SRShree Refrigerations544458Earnings call transcript

H1 FY27 con-call transcript: top line near INR 100-odd crore, SIDM award for submarine AC indigenisation

Transcript of the H1 FY27 post-earnings call (held 30 October 2026) has been shared with the exchanges.

By ScoutQuest · Wed 4 Nov 2026, 3:18 PM IST · 2 min read

H1 FY27 Top Line

almost INR 100-odd crore

Top Line Growth vs H1 FY26

almost 84%

Manufacturing Space After Unit 2

50,000 square feet added; almost 70,000 square feet available

H1 FY27 numbers, as described on the call

• The CEO said the company is "almost at INR 100-odd crore" of top line, which he put at "almost 84%" as compared to the first half of last year.
• He said EBITDA, net profit and EPS are all up, without stating individual figures on these pages.

SIDM defence manufacturing award

• The company said it has been chosen for an award given by SIDM, described by the CEO as an award for the defence manufacturing industry.
• The award is for indigenising (import substitution of) the submarine air conditioning system, received at the hands of Defence Minister Rajnath Singh.
• The Joint MD said the award was in the import substitution category for SMEs, and that in the large enterprise category of the same award the winner was L&T.

What the management said about the business

• The company describes itself as a 10-plus-year defence manufacturer and claims the highest market share in its area of work: HVAC systems, AC and refrigeration plants.
• It says it is the only player in this space that also manufactures its own electrical control panel, which it says helps win higher market share.
• Revenue comes from new-build equipment and retrofit, with retrofit described as the major segment, plus spares, installation and commissioning, and service support.
• About 10 live projects are running; the first mentioned is the fleet support ship, described as a turnkey project covering HVAC, AC plant and refrigeration plant. The refrigeration plant being built is described as the biggest such plant the Indian Navy has bought.

Approvals and readiness

• Products for naval platforms must clear a "type test" before supply. The Indian Navy has standardised the AC plant in six capacities, of which five of the company's capacities are already type tested.
• For HVAC, about 75% of components are already type tested; a few more components may need testing for projects the company expects to receive.

Manufacturing footprint

• Unit 2, recently opened, is a 50,000 square feet facility; with the existing 20 odd thousand square feet, almost 70,000 square feet is available to deliver projects.
• On the adjoining land, levelling is already complete, so another 50,000 square feet can be built in the shortest possible time by putting up the shed.
• The facility is described as a fully integrated setup with its own paint booth, laser cutting machine and bending machine.
• The company says it has over 370 odd people across eight locations.

Forward-looking points made by management

• Additional manufacturing capacity of another 50,000 square feet can be added on land already held, with levelling work done, requiring mainly construction of the shed.
• The company is expecting to receive a few more projects, for which some HVAC components may need type testing.
• The call carried a standard disclaimer that it may contain forward-looking statements involving risks and uncertainties.

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