Shree Refrigerations Limited

Shree Refrigerations Limited is engaged in the business of manufacturing Chillers, refrigeration and air conditioning appliances and other parts of Heating, Ventilation, Air Conditioning (HVAC) Industry, offering array of advanced systems and equipment to industries majorly in domestic market. The 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, having approved supplier registrations from various professional directorates of Indian Navy (Directorate of Electrical Engineering and backed by Directorate of Quality Assurance – Warship Projects).  With the in-house design capabilities and technical collaborations with entities, they leverage the knowledge in refrigeration and HVAC systems to deliver state-of-the-art solutions. The manufacturing facility is located at Karad, District Satara, Maharashtra. As per financial performance, Shree Refrigerations Limited has posted total income / net profits of Rs 50.90 Cr / Rs 1.67 Cr (FY23), Rs 81.19 Cr / Rs 4.57 Cr (FY24) and Rs 99.09 Cr / Rs 4.98 Cr (FY25). So as per previous financials data, company has shown good sales growth. Company has posted an average EPS of Rs 4.69 and average RoNW of 19.69% for last three fiscals. Issue is priced at a P/BV of 3.06 as per NAV of Rs 40.88/- as on 31.03.25. If we attribute latest earnings of FY23, FY24 and FY25 on fully diluted equity post issue, then asking price is at a P/E of around 173.03, 38.63 and 32.88 respectively, which looks fully priced. As per RHP, comparision between listed peers are shown in above table. On BRLM's front, Narnolia Financial Services Limited is associated with this SME IPO and handled 19 SME IPOs in last 3 years. From last 10 IPOs, seven opened above issue price or at par and remaining below issue price on the day of listing. As of now from last 10 IPOs, two are trading below issue price and remaining all above issue price as on today. ( As on 24.07.25 ) As per financials, Shree Refrigerations Limited has shown good growth, RoNW is 15.44% and P/E is respectively 173.03, 38.63 and 32.88 as per FY23, FY24 and FY25 earnings. So, issue looks fully priced as per recent earnings. The order book as on 25.05.25 is Rs 231.41/- Cr and out of this Rs 152.39/- Cr should be completed in FY26. Company is engaged in the business of manufacturing refrigeration products, which is highly competitive business segment. Performance of BRLM is good. So, we give SUBSCRIBE rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Mr. Ravalnath Gopinath Shende
• 2 Mrs. Rajashri Ravalnath Shende
• 3 Mrs. Devashree Vishwesh Nampurkar