Shree Refrigerations Ltd IPO

Apply 0
Avoid 0

Don't Miss It! Mark Your Calender Now:


Shree Refrigerations is a prominent player in the Heating, Ventilation, and Air Conditioning (HVAC) industry, with a specialized focus on the design, manufacturing, and servicing of chillers and refrigeration systems. Its product portfolio serves both industrial and defense applications, with a presence across key sectors such as:

i. Automotive                                              ii. Marine & Naval                                             iii. Print Media
iv. Chemical & Pharmaceutical               v. General Engineering

The company’s comprehensive offerings include:

i. Industrial Process Chillers                   ii. Marine HVAC & R Systems                         iii. Printing Chillers
iv. Test Equipment                                    v. Customized Fabricated Components

Defense Capabilities

One of the company’s key differentiators is its strategic involvement in defense projects, particularly for the Indian Navy. Shree Refrigerations is a registered supplier with directorates such as:
i. Directorate of Electrical Engineering
ii. Directorate of Quality Assurance – Warship Projects

Its marine chillers play a crucial role in maintaining onboard temperature, ensuring operational efficiency, and supporting mission-critical systems such as electronic warfare equipment.

Customer-Centric Approach

The company follows a consultative business model, working closely with clients to develop value-engineered HVAC systems that meet stringent operational and environmental requirements. This has helped Shree Refrigerations build long-term relationships across industries.

Strategic Vision

With over 17 years of industry experience, Shree Refrigerations Limited aims to strengthen its domestic footprint and eventually explore international markets. Its expansion into defense, backed by proven execution in commercial industries, positions it as a technically sound, reliable, and growth-oriented HVAC solutions provider.

Objects of the Shree Refrigerations Ltd IPO:

IPO proposes to utilise the Net Proceeds from the Issue towards the following objects: i. Funding the Working Capital requirement. ii. General Corporate Purposes. Total number of shares issue :- i. Reserved for Market Maker is 4,70,000 shares, ii. Fresh issue is 70,91,000 shares, iii. Offer for sale is 18,25,000 shares.

Shree Refrigerations Ltd IPO Details:

Open Date: Jul 25 2025
Close Date: Jul 29 2025
Total Shares: 93,86,000
Face Value: ₹ 2 Per Equity Share
Issue Size: 117.33 Cr.
Lot Size: 1000 Shares
Issue Price: ₹ 119 - 125 Per Equity Share
Listing At: BSE SME
Listing Date: Aug 01 2025

Promoters And Management:

Mr. Ravalnath Gopinath Shende, aged 62, is the Managing Director and Promoter of the Company. A founding member, he has been on the Board since inception. An engineering graduate from VJTI, Mumbai (1983), he brings extensive experience across sales, manufacturing, operations, and vendor development. He has been honored with the GS Parkhe Award for innovation and the Brig SB Ghorpade Award for excellence in MSME defense manufacturing. Mrs. Rajashri Ravalnath Shende, aged 58, is the Whole-time Director and Promoter of the Company. A founding member, she was designated as Whole-time Director in 2021. She holds a Diploma in Electronics and Telecommunication Engineering (1986) and brings strong expertise in leadership, team building, and interpersonal skills. Mrs. Devashree Vishwesh Nampurkar, aged 36, is the Whole-time Director and Promoter of the Company. She holds a B.E. in Mechanical Engineering (2010) from Shivaji University and an M.Sc. in Business and Management (2012) from the University of Strathclyde. She joined the Company in 2016 as Manager – Sales & Marketing and brings 13 years of experience in sales, marketing, and business strategy development.

Financials of Shree Refrigerations Ltd IPO:

Particulars FY 2024-25 FY 2023-24 FY 2022-23
Revenue from Operations 98.72 80.3 50.57
EBITDA 26.94 24.38 11.89
EBITDA Margins 27.29% 30.36% 23.52%
PAT 13.54 11.53 2.57
PAT Margins 13.72% 14.36% 5.09%
ROCE 23.22% 34.15% 19.61%
Debt to Equity Ratio 0.37 0.63 0.72
Operating Cash Flows -24.89 -5.16 -4.45

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
Shree Refrigerations Limited 98.72 27.29% 13.72% 23.22% 0.37 445.38 32.89
Johnson Controls Hitachi Air Conditioning India Limited 2756 5% 2.21% 13.80% 0.07 4,746 77.8

Recommendation on Shree Refrigerations Ltd IPO:

To be updated shortly.

Lead Manager of Shree Refrigerations Ltd IPO:

  1. Narnolia Financial Services Ltd

Registrar of Shree Refrigerations Ltd IPO:

  1. MUFG Intime India Private Limited

Company Address:

Shree Refrigerations Ltd. Plot. No. 131/1+2, Opp. MSEB Stores, Virwade Road, Ogalewadi, Karad, Maharashtra, 415105 Phone: 02164-272015 Email: Investor@shreeref.com Website: http://www.shreeref.com/

Discussion on Shree Refrigerations Ltd IPO:

Leave a Reply