Shree Refrigerations Limited reported a 65% year-on-year increase in net profit to ₹214 crore for the financial year ended March 31, 2026, driven by a 55.5% rise in revenue from operations to ₹1,535.5 crore. The company subsequently resubmitted its audited standalone and consolidated financial results to incorporate a presentational refinement in the Cash Flow Statement, specifically regarding the classification of the 'Increase/(Decrease) in Provisions' line item within the 'Changes in Working Capital' section. This reclassification aligns with Accounting Standard 3 principles and does not alter the net profit, balance sheet position, or closing cash balances.

The Board of Directors approved the audited standalone and consolidated financial statements at its meeting held on May 25, 2026. The resubmission on May 29, 2026, confirmed that the revision is purely presentational, with no material impact on the financial position. Statutory Auditors M/s. SSSS & Associates issued an unmodified opinion on the results.

Financial Performance

The company delivered strong growth momentum in the second half of the fiscal year, with revenues growing by over 100% on both a year-on-year and half-on-half basis. Standalone net profit for H2FY26 rose to ₹199.2 crore compared to ₹46.8 crore in the same period of the previous year, while revenue surged to ₹1,031.6 crore from ₹477.6 crore. EBITDA for H2FY26 stood at ₹271.6 crore, with margins expanding to 26.3%.

For the full year, total revenue stood at ₹1,535.5 crore, compared to ₹987.3 crore in the previous year. Total expenses increased to ₹1,207.3 crore from ₹717.7 crore. Profit before tax for the year rose to ₹248.2 crore from ₹186.9 crore in FY25. EBITDA for the year was ₹328.2 crore, with margins at 21.4%.

Cash Flow Revision Details

The resubmission addressed the classification of provisions in the cash flow statement. Under the revised presentation, the standalone 'Increase/(Decrease) in Provisions' was adjusted to ₹360.02 lakh from a previous presentation of -₹744.86 lakh. The consolidated figure was revised to ₹363.62 lakh from -₹741.26 lakh. Despite this reclassification, the net cash flows from operating activities and the closing cash and cash equivalents remained unchanged.

Operational Highlights and Balance Sheet

Strategic investments in HVAC execution capabilities during H1FY26 yielded strong results in H2FY26. The working capital cycle improved substantially from approximately 570 days in FY25 to around 370 days in FY26. As of March 31, 2026, the company's unexecuted order book stood at 1.8x of FY26 revenue, led by the HVAC segment at 59%.

The company's total assets increased to ₹2,999.3 crore as of March 31, 2026, from ₹1,887 crore a year earlier. Shareholders' equity rose to ₹2,196.4 crore, driven by an increase in reserves and surplus to ₹2,125.1 crore. Cash and cash equivalents surged to ₹575.1 crore from ₹59.3 crore, following the receipt of IPO proceeds. The company has fully utilized the IPO proceeds of ₹945.125 lakh for issue-related expenses, general corporate expenses, and working capital requirements.

Shree Refrigerations Limited has adopted an amended Code of Conduct for Insider Trading to comply with Regulation 8(2) of the SEBI (Prohibition of Insider Trading) Regulations, 2015. The policy, approved by the Board of Directors on May 25, 2026, establishes a framework to regulate, monitor, and report trading by Designated Persons and their Immediate Relatives. The code aims to maintain high ethical standards and prevent the misuse of Unpublished Price Sensitive Information (UPSI).

The new code defines UPSI as any information relating to the company or its securities that is not generally available and could materially affect the price of securities upon becoming public. This includes financial results, dividends, changes in capital structure, mergers, acquisitions, and key managerial personnel changes. The company has implemented a “Need-to-Know” basis for information disclosure, ensuring that UPSI is shared only with personnel who require it to discharge their duties.

Trading Restrictions and Pre-Clearance

Designated Persons are prohibited from trading in company securities while in possession of UPSI. The code mandates pre-clearance from the Compliance Officer for trades where the market value of securities involved in a transaction or series of transactions over any calendar quarter exceeds ₹10 Lakhs. Pre-clearance applications must be accompanied by an undertaking confirming that the applicant is not in possession of UPSI.

Once approved, the trade must be executed within seven Trading Days. If the trade is not executed within this period, the Designated Person must secure fresh pre-clearance. The code also prohibits Designated Persons and their Immediate Relatives from entering into an opposite transaction during the six months following a prior transaction, except with written relaxation from the Compliance Officer.

Disclosure Requirements

The policy outlines specific disclosure requirements for Designated Persons. They must furnish details of Immediate Relatives, persons with whom they share a Material Financial Relationship, and their current securities holdings to the company annually. Additionally, any promoter, member of the promoter group, or director must disclose the number of securities acquired or disposed of within two Trading Days if the aggregate value traded in a quarter exceeds ₹10 Lakhs.

The company is required to notify the stock exchanges of these disclosures within two Trading Days of receipt. The Compliance Officer may also require other Connected Persons to make disclosures of holdings and trading activities to monitor compliance.

Monitoring and Penalties

A Monitoring Committee, comprising the Managing Director, Whole Time Directors, Chief Financial Officer, and the Compliance Officer, has been constituted to review the list of Designated Persons and conduct inquiries into alleged violations. The Compliance Officer is responsible for monitoring the code, maintaining records, and deciding on “Fixed Closed Periods” and “Special Closed Periods” during which trading is prohibited.

Violations of the code may result in penalties, including wage freeze, suspension, and ineligibility for future participation in the company’s ESOP Scheme. Any amount collected due to violations will be remitted to SEBI for credit to the Investor Protection and Education Fund. The policy also includes a procedure for inquiry in case of leaks or suspected leaks of UPSI, with provisions for protecting whistleblowers against discrimination or harassment.