Shree Refrigerations Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹1,097 Cr
- P/E
- 50.97
- ROE
- 13.04%
- PEG
- 0.48
- Price to sales
- 7.14
- Debt to equity
- 0.17
- 52W high / low
- ₹425 / ₹166
- Sales growth (5Y)
- 71.04%
- EBITDA margin
- 21.37%
- Net profit margin
- 14.02%
- Promoter holding
- 44.39%
- Sales (last year)
- ₹154 Cr
Incorporated in 2006, Shree Refrigerations Ltd is a defence-focused manufacturer of advanced refrigeration and HVAC systems.[1]
Guidance scorecard · Q1 FY27 call
What Shree Refrigerat's management guided
and where it ranks in Aerospace & Defense
Aerospace & Defense
RevenueQ4 FY26 call
40%+- Management targets a 40% CAGR in revenue over the next 4-5 years, aiming to reach INR1,000 crore by FY30-'31.
- FY26 revenue was INR153 crore, with current manufacturing capacity supporting up to around INR400 crore revenue.
- New greenfield facility adds 50,000 sq. ft expandable space, increasing total manufacturing to 80,000 sq. ft, expected to improve throughput and delivery cycles.
- Data centre cooling revenues expected to start contributing from FY28 onward, not included in FY27 guidance.
- Working capital improvements and bank funding/internal accruals to support growth without major equity fundraising.
2 more points from Shree Refrigerat's call on revenue
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MarginsQ4 FY26 call
Up 0–2%See what Shree Refrigerat said on margins — free account, 30 seconds.
CapexQ4 FY26 call
Planned- Total CapEx for Phase 1 at Hanbarwadi location is INR 25 crores; most of it done, plant to start June.
- Hanbarwadi expansion adds 50,000 sq ft of manufacturing space; leased 20,000 sq ft facility to be closed June.
- New facility is state-of-the-art, backward integrated, ISO, ZED Gold, and IRS certified.
- No major CapEx expected in next 2-3 years; small CapEx will occur as business grows.
- Data centre business tie-up with Smardt (6 months old); reference installation expected in FY27.
- Major revenue from data centres anticipated from FY28 onwards.
- Existing infrastructure can support up to INR 400 crore revenue.
2 more points from Shree Refrigerat's call on capex
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FundraisingQ4 FY26 call
PlannedSee what Shree Refrigerat said on fundraising — free account, 30 seconds.
Order bookQ4 FY26 call
Rising- As of March 31, the order book stood at approximately INR 270 crore.
- The company has a strong hit rate of nearly 100% in retrofit orders.
- New build projects have seen some tender losses, but retrofits remain strong.
- The existing order book includes major orders in HVAC, AC plant, and refrigeration plants.
- Market size in defence marine ecosystem and non-defence marine is around INR 3,000-3,500 crore over the next 2 to 2.5 years.
- Approximately 60-odd tenders are expected in the current year.
