Investor Presentation for the Half Year ended September 30, 2025

Shree Refrigerations, a defence-focused marine HVAC and refrigeration systems maker, filed its H1 FY26 investor presentation on November 12, 2025. Revenue from operations stood at INR 503.9 Mn, broadly flat YoY (-1.1%), but profitability was sharply compressed — EBITDA fell 63.3% YoY to INR 56.6 Mn with margin contracting by ~1,907 bps to 11.2%, and net profit dropped 82.1% to INR 14.9 Mn. Management attributed the margin pressure to front-loaded employee costs from a 31% team expansion (247 to 323 employees) and a new onsite HVAC execution model where costs are recognized before revenues. However, the order book strengthened to INR 3,276.2 Mn (3.3x FY25 revenue), with INR 1,626 Mn in fresh orders during the half, supporting a long-term EBITDA margin guidance of 20–22% and a ~50% CAGR target over the next 3–5 years.