---
title: "Shree Refrigerations Ltd (544458) — Share Price, Financials & Analysis"
symbol: "544458"
company: "Shree Refrigerations Ltd"
canonical: "https://tapetide.com/stocks/544458"
isin: "INE0FMZ01045"
nse_symbol: "SHREEREFRIGERATIONSLTD"
bse_code: "544458"
sector: "Capital Goods"
industry: "Industrial Products"
market_cap_cr: 1424.86
generated_at: "2026-09-13T18:23:25.720Z"
---

# Shree Refrigerations Ltd (544458)

Canonical page: https://tapetide.com/stocks/544458

## Company

- **NSE Symbol:** SHREEREFRIGERATIONSLTD
- **BSE Code:** 544458
- **ISIN:** INE0FMZ01045
- **Sector:** Capital Goods
- **Industry:** Industrial Products
- **Macro Sector:** Industrials
- **Stock Type:** EQUITY
- **Listed Since:** 2025-08-01
- **Face Value:** ₹2
- **F&O Eligible:** No
- **Website:** shreeref.com

## About

Incorporated in 2006, Shree Refrigerations 
Ltd is a defence-focused manufacturer of advanced refrigeration and HVAC systems.[1]

## Latest Price

## Key Fundamentals

Observed at 2026-09-11T04:42:45.114734Z.

- **Market Cap:** ₹1424.86 Cr
- **Classification:** SME
- **P/E (reported):** 67.1
- **Book Value:** ₹60.31
- **Price to Book:** 6.7
- **Dividend Yield:** 0%
- **ROE:** 9.98%
- **ROCE:** 12.97%
- **Debt to Equity:** 0.17
- **Revenue (yearly):** ₹155.1 Cr
- **Net Income:** ₹21.5 Cr
- **EBITDA:** ₹34.3 Cr
- **52-Week High:** ₹438.95
- **52-Week Low:** ₹161
- **RSI (14):** 57.65

## Tapetide Score

- **Score:** 47 / 100
- **Score date:** 2026-09-04
- **Archetype:** Trend Ahead of Fundamentals
- **What it means:** The price trend is running ahead of what the financials currently support. Moves like this depend on the fundamentals catching up; check what would have to be true for that.
- **Pillar profile:** Quality: Weak · Valuation: Expensive · Momentum: Rising
- **Percentile:** 35.6 (of 4473 scored stocks)
- **Confidence:** 88%
- **Data coverage:** 76%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 78.51 | 9% |
| growth | 94.37 | 9% |
| momentum | 97.91 | 12% |
| ownership | 17.4 | 24% |
| quality | 48.44 | 22% |
| valuation | 21.19 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Company has delivered good profit growth of 136% CAGR over last 5 years

### Weaknesses

- Though the company is reporting repeated profits, it is not paying out dividend
- Tax rate seems low
- Company has high debtors of 251 days.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| cash flow growth | 155.24% | 367.44% | 259.17% |
| ebitda margin growth | -19.7% | -28.89% | -16.77% |
| net income growth | 70.63% | 103% | 136% |
| revenue growth | 56.51% | 45% | 71% |
| roce | -30.27% | -57.92% | 20.48% |
| roe | -9.6% | 13.34% | -19.58% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- |
| Sales | 51 | 48 | 50 | 103 |
| Expenses | 36 | 36 | 45 | 76 |
| Operating Profit | 15 | 12 | 6 | 27 |
| OPM % | 30 | 24 | 11 | 26 |
| Other Income | 0 | 0 | 0 | 1 |
| Interest | 3 | 2 | 2 | 1 |
| Depreciation | 2 | 2 | 3 | 3 |
| Profit before tax | 11 | 7 | 1 | 24 |
| Tax % | 27 | 40 | -44 | 16 |
| Net Profit | 8 | 4 | 2 | 20 |
| EPS in Rs | — | 1.6 | 0.44 | 5.6 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Sales | 10 | 45 | 51 | 80 | 99 | 154 |
| Expenses | 8 | 33 | 38 | 55 | 72 | 121 |
| Operating Profit | 3 | 12 | 12 | 25 | 27 | 33 |
| OPM % | 26 | 26 | 25 | 31 | 27 | 21 |
| Other Income | 0 | 0 | 0 | 1 | 0 | 2 |
| Interest | 3 | 4 | 5 | 5 | 5 | 4 |
| Depreciation | 0 | 4 | 4 | 4 | 4 | 6 |
| Profit before tax | 0 | 4 | 4 | 17 | 19 | 25 |
| Tax % | 58 | 27 | 40 | 32 | 32 | 14 |
| Net Profit | 0 | 3 | 3 | 12 | 13 | 22 |
| EPS in Rs | — | — | — | — | 4.49 | 6.04 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 3 | 3 | 4 | 5 | 6 | 7 |
| Reserves | -2 | 1 | 21 | 56 | 109 | 209 |
| Borrowings | 39 | 54 | 53 | 38 | 45 | 37 |
| Other Liabilities | 14 | 23 | 16 | 25 | 24 | 41 |
| Total Liabilities | 54 | 81 | 94 | 124 | 183 | 294 |
| Fixed Assets | 5 | 6 | 12 | 12 | 18 | 22 |
| CWIP | 1 | 1 | 0 | 0 | 0 | 18 |
| Investments | 0 | 0 | 4 | 4 | 7 | 15 |
| Other Assets | 48 | 75 | 79 | 107 | 158 | 239 |
| Total Assets | 54 | 81 | 94 | 124 | 183 | 294 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | -9 | — | -4 | -5 | -25 | 14 |
| Cash from Investing Activity | -6 | — | -8 | -2 | -9 | -31 |
| Cash from Financing Activity | 14 | — | 14 | 6 | 39 | 69 |
| Net Cash Flow | 0 | — | 2 | -1 | 5 | 52 |
| Free Cash Flow | -9 | — | -5 | -7 | -33 | -11 |
| CFO/OP | -315 | — | -36 | -16 | -70 | 59 |