2 more points from Shree Refrigerat's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Aerospace & Defense
on management's own guidance
- 2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Aerospace & Defense companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹5,744 Cr | 216.9 | |
| 2 | Shree RefrigeratThis stock | 40%+ | Up 0–2% | ₹1,197 Cr | 55.6 |
| 3 | 40%+ | Flat | ₹17,585 Cr | — | |
| 4 | 40%+ | Flat | ₹15,942 Cr | 131.4 | |
| 5 | 40%+ | Flat | ₹9,001 Cr | 274.4 | |
| 6 | 40%+ | Flat | ₹8,041 Cr | 111.6 |
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Pro shows every company guiding 40%+ revenue growth →Full Aerospace & Defense rankingShree Refrigerat announcements
All announcements →- Credit ratingMajor developmentShree Refrigerations Limited H1 FY27 Net Profit Up 360.9%; CARE Upgrades Rating
Financials of Shree Refrigerat
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Shree Refrigerat
Quarterly Results
Quarter-by-quarter operating performance
Financials of Shree Refrigerat
Profit & Loss
Annual income statement trend
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Sales + | 13 | 10 | 45 | 51 | 80 | 99 | 154 |
| Expenses + | 14 | 8 | 33 | 38 | 55 | 72 | 121 |
| Operating Profit | -1 | 3 | 12 | 12 | 25 | 27 | 33 |
| OPM % | -9% | 26% | 26% | 25% | 31% | 27% | 21% |
| Other Income + | 0 | 0 | 0 | 0 | 1 | 0 | 2 |
| Interest | 3 | 2 | 4 | 4 | 5 | 4 | 4 |
| Depreciation | 1 | 0 | 4 | 4 | 4 | 4 | 6 |
| Profit before tax | -4 | 0 | 5 | 5 | 17 | 19 | 25 |
| Tax % | -24% | 80% | 26% | 35% | 30% | 27% | 14% |
| Net Profit + | -3 | 0 | 3 | 3 | 12 | 14 | 21 |
| EPS in Rs | 4.88 | 6.01 | |||||
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Shree Refrigerat
Balance Sheet
Capital structure and asset base
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 3 | 3 | 3 | 4 | 5 | 6 | 7 |
| Reserves | -0 | -0 | 3 | 24 | 60 | 113 | 213 |
| Borrowings + | 19 | 36 | 50 | 49 | 35 | 42 | 39 |
| Other Liabilities + | 8 | 14 | 24 | 17 | 25 | 30 | 41 |
| Total Liabilities | 30 | 53 | 80 | 94 | 125 | 192 | 300 |
| Fixed Assets + | 4 | 3 | 4 | 10 | 11 | 22 | 22 |
| CWIP | 1 | 1 | 1 | 0 | 0 | 0 | 18 |
| Investments | 2 | 2 | 2 | 5 | 6 | 9 | 21 |
| Other Assets + | 24 | 46 | 73 | 79 | 108 | 160 | 239 |
| Total Assets | 30 | 53 | 80 | 94 | 125 | 192 | 300 |
Financials of Shree Refrigerat
Cash Flows
Operating, investing and financing cash movement
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | -9 | -5 | -6 | -5 | -25 | 14 | |
| Cash from Investing Activity + | -6 | -6 | -8 | -3 | -14 | -31 | |
| Cash from Financing Activity + | 15 | 11 | 15 | 6 | 44 | 69 | |
| Net Cash Flow | -0 | -0 | 2 | -1 | 5 | 52 | |
| Free Cash Flow | -10 | -6 | -6 | -7 | -38 | -11 | |
| CFO/OP | -327% | -42% | -46% | -26% | -114% | 25% |
Financials of Shree Refrigerat
Ratios
Working capital efficiency and return ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 160 | 95 | 172 | 228 | 289 | 352 | 251 |
| Inventory Days | 414 | 2,821 | 429 | 464 | 299 | 351 | 231 |
| Days Payable | 147 | 809 | 186 | 158 | 115 | 126 | 114 |
| Cash Conversion Cycle | 427 | 2,106 | 415 | 534 | 474 | 576 | 368 |
| Working Capital Days | -58 | 615 | 158 | 207 | 222 | 345 | 265 |
| ROCE % | 8% | 18% | 14% | 25% | 18% | 14% |
Guidance history
How Shree Refrigerat's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q4 FY26 call → | 40%+ | Up 0–2% | Planned | Planned | Rising |
| Q2 FY26 call → | 40%+ | Flat | Planned | None planned | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
40 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +27.9% | 78% |
| Last 6 months | +48.2% | 89% |
| Last 3 months | −1.2% | 65% |
The price is 27.8% below its all-time high of ₹424.85 (7 Sept 2026). Stocks more than 20% below their peak have their score halved, so 80 became 40.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Shree Refrigerat: 0.4 × 78 + 0.4 × 89 + 0.2 × 65 = 80, halved to 40 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Shree Refrigerat's management said in earlier quarters
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