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.

Shree Refrigerations reported a consolidated net profit of ₹2,153.26 lakh for the financial year ended March 31, 2026 (FY26), marking a 71% year-on-year increase from ₹1,261.38 lakh in FY25. The growth was primarily driven by a 56% surge in revenue from operations to ₹15,354.97 lakh, reflecting strong execution in its core defence and naval HVAC&R segments. This robust performance positions the company well ahead of its upcoming Twentieth Annual General Meeting (AGM) on August 31, 2026, where shareholders will approve key governance resolutions and director appointments.

The filing with the Bombay Stock Exchange (BSE) on August 8, 2026, under Regulations 30, 34(1), and 36(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, outlines the agenda for the AGM. Key items include the reappointment of Sunil Kaushik as Whole-Time Director and the ratification of remuneration for executive directors, which exceeded statutory limits due to inadequate profits as defined under Section 197 of the Companies Act, 2013. Additionally, shareholders will vote on the adoption of the "Shree Refrigerations Limited Employees Stock Option Scheme 2026," allowing for the grant of up to 10,00,000 options.

Financial Performance and Operational Highlights

Shree Refrigerations demonstrated significant operational scaling during FY26. The company’s order book closed at ₹2,707.7 million, representing approximately 1.8 times its FY26 revenue, providing strong visibility for future earnings. This pipeline is bolstered by new orders received worth ₹2,089.1 million against executed orders of ₹1,535.5 million. The company’s strategic focus on indigenous defence manufacturing has yielded tangible results, with a growing share of work supporting naval infrastructure and shipbuilding projects.

A critical development during the year was the inauguration of a new 50,000 square foot manufacturing facility in Hanbarwadi, Satara, on June 20, 2026. Developed on a 6.5-acre plot, this state-of-the-art unit features robotic welding, laser cutting, and complete backward integration capabilities. This expansion complements the existing 37,000 square foot facility, significantly enhancing production capacity to meet rising demand in the defence sector.

Governance and Strategic Initiatives

The AGM notice reveals several governance adjustments. Ms. Rajashri Ravalnath Shende was appointed as Whole-Time Director with a revised remuneration of ₹1 crore per annum, while Ms. Rucha Ravalnath Shende was regularized as Whole-Time Director with a salary of ₹55 lakh per annum. Remuneration for Mr. Sunil Kaushik was increased to ₹1.25 crore per annum. The Board also sought approval to increase the overall managerial remuneration limit from 11% to 15% of net profits for FY27.

Furthermore, the company’s wholly-owned subsidiary, Trezor Technologies Private Limited, entered into an agreement with Smardt Chillers Pte. Ltd., Singapore, to sell and service chillers for data centres in India. This partnership diversifies Shree Refrigerations’ portfolio beyond defence into the high-growth data centre cooling segment. The company did not declare a dividend for FY26, opting instead to reinvest profits into business expansion and capacity building.

What the Numbers Show

The divergence between revenue growth (56%) and profit growth (71%) indicates improved operating leverage and margin expansion. With the debt-equity ratio improving from 0.40 in FY25 to 0.18 in FY26, the company has strengthened its balance sheet while aggressively expanding its asset base. The high closing order book relative to current revenue suggests that the recent capital expenditure on the new manufacturing facility is likely to yield returns quickly, as existing capacity constraints are removed. The shift towards data centre solutions via the Smardt partnership adds a non-cyclical revenue stream, reducing dependency on long-cycle defence procurement timelines.