ships by 2035 • Government approvals received for projects worth Long qualification High reliability Strong Indian ~INR 2.75 lakh crore cycles requirements aftermarket/se
Slide 24: Data Centre Cooling (A Decade-Long Opportunity)
Data Centre Cooling (A Decade-Long Opportunity) India Data Centre Capacity Expansion Structural Demand Why Cooling is Cooling Segment Build-Up Critical? Evolution • India data centre market valued at Data centres increasingly require: Traditional cooling systems are gradually ~INR 46,065 Cr (2025) i
Slide 25: Way Forward
WAY FORWARD SHREE REFRIGERATIONS LIMITED 24
Slide 26: 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 ou
Slide 27: Financial Highlights
FINANCIAL HIGHLIGHTS SHREE REFRIGERATIONS LIMITED 26
Slide 28: Half Yearly Income Statement
Half Yearly Income Statement (Standalone) % of Revenue H1 FY27 Highlights Particulars (INR Cr) H1FY27 H1FY26 YoY% H1FY27% H1FY26% Reflects strong growth, resilience amid commodity inflation, and Revenue from Operations 93.2 50.4 84.9 improving profitability. Total expenditure 80.5 44.7 80.0 86.4 88.
Slide 29: Annual Financial Performance
Annual Financial Performance (Standalone) Revenue from Operations (INR Cr) EBITDA (INR Cr) PAT (INR Cr) CAGR CAGR 32.9 CAGR 153.5 ~40% 21.4 ~45% 27.0 ~85% 24.1 98.7 13.0 80.3 11.0 11.9 50.6 3.4 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 30.1 27.3 23.5 21.4 13.7 13.2 13.9 6.7 FY23 FY
Slide 30: Annual Income Statement
Annual Income Statement (Standalone) Particulars (INR Cr) FY23 FY24 FY25 FY26 Revenue from Operations 50.6 80.3 98.7 153.5 Total expenditure 38.7 56.2 71.8 120.6 COGS 24.1 40.1 50.3 86.7 Employee benefit expenses 7.1 8.7 13.8 21.8 Other expenses 7.5 7.4 7.7 12.1 EBITDA 11.9 24.1 27.0 32.9 EBITDA Mar
Slide 31: Annual Balance Sheet
Annual Balance Sheet (Standalone) Particulars (INR Cr) FY25 FY26 H1FY27 Particulars (INR Cr) FY25 FY26 H1FY27 EQUITY & LIABILITIES ASSETS Shareholders' Funds 118.2 219.6 227.2 Non Current Assets 27.7 56.9 69.3 Share Capital 5.6 7.1 7.2 Property, Plant & Equipment 17.5 21.5 49.4 Reserves & Surplus 11
Slide 32: Order Book Summary
Order Book Summary Spares & Others Services 11.2 3.6 17.9 Refrigeration 1.3x Closing Plant FY26 Revenue Order Book Closing Order Book (H1,FY27) INR Cr Order Book 127.7 (INR Cr) HVAC Opening Order Book 270.8 38.6 AC Plant & Chillers (marine) Orders Received 21.3 Orders Executed 93.2 Unexecuted Order
Slide 33: 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 34: Thank You!
Instagram: https://www.instagram.com/shree.ref/ Youtube: https://www.youtube.com/@Shreerefrigerations LinkedIn : https://www.linkedin.com/company/shree-refrigerations Website : https://shreeref.com/ THANK SHREE REFRIGERATIONS LTD KAPTIFY ® Consulting YOU! Plot No. 131/1/2/1, Opp. MSEB Stores, Viravd
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