Shree Refrigerations

What Shree Refrigerations does

Shree Refrigerations Limited (BSE: 544458) is an India-based, public-listed manufacturer of advanced refrigeration, HVAC&R, and thermal management systems purpose-engineered for naval, defence, and select industrial applications. Founded in 1990 as a partnership firm and converted to a public limited company in 2024, the company is headquartered in Karad, Maharashtra, with a business development office in Pune. It is the only Indian company holding naval registrations across all three critical segments — Chillers and Refrigeration Plants, Turnkey HVAC&R Solutions, and Electrical Control Panels — and operates a 50,000 sq ft (expandable to 100,000 sq ft) advanced manufacturing facility featuring robotic welding, laser cutting, and automated bending.

Its product portfolio spans marine refrigeration plants (0.5–10 TR), chilled water plants (5–300 TR) using scroll, semi-hermetic screw, or magnetic bearing centrifugal compressors, self-contained and marinised split air conditioners, submarine air conditioners for Scorpene-class submarines (indigenously developed since 2019), magnetic bearing AC plants for P17A warships (via SMARDT Canada technology collaboration), MIL-STD-461E compliant Liquid-to-Refrigerant Cooling Units (LRCU) for radar platforms, heat exchangers, defence-grade electrical control panels, and heavy fabrication services. The company also sells air-cooled magnetic bearing chillers, water-cooled screw chillers, and coolant distribution units into the hyperscale data centre market.

Shree Refrigerations generates revenue primarily through project-based hardware sales and turnkey HVAC&R installation, commissioning, and execution contracts procured via direct government tenders, naval shipyard supply arrangements, and enterprise sales. Pricing is quote-based and tied to tender specifications, system capacity, and customization, with an emerging aftermarket/service revenue stream reinforced by its March 2026 Turbocor Authorized Service Partner agreement with Danfoss. The core customer base is the Indian Navy and domestic naval shipyards (HSL, GSL, GRSE, MDL, L&T), supplemented by international OEMs (Kongsberg Maritime), historical dairy/industrial customers (Amul, Nestle, Godrej, Delaval, Hatsun), and emerging hyperscale data centre operators. In FY26 the company reported revenue of approximately ₹150.4 crore (50%+ YoY growth), EBITDA margins of 26.3% in H2FY26, and an unexecuted order book of ₹270.77 crore (~1.8x FY26 revenue), with management citing a revenue trajectory toward ₹600–1,000 crore.

Name

Shree Refrigerations

Legal name

Shree Refrigerations Limited

Website

https://shreeref.com

Company type

Public

Founded year

1990

Operating status

Operating

Headcount range

11–50 employees

Short description

Shree Refrigerations Limited (BSE: 544458) is an India-based public-listed manufacturer of defence-grade HVAC&R, marine refrigeration, magnetic bearing chillers, and thermal management systems, primarily serving the Indian Navy, domestic naval shipyards, and emerging hyperscale data centre operators. It is the only Indian company with naval registrations across chillers, turnkey HVAC&R, and electrical control panels.

Ownership category

akta.pro rank

Product category

Industrial Refrigeration

SIC

Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585)

akta.pro primary industry

Commercial & Industrial Refrigeration Systems (IMAHAKAA)

Keywords

• Industrial refrigeration
• Commercial HVAC systems
• Cold chain equipment
• Industrial cooling solutions
• Refrigeration manufacturing

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Revenue model

1. HVAC&R Equipment and Systems Sales: Sale of custom-engineered refrigeration plants, chilled water plants, air conditioners, HVAC systems, and radar cooling units for defence and marine applications. One-time hardware revenue per contract/project with aftermarket service potential.
2. Turnkey HVAC Solutions: End-to-end HVAC&R installation, commissioning, and project execution services for naval shipbuilding programmes, including supply, installation, and commissioning of cooling systems.
3. Aftermarket and Service: Repairs, servicing, and support for installed equipment. Strengthened by Turbocor Authorized Service Partner Agreement with Danfoss for local compressor repairs.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

No source material with resolvable source IDs was provided to describe Shree Refrigerations' core offering.

Product overview

Shree Refrigerations Limited is India's leading defence-focused manufacturer of advanced refrigeration and HVAC systems, offering a multi-product portfolio centered on mission-critical cooling solutions for naval, defence, and industrial applications. The core product family consists of Marine HVAC&R Systems — including Refrigeration Plants (0.5TR–10TR), Chilled Water Plants (5TR–300TR), Self-Contained Package Air Conditioners, Marinised Split Air Conditioners, Fan Coil Units, AHU/ATU, and Submarine Air Conditioners — alongside Magnetic Bearing AC Plants and Naval Starter & Control Panels for Pumps and Motors. Complementing this are Radar Cooling Solutions (Liquid to Refrigerant Cooling Unit / LRCU), Data Center Cooling Chiller Solutions (air-cooled magnetic bearing chillers, water-cooled screw chillers, and CDUs), Heat Exchangers, Electrical Control Panels for Defence & Marine Applications, and Heavy Fabrication for Defence & Marine Applications. The company is the only Indian company with naval registrations across all three critical segments: Chillers and Refrigeration Plants, Turnkey HVAC&R Solutions, and Electrical Control Panels.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• ~200 day improvement in working capital cycle: from ~570 days in FY25 to ~370 days in FY26
• +4 more outcomes

Named customers6 records

Segments4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Danfoss LLCcoreTechnology or Integration · 17 March 2026Shree Refrigerations signed a Turbocor Authorized Service Partner Agreement with Danfoss LLC on March 17, 2026, in Mumbai, becoming the first and only Turbocor Authorized Service Partner in the region. The agreement enables local repairs of Danfoss Turbocor compressors, addressing a market gap in specialized compressor servicing and establishing Shree Refrigerations as the exclusive authorized service provider for these repairs in the region. Transaction structured as an arms-length commercial agreement with no related party involvement.
• SMARDT, CanadacoreTechnology or IntegrationCollaboration with SMARDT Canada for magnetic bearing chiller technology. Started in 2019 when Shree Refrigerations received its first tender for magnetic bearing chillers for P17A warships. SMARDT provides the proprietary magnetic bearing compressor technology that Shree Refrigerations manufactures and integrates into naval and data centre cooling solutions under the collaboration.
• Kongsberg MaritimecoreStrategic or Co-development PartnerShree Refrigerations secured an order worth approximately ₹9.75 crore from Kongsberg Maritime for supply, installation, and commissioning of cooling systems for Replenishment at Sea (RAS) and Fluid Acquisition & Distribution Systems (FAS) for Fleet Support Ships. Ships are being built at Hindustan Shipyard Limited and L&T shipyard facilities.
• Hindustan Shipyard LimitedcoreStrategic or Co-development PartnerKey shipbuilding partner for Fleet Support Ship programme. Shree Refrigerations is executing cooling systems orders for ships constructed at Hindustan Shipyard, as part of India's indigenous shipbuilding ecosystem. Company has MOU arrangements with Indian shipyards (2020-2022).
• Larsen & Toubro (L&T) ShipyardcoreStrategic or Co-development PartnerL&T Shipyard constructing Fleet Support Ships with Shree Refrigerations supplying HVAC and cooling systems. Multiple orders for RAS and FAS cooling systems in execution at L&T shipyard facilities.
• Indian Naval Shipyards (HSL, GSL, GRSE, MDL)coreStrategic or Co-development PartnerLong-standing supplier relationships with major Indian naval shipyards. Company is a trusted partner in India's naval shipbuilding ecosystem, serving HSL, GSL, GRSE, and MDL with refrigeration and HVAC systems. Multiple programme engagements including submarines, warships, and fleet support ships.
• BHEL (Bharat Heavy Electricals Limited)minorStrategic or Co-development PartnerBHEL awarded an INR 18.06 crore order to Rappid Valves for five shipsets for the Indian Navy's Fleet Support Ship Programme, with Shree Refrigerations separately placing an INR 8.55 crore order on Rappid Valves as part of the FSS programme supply chain.

Scale indicators12 records

Recent moves10 records

Expansion highlights4 records

Direct peers

• Vertiv Holdings: Global data centre infrastructure and thermal management specialist with chillers, CDUs, and liquid cooling solutions. Most direct peer for Shree's emerging hyperscale data centre cooling business and magnetic bearing chiller positioning.
• Blue Star Limited: Major Indian HVAC&R manufacturer with deep presence in commercial air conditioning, chillers, and refrigeration. Directly comparable in product portfolio, channel approach, and Indian market positioning.
• Voltas Limited: India's largest room AC brand and a Tata-group diversified HVAC&R company with substantial commercial/industrial cooling operations. Direct peer in Indian HVAC&R manufacturing serving similar commercial and industrial customers.
• Thermax Limited: Indian-listed industrial heating and cooling solutions manufacturer serving process industries and power. Directly comparable as a domestic industrial cooling/HVAC OEM with overlapping product categories in chillers and heat exchangers.
• SMARDT Chillers (Galaxy Global Group): Canadian manufacturer of oil-free magnetic bearing centrifugal chillers and a technology partner of Shree Refrigerations. Closest comparable on magnetic bearing chiller technology, the core premium product line.

Broad incumbents

• Trane Technologies: Global HVAC and refrigeration incumbent with commercial chiller systems and service operations. Comparable in commercial/industrial refrigeration but with vastly broader global scale and product range.
• Bharat Electronics Limited (BEL): Large Indian defence PSU supplying electronics and systems to the Indian Navy. Comparable as a defence-focused Indian manufacturer serving the same customer ecosystem, but vastly larger scale and broader portfolio.
• Bharat Heavy Electricals Limited (BHEL): Indian heavy engineering PSU with defence manufacturing and industrial cooling capabilities. Comparable as a domestic defence supplier with scale advantages that could threaten Shree's niche naval HVAC&R position.
• Carrier Air Conditioning India: Subsidiary of Carrier Global with strong Indian HVAC manufacturing footprint across chillers and air conditioning. Comparable product category but operates as a global multinational's local arm with broader portfolio.

Others

• Danfoss A/S: Global Danish refrigeration and HVAC components/systems manufacturer and Shree Refrigerations' partner. Relevant as the Turbocor compressor supplier and service ecosystem partner rather than as a direct competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ShreeRef
• LinkedInlinkedin.com/company/shree-refrigeration---india

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Shree Refrigerations