Shree Refrigerations H1 Revenue Jumps 85% to Rs 93.2 Crore on Defence Work

Shree Refrigerations has posted a sharp jump in its first-half results. Revenue from operations rose 84.9 per cent year on year to Rs 93.2 crore for the April-September period of FY27, and net profit climbed 360.9 per cent to Rs 6.8 crore. The company credits higher business volumes and better operating performance.

The numbers look even bigger when you line them up against last year. In the same period of the previous financial year, the company brought in Rs 50.4 crore in revenue and Rs 1.5 crore in profit. EBITDA nearly doubled to Rs 12.7 crore, up 123.6 per cent from Rs 5.7 crore, and the EBITDA margin widened by 235 basis points to 13.6 per cent. Put simply, the company is keeping more of every rupee it earns.

The firm makes heating, ventilation, air-conditioning and refrigeration (HVAC&R) systems, with a strong focus on defence. That focus paid off publicly this year. The Society of Indian Defence Manufacturers gave the company its Champion Award in the medium industry category for import substitution. The honour recognised its work on air-conditioning systems for Scorpène-class submarines used by the Indian Navy, a project that cuts reliance on imported equipment for strategically sensitive platforms.

Demand is also lined up for the months ahead. As of 30 September 2026, the unexecuted order book stood at Rs 198.9 crore, roughly 1.3 times the company's FY26 revenue. For investors and watchers of the sector, that backlog offers a rare level of visibility into future earnings.

Capacity is growing too. The company started up its second manufacturing unit on 20 June 2026. The facility covers about 50,000 square feet and can be expanded to around 100,000 square feet. It houses laser-cutting, painting and shot-blasting equipment, which should improve precision, finishing quality and output. The Maharashtra government's Package Scheme of Incentives is covering an estimated 40 to 50 per cent of the capital expenditure.

Credit markets have taken notice as well. In September 2026, CARE Ratings upgraded the company's bank-facility ratings, moving its long-term rating into the investment-grade category. It also assigned a CARE BBB-; Stable rating to an additional Rs 15 crore bank facility, bringing total rated bank facilities to Rs 90 crore.

Management says it plans to deepen its defence cooling business and move into data centres, a fast-growing market that needs heavy-duty cooling. For readers, the story is a clear example of how a niche manufacturer can turn government priorities and new capacity into fast profit growth. You can read the full company announcement at BW Businessworld.

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