Pursuant to Regulation 30 of SEBI (LODR) Regulation, 2015, we hereby inform that the Credit rating agency of the Company has reaffirmed/assigned the credit rating with respect to the Bank ....
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CARE Ratings reaffirmed the long-term rating of CARE BB+ (Stable) and short-term rating of CARE A4+ on Shree Refrigerations Ltd's bank facilities totalling about ₹90 crore across four lines. The term loan limit was reduced from ₹10.40 crore to ₹7.61 crore, indicating partial debt prepayment of around ₹2.79 crore, while one working capital limit was enhanced from ₹20.10 crore to ₹22.89 crore. The company recently raised ₹80 crore through an SME IPO in July 2025, which strengthened its overall gearing to a comfortable 0.12x as of September 2025. FY25 revenue grew 23% to ₹98.73 crore and the order book stands at ₹327.57 crore (3.3x annual revenue), providing medium-term visibility. Concerns remain around an elongated operating cycle of 378 days and tender-driven, competitive HVAC business.
Rating reaffirmation with a Stable outlook signals the credit profile has not deteriorated post-IPO, which is mildly positive for lenders and shareholders. However, CARE BB+ remains in the speculative/non-investment-grade band, indicating moderate default risk that investors should factor in.