Pursuant to Regulation 30 of SEBI (LODR) Regulation, 2015, we hereby inform that the Credit Rating Agency (CARE Ratings Limited) of the Company has Upgraded & Assigