Shree Refrigerations Limited Reports Strong H2 & FY26 Performance

Shree Refrigerations Ltd (SRL), one of India's leading defence-oriented manufacturers of highperformance HVAC System and AC & Ref Plant, announced its financial results for the half year and financial year ended 31 March 2026, delivering strong growth momentum in H2FY26 following strategic capability enhancement initiatives undertaken during the first half of the year.

The Company reported strong operational and financial performance during H2FY26 and FY26, with revenues growing by over 100% on both a YoY and HoH basis in H2FY26, and by over 50% on a YoY basis in FY26, supported by improved execution capabilities, higher project completion rates, and operating leverage benefits.

Financial Highlights

Half-Yearly Performance (H2 FY26 vs H2 FY25)

- Revenue from Operations: Stood at INR 1,031.6 Mn for H2 FY26, up by 116.0% compared to INR 477.6 Mn in H2 FY25.

- EBITDA: Increased by 136.0% to INR 271.6 Mn from INR 115.1 Mn in the corresponding half of the previous year.

- EBITDA Margin: Expanded to 26.3% in H2 FY26 from 24.1% in H2 FY25.

- Net Profit: Registered an impressive growth of 325.5%, reaching INR 199.2 Mn against INR 46.8 Mn in H2 FY25.

- Net Profit Margin: Witnessed sharp expansion to 19.3% from 9.8% in H2 FY25.

Full-Year Performance (FY26 vs FY25)

- Revenue from Operations: Grew by 55.5% to INR 1,535.5 Mn in FY26, up from INR 987.3 Mn in FY25.

- EBITDA: Stood at INR 328.2 Mn in FY26 compared to INR 269.5 Mn in FY25, marking a growth of 21.8%.

- EBITDA Margin: Compressed to 21.4% in FY26 from 27.3% in the previous fiscal year.

- Net Profit: Expanded by 64.7% to INR 214.0 Mn in FY26 from INR 130.0 Mn in FY25.

- Net Profit Margin: Improved slightly to 13.9% in FY26 compared to 13.2% in FY25.

Commenting on the results, Mr. Ravalnath Shende, Chairman & Managing Director, Shree Refrigerations Limited, stated: "FY26 marks an important inflection point in our growth journey as we strengthened our HVAC execution capabilities and built a scalable platform for long-term growth. The investments made towards expanding our execution and project management capabilities have started delivering strong results, reflected in the significant acceleration in revenue growth and profitability during H2FY26.

During H2FY26, the Company achieved revenue growth of over 100% on both YoY and HoH basis, while EBITDA margins improved to 27%, demonstrating the operating leverage and scalability of our business model.

We also made meaningful progress in improving operational efficiency, with the working capital cycle improving substantially from approximately 570 days in FY25 to around 370 days in FY26.

With a closing order book at nearly 2.0x of FY26 revenue, a strengthened execution platform, and growing opportunities across the HVAC segment, we remain confident about sustaining strong growth momentum and creating long-term value for stakeholders."

Shares of Shree Refrigerations Limited was last trading in BSE at Rs. 238.30 as compared to the previous close of Rs. 244.05. The total number of shares traded during the day was 304000 in over 527 trades.

The stock hit an intraday high of Rs. 249.15 and intraday low of 232.15. The net turnover during the day was Rs. 73764950.00.

Source : Equity Bulls

Keywords

ShreeRefrigerations INE0FMZ01045 IndustrialProducts Q4FY26 Q4FY2026 FY26 FY2026 ResultUpdate