Shree Refrigerations has reported its financial results for the first half of FY26, highlighting stable revenue performance and significant order growth.

Financial Performance and Order Book

The company secured new project orders worth INR 1 billion from the Indian Navy's Fleet Support Ship, strengthening its position in the HVAC business. As of September 30, 2025, the order book stands at INR 3,276.20 million, which is 3.3 times the FY25 revenue.

While specific revenue figures for H1 FY26 were not provided, the company reported the following results for the half-year ended September 30, 2025:

Operational Expansion and Investments

Shree Refrigerations implemented significant capacity enhancements during the period, including:

• 100% augmentation to the existing shop floor
• Leasing of an additional 17,000 sq. ft. facility
• Development of a new 100,000 sq. ft. facility underway

The company's workforce increased from 247 in FY25 to 323 in H1FY26. Front-loaded employee costs were incurred during H1FY26 as new personnel were recruited and trained for order execution.

Future Outlook

Revenue recognition for HVAC projects is expected in the second half of FY26 and beyond. Chairman Managing Director Ravalnath Shende described H1FY26 as a transformative period, highlighting the company's expansion into the HVAC space and strategic investments in execution capability.

Corporate Actions

During a board meeting, the company approved:

1. Availing banking facilities from YES Bank Limited
2. Renewal and enhancement of credit facilities from the State Bank of India, MIDC Satara Branch

Business Operations and Compliance

Shree Refrigerations continues to focus on manufacturing HVAC and refrigeration equipment. The company's financial results have been prepared in accordance with the applicable Accounting Standards notified under Section 133 of the Companies Act, 2013.

The company remains committed to growth in the refrigeration and HVAC sector while managing its financial operations and banking relationships effectively.

Shree Refrigerations Limited (SRL) has announced a significant boost to its order book with new contracts worth ₹49.34 crore from Mazagon Dock Shipbuilders Limited (MDL), a government-owned shipyard under the Ministry of Defence. This development marks another milestone for the company in the defence sector, following a recent major contract with Hindustan Shipyard Ltd.

Order Details

The newly secured orders from MDL include:

Recent Contract History

This latest achievement comes on the heels of a substantial ₹106.62 crore contract awarded to SRL by Hindustan Shipyard Ltd (HSL). That contract was for HVAC solutions for five Fleet Support Ships (FSS) of the Indian Navy.

Company's Expertise

The consecutive order wins underscore SRL's strong position in the naval defence sector. The company has demonstrated its capabilities in:

• Robust engineering
• Efficient project execution
• Delivery of end-to-end HVAC solutions
• Providing energy-efficient and technologically advanced systems for defence platforms

Contract Specifics

For the MDL order of ₹25.60 crore:

• Purpose: Supply of B&D Spares for AC Plant - P17A
• Timeline: 7 months from the date of purchase order placement
• Nature: Domestic procurement

Market Impact

These new orders are expected to strengthen SRL's position in the defence sector and potentially impact its financial performance positively. The company's ability to secure contracts from major government shipyards like MDL and HSL indicates its growing prominence in specialized HVAC systems for naval applications.

Investors and market watchers may view this development as a sign of SRL's expanding footprint in the defence sector, which could lead to sustained growth and potentially improved market valuation.

As Shree Refrigerations continues to build its order book with high-value contracts from prestigious clients, it reinforces its status as a key player in the specialized HVAC systems market, particularly for naval and defence applications.