Shree Refrigerations Ltd
Incorporated in 2006, Shree Refrigerations
Ltd is a defence-focused manufacturer of advanced refrigeration and HVAC systems.[1]
- Market Cap ₹ 666 Cr.
- Current Price ₹ 187
- High / Low ₹ 312 / 153
- Stock P/E 108
- Book Value ₹ 56.1
- Dividend Yield 0.00 %
- ROCE 17.8 %
- ROE 15.0 %
- Face Value ₹ 2.00
Pros
- Company has reduced debt.
- Company has delivered good profit growth of 43.5% CAGR over last 5 years
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has high debtors of 352 days.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Industrial Manufacturing Industrial Products
Part of BSE SME IPO
Half Yearly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| 13.07 | 10.49 | 45.31 | 50.54 | 80.26 | 98.73 | 98.15 | |
| 14.22 | 7.72 | 33.32 | 38.14 | 55.35 | 71.68 | 80.98 | |
| Operating Profit | -1.15 | 2.77 | 11.99 | 12.40 | 24.91 | 27.05 | 17.17 |
| OPM % | -8.80% | 26.41% | 26.46% | 24.54% | 31.04% | 27.40% | 17.49% |
| 0.09 | 0.25 | 0.09 | 0.33 | 0.88 | 0.27 | 0.50 | |
| Interest | 2.88 | 2.27 | 3.84 | 4.42 | 4.61 | 4.48 | 4.42 |
| Depreciation | 0.51 | 0.45 | 3.70 | 3.57 | 3.82 | 4.15 | 4.83 |
| Profit before tax | -4.45 | 0.30 | 4.54 | 4.74 | 17.36 | 18.69 | 8.42 |
| Tax % | -24.27% | 80.00% | 26.43% | 35.44% | 29.67% | 26.65% | |
| -3.37 | 0.06 | 3.34 | 3.06 | 12.20 | 13.71 | 6.16 | |
| EPS in Rs | 4.88 | 2.09 | |||||
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.01% | 0.00% | 0.00% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 50% |
| 3 Years: | 30% |
| TTM: | 23% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 43% |
| 3 Years: | 60% |
| TTM: | 13% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 20% |
| 3 Years: | 19% |
| Last Year: | 15% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 3.19 | 3.29 | 3.29 | 4.06 | 4.90 | 5.61 | 7.13 |
| Reserves | -0.35 | -0.19 | 3.15 | 24.32 | 59.56 | 113.03 | 192.88 |
| 18.92 | 35.55 | 49.94 | 49.33 | 35.30 | 42.44 | 26.18 | |
| 7.88 | 13.97 | 23.58 | 16.78 | 25.11 | 30.46 | 12.06 | |
| Total Liabilities | 29.64 | 52.62 | 79.96 | 94.49 | 124.87 | 191.54 | 238.25 |
| 3.56 | 3.34 | 4.38 | 10.35 | 10.60 | 22.44 | 20.02 | |
| CWIP | 0.72 | 1.00 | 0.81 | 0.00 | 0.34 | 0.06 | 0.14 |
| Investments | 1.79 | 1.79 | 1.84 | 5.26 | 6.05 | 8.59 | 62.86 |
| 23.57 | 46.49 | 72.93 | 78.88 | 107.88 | 160.45 | 155.23 | |
| Total Assets | 29.64 | 52.62 | 79.96 | 94.49 | 124.87 | 191.54 | 238.25 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| -9.06 | -5.05 | -5.76 | -5.33 | -24.83 | ||
| -5.65 | -6.35 | -7.63 | -2.53 | -14.47 | ||
| 14.56 | 11.17 | 15.28 | 6.39 | 44.27 | ||
| Net Cash Flow | -0.16 | -0.23 | 1.90 | -1.47 | 4.97 | |
| Free Cash Flow | -9.56 | -6.44 | -6.39 | -6.76 | -38.33 | |
| CFO/OP | -327% | -42% | -46% | -26% | -114% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 159.74 | 94.64 | 171.50 | 228.07 | 289.10 | 351.95 |
| Inventory Days | 414.49 | 2,820.98 | 429.27 | 464.01 | 299.36 | 350.79 |
| Days Payable | 146.93 | 809.45 | 186.24 | 157.98 | 114.63 | 126.26 |
| Cash Conversion Cycle | 427.30 | 2,106.17 | 414.53 | 534.10 | 473.83 | 576.49 |
| Working Capital Days | -58.37 | 614.83 | 157.81 | 207.20 | 221.97 | 345.11 |
| ROCE % | 8.48% | 17.64% | 13.66% | 24.75% | 17.83% |
Insights
In beta| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| Average Collection Period Days |
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| Manufacturing Facility Area Square Feet |
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| Total Employee Count Number |
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| Operating Cycle Days |
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| Order Book INR Million |
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Documents
Announcements
- Closure of Trading Window 25 Mar
-
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
18 Mar - Indian Navy order: supply spare items for B Class Ship, Rs.2,41,22,007, delivery by 18 Mar 2027.
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Annoucement Under Regulation 30 Of SEBI (LODR) Regulations, 2015, Update : The Company Has Entered Into A Turbocor® Authorized Service Partner Agreement With Danfoss LLC, USA, On 17Th March 2026.
18 Mar - Signed Turbocor Authorized Service Partner Agreement with Danfoss LLC on 17 March 2026 for local compressor repairs.
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
13 Mar - Investor one-on-one meeting on 18 Mar 2026 in Mumbai via Kaptify; no UPSI to be discussed.
-
Announcement Under Regulation 30 Of SEBI (LODR) Regulations 2015 - Update On Inauguration Of New Manufacturing Facility/Plant/Factory.
4 Mar - New manufacturing facility inauguration at Hanbarwadi, Satara scheduled for 20 May 2026.
Concalls
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Nov 2025Transcript PPT REC
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Nov 2025TranscriptAI SummaryPPT
Business Overview:[1]
SRL is engaged in the manufacturing
of chillers, refrigeration and air-conditioning appliances, and components associated with
the Heating, Ventilation, and Air Conditioning (HVAC) industry. The company offers a range
of advanced systems and equipment catering primarily to the domestic industrial market.