### Ratios

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 95 | 172 | 228 | 289 | 352 | 251 |
| Inventory Days | 2821 | 429 | 464 | 299 | 361 | 249 |
| Days Payable | 809 | 186 | 158 | 115 | 130 | 123 |
| Cash Conversion Cycle | 2106 | 414 | 534 | 474 | 583 | 377 |
| Working Capital Days | 666 | 170 | 208 | 222 | 343 | 253 |
| ROCE % | — | 17 | 13 | 25 | 18 | 14 |

## Shareholding Pattern

### Quarterly

| Category | Dec 2024 | Jun 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- |
| Promoters | 56.61% | 44.6% | 44.6% | 44.6% |
| FIIs | 0% | 3.97% | 0.7% | 0.12% |
| DIIs | 0% | 18.69% | 9.59% | 8.74% |
| Government | 0% | 0% | 0% | 0% |
| Public | 0% | 27.4% | 33.26% | 34.4% |
| Others | 43.39% | 5.34% | 11.85% | 12.16% |
| No. of Shareholders | 153 | 2287 | 3381 | 4461 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Buy
- **Buy / Neutral / Sell:** 11 / 5 / 3

### Moving Averages — summary: **Strong Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 410.95 | Sell |
| EMA (10) | 405.91 | Sell |
| SMA (20) | 397.01 | Buy |
| EMA (20) | 394.21 | Buy |
| SMA (50) | 360.28 | Buy |
| EMA (50) | 365.3 | Buy |
| SMA (100) | 320.94 | Buy |
| EMA (100) | 328.36 | Buy |
| SMA (200) | 255.04 | Buy |
| EMA (200) | 286.25 | Buy |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 55.69 | Neutral |
| MACD (12,26,9) | 16.51 | Sell |
| Stochastic (14,3,3) | 37.27 | Neutral |
| ADX (14) | 31.93 | Buy |
| Williams %R (14) | -70.4 | Neutral |
| ATR (14) | 20.89 | High Volatility |
| ROC (12) | 0.41 | Buy |
| Stoch RSI (14) | 0 | Buy |
| UO (7,14,28) | 39.8 | Neutral |

## Filings & Documents

### Exchange Filings & Announcements

| Date | Document |
| --- | --- |
| 2026-09-02 | [Shareholder Meeting / Postal Ballot-Scrutinizers Report](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=13b7807e-2847-4176-9d86-6c96d263f762.pdf) |
| 2026-09-02 | [Announcement under Regulation 30 (LODR)-Change in Management](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=750aa09f-d6be-46b9-9d8f-8773f08f1aa3.pdf) |
| 2026-08-31 | [Shareholder Meeting / Postal Ballot-Outcome of AGM](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=47feadda-0600-4b5a-a277-4504ed1c59b0.pdf) |
| 2026-08-31 | [Board Meeting Outcome for Incorporation Of Wholly Owned Subsidiary Company](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=75983912-286f-4060-ae79-9d2550f15b29.pdf) |
| 2026-08-29 | [Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=a0998584-3c83-4b96-a511-5aee83276a1f.pdf) |
| 2026-08-11 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=a3c3295c-cd68-4054-b1be-d983aa4d0d65.pdf) |
| 2026-08-09 | [Announcement Under Regulation 30 (LODR)- Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=f9fe24df-bd19-46b7-91a8-70c22d14b674.pdf) |
| 2026-08-08 | [Shareholders" Meeting On 31St August 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=c6d30808-647f-4ea2-a9df-8dbec492cb8c.pdf) |
| 2026-08-08 | [Notice Of The Twentieth (20Th) Annual General Meeting (AGM) For FY 2025-26](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=cb6b6aed-1f45-4fd9-8a70-9e98981a76da.pdf) |
| 2026-08-08 | [Reg. 34 (1) Annual Report.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=9ab8bbe0-03ce-4a22-affb-8491e8149456.pdf) |

