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Shree Refrigerations IPO
Shree Refrigerations Ltd
₹1,19,000 /1000 sharesMinimum Investment
Shree Refrigerations IPO Listing Details
| Listed On | Issue Price | Listing Price | Listing Gains |
|---|---|---|---|
| -- | ₹125.00 | ₹169.85 | ₹44.85 (35.88%) |
Shree Refrigerations IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 25 Jul ‘25 - 29 Jul ‘25 | ₹2,38,000 | 1,000 | ₹119 - ₹125 |
| Issue Size | IPO Doc |
|---|---|
| 117.33Cr | RHP PDF |
Subscription rate
As of 29 Jul'25, 04:00 PM
| Qualified Institutional Buyers | 152.13x |
| Non-Institutional Investor | 188.82x |
| Retail Individual Investor | 186.70x |
| Total | 117.92x |
About Shree Refrigerations
Founded in
2006
Managing director
Mr Ravalnath Gopinath Shende
Parent organisation
Shree Refrigerations Ltd
Strengths & Financials of Shree Refrigerations
Strengths
Risks
Shree Refrigerations claims to have a strong focus on delivering customised products tailored to the specific needs of its clients. Its engineering team designs HVAC solutions, AC plants, electrical control panels, and printing chillers to meet individual project requirements, offering personalised solutions that distinguish the company from competitors.
The company is ISO 9001:2015 certified for its quality management systems. It also holds additional certifications from the Directorate of Quality Assurance (Warship Project) and the Directorate of Electrical Engineering, Ministry of Defence (Navy).
The company claims to leverage strategic technical collaborations to enhance its competitive advantage. These partnerships, particularly in the HVAC design for warships and submarines, enable the company to combine expertise and scale, creating viable business models within the naval sector.
The company claims to offer a broad spectrum of products across various industries, including chillers, marine chillers, refrigeration plants, HVAC & R systems, and printing chillers. It also produces specialised equipment for sectors like pharmaceuticals, chemicals, and defense.
The company has reported a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 50.58 crore in FY23 to Rs 80.30 crore in FY24 and Rs 98.73 crore in FY25. PAT increased from Rs 2.57 crore in FY23 to Rs 11.53 crore in FY24 and Rs 13.55 crore in FY25.
A significant portion of the company’s revenue is derived from contracts with the government of India (GoI) and associated entities, including public sector undertakings and organisations related to the Indian Navy. They accounted for Rs 75.86 crore (76.84 percent) of the company’s revenue in FY25, Rs 65.79 crore (81.92 percent) in FY24, and Rs 32.25 crore (63.77 percent) in FY23. Any adverse changes in the Indian Navy’s budget, delays or terminations of contracts, or shifts in GoI policies could materially impact its business.
A substantial portion of the company’s revenue is derived from the manufacturing of marine chillers. They accounted for Rs 82.79 crore (83.86 percent) of the company’s revenue in FY25, Rs 70.60 crore (87.92 percent) in FY24, and Rs 37.20 crore (73.56 percent) in FY23. Any inability to attract new clients in this sector or a slowdown in demand could adversely affect the company’s financial performance, given the high dependence on this vertical.
As of FY25, the company had contingent liabilities amounting to Rs 9.66 crore. If any of these contingent liabilities materialise, it could adversely affect the company’s financial condition.
The top five customers accounted for Rs 80.69 crore (81.72 percent) of the company’s revenue in FY25, Rs 75.15 crore (93.58 percent) in FY24, and Rs 43.61 crore (86.23 percent) in FY23. Furthermore, the top customer alone accounted for Rs 40.59 crore (41.11 percent) in FY25, Rs 44.85 crore (55.85 per cent) in FY24, and Rs 18.11 crore (35.82 percent) in FY23. Any failure to retain these key customers, expand the customer base, or a loss of business from these clients can adversely affect the company’s business and financial standing.
The top five suppliers accounted for Rs 28.92 crore (40.95 percent) of the company’s total cost of material consumed in FY25, Rs 20.60 crore (56.65 percent) in FY24, and Rs 17.28 crore (67.18 percent) in FY23. Furthermore, the top supplier alone accounted for Rs 11.96 crore (16.93 percent) of the company’s total cost of material consumed in FY25, Rs 9.62 crore (26.47 percent) in FY24, and Rs 7.54 crore (29.29 percent) in FY23. Any disruption in supplies from one or more of these suppliers could adversely affect the company’s business and finances.
The company reported negative cash flow from operating activities amounting to Rs 24.89 crore in FY25, Rs 5.16 crore in FY24, and Rs 4.45 crore in FY23. Additionally, negative cash flow from investing activities amounted to Rs 9.36 crore in FY25, Rs 1.94 crore in FY24, and Rs 7.63 crore in FY23. If cash outflows continue to exceed inflows in the future, the company may face liquidity challenges.
A significant portion of the company’s revenue is derived from Maharashtra. It accounted for Rs 35.65 crore (36.11 percent) of the company’s revenue in FY25, Rs 51.91 crore (64.65 percent) in FY24, and Rs 27.99 crore (55.35 percent) in FY23. Any adverse political, social, or economic developments in this region could be detrimental to the company’s revenues and profitability.
As of FY25, the company had trade receivables amounting to Rs 95.20 crore, a sharp increase from Rs 63.57 crore in FY24 and Rs 31.58 crore in FY23. Any failure to collect these receivables on time or at all can negatively impact the business and its financial condition.
The company and its promoters are involved in certain ongoing legal proceedings, including criminal and tax-related cases. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
As of FY25, the company had outstanding financial indebtedness amounting to Rs 42.44 crore. Any failure to service or repay these loans could harm the company’s operations and financial position.
Shree Refrigerations Financials
*All values are in Rs. Cr
No Graph Data To Display
Application Details of Shree Refrigerations IPO
| Apply as | Price band | Apply Range |
|---|---|---|
| Regular | ₹119 - 125 | ₹2 - 5 Lakh |
| High Networth Individual | ₹119 - 125 | ₹2 - 5 Lakh |
For Shree Refrigerations IPO, eligible investors can apply as Regular.