Shree Refrigerations Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Shree Refrigerations Ltd filed with BSE on 01 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Shree Refrigerations reported FY26 revenue growth of over 50% and PAT growth of 64% year-on-year, with EPS up 28% despite equity dilution from the IPO. Management attributed a sharp H2 acceleration to completion of design approvals and type testing in H1, with second-half EBITDA margin reaching 26.3% versus 11% in H1. The company closed the year with an order book of Rs 270 crore, equivalent to 1.8 times FY26 revenue, and reported working capital days reduced from 570 to 370.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue growth: around 50%-plus (FY26)
p. 3
“in a whole year basis, we have increased our turnover by around 50%-plus.”
Abhijit Saoji, page 3 of the filed PDF · View the filing
PAT growth: 64%-odd (FY26 YoY)
p. 3
“Our PAT is up by 64%-odd on a Y-O-Y basis.”
Abhijit Saoji, page 3 of the filed PDF · View the filing
EPS growth: 28% (FY26 YoY)
p. 3
“our EPS is up as compared to last year by 28%.”
Abhijit Saoji, page 3 of the filed PDF · View the filing
H2 EBITDA margin: 26.3% (H2 FY26)
p. 9
“we have been able to generate a higher EBITDA margin of 26.3% in the second half.”
Manoj Kothale, page 9 of the filed PDF · View the filing
H1 EBITDA margin achieved: 22% (H1 FY26)
p. 9
“we have achieved the EBITDA margin of 22%.”
Manoj Kothale, page 9 of the filed PDF · View the filing
Net working capital days: reduced from 570 days to 370 days (FY26)
p. 9
“our revenue has been exceeded by 100% rate on year-on-year basis and half-yearly basis.”
Manoj Kothale, page 9 of the filed PDF · View the filing
Interest cost: reduced from INR2.3 crores to INR1.3 crores in H2 (H2 FY26)
p. 9
“This has helped us to save on interest Cost, which has come down to INR2.3 crores to INR1.3 crores in the second half.”
Manoj Kothale, page 9 of the filed PDF · View the filing
PAT margin: up from 13% to 14% (FY26 blended)
p. 9
“Overall, at a blended level for the financial year FY26, our PAT margin has been gone up from 13% to 14%.”
Manoj Kothale, page 9 of the filed PDF · View the filing
Revenue CAGR (past 4 years): 45% CAGR (FY22-FY26)
p. 9
“Our revenue has been growing at 45% CAGR every year.”
Manoj Kothale, page 9 of the filed PDF · View the filing
EBITDA CAGR (past 4 years): 40% CAGR (FY22-FY26)
p. 9
“Our EBITDA has grown at 40% CAGR and our PAT has grown at 85% CAGR over the past four years.”
Manoj Kothale, page 9 of the filed PDF · View the filing
Net worth: increased from INR118 crores to INR219 crores (FY26)
p. 10
“our net worth has increased from INR118 crores to INR219 crores, mainly on account of IPO that has been done, plus PAT that has been generated from this year's activities.”
Manoj Kothale, page 10 of the filed PDF · View the filing
Order book: INR270 crores (as of March 2026)
p. 11
“We have INR270 crores of the order book in our hand.”
Manoj Kothale, page 11 of the filed PDF · View the filing
EPS: INR6.47 per share (FY26)
p. 10
“we have been able to increase the reported EPS from INR5 per share to INR6.47 per share.”
Manoj Kothale, page 10 of the filed PDF · View the filing
Receivable days: reduced from 350 days to 250 days (FY26)
p. 10
“Total receivable days were 350 days last year. It has come down to 250 days, a massive reduction in receivable days.”
Manoj Kothale, page 10 of the filed PDF · View the filing
IPO fresh issue: INR95 crores (FY26)
p. 10
“During this year, we have done an IPO for INR95 crores of fresh issue.”
Manoj Kothale, page 10 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth rate — 40% CAGR · 3 to 5 years
stated firmly by Abhijit Saoji
p. 8
“We are still saying that we will continue to grow 40% CAGR rate for three to five years easily without much of an issue.”
Abhijit Saoji, page 8 of the filed PDF · View the filing
EBITDA margin — 20% to 24% · going forward
stated firmly by Manoj Kothale
p. 14
“So, for next going forward, we expect that our EBITDA margin will remain somewhere between 20% to 24%.”
Manoj Kothale, page 14 of the filed PDF · View the filing
Peak revenue from existing infrastructure — INR400 crore
stated firmly by Abhijit Saoji
p. 12
“We are still seeing up to INR400 crore kind of revenue we can generate out of existing infrastructure.”
Abhijit Saoji, page 12 of the filed PDF · View the filing
Data centre reference installation — FY27
stated as an aspiration by Abhijit Saoji
p. 12
“That is our goal is to create a reference installation in FY27.”
