Shree Refrigeration (SME) : Leading Player in Defense Cooling.

Описание: Shree Refrigerations Ltd (SRL) is one of those hidden engineering companies quietly powering critical infrastructure behind the scenes. Founded in 2006 in Karad, Maharashtra, SRL began with a simple goal: build reliable refrigeration and cooling systems for industrial use. Over the years, it has evolved into a specialised player in defence-grade refrigeration and marine HVAC, becoming a trusted supplier to the Indian Navy and multiple government-linked projects.

Unlike typical refrigeration companies focused on consumer or commercial cooling, SRL operates in mission-critical environments. Its marine chillers and HVAC systems are installed on warships, ensuring not only crew comfort but also the stable functioning of sensitive electronic and warfare systems. The company holds approvals from key naval directorates, including the Directorate of Electrical Engineering and Directorate of Quality Assurance for warship projects — a strong validation of its engineering reliability.

Beyond defence, SRL has built a diversified portfolio across industries. It manufactures industrial and printing chillers, test equipment, marine HVAC systems, and customised fabrication solutions, while also offering installation, testing, training, and end-to-end engineering support. Its cooling systems serve sectors like automotive, chemicals, pharma, print media, and general engineering, making it a multi-industry solutions provider.

The company operates a manufacturing facility in Karad with annual capacity for 36 seawater-cooled AC plants, 36 air-cooled AC plants, and 180 industrial chillers, allowing it to handle both specialised defence orders and growing industrial demand.

Financially, SRL remains heavily defence-focused. In FY25, marine chillers contributed ~84% of revenue, and around 77% of total revenue came from government clients. While this highlights strong credibility in defence, it also brings customer concentration risk, with the top five customers contributing a large share of revenue.

As of FY25, SRL reported an order book of ₹231 crore, with additional bids under evaluation, providing strong visibility for the coming years. The company also listed on the BSE SME platform in August 2025, raising funds primarily for working capital to execute its expanding order pipeline.

Going forward, SRL plans to deepen its position in defence cooling while expanding into high-precision industrial HVAC segments such as pharma and chemicals, where temperature control is mission-critical.

This video breaks down SRL’s business model, defence positioning, order book visibility, risks, and long-term opportunity as a niche player in India’s specialised engineering and defence supply chain.

If you enjoy deep dive business stories and under-the radar companies, subscribe for more detailed analyses.

Disclaimer: This video is for educational purposes only and not investment advice.

#ShreeRefrigerations #DefenceStocks #SMEIPO #IndianNavy #EngineeringCompanies #HVACIndustry #MakeInIndia #MicrocapStocks #StockMarketIndia #BusinessBreakdown