### Investor Presentations

| Date | Document |
| --- | --- |
| 2026-08-26 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=aa3347e8-1476-44cd-90b7-b5a37e7a397d.pdf) |
| 2026-05-26 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=6851ba0f-4e6d-43c1-b2bf-f903fd1c8997.pdf) |
| 2025-11-26 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=caec6199-7892-4ad9-a12c-010ecd93ee66.pdf) |
| 2025-11-12 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=33090e45-7f43-4166-bae6-3dad65bc8981.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Nov 2025 | [Concall - Nov 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/33090e45-7f43-4166-bae6-3dad65bc8981.pdf) |
| Nov 2025 | [Concall - Nov 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/065127a7-a0a7-43d7-937a-1ac298187924.pdf) |
| May 2026 | [Concall - May 2026](https://www.bseindia.com/xml-data/corpfiling/AttachHis/6851ba0f-4e6d-43c1-b2bf-f903fd1c8997.pdf) |
| May 2026 | [Concall - May 2026](https://www.bseindia.com/xml-data/corpfiling/AttachLive/6851ba0f-4e6d-43c1-b2bf-f903fd1c8997.pdf) |
| Jun 2026 | [Concall - Jun 2026](https://www.bseindia.com/xml-data/corpfiling/AttachHis/e03070fc-2650-4efd-b33d-574e52a0395b.pdf) |
| Jun 2026 | [Concall - Jun 2026](https://www.bseindia.com/xml-data/corpfiling/AttachLive/e03070fc-2650-4efd-b33d-574e52a0395b.pdf) |
| Aug 2024 | [Concall - Aug 2024](https://www.bseindia.com/xml-data/corpfiling/AttachHis/db6560cc-e84e-4d22-9d75-17dcc157643e.pdf) |
| Aug 2024 | [Concall - Aug 2024](https://www.bseindia.com/xml-data/corpfiling/AttachHis/d7bfbd91-ee7a-456c-abfb-612b94ce23a5.pdf) |

### Earnings Call Transcripts

| Date | Document |
| --- | --- |
| 2026-06-01 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=e03070fc-2650-4efd-b33d-574e52a0395b.pdf) |
| 2025-11-17 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=065127a7-a0a7-43d7-937a-1ac298187924.pdf) |

### Earnings Call Recordings

| Date | Document |
| --- | --- |
| 2026-05-26 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=f3d8e6df-1242-42f7-bedd-05428e524c6f.pdf) |
| 2025-11-13 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=64cd98a3-4278-4205-9735-da53a341fe08.pdf) |

### Results & Financial Statements

| Date | Document |
| --- | --- |
| 2026-05-25 | [Results - Financial Results March 31 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=645778a0-cf10-4144-9688-81fa2ed56a37.pdf) |
| 2025-11-11 | [Consolidated And Standalone Unaudited Financial Results For The Half Year Ended September 30 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=1bf6742b-b2a5-4486-907d-6955a9c7968d.pdf) |

