Shree Refrigerations Limited has reported strong financial and operational performance for the half year and full financial year ended March 31, 2026, supported by strategic investments in execution capabilities, operational scalability and project management infrastructure. The company, which specialises in high-performance HVAC systems and refrigeration solutions for defence-oriented and mission-critical applications, recorded significant acceleration in growth during the second half of FY26 following capability enhancement initiatives undertaken earlier in the year.
According to the company, revenues during H2FY26 grew by more than 100 percent on both year-on-year and half-on-half basis, driven by improved execution capacity, faster project completion and stronger operational throughput. For the full financial year, revenue growth exceeded 50 percent compared to FY25.
The company also reported a notable improvement in profitability during the second half of the year. EBITDA margins for H2FY26 expanded to 26.3 percent, supported by operating leverage benefits arising from higher execution scale and improved project delivery efficiency. Full-year EBITDA margins remained within the company’s guided range of 20 percent to 22 percent.
Shree Refrigerations stated that strategic investments made during H1FY26 played a crucial role in supporting the growth momentum achieved in the latter half of the year. These investments included expansion of execution and project management teams, increased onsite manpower deployment and strengthening of execution infrastructure to support large-scale HVAC projects.
The company highlighted that the HVAC business has now emerged as a scalable growth vertical with strong long-term potential. Operational efficiency improvements also contributed to better working capital management, with the working capital cycle improving significantly from around 570 days in FY25 to nearly 370 days in FY26. As of March 31, 2026, the company’s unexecuted order book stood at approximately ₹2,707.7 million, equivalent to nearly 1.8 times FY26 revenue, providing strong multi-year revenue visibility.
Commenting on the results, Ravalnath Shende said FY26 represented an important milestone in the company’s growth journey as it strengthened its HVAC execution platform and built a scalable foundation for long-term expansion. He noted that investments in execution and project management capabilities have already started delivering visible results, reflected in strong revenue growth, improved profitability and operational efficiency gains during H2FY26.
The company said it remains focused on expanding its presence in defence-oriented cooling systems, HVAC&R solutions and emerging high-growth sectors such as data centres. With a strengthened execution platform, improving operating leverage and a healthy order pipeline, Shree Refrigerations expects to sustain its growth momentum in the coming years.
Shree Refrigerations Limited stated that it remains focused on delivering technologically advanced, energy-efficient, and highly dependable engineered solutions tailored to strategic and mission-critical applications. The company continues to expand its presence across defence, marine, industrial, and critical infrastructure sectors through customised HVAC and refrigeration technologies.
