Shree Refrigerations Limited has announced securing a significant order worth ₹5.69 crores from CPRO, Material Organisation, Mumbai. The company disclosed this material contract under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Contract Details

The order pertains to the supply of spare parts for class B, representing a substantial business opportunity for the refrigeration equipment manufacturer. The contract specifications and key parameters are outlined below:

Financial Significance

The total contract value stands at ₹5,69,29,251.58, which translates to Five Crores Sixty-Nine Lakhs Twenty-Nine Thousand Two Hundred Fifty-One and Fifty-Eight paise Only, inclusive of GST. This represents a significant addition to the company's order book and demonstrates Shree Refrigerations Limited's capability in the spare parts supply segment.

Compliance and Governance

Shree Refrigerations Limited has confirmed that this contract maintains high standards of corporate governance. Key compliance aspects include:

• No promoter or promoter group companies have any interest in the contracting entity
• The transaction does not fall within related party transactions
• The order has been awarded by a domestic entity

Execution Timeline

The contract provides an extended execution period with the delivery timeline extending to December 2026. This timeline allows the company adequate time for planning, procurement, and quality execution of the order, ensuring adherence to the specified terms and conditions for the supply of spare parts for class B.

The company has stated that this information will also be made available on its official website at https://www.shreeref.com/ in compliance with transparency requirements. This order reinforces Shree Refrigerations Limited's position in the refrigeration and spare parts supply market.

Shree Refrigerations Limited announced on December 18, 2025, that CARE Ratings has reaffirmed and assigned credit ratings for the company's bank facilities. The Maharashtra-based HVAC systems manufacturer informed BSE about the rating action pursuant to Regulation 30 of SEBI listing regulations.

Credit Rating Details

CARE Ratings has evaluated bank facilities worth ₹90.00 crores across multiple categories. The rating agency provided both reaffirmations and new assignments based on the company's financial performance and operational capabilities.

Rating Rationale and Key Drivers

The ratings continue to remain constrained due to the company's moderate scale of operations and working capital intensive nature of business. CARE Ratings highlighted that the ratings are further constrained by the tender-driven competitive business environment, volatility in raw material prices, and exposure to changes in government regulations.

However, the ratings derive strength from several positive factors including experienced promoters, reputed clientele base, healthy profitability, and comfortable capital structure. The company's healthy order book position provides medium-term revenue visibility and supports debt coverage indicators.

Financial Performance Highlights

Shree Refrigerations demonstrated improved financial performance in FY25 with total operating income reaching ₹98.73 crores, reflecting a year-on-year increase of 22.90% from ₹80.31 crores in FY24. The company maintained healthy profitability with PBILDT margin of 24.34% in FY25, though slightly lower than 27.02% in FY24.

Strong Order Book and Market Position

As of September 30, 2025, the company maintained a robust order book worth ₹327.57 crores, representing 3.30 times its FY25 total operating income. This order book is scheduled for execution over the next three to five years, ensuring medium-term revenue visibility for the company.

The company primarily focuses on naval (marine) orders, specializing in manufacturing and installation of HVAC systems for ships and submarines. Shree Refrigerations has established long-term relationships with prominent players including Garden Reach Shipbuilders and Engineers Limited, Mazagon Dock Shipbuilders Limited, and Goa Shipyard Limited.

Capital Structure and Liquidity Position

The company's capital structure remained comfortable with overall gearing improving to 0.39x as of March 31, 2025, compared to 0.67x in the previous year. This improvement was supported by repayment of term debt and accretion of profits to reserves.

In July 2025, Shree Refrigerations successfully launched an SME IPO, raising net proceeds of ₹80.00 crores, which strengthened its net worth to ₹196.19 crores as of September 30, 2025. The company's overall gearing further improved to a comfortable 0.12x by September 30, 2025.