Shree Refrigerations H1 FY27 Results: Consolidated Net Profit ₹6.89 Crore on Total Income of ₹94.15 Crore
Earnings
industrial refrigeration equipment
Blacklitt Research4 min read
Shree Refrigerations Limited reported consolidated total income of ₹94.15 crore and net profit of ₹6.89 crore for the half year ended 30 Sep 2026. Standalone total income was ₹94.15 crore and standalone net profit was ₹6.82 crore for the same half year.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹94.15 crore, up 85.6% on the half year ended 30 Sep 2025 and down 9.8% on the half year ended 31 Mar 2026
Net profit and EPS: Net profit ₹6.89 crore, down 65.5% on the half year ended 31 Mar 2026; basic EPS ₹1.93, against ₹5.99
Finance costs: ₹2.22 crore, 2.4% of total income
Standalone
The company on its own, without its subsidiaries
Total income: ₹94.15 crore, up 85.6% on the half year ended 30 Sep 2025 and down 9.8% on the half year ended 31 Mar 2026
Net profit and EPS: Net profit ₹6.82 crore, up 360.9% on ₹1.48 crore a year earlier; basic EPS ₹1.91
Depreciation: ₹1.73 crore, down 33.5% on the half year ended 30 Sep 2025; the filing says the change in method reduced depreciation by ₹51.45 lakh
Summary
Consolidated ₹ crore
Particulars
H1 FY27
H1 FY26
YoY
H2 FY26
HoH
94.15
50.72
+85.6%
104.34
-9.8%
Revenue from operations
93.17
50.39
+84.9%
103.16
-9.7%
Other income
0.98
0.33
+198.8%
1.18
-16.6%
6.89
n/a
n/a
19.96
-65.5%
Profit before tax
9.69
n/a
n/a
23.90
-59.5%
Finance costs
2.22
2.20
+0.9%
1.35
+64.8%
Depreciation
1.73
2.60
-33.5%
3.18
-45.5%
Tax expense
2.80
n/a
n/a
3.94
-28.8%
EPS, basic (₹)
1.93
n/a
n/a
5.99
-67.8%
Figures are in ₹ crore; YoY compares with H1 FY26 and HoH with H2 FY26. Click Total income or Net profit to see the rows behind them.
Consolidated net profit fell faster than income against the previous half. Net profit was ₹6.89 crore for the half year ended 30 Sep 2026, down 65.5% from ₹19.96 crore for the half year ended 31 Mar 2026, while total income fell 9.8% from ₹104.34 crore. Revenue from operations was ₹93.17 crore and other income ₹0.98 crore, which is 1.0% of total income.
Against the half year ended 30 Sep 2025, total income rose 85.6% from ₹50.72 crore. Revenue from operations rose 84.9%, and other income rose 198.8% from ₹0.33 crore, so other income grew faster than revenue from operations over that year.
Finance costs were ₹2.22 crore, 2.4% of total income, against ₹2.20 crore for the half year ended 30 Sep 2025 and ₹1.35 crore for the half year ended 31 Mar 2026. Depreciation was ₹1.73 crore, against ₹2.60 crore a year earlier.
Tax expense was ₹2.80 crore, which is 28.9% of profit before tax of ₹9.69 crore. Basic EPS was ₹1.93, against ₹5.99 for the half year ended 31 Mar 2026.
Standalone ₹ crore
Particulars
H1 FY27
H1 FY26
YoY
H2 FY26
HoH
94.15
50.72
+85.6%
104.34
-9.8%
Revenue from operations
93.17
50.39
+84.9%
103.16
-9.7%
Other income
0.98
0.33
+197.6%
1.18
-16.9%
6.82
1.48
+360.9%
19.92
-65.8%
Profit before tax
9.60
1.00
+857.8%
23.81
-59.7%
Finance costs
2.31
2.39
-3.2%
1.44
+60.6%
Depreciation
1.73
2.60
-33.5%
3.18
-45.5%
Tax expense
2.78
-0.48
n/a
3.89
-28.5%
Net profit margin
7.24%
2.92%
+4.33 pp
19.09%
-11.85 pp
EPS, basic (₹)
1.91
0.48
+297.9%
5.98
-68.1%
Figures are in ₹ crore; YoY compares with H1 FY26 and HoH with H2 FY26. Click Total income or Net profit to see the rows behind them.
Standalone net profit grew faster than income over the year but fell from the previous half. Net profit was ₹6.82 crore, up 360.9% from ₹1.48 crore for the half year ended 30 Sep 2025, while total income rose 85.6%. Against the half year ended 31 Mar 2026, net profit fell 65.8% from ₹19.92 crore.
Profit before tax was ₹9.60 crore, against ₹1.00 crore for the half year ended 30 Sep 2025 and ₹23.81 crore for the half year ended 31 Mar 2026. Tax expense was ₹2.78 crore, which is 29.0% of profit before tax; for the half year ended 30 Sep 2025 the tax expense was negative ₹0.48 crore. Net profit margin was 7.24%, against 2.92% a year earlier.
Depreciation was ₹1.73 crore, against ₹2.60 crore a year earlier. From 1 Apr 2026 the company changed its depreciation method from written down value to straight-line, treated as a change in accounting estimate applied prospectively. The company says the change lowered depreciation for the half year by ₹51.45 lakh, and that management considers straight-line better matches the expected pattern of consumption of future economic benefits.
The company assessed the impact of the Labour Codes, effective 21 Nov 2025, and recognised an additional gratuity liability of ₹43.76 lakh as past service cost under employee benefit expenses. The State Rules in Maharashtra are at draft stage, and the company says it will evaluate their impact when notified.
Inference
The company says it incorporated Aquilon Limited as a wholly owned subsidiary on 15 Oct 2026, with an authorised capital of ₹5 crore, to manufacture and deal in industrial subzero temperature chillers and services, and that this has no impact on the half-year results. The consolidated results include Trezor Technologies Private Limited, an Indian subsidiary.
The board approved the results on 28 Oct 2026. The statutory auditors, SSSS & Associates, issued limited review reports and stated that nothing had come to their attention that causes them to believe the statements contain any material misstatement. Standalone total assets were ₹316.24 crore as at 30 Sep 2026.
Not stated: the reasons for the falls in revenue, profit and cash between the half year ended 31 Mar 2026 and the half year ended 30 Sep 2026, and whether a dividend is proposed.
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SHREEREFShree Refrigerations Ltd.
