Shree Refrigerations Ltd
Incorporated in 2006, Shree Refrigerations
Ltd is a defence-focused manufacturer of advanced refrigeration and HVAC systems.[1]
- Market Cap ₹ 1,384 Cr.
- Current Price ₹ 387
- High / Low ₹ 439 / 161
- Stock P/E 64.3
- Book Value ₹ 60.6
- Dividend Yield 0.00 %
- ROCE 13.8 %
- ROE 13.0 %
- Face Value ₹ 2.00
Pros
- Company has delivered good profit growth of 136% 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
Half Yearly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 10 | 45 | 51 | 80 | 99 | 154 | |
| 8 | 33 | 38 | 55 | 72 | 121 | |
| Operating Profit | 3 | 12 | 12 | 25 | 27 | 33 |
| OPM % | 26% | 26% | 25% | 31% | 27% | 21% |
| 0 | 0 | 0 | 1 | 0 | 2 | |
| Interest | 3 | 4 | 5 | 5 | 5 | 4 |
| Depreciation | 0 | 4 | 4 | 4 | 4 | 6 |
| Profit before tax | -0 | 4 | 4 | 17 | 19 | 25 |
| Tax % | 58% | 27% | 40% | 32% | 32% | 14% |
| -0 | 3 | 3 | 12 | 13 | 22 | |
| EPS in Rs | 4.49 | 6.04 | ||||
| Dividend Payout % | 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: | 136% |
| 3 Years: | 103% |
| TTM: | 69% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 78% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 16% |
| 3 Years: | 15% |
| Last Year: | 13% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 3 | 3 | 4 | 5 | 6 | 7 |
| Reserves | -2 | 1 | 21 | 56 | 109 | 209 |
| 39 | 54 | 53 | 38 | 45 | 37 | |
| 14 | 23 | 16 | 25 | 24 | 41 | |
| Total Liabilities | 54 | 81 | 94 | 124 | 183 | 294 |
| 5 | 6 | 12 | 12 | 18 | 22 | |
| CWIP | 1 | 1 | 0 | 0 | 0 | 18 |
| Investments | 0 | 0 | 4 | 4 | 7 | 15 |
| 48 | 75 | 79 | 107 | 158 | 239 | |
| Total Assets | 54 | 81 | 94 | 124 | 183 | 294 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| -9 | -4 | -5 | -25 | 14 | ||
| -6 | -8 | -2 | -9 | -31 | ||
| 14 | 14 | 6 | 39 | 69 | ||
| Net Cash Flow | -0 | 2 | -1 | 5 | 52 | |
| Free Cash Flow | -9 | -5 | -7 | -33 | -11 | |
| CFO/OP | -315% | -36% | -16% | -70% | 59% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 95 | 172 | 228 | 289 | 352 | 251 |
| Inventory Days | 2,821 | 429 | 464 | 299 | 361 | 249 |
| Days Payable | 809 | 186 | 158 | 115 | 130 | 123 |
| Cash Conversion Cycle | 2,106 | 414 | 534 | 474 | 583 | 377 |
| Working Capital Days | 666 | 170 | 208 | 222 | 343 | 253 |
| ROCE % | 17% | 13% | 25% | 18% | 14% |
Insights
In beta| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Order Book Value INR Mn ・Standalone data |
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| Capacity Utilization % ・Standalone data |
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| Customer Concentration - Top 1 Customer % of revenue ・Standalone data |
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| Customer Concentration - Top 5 Customers % of revenue ・Standalone data |
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| Production Volume Number of units ・Standalone data |
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| Market Share in Naval HVAC % ・Standalone data |
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| Team Size Number of employees ・Standalone data |
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| Order Book Mix by Segment INR Mn ・Standalone data |
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Extracted by Screener AI
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Credit Rating
- CARE upgraded Shree Refrigerations’ bank facility ratings to BBB-/A3 for ₹90 crore facilities.
-
Announcement under Regulation 30 (LODR)-Change in Management
- Shareholders approved Rucha Ravalnath Shende as Whole-Time Director for 3 years from 23 February 2026.
- Shareholder Meeting / Postal Ballot-Scrutinizer''s Report
-
Board Meeting Outcome for Incorporation Of Wholly Owned Subsidiary Company
- Board approved incorporating Aquilon Deep Chill Limited, investing up to Rs. 5 crore on 31 August 2026.
-
Shareholder Meeting / Postal Ballot-Outcome of AGM
- Shree Refrigerations held its 20th AGM on 31 August 2026, covering financial statements, director appointments, ESOP approval and remuneration changes.
Concalls
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Aug 2026TranscriptAI SummaryPPT
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Jun 2026Transcript PPT REC
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Nov 2025Transcript PPT REC
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Nov 2025TranscriptAI SummaryPPT
Business Overview:[1]
Shree Refrigerations is a defence-focused manufacturer of marine-grade HVAC and refrigeration systems, supplying the Indian Navy, Indian PSUs, shipyards and private industrial customers. Its offerings include turnkey HVAC&R solutions, AC & refrigeration plants, and electrical control panels, with presence across the three critical naval segments.