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Shree Refrigerations Ltd: Cooling Systems, Hot Valuation — Should You Sweat It?

Date of Publishing - July 23, 2025

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1. At a Glance

This SME IPO isn’t here to chill — ₹117.33 Cr is being raised with a frosty mix of fresh issue and offer for sale. But here’s the heat: at ₹125 per share, you’re paying 24x earnings for a chiller manufacturer. The HVAC business is cool. The valuation? Lukewarm, at best.

2. Introduction with Hook

Picture this: a company making chillers and HVAC systems enters the IPO market in July. The irony? The stock might be the hottest thing about them. Founded in 2006, Shree Refrigerations has gone from assembling air coolers to cooling down marines, pharmaceuticals, and chemical labs. And now, they want you to shell out ₹2.5 lakh minimum — just to get in the door.

FY25 Revenue: ₹99.1 Cr (22% YoY growth)
FY25 PAT: ₹13.55 Cr (17% growth, and probably a lot of sweating involved)

3. Business Model (WTF Do They Even Do?)

They build chillers. Literally. That’s not slang — their product list includes:

Water and air-cooled condensing units
Marine HVACs (Titanic would’ve loved these)
Printing chillers
Spray dampening systems
Test rigs and lab setups

They also offer custom fabrication, so if your machine needs a fridge and a fashion makeover — they’ve got it. The factory in Karad is kitted out with CNC tools and HVAC testing labs.

Basically, they do high-end fridges for nerdy engineers.

4. Financials Overview

Particulars (₹ Cr)	FY23	FY24	FY25
Revenue	50.90	81.19	99.10
EBITDA	11.90	24.38	26.94
PAT	2.57	11.53	13.55
Net Worth	45.22

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