Shree Refrigerations IPO

About Shree Refrigerations IPO

Shree Refrigerations Limited IPO is an IPO of up to 93,86,000 equity shares of face value of ₹2.00/- each, aggregating up to ₹117.33 crores. It consists of an offer for sale of up to 18,25,000 equity shares of face value of ₹2.00/- each, aggregating up to ₹88.64 crores and a fresh issue of up to 75,61,000 equity shares of face value of ₹2.00/- each, aggregating up to ₹22.81 crores. The shares will be allotted on July 30, 2025. The credit of shares to the Demat account will take place on July 31, 2025 and the initiation of refunds will take place on July 31, 2025.

Shree Refrigerations Limited is engaged in the design, manufacture, supply and installation of high-performance chillers, HVAC and refrigeration components catering to a wide range of industries. Their products are primarily used in the marine sector and other diverse industries, providing efficient cooling solutions that meet the specific needs of each application. The company has successfully completed several significant projects within the marine industry.

Objective of Shree Refrigerations IPO

• Funding the working capital requirements of the company.
• General corporate purposes.

Industry Outlook

The Indian HVAC sector is experiencing significant expansion, fuelled by rapid urbanisation, increasing disposable incomes, and evolving climatic conditions. Government initiatives like ‘Make in India’ and ‘Atmanirbhar Bharat’, along with Production Linked Incentive (PLI) schemes, are contributing to the growth of an energy-efficient HVAC market.

The HVAC market, along with intelligent building solutions, is projected to reach ₹1,78,000 crores in India by 2028. The India HVAC market reached ₹910 crores in 2023 and has a projected CAGR of 14.5% during the forecast period of 2025–2029.

The Indian marine HVAC market is a growing segment within the broader marine industry, influenced by the country's extensive coastline and increasing maritime activities. In fact, India is recognised as the fastest-growing market in the Asia-Pacific region for marine HVAC.

The marine HVAC market in India was valued at $86.28 crores in 2023, and the total marine HVAC revenue is expected to grow at a CAGR of 3.45% from 2024 to 2030, reaching nearly $₹109.40 crores.

Company Information

Shree Refrigerations Limited is engaged in the business of manufacturing chillers, refrigeration, and air conditioning appliances, as well as other parts of the Heating, Ventilation, and Air Conditioning (HVAC) industry. It offers a range of advanced systems and equipment to industries, majorly in the domestic market. Their collection of products serves multiple industries, including automotive, marine, print media, chemical, pharma, and general engineering sectors. They are also actively involved in the manufacturing of marine chillers, holding approved supplier registrations from various professional directorates of the Indian Navy (Directorate of Electrical Engineering, backed by the Directorate of Quality Assurance – Warship Projects). In the automotive industry, their products help maintain optimal temperature control in various systems. In the marine sector, they ensure crew comfort and operational efficiency on ships and vessels, and also support maintaining the electronic warfare systems at optimal operating temperatures. Their systems also play a vital role in maintaining environmental conditions in the print media, chemical, and pharmaceutical industries, where temperature regulation is crucial for product quality and safety.

Strengths of Shree Refrigerations IPO

• Customisation of products.
  
• Quality standards and ISO-certified organisation.
  
• Technology and collaboration.
  
• Wide range of products.
  
• Strong leadership and experienced management.
  

Risks of Shree Refrigerations IPO

• A decline or reprioritisation of the Indian defence or Indian Navy budget; reduction in orders; termination of existing contracts; delay of existing or anticipated contracts, programmes, or any adverse change in the GoI's defence or Indian Navy-related policies.
  
• The loss of a major customer or significant reduction in demand from any of their major customers.
  
• Any loss of business from one or more of the top three states (Maharashtra, Uttar Pradesh, and Goa) that contribute to their revenue majorly.
  
• Dependence on third parties for the supply of raw materials required for their products, and exposure to risks relating to fluctuations in prices and shortages of raw materials.
  