### Other Documents

| Date | Document |
| --- | --- |
| 8 May - The Company has alloted 1,65,975 Equity Share of Rs.2/- each, fully paid up, at price of Rs. 2/- each, pursuant to ESOP 2024. | [Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 8 May - The Company has alloted 1,65,975 Equity Share of Rs.2/- each, fully paid up, at price of Rs. 2/- each, pursuant to ESOP 2024.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/8eb98029-e10f-4577-a133-47fa9551c747.pdf) |
| 4 Mar - New manufacturing facility inauguration at Hanbarwadi, Satara scheduled for 20 May 2026. | [Announcement Under Regulation 30 Of SEBI (LODR) Regulations 2015 - Update On Inauguration Of New Manufacturing Facility/Plant/Factory. 4 Mar - New manufacturing facility inauguration at Hanbarwadi, Satara scheduled for 20 May 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/e58f4cfc-1ff9-4178-bba4-6d5dc38abf74.pdf) |
| 4 Feb - Board meeting on 12 Feb 2026 to approve Q3/9M results (Dec 31, 2025) and shift registered office. | [Board Meeting Intimation for Board Meeting Intimation For Quarter 3 And Nine Months Ended As On December 31, 2025. 4 Feb - Board meeting on 12 Feb 2026 to approve Q3/9M results (Dec 31, 2025) and shift registered office.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/2e15d710-b68b-4070-b959-e3588d178150.pdf) |
| 27 Feb - Shree Refrigerations to attend Arihant Capital virtual conference on 6 Mar 2026, 12:00–13:00 IST. | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 27 Feb - Shree Refrigerations to attend Arihant Capital virtual conference on 6 Mar 2026, 12:00–13:00 IST.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/7ba37a25-9826-45eb-972b-b9e910762b71.pdf) |
| 24 Feb - Tanmay Mukund Pethkar appointed Company Secretary & Compliance Officer effective 23 Feb 2026. | [Appointment of Company Secretary and Compliance Officer 24 Feb - Tanmay Mukund Pethkar appointed Company Secretary & Compliance Officer effective 23 Feb 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/0352cea8-8d02-4955-bf6d-fc1d79cb9317.pdf) |
| 23 Feb - Board appointed Rajashri Shende as WTD (23 Feb 2026–22 Feb 2031), Rucha Shende Additional WTD, Tanmay Pethkar as CS; ESOP alignment | [Board Meeting Outcome for Outcome Of Board Meeting 23 Feb - Board appointed Rajashri Shende as WTD (23 Feb 2026–22 Feb 2031), Rucha Shende Additional WTD, Tanmay Pethkar as CS; ESOP alignment](https://www.bseindia.com/xml-data/corpfiling/AttachHis/050acba5-bc6b-4ae6-b502-659d8cf7be8f.pdf) |
| 23 Feb - Appointed Rajashri Shende WTD (23 Feb 2026–22 Feb 2031); Rucha Shende additional WTD; Tanmay Pethkar CS; ESOP aligned. | [Announcement under Regulation 30 (LODR)-Change in Management 23 Feb - Appointed Rajashri Shende WTD (23 Feb 2026–22 Feb 2031); Rucha Shende additional WTD; Tanmay Pethkar CS; ESOP aligned.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/480a2593-2dac-40f2-8491-922594cdc8ff.pdf) |
| 18 Mar - Signed Turbocor Authorized Service Partner Agreement with Danfoss LLC on 17 March 2026 for local compressor repairs. | [Annoucement Under Regulation 30 Of SEBI (LODR) Regulations, 2015, Update : The Company Has Entered Into A Turbocor® Authorized Service Partner Agreement With Danfoss LLC, USA, On 17Th March 2026. 18 Mar - Signed Turbocor Authorized Service Partner Agreement with Danfoss LLC on 17 March 2026 for local compressor repairs.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/e52f1516-de74-46f3-b167-d1badd793ca4.pdf) |
| 18 Mar - Indian Navy order: supply spare items for B Class Ship, Rs.2,41,22,007, delivery by 18 Mar 2027. | [Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 18 Mar - Indian Navy order: supply spare items for B Class Ship, Rs.2,41,22,007, delivery by 18 Mar 2027.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/6cae68d9-d60e-4518-90bf-b398281847a7.pdf) |
| 17 Apr - Received Rs 4.83 crore order from Cochin Shipyard for 8 kW refrigeration plant, delivery by 4 February 2030. | [Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 17 Apr - Received Rs 4.83 crore order from Cochin Shipyard for 8 kW refrigeration plant, delivery by 4 February 2030.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/a6afbab1-1a22-4c0e-bcf3-f96539390139.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from bse | [Annual Report 2026 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/9ab8bbe0-03ce-4a22-affb-8491e8149456.pdf) |
| from bse | [Annual Report 2025 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/bfc6a176-ca88-44ef-a86a-8bc0f1e587f5.pdf) |
| from bse | [Financial Year 2025 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/83adfaf2-826c-4869-91e1-d31954921029.pdf) |
| from bse | [Financial Year 2024 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/33573bbe-dcc9-428a-9eb9-b477bf576624.pdf) |
| from bse | [Financial Year 2023 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/32ecf328-57db-4d68-834e-85180f21d6b1.pdf) |
| from bse | [Financial Year 2022 from bse](https://www.bseindia.com/bseplus/AnnualReport/543218/73868543218.pdf) |
| from bse | [Financial Year 2021 from bse](https://www.bseindia.com/bseplus/AnnualReport/543218/71986543218.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:23:25.720Z.