Shree Refrigerations doubles profit in first year after ₹94.5 cr IPO
The BSE SME-listed engineering firm put its entire IPO capital into a new factory, then posted a 55% revenue jump.
— 6 earlier stories on Shree Refrigerations Ltd. →What's new
- Standalone revenue rose 55% to ₹153.55 cr; net profit jumped 65% to ₹21.40 cr.
- The company fully utilised its ₹94.51 cr IPO proceeds by March 31, 2026.
- A new factory facility funded by the IPO is substantially complete.
Why this matters
Shree Refrigerations is a micro-cap that listed in August 2025. It has now spent its entire ₹94.51 cr war chest, built a factory, and delivered immediate top- and bottom-line acceleration. For a company of this size, the speed of capital deployment and execution is the story.
What we're watching
- Whether the new factory capacity translates into faster sales in FY27.
- Consolidated vs. standalone results to gauge subsidiary contribution.
- The sustainability of order execution at the current pace.
The full read
Shree Refrigerations put its entire ₹94.51 cr IPO war chest into a new factory. Then it delivered. Standalone revenue hit ₹153.55 cr in FY26, a 55% jump from ₹98.73 cr the year before. Net profit grew faster, rising 65% to ₹21.40 cr from ₹12.30 cr. The company listed on BSE SME in August 2025. Nine months later, its capital is spent, its factory is substantially built, and its earnings have accelerated. For a micro-cap, that is a clean sequence. The auditor's report is unmodified. The open question is whether the new factory can drive a second year of growth.
Questions answered
- How did Shree Refrigerations' profitability change in FY26?
- Net profit jumped 65% to ₹21.40 cr from ₹12.30 cr in FY25, outpacing the 55% revenue growth. This indicates the company expanded its profit margin on higher sales.
- What did the company do with its IPO proceeds?
- It fully utilised the ₹94.51 cr raised in its August 2025 BSE SME listing by March 31, 2026. The primary use was for a new factory facility, construction of which is substantially complete.
- Was the auditor's report clean?
- Yes, the auditor's report on the FY26 financials is unmodified, meaning no qualifications or emphasis-of-matter paragraphs.
- How does this growth compare to the prior year?
- Revenue grew 55% from ₹98.73 cr in FY25. Net profit rose from ₹12.30 cr to ₹21.40 cr, with the faster profit growth suggesting improved operating efficiency.
Shree Refrigerations Ltd.
Latest quarter · Mar 2026
Strength & growth
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All notes on SHREEREF →- 25 May 2026 · 6:46 PM IST Shree Refrigerations doubles profit in first year after ₹94.5 cr IPO
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