Please find attached Press Release pertaining to the Unaudited Financial Results for the First Half Year ended September 30, 2025
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Awaiting price reaction for this filing.
Shree Refrigerations reported H1FY26 revenue of INR 503.9 Mn, broadly flat versus H1FY25 (INR 509.6 Mn). However, profitability came under pressure — EBITDA fell sharply to INR 56.6 Mn from INR 154.4 Mn in H1FY25, and Profit After Tax dropped to INR 14.9 Mn from INR 83.1 Mn. The company explained this as front-loaded employee and execution costs tied to new HVAC project hiring, with revenue recognition expected only in H2FY26 and beyond. On the growth front, SRL secured new Indian Navy Fleet Support Ship orders worth INR 1 Billion, taking its total order book to INR 3,276.2 Mn (about 3.3x FY25 revenue). The company also announced a strategic tie-up with a global data centre cooling provider, 100% shop floor expansion, a new 1,00,000 sq. ft. facility (phase I expected in FY26), and headcount growth from 247 to 323 employees.
Short-term margins look weak due to upfront investment in people and capacity, but the strong order book (3.3x annual revenue) and upcoming execution of Navy HVAC projects in H2FY26 could drive a sharp earnings recovery. For shareholders, the key thing to watch is whether back-loaded revenue from the order pipeline actually materialises in the coming quarters; if it does, it could be a meaningful positive trigger for the stock.