Investor Presentation for November 2025
Price
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Awaiting price reaction for this filing.
Shree Refrigerations, a defence-focused Naval HVAC player, shared an investor presentation highlighting its ~80% market share in new Naval HVAC orders and 10X growth over 8 years. The company disclosed an order book of ₹3,276.2 Mn (3.3x FY25 revenue), with HVAC segment contributing ₹1,908 Mn. Management targets ₹1,000 Cr revenue and ₹120 Cr PAT by FY30-31, with an expected ~50% CAGR over 3-5 years. H1FY26 results showed sharp margin compression — EBITDA margin fell to 11.2% (from 30.3% YoY) and PAT margin dropped to 2.9%, attributed to front-loaded employee costs, team expansion (247 to 323), and onsite HVAC project execution. A strategic tech cooperation was signed with Smardt (Canada) for oil-free data centre chillers, and new MOUs were signed with Mazagon Dock and Hindustan Shipyard.
Short-term profitability is under pressure due to execution costs, but a strong ₹3,276 Mn order book and management's long-term 20-22% EBITDA margin guidance suggest recovery as projects ramp up. The multi-year growth targets and entry into data centres via Smardt partnership could re-rate the stock, though near-term margins may keep investors cautious.