Abhijit Saoji, page 12 of the filed PDF · View the filing
Data centre major revenue — FY28
stated firmly by Abhijit Saoji
p. 12
“And we expect a major revenue coming in from a data centre in FY28.”
Abhijit Saoji, page 12 of the filed PDF · View the filing
Spares and service revenue share — 15% of total revenue · upcoming period
stated firmly by Manoj Kothale
p. 10
“Going forward, we expect that spares and service revenue will be incorporating 15% of the total revenue.”
Manoj Kothale, page 10 of the filed PDF · View the filing
Revenue target — INR1,000 crore · next 5 years
stated firmly by Abhijit Saoji
p. 24
“INR1,000 crore is the ladder which we are here in next 5 years and it will happen, sir.”
Abhijit Saoji, page 24 of the filed PDF · View the filing
CapEx for data centre business — next couple of years
stated firmly by Abhijit Saoji
p. 12
“we don't expect a major CapEx involvement for the next couple of years at least, a major CapEx involvement, a small CapEx will always come in as and when the business will grow.”
Abhijit Saoji, page 12 of the filed PDF · View the filing
Phase 1 CapEx at Hanbarwadi — INR25 crores
stated firmly by Manoj Kothale
p. 17
“So, the total CapEx requirement for Phase 1 at Hanbarwadi location is INR25 crores.”
Manoj Kothale, page 17 of the filed PDF · View the filing
H1/H2 revenue skew — FY27
stated conditionally by Abhijit Saoji
p. 14
“Going forward in FY27, we see H1 and H2 will not be as skewed as it was in FY26.”
Abhijit Saoji, page 14 of the filed PDF · View the filing
FY27 order tender pipeline — INR1,000-odd crore worth of tender · FY27
stated conditionally by Abhijit Saoji
p. 16
“what we see very clearly from a defence segment is approximately a INR1,000-odd crore worth of tender will be floated.”
Abhijit Saoji, page 16 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said no major CapEx is expected for a couple of years, with a reference installation targeted in FY27 and major revenue from FY28.
Answered by Abhijit Saoji
Asked by Agastya Dave: What is the CapEx outlook for the data centre opportunity and when will commercial revenue peak?
p. 12
“So we expect a reference installation. That is our goal is to create a reference installation in FY27. And we expect a major revenue coming in from a data centre in FY28.”
Abhijit Saoji, page 12 of the filed PDF · View the filing
Management said existing infrastructure can generate up to Rs 400 crore of revenue and that metal inflation will have a limited impact due to fixed-price project costing.
Answered by Abhijit Saoji
Asked by Agastya Dave: Is current infrastructure at peak revenue potential and how is metal cost inflation being managed?
p. 13
“metal today is going beyond every inflation calculation. So metal will impact us a little bit.”
Abhijit Saoji, page 13 of the filed PDF · View the filing
Management said the skew will reduce somewhat but H2 will likely remain larger than H1 due to shipyard delivery schedules.
Answered by Abhijit Saoji
Asked by Achyth Reddy: Will the H1/H2 revenue skew seen in FY26 repeat in FY27?
p. 14
“There will be a lot of stimulus which will come, H1 and H2. But still H2 will be a little bigger as compared to H1.”
Abhijit Saoji, page 14 of the filed PDF · View the filing
CFO guided to an EBITDA margin range of 20-24%, already factoring in commodity inflation.
Answered by Manoj Kothale
Asked by Deepak Poddar: What EBITDA margin range is expected given operating leverage and commodity impact?
p. 14
“So, for next going forward, we expect that our EBITDA margin will remain somewhere between 20% to 24%.”
Manoj Kothale, page 14 of the filed PDF · View the filing
Management clarified the defence marine ecosystem TAM is about Rs 2,500 crore over two years, with non-defence adding further potential, though order fructification will take 2-2.5 years.
Answered by CMDE. Sunil Kaushik
Asked by Deepak Poddar: Does the Rs 3,000-3,500 crore TAM cover both defence and non-defence segments over what timeframe?
p. 15
“But the defence segment, which is the core business, that's going to be about INR2,500 crores. And that's over the next two years.”
CMDE. Sunil Kaushik, page 15 of the filed PDF · View the filing
CFO said Phase 1 CapEx at Hanbarwadi is Rs 25 crore, mostly completed, with incremental revenue guided at management's stated CAGR.
Answered by Manoj Kothale
Asked by Deepak Bhuptani: What is the total CapEx for the new plant expansion and expected incremental revenue/profit?
p. 17
“So, the total CapEx requirement for Phase 1 at Hanbarwadi location is INR25 crores. Most of the CapEx has been done and the plant will be up and running by June.”
Manoj Kothale, page 17 of the filed PDF · View the filing
Management said the current revenue potential is not significant given a small installed base of compressors, but described it as a strategic capability-building tie-up.
Answered by CMDE. Sunil Kaushik
Asked by Harish Shiyad: How big is the Danfoss USA servicing agreement opportunity?
p. 18
“we are not looking at very high revenue from this particular service agreement at this point in time.”
CMDE. Sunil Kaushik, page 18 of the filed PDF · View the filing
Management said they are not eligible to move to the main board for about two more years but plan to do so when the window opens.
Answered by Abhijit Saoji
Asked by Harish Shiyad: Any plan to move to the main board of BSE/NSE?
p. 19
“we are not allowed to go to the main board for another two years at least.”
Abhijit Saoji, page 19 of the filed PDF · View the filing
CFO attributed the decline to lower spares and services revenue and said margin should rise once that mix improves to 15-20%.
Answered by Manoj Kothale
Asked by Sridhar Panduranga: Are there plans to increase operating margin given the declining trend from 31% to 21%?
p. 20
“Going forward, we are continuously working on it to increase our spares and service revenue to 15% to 20%. So, once it happens, EBITDA margin will always go up.”
Manoj Kothale, page 20 of the filed PDF · View the filing
Management said cooling represents roughly 12-13% of a data centre project, with the segment expected to grow 25-30% CAGR.
Answered by CMDE. Sunil Kaushik
Asked by Sridhar Panduranga: What percentage of a data centre project does the chiller/cooling market represent?
p. 20
“As far as the pure cooling is concerned, it's roughly about 12% to 13% of a project, of a data centre project.”
CMDE. Sunil Kaushik, page 20 of the filed PDF · View the filing
CFO explained the rise was due to supplier advances and GST input credit balances pending refund.
Answered by Manoj Kothale
Asked by Nupur Karnani: What led to the 6x increase in other current assets?
p. 21
“So, the rise in other current assets is mainly due to advances given to the suppliers. And some part is related to GA balances with the GST department.”
Manoj Kothale, page 21 of the filed PDF · View the filing
Management said inflation is factored into multi-year bids but unprecedented commodity price rises will still have a small impact on EBITDA margins.
Answered by Abhijit Saoji
Asked by Keshav Harlalka: Is commodity price volatility built into order pricing, and how does it affect margins?
p. 22
“the commodity price rise which has happened, unprecedented commodity price rise which is happening right now, will have a small impact on us.”
Abhijit Saoji, page 22 of the filed PDF · View the filing
Management confirmed FY27 guidance excludes any data centre revenue.
Answered by Abhijit Saoji
Asked by Mohit Motwani: Is data centre revenue included in the 40% growth guidance for FY27?
p. 23
“So, our guidance for FY27 is without data centre.”
Abhijit Saoji, page 23 of the filed PDF · View the filing
Management said they stand by the Rs 1,000 crore revenue target for the five-year horizon despite the CAGR math implying a lower figure.
Answered by Abhijit Saoji
Asked by Om Makeshali: How does the current 40% CAGR guidance reconcile with the earlier Rs 1,000 crore revenue and Rs 120-130 crore PAT target for FY30-31?
p. 24
“INR1,000 crore is the ladder which we are here in next 5 years and it will happen, sir.”
Abhijit Saoji, page 24 of the filed PDF · View the filing
CFO said working capital needs will be met through internal accruals and bank funding given the low leverage on the balance sheet.
Answered by Manoj Kothale
Asked by Palash Kavali: Will the company need external fundraising to achieve its growth guidance?
p. 25
“whatever the new working capital requirement will be funded by internal accruals and bank funding.”
Manoj Kothale, page 25 of the filed PDF · View the filing
Management said the company is fully compliant as an indigenous manufacturer per government norms, though some raw materials are imported.
Answered by CMDE. Sunil Kaushik
Asked by Om Makeshali: Is the company's manufacturing fully indigenized?
p. 26
“In fact, it is 100% indigenously manufactured but there is certain amount of raw material which is imported and that will always remain.”
CMDE. Sunil Kaushik, page 26 of the filed PDF · View the filing
Risks flagged
Metal and commodity price inflation affecting costs
p. 13
“Metal inflation? Yes, metal inflation is affecting everyone. There is no question about it.”
Abhijit Saoji, page 13 of the filed PDF · View the filing
Unprecedented commodity price rise impacting EBITDA margins
p. 22
“the commodity price rise which has happened, unprecedented commodity price rise which is happening right now, will have a small impact on us. And that impact is seen in EBITDA margins also going forward.”
Abhijit Saoji, page 22 of the filed PDF · View the filing
Revenue skewness driven by shipyard delivery schedules
p. 14
“even if we want to, for example, make H1 a blockbuster as much as H2, we may be constrained because the delivery collection or the delivery period for a particular shipyard may actually lie in H2 rather than H1.”
CMDE. Sunil Kaushik, page 14 of the filed PDF · View the filing
Loss of some new-build tenders
p. 21
“As far as the newbuilds are concerned, that's the only place where we lost a few tenders.”
CMDE. Sunil Kaushik, page 21 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.