Shree Refrigerations pushes new plant, data-centre revenues to 2026-28
The company reaffirmed a 40% revenue CAGR target for three to five years, but its key growth projects are both delayed.
— 6 earlier stories on Shree Refrigerations Ltd. →What's new
- Commercial production at the Amberwadi plant is now targeted for June 2026, delayed from March.
- Data-centre cooling revenue is now expected to start in FY28, not FY27.
- Management set a FY30-31 ambition of ₹1,000 crore in revenue and ₹120-130 crore in profit.
Why this matters
Shree's headline growth target of 40% CAGR remains unchanged, but the timelines for the two projects meant to drive that growth have slipped. The delays push out the兑现 of the company's medium-term ambitions and raise questions about execution.
What we're watching
- Progress on construction and commissioning at Amberwadi ahead of the new June 2026 date.
- Any updates on the data-centre cooling partnership that push the FY28 start further.
- Quarterly EBITDA margins to see if they hold in the 22-24% band amid the ramp-up.
The full read
Shree Refrigerations is talking about a 40% revenue CAGR and a path to ₹1,000 crore in sales, but the projects meant to get it there are both late. The Amberwadi plant, originally due to start in March, is now targeted for June 2026. The data-centre cooling business, which management previously said would contribute from FY27, has been pushed to FY28. The company's FY30-31 ambition is ₹1,000 crore in revenue and ₹120-130 crore in profit, with an EBITDA margin target of 22-24%. Management said no more major capex is needed to hit these numbers. The targets themselves are unchanged, but two years of delays on the core projects that underpin them is the real takeaway. It moves the goalposts further out and puts the onus on execution from here.
Questions answered
- What are the company's new medium-term financial targets?
- Shree Refrigerations now targets ₹1,000 crore in annual revenue and ₹120-130 crore in profit by FY30-31. Management also reaffirmed its 40% compound annual revenue growth goal for the next three to five years.
- Which key projects have been delayed?
- Two major projects have slipped. The new Amberwadi manufacturing plant is now expected to start commercial production in June 2026, not March. Revenue from the data-centre cooling business is now targeted for FY28, a year later than the initial FY27 expectation.
- Has the company changed its capital expenditure plans?
- No. Management said no additional major capex will be required to achieve the stated growth targets, suggesting the existing balance sheet can fund the expansion.
- What is the profit margin outlook?
- Management maintained its guidance for an EBITDA margin in the range of 22-24%. The reiteration comes even with the project delays.
Shree Refrigerations Ltd.
Latest quarter · Mar 2026
Strength & growth
Story so far
All notes on SHREEREF →- 26 May 2026 · 5:23 PM IST Shree Refrigerations pushes new plant, data-centre revenues to 2026-28
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