Shree Refrigerations Ltd
Incorporated in 2006, Shree Refrigerations
Ltd is a defence-focused manufacturer of advanced refrigeration and HVAC systems.[1]
- Market Cap ₹ 1,010 Cr.
- Current Price ₹ 282
- High / Low ₹ 312 / 153
- Stock P/E 47.2
- Book Value ₹ 61.6
- Dividend Yield 0.00 %
- ROCE 13.6 %
- ROE 12.6 %
- Face Value ₹ 2.00
Pros
- Company has delivered good profit growth of 224% CAGR over last 5 years
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Tax rate seems low
- Company has high debtors of 251 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 Aerospace & Defense Aerospace & Defense
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 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 13 | 10 | 45 | 51 | 80 | 99 | 154 | |
| 14 | 8 | 33 | 38 | 55 | 72 | 121 | |
| Operating Profit | -1 | 3 | 12 | 12 | 25 | 27 | 33 |
| OPM % | -9% | 26% | 26% | 25% | 31% | 27% | 21% |
| 0 | 0 | 0 | 0 | 1 | 0 | 2 | |
| Interest | 3 | 2 | 4 | 4 | 5 | 4 | 4 |
| Depreciation | 1 | 0 | 4 | 4 | 4 | 4 | 6 |
| Profit before tax | -4 | 0 | 5 | 5 | 17 | 19 | 25 |
| Tax % | -24% | 80% | 26% | 35% | 30% | 27% | 14% |
| -3 | 0 | 3 | 3 | 12 | 14 | 21 | |
| EPS in Rs | 4.88 | 6.01 | |||||
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 71% |
| 3 Years: | 45% |
| TTM: | 56% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 224% |
| 3 Years: | 91% |
| TTM: | 56% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 16% |
| 3 Years: | 15% |
| Last Year: | 13% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 3 | 3 | 3 | 4 | 5 | 6 | 7 |
| Reserves | -0 | -0 | 3 | 24 | 60 | 113 | 213 |
| 19 | 36 | 50 | 49 | 35 | 42 | 39 | |
| 8 | 14 | 24 | 17 | 25 | 30 | 41 | |
| Total Liabilities | 30 | 53 | 80 | 94 | 125 | 192 | 300 |
| 4 | 3 | 4 | 10 | 11 | 22 | 22 | |
| CWIP | 1 | 1 | 1 | 0 | 0 | 0 | 18 |
| Investments | 2 | 2 | 2 | 5 | 6 | 9 | 21 |
| 24 | 46 | 73 | 79 | 108 | 160 | 239 | |
| Total Assets | 30 | 53 | 80 | 94 | 125 | 192 | 300 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| -9 | -5 | -6 | -5 | -25 | 14 | ||
| -6 | -6 | -8 | -3 | -14 | -31 | ||
| 15 | 11 | 15 | 6 | 44 | 69 | ||
| Net Cash Flow | -0 | -0 | 2 | -1 | 5 | 52 | |
| Free Cash Flow | -10 | -6 | -6 | -7 | -38 | -11 | |
| CFO/OP | -327% | -42% | -46% | -26% | -114% | 25% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 160 | 95 | 172 | 228 | 289 | 352 | 251 |
| Inventory Days | 414 | 2,821 | 429 | 464 | 299 | 351 | 231 |
| Days Payable | 147 | 809 | 186 | 158 | 115 | 126 | 114 |
| Cash Conversion Cycle | 427 | 2,106 | 415 | 534 | 474 | 576 | 368 |
| Working Capital Days | -58 | 615 | 158 | 207 | 222 | 345 | 265 |
| ROCE % | 8% | 18% | 14% | 25% | 18% | 14% |
Insights
In beta| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| Average Collection Period Days |
|
||
| Manufacturing Facility Area Square Feet |
|||
| Total Employee Count Number |
|||
| Operating Cycle Days |
|||
| Order Book INR Million |
|||
Extracted by Screener AI
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Press Release / Media Release
1d - Shree Refrigerations to inaugurate 50,000 sq ft Karad facility on 20 June 2026.
-
Announcement under Regulation 30 (LODR)-Earnings Call Transcript
1d - Transcipt of Post Earnings Conference Call of the Company for H2 and FY 2025-26 the held on Tuesday, May 26, 2026 at 3:00 P.M. is …
-
Annoucement Under Reg. 30 (LODR) - Update On Resubmission Of Audited Standalone & Consolidated Financial Results For The Half Year And Year Ended March 31 2026 Change In Presentation Of Cash Flow Statement
29 May - Shree Refrigerations resubmits FY26 audited results, revising cash flow presentation; profit and cash balances unchanged.
-
Statement Of Deviation Or Variation For The Quarter Ended March 31, 2026
26 May - No deviation in ₹94.51 crore IPO proceeds utilisation for half-year ended 31 March 2026.
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
26 May - Earnings conference call held 26 May 2026; no UPSI shared, recording posted online.
Concalls
-
Jun 2026Transcript PPT
-
Nov 2025Transcript PPT REC
-
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.