SHREEREFRIGERATIONS Q4 FY26 earnings call.
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Revenue
₹153 Cr
verification pending
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Shree Refrigerations Ltd delivered 153 crore revenue in FY26, up from 50 crore in FY22, representing a 45% CAGR over four years. The H2 FY26 was exceptionally strong with 100 crore revenue (100% YoY and 100% H1-H2 growth), driven by capacity ramp-up and order execution after H1 was muted due to design approvals and type testing. EBITDA margin moderated to 21% (from 27% in FY25) primarily because spares and service revenue declined to 7% of total from 30% historically—management targets increasing this to 15-20% going forward. PAT stands at approximately 21 crore with EPS of 6.47 rupees versus 5 rupees last year. The company has 270 crore order book (1.8x revenue) and 64% market share in defense naval HVAC. New 70,000 sq ft facility at Umbergaon (commercial from June 2026) is complete, requiring no major capex for 2+ years. Management reaffirmed 40% CAGR guidance for 3-5 years and 1,000 crore revenue target by FY30-31. Key risks: commodity inflation impacting margins, concentration in single sector, and data center revenue not kicking in until FY28.
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Guidance to track
- CEO reiterated guidance of sustaining 40% compound annual growth rate for the next 3 to 5 years, supported by strong defense order flow and market share gains.
- Management reaffirmed the long-term target of 1,000 crore revenue and 120 crore PAT by FY30-31, despite mathematical calculation showing ~833 crore at 40% growth rate.
- Margins expected to stabilize in the 20-24% range as spares and service revenue increases to 15-20% of total revenue, offsetting commodity inflation impacts.
- Reference installation targeted in FY27 with major revenue contribution starting FY28. FY27 guidance is without data center contribution. Market estimated at $3 billion growing to $9 billion in 3 years.
Risks flagged
- Copper and other metal inflation affects all manufacturers. Management acknowledged unprecedented commodity price rises will have a small impact on margins, despite building inflation assumptions into project costing.
- Strategic partnership with Smart DT for data center cooling is only 6 months old. Revenue contribution delayed to FY28, leaving limited verification of execution capability in this new vertical.
- Defence delivery schedules driven by shipyard requirements create inherent H2 bias. Management acknowledged H1 FY27 will still be smaller than H2, potentially frustrating investors expecting steady quarterly performance.
- Investor requested shift to quarterly reporting. Management responded defensively, citing business complexity and suggesting H1/H2 reporting is more appropriate for defence sector—a response that may concern investors seeking better transparency.
Key quotes
- We are the only Indian firm which has indigenized the whole submarine HVAC system.
- Going forward we expect that our margin will remain somewhere between 20 to 24%.
- We have about 64-65% of the market share. Most of the shipyards now are opting for turnkey jobs and we are the single point firm to provide both AC and HVAC products.
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