Shree Refrigerations nets ₹21.40 crore as FY26 revenue jumps 55.5%
A tightened working capital cycle and HVAC investments helped profit grow by 64.7% year-on-year.
— 1 earlier story on Shree Refrigerations Ltd. →What's new
- Revenue reached ₹153.55 cr for FY26.
- Net profit rose to ₹21.40 cr.
- Working capital cycle improved, dropping to 370 days from 570 days.
Why this matters
The business is clearly scaling, but the story here is the efficiency gain. Improving the cash cycle by that margin is a rare shift that suggests significantly better management than the company demonstrated last year.
What we're watching
- Whether the 370-day working capital cycle can narrow further.
- Execution of the ₹270.77 cr order book.
- Sustainability of current profit margins in the HVAC sector.
The full read
Shree Refrigerations closed FY26 with ₹153.55 crore in revenue, marking a 55.5% gain over the previous year. Net profit also climbed, landing at ₹21.40 crore for a 64.7% increase. Management points to early investments in HVAC capabilities as the primary engine for this acceleration.
Efficiency is the real winner.
Behind these results, the company cut its working capital cycle from 570 days down to 370 days. With a massive order book of ₹270.77 crore, the firm now holds a backlog worth 1.8 times its annual revenue. While this release adds context to previously reported figures, it holds no new material developments. The growth trajectory is evident, but the true test from here is whether the company can maintain these tighter working capital levels while burning through such a heavy order book.
Questions answered
- What drove the company's performance in FY26?
- Management credits investments in HVAC capabilities made earlier in the year. These investments allowed for stronger execution in the second half of the year.
- How does the current order book compare to annual revenue?
- The order book stood at ₹270.77 crore, which is 1.8 times the revenue recorded for the full year.
- Has the company's cash position improved?
- The working capital cycle narrowed to 370 days, a meaningful reduction from the 570 days reported a year ago.
- Is there new information in this release?
- No. The filing is a press release summarizing previously disclosed results and does not contain material new information.
Story so far
All notes on SHREEREF →- 25 May 2026 · 7:53 PM IST Shree Refrigerations nets ₹21.40 crore as FY26 revenue jumps 55.5%
- 1d ago Shree Refrigerations targets 40% CAGR via new Smardt partnership