Shree Refrigerations Ltd

Meeting Details

• Date and time: Friday, 14 August 2026 at 3:00 PM.
• Format: Group Meeting, Virtual.
• Event/Organizer: Virtual Group Call with NAFA Asset Managers & Centra Insights.

Participants

• Key company participant: Company Secretary & Compliance Officer.

Purpose

• Purpose: Investor/Analyst interaction based on publicly available information.

Additional Notes

• No unpublished price sensitive information will be discussed.

AGM ad details

• Subject: newspaper ad for 20th AGM of FY 2025-26.
• AGM date/time/venue: 31 August 2026, 11:30 IST, registered office, Maharashtra.
• Advertisements appeared on 09 August 2026 in Financial Express (Pune) and Sakal (Satara).
• Submitted to BSE under SEBI LODR Regulations, 2015.
• No material financial impact disclosed.

Financial performance

• Standalone revenue from operations Rs 15,354.97 Lakhs; total revenue Rs 15,505.54 Lakhs.
• Standalone PAT Rs 2,140.18 Lakhs; Consolidated PAT Rs 2,153.26 Lakhs.
• Basic EPS Rs 6.47; Diluted EPS Rs 6.35.
• IPO: Fresh issue 75.61 lakh shares; proceeds Rs 9,451.25 Lakhs; listing Aug 1, 2025.
• IPO proceeds fully utilized; no deviation.
• Dividend for FY2025-26 not recommended by the Board.
• Order book exceeded ₹271 Crore; closing order book about ₹270.8 Crore.
• Trezor Technologies Private Limited: 100% subsidiary; turnover Nil; PAT Rs 13.08 Lakhs.
• Revenue growth: Turnover grew 56% Year-on-Year; profit improved accordingly.

Operations and capacity expansion

• Hanbarwadi facility of 50,000 sq ft operational since June 2026.
• Total manufacturing footprint expanded to 87,000 sq ft across Karad and Hanbarwadi.
• Data-centre initiative: Smardt Chiller Group distribution agreement for oil-free magnetic-bearing chillers.
• Danfoss Turbocor authorised service partner for India; in-house repairs to data-centre chillers.
• Trezor Technologies signed Smardt agreement for Indian data centres.
• Order book visibility supports expansion; defence/NAVAL HVACR leadership reinforced.

Capital structure and liquidity

• Authorized capital Rs 25.10 Cr; paid-up capital Rs 7.126 Cr (35,630,409 shares).
• IPO proceeds Rs 94.51 Cr; listing on BSE SME from 1 Aug 2025.
• IPO proceeds fully utilized; no deviation.
• Long-term borrowings reduced to Rs 391.04 Lakhs from Rs 883.64 Lakhs.
• Short-term borrowings Rs 3,355.08 Lakhs; prior Rs 3,607.67 Lakhs.
• Operating cash flow positive; Standalone ~Rs 1,385 Lakhs; year-end cash Rs 5,766.09 Lakhs.

Governance and risk

• Rajashri Ravalnath Shende and Rucha Ravalnath Shende appointed Whole-time Directors on 23 Feb 2026.
• Ashvini Ghanashyam Godbole resigned 20 Jan 2026; Tanmay Mukund Pethkar appointed Company Secretary 23 Feb 2026.
• Audit Committee: four meetings; Commodore Vivek Karnavat joined as Independent Director.
• Nominations and Remuneration Committee reconstituted; Col. Lalit Rai appointed Chair.
• Stakeholders Relationship Committee revised; 1 meeting held Nov 11, 2025.
• CSR Committee: 2 meetings; CSR spend Rs 35.00 Lakhs; CSR obligation Rs 27.14 Lakhs; excess Rs 7.86 Lakhs.
• Internal controls robust; no material weaknesses reported by auditors.
• Statutory/Secretarial/Internal audits: SSSS & Associates; Mohit Singhal & Associates; CHM & Associates.
• Material risks include refrigerant price volatility, defence procurement cycles, skilled manpower, cyber/IP security, and commodity fluctuations.

Subsidiaries and group

• Trezor Technologies Private Limited is 100% subsidiary; turnover Nil; PAT Rs 13.08 Lakhs.
• Group uses line-by-line consolidation; SRL and its subsidiary constitute the group.
• Annexure AOC-1 provides subsidiary details.

CSR and ESG highlights

• CSR expenditure Rs 35.00 Lakhs; CSR obligation Rs 27.14 Lakhs; excess Rs 7.86 Lakhs; carry forward Rs 10.60 Lakhs.
• CSR projects: School Building & Digital Classroom (Satara); Science Centre (Ratnagiri); Aphanta Maya (Lucknow).
• CSR registrations: CSR00007205, CSR00034801, CSR00025324.
• CSR meetings: 2; CSR policy available on the company website.

Remuneration and ESOP

• SRL ESOP September 2024: 7,00,750 options outstanding; exercise price Rs 2; vesting 1-5 years.
• ESOP grants in FY2024-25: 5,03,000 and 1,97,750 options; exercise price Rs 2.
• Remuneration for directors: Ravalnath Shende Rs 1.44 Cr; Rajashri Rs 0.75 Cr; Sunil Kaushik Rs 1.25 Cr; Devashree Rs 0.55 Cr.
• Cost auditor remuneration ratified: Rs 1.50 Lakhs for FY2027.

Annual General Meeting and notices

• 20th AGM scheduled for 31 Aug 2026 at 11:30 AM, Karad.
• Remote e-voting from 28 to 30 Aug 2026; cut-off 24 Aug 2026.
• Proxies allowed; MUFG InTime e-voting; proxies to cs@shreeref.com.
• Notice and Annual Report available online at the company site.

AGM details

• AGM date and time: 31 August 2026 at 11:30 IST, at the registered office.
• Mode: physical meeting; cut-off date for voting fixed at 24 August 2026.

ESOP approval and scope

• Board approved ESOP 2026 up to 1,000,000 options (2.79% of equity).
• Subject to shareholders' approval at ensuing AGM.
• Exercise price not below face value or above FMV.
• Plan administered by Compensation Committee.
• Eligible pool includes employees of subsidiary/affiliates.

ESOP grants to subsidiaries

• Annexure A provides SEBI-required details for ESOP 2026 grants.

WTD regularisation and disclosures

• Ms. Rucha Ravalnath Shende regularised as WTD for 2026-2029.
• Effective from 23 February 2026; subject to AGM approval.
• Not debarred per BSE LIST/COMP circular.
• Related-party disclosures: familial ties with MD and WTD.
• Term: 23 Feb 2026 to 22 Feb 2029.
• Shareholder approval at ensuing AGM.

Meeting Details

• Board meeting scheduled for 18 July 2026; time and venue not disclosed.

Key Agenda Items

• Consider and approve ESOS 2026 under SEBI SBEB Regulations, subject to AGM shareholder approval.

Dematerialisation status

• No dematerialisation requests were received during the reporting quarter.
• Confirmation certificate for Reg 74(5) compliance was submitted.

Meeting Details

• Date and time: 8 July 2026 at 12:00 P.M.
• Format: Group Meeting; Mode: Virtual
• Organizer: JSL Wealth Management Pvt. Ltd.

Participants

• Key company participants: Company Secretary and Compliance Officer.

Purpose

• Purpose: investor/analyst interaction; discussions based on publicly available information.

Business overview

• Defence-focused manufacturer of marine HVAC, refrigeration systems, electrical panels, and lifecycle services.
• Supplies Indian Navy, PSUs, shipyards, and industrial clients across marine and defence applications.
• Also targeting data centre cooling as a new growth vertical.

Operational highlights

• FY26 order inflow was INR 2,089.1 million; closing order book reached INR 2,707.7 million.
• Greenfield expansion of 50,000 sq. ft. is underway, expandable to 100,000 sq. ft.
• Signed technology cooperation with Smardt for oil-free data centre chillers.

Financial performance

• FY26 revenue rose 55.5% to INR 1,535.5 million; H2FY26 revenue grew 116.0% YoY.
• FY26 EBITDA increased 21.8% to INR 328.2 million; margin fell to 21.4% from 27.3%.
• FY26 net profit rose 64.7% to INR 214.0 million; PAT margin improved to 13.9%.
• H2FY26 EBITDA margin improved to 26.3% and net profit jumped 325.5% YoY to INR 199.2 million.
• Cash from operations turned positive in FY26; working capital cycle improved to about 370 days from 570 days.

Capital structure

• Shareholders' funds increased to INR 2,196.4 million in FY26 from INR 1,182.1 million.
• Cash and cash equivalents rose to INR 575.1 million from INR 59.3 million.
• Short-term borrowings were INR 335.5 million and long-term borrowings INR 59.1 million at FY26 end.

Strategy and outlook

• Management targets about 40% CAGR over the next three to five years, based on FY26.
• Priorities include technology partnerships, R&D, after-sales support, and expansion into high-growth sectors.
• Capacity expansion aims to accelerate deliveries and support defence and non-defence growth.

Risks and challenges

• Margins were temporarily pressured by capacity creation and project setup costs.
• Long qualification cycles and high reliability requirements remain key sector challenges.
• Management is mitigating through in-house capabilities, testing infrastructure, and lifecycle services.