Transcript of the Post Earning Conference Call of the Company for H1 of FY 2025-26 held on November 12, 2025 at 03.30 P.M. is attached and also be uploaded on the website of the Company. ....
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Shree Refrigerations reported H1 FY26 revenue of INR 50 crores, with EBITDA margin at 11.2% and net profit margin at 2.9%, both sharply lower than FY25 levels due to onsite execution costs and front-loaded hiring (team expanded from 247 to 323). The order book stood at INR 327 crores at end-September 2025 (to be executed over 2-3 years), with INR 162 crores of new orders added in H1. Management guided for FY26 revenue of INR 140-150 crores, PAT margin of 13-14%, and reaffirmed a long-term EBITDA margin guidance of 20-22% as fixed costs get leveraged in H2. The company is targeting 40-50% CAGR growth for the next 4-5 years, supported by a new Smardt partnership for data centre cooling, expected RFPs worth ~INR 1.52 lakh crores from the Indian Navy, and a bid pipeline of ~INR 800 crores (defence) plus INR 200 crores (marine) by March 2027.
Near-term margins are under pressure due to execution costs, but the strong order book, defence sector tailwinds, and entry into data centre cooling provide a positive medium-term growth outlook. Shareholders should expect a back-loaded H2 FY26 with revenue and margins improving in the second half.