Shree Refrigerations reported a 55.5% year-on-year rise in revenue to ₹1,535.5 crore for FY26, driven by strong demand in defence and marine HVAC systems. The company also disclosed the inauguration of a new manufacturing facility to support its growth trajectory.

The BSE-listed firm submitted an updated investor presentation on August 26, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The document highlights financial performance and strategic expansions.

Financial Performance

Revenue from operations grew from ₹987.3 crore in FY25 to ₹1,535.5 crore in FY26. EBITDA rose 21.8% to ₹328.2 crore, while net profit surged 64.7% to ₹214.0 crore. Earnings per share (EPS) increased by 28.4% to ₹6.47.

Cash flow from operations turned positive in FY26. The working capital cycle improved significantly, reducing from approximately 570 days in FY25 to roughly 370 days in FY26.

What the Numbers Show

Net profit grew at more than double the rate of EBITDA (64.7% vs 21.8%). This divergence suggests improved operational leverage or favorable non-operating items, as other income rose to ₹15.1 crore from ₹3.6 crore in the prior year. Interest expenses declined slightly to ₹37.2 crore from ₹44.8 crore, further supporting bottom-line expansion.

Capacity Expansion

The company inaugurated a new greenfield manufacturing unit spanning 50,000 sq. ft., expandable to 100,000 sq. ft. Located in Karad, Maharashtra, the facility aims to streamline naval inspections and accelerate deliveries. It is supported by a 40%-50% subsidy on CAPEX under the Government of Maharashtra’s PSI scheme.

New capabilities include laser cutting machines, advanced paint shops, and shot blasting facilities. The company maintains registrations across all three critical naval segments: AC & Ref Plants, Motor Starter Panels, and HVAC systems.

Strategic Outlook

Shree Refrigerations is positioning itself for dual growth engines: defence infrastructure and data centre cooling. The Indian Navy’s expansion to ~230 ships by 2035 presents a structural opportunity, with AC/HVAC systems constituting ~1% of project values.

In the data centre segment, the company signed an agreement with Smardt (Canada) for oil-free data centre chillers. India’s data centre capacity is expected to grow from ~₹9,600 crore in 2024 to ~₹13,000 crore in 2033, offering a long-duration opportunity for high-efficiency cooling solutions.

Order Book

As of March 31, 2026, the unexecuted order book stood at ₹2,707.7 crore, which is 1.8x FY26 revenue. Orders received during FY26 totaled ₹2,089.1 crore, while executed orders amounted to ₹1,535.5 crore.

Shree Refrigerations Limited has announced that its 20th Annual General Meeting (AGM) will be held on Monday, August 31, 2026, at 11:30 A.M. (IST). The meeting is scheduled to take place at the company’s registered office located at Plot No. 131/1/2/1, Opp. MSEB Stores, Viravde, Ogalewadi, Viravade, Satara, Karad, Maharashtra. The AGM aims to transact ordinary and special business for the financial year 2025-26, providing shareholders with an opportunity to vote on key resolutions and review the annual report.

The filing was submitted to BSE Limited pursuant to Regulation 30 and Regulation 47 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The newspaper advertisement regarding the meeting was published on August 9, 2026, in Financial Express – Pune Edition (English) and Sakal – Satara Edition (Marathi). This procedural step ensures compliance with SEBI’s disclosure norms and informs stakeholders of the upcoming corporate event.

E-Voting Details

Shareholders are eligible to participate in remote e-voting if their names appear in the register of members as of the cut-off date, Monday, August 24, 2026. The remote e-voting window opens on Friday, August 28, 2026, at 09:00 A.M. and closes on Sunday, August 30, 2026, at 05:00 P.M. MUFG Intime India Private Limited has been engaged to facilitate the electronic voting process. Shareholders who have not cast their votes remotely can also vote using ballot papers during the physical AGM.

Compliance and Scrutiny

To ensure a fair and transparent voting process, the Board of Directors has appointed Mr. Mohit Singhal (FCS 11143, COP 15995), Proprietor of M/s. Mohit Singhal & Associates, as the Scrutinizer. The results of the e-voting and ballot paper voting, along with the scrutinizer’s report, will be uploaded on the company’s website and communicated to BSE Limited after the conclusion of the meeting. Shareholders holding shares in physical form are reminded that it is mandatory to furnish PAN, nomination details, contact information, bank account details, and specimen signatures to their Registrar and Share Transfer Agent, MUFG Intime.

What the Numbers Show

The notice emphasizes strict adherence to the Companies Act, 2013, and SEBI Listing Regulations, particularly Section 108 and Rule 20 of the Companies (Management and Administration) Rules, 2014. The provision for remote e-voting aligns with regulatory mandates to enhance shareholder participation. For shareholders who acquired shares after the dispatch of the Annual Report but before the cut-off date, specific instructions for obtaining User IDs and passwords are outlined in the AGM notice. This structured approach ensures that all eligible members can exercise their voting rights effectively, whether through electronic means or physical presence.