• Any loss of or breakdown in operations at their manufacturing facility.
  

Note:
Industry Peer may be modified for finalisation of Issue Price before filing Red Herring Prospectus with ROC.

• Sourced from Annual Reports, Unaudited Financials, NSE& BSE.
  

Notes:

• Considering the nature and turnover of business of the Company, the peers are not strictly comparable. However, the same have been included for broader comparison.
  
• The figures for Shree Refrigerations Limited are based on the restated consolidated results for the year ended March 31, 2025.
  
• The figures for the peer group are based on restated results for the year ended March 31, 2025.
  

Anchor Investor Information: 24 July 2025

IPO Registrar and Book Running Lead Managers

Book running lead managers:

Narnolia Financial Services Limited

Registrar for the IPO is MUFG Intime India Private Limited

Business Model

The company earns its revenue through the following sources:

• Manufacturing chillers, refrigeration and air conditioning appliances, and other parts of the Heating, Ventilation, and Air Conditioning (HVAC) industry, offering an array of advanced systems and equipment majorly to the domestic market. Their collection of products serves multiple industries, including automotive, marine, print media, chemical, pharmaceutical, and general engineering sectors.

• Manufacturing marine chillers, with approved supplier registrations from various professional directorates of the Indian Navy (Directorate of Electrical Engineering, backed by the Directorate of Quality Assurance – Warship Projects).

Company Growth Trajectory

Total income for the financial year ended March 31, 2024 stood at ₹81.19 crores, whereas in the financial year ended March 31, 2025 it stood at ₹99.10 crores, representing an increase of 22.06%.

Net revenue from operations for the financial year ended March 31, 2024 stood at ₹80.31 crores, whereas in the financial year ended March 31, 2025 it stood at ₹98.73 crores, representing an increase of 22.94%. Other income for the financial year ended March 31, 2024 stood at ₹0.88 crores, whereas in the financial year ended March 31, 2025 it stood at ₹0.37 crores.

The restated Profit After Tax (PAT) for the financial year ended March 31, 2024 stood at ₹11.53 crores, whereas in the financial year ended March 31, 2025 it stood at ₹13.55 crores, representing an increase of 17.48%.

Company Market Position

They compete with both domestic and international companies, primarily on the basis of product quality, technology, cost, delivery, and service. Their ability to offer a wide range of products and comprehensive solutions tailored to customer needs sets them apart. Key competitive factors include product features, design, quality, price, delivery, customer experience, time to market, after-sales support, and customer-producer relationships.

How To Check Allotment Status of Shree Refrigerations IPO?

You can check the allotment status of shares either on the website of the Bomaby Stock Exchange (BSE) or on the website of the registrar Link Intime India Private Limited.

To check the status on the BSE website:

• Visit the BSE website
• Click on “Investor Services” and choose “Application Status Check”
• Choose the issue type — Equity or Debt (Equity in this case)
• Select the Issue Name from the drop-down. The issue name is the company’s name, which is Shree Refrigerations Limited
• Enter your application number or PAN number
• Check the box which says “I’m not a Robot” and click on “Search” to know the allotment status

Follow these steps to know the allotment status on the registrar’s website:

• Visit the Link Intime India Private Limited website
• Choose “Public Issues” from the “Investor Services” drop-down
• Select Shree Refrigerations Limited from the drop-down
• Enter your PAN number or Application number
• Click on “Submit” to know the allotment status

How to Apply for Dr Agarwal’s Health Care IPO?

To apply for this IPO:

• Step 1: Log in to your Kotak Securities Demat account: Log in to your Demat account to access IPO investments. Next, select the current IPO section
• Step 2: Specify IPO details: Enter the number of lots and the price you wish to apply for
• Step 3: Enter UPI ID: After entering your UPI ID, click submit. This will place your bid with the exchange
• Step 4: Mandate Notification: Your UPI app will receive a mandate notification to block funds
• Step 5: Approve Request: Your funds will be blocked once you approve the mandate request on your UPI