Shree Refrigerations Limited (SRL), an Indian manufacturer of defence-oriented heating, ventilation, air-conditioning and refrigeration systems, reported strong financial growth for the half year ended September 30, 2026, supported by higher revenue, improved margins and a healthy order book. Revenue from operations increased 84.9% year-on-year to ₹93.2 crore in H1 FY27, compared with ₹50.4 crore in the corresponding period last year. EBITDA rose 123.6% to ₹12.7 crore from ₹5.7 crore, while the EBITDA margin expanded by 235 basis points to 13.6%.
Net profit increased 360.9% to ₹6.8 crore, compared with ₹1.5 crore in H1 FY26. The net profit margin improved by 438 basis points to 7.3%. As of September 30, 2026, the company had an unexecuted order book of ₹198.9 crore, equivalent to approximately 1.3 times its FY26 revenue. The order book provides visibility for future operations.
During the period, Shree Refrigerations received the Society of Indian Defence Manufacturers (SIDM) Champion Award in the Medium Industry Category for Import Substitution. The award was presented by Defence Minister Rajnath Singh to Chairman and Managing Director Ravalnath Gopinath Shende, Chief Executive Officer Abhijit Saoji and Vice President – Defence & Marine Cdr Manoj Parashar. The recognition was for the company’s contribution to the indigenisation of air-conditioning systems for Scorpène-class submarines.
The company also received a credit rating upgrade from CARE Ratings Limited in September 2026. CARE assigned a rating of CARE BBB-; Stable / CARE A3 to an additional bank facility of ₹15 crore, taking total rated bank facilities to ₹90 crore. The agency cited improvements in operating scale, the operating cycle and liquidity, along with the company’s defence-sector clientele, order book visibility and capital structure.
Shree Refrigerations commissioned its second manufacturing unit on June 20, 2026. The facility covers approximately 50,000 square feet, with scope for expansion to around 100,000 square feet. It includes laser cutting, painting and shot-blasting facilities and is supported by a capital expenditure subsidy of approximately 40%–50% under Maharashtra’s Package Scheme of Incentives.
Chairman and Managing Director Ravalnath Shende said the first-half performance reflected progress in revenue and profitability. He said the new manufacturing unit would strengthen production capabilities and improve efficiency, while the SIDM award recognised the company’s contribution to domestic defence manufacturing. He added that the credit rating upgrade was another positive development. The company plans to strengthen its position in defence cooling and HVAC&R systems while exploring growth opportunities in areas such as data centres.
Shree Refrigerations Limited is a leading Indian manufacturer of advanced refrigeration, cooling and HVAC systems, specialising in mission-critical and defence applications. With comprehensive in-house capabilities, the company provides end-to-end solutions spanning design, engineering, manufacturing, installation and commissioning. Its systems are engineered to deliver reliability, precision and consistent performance in complex projects and demanding operating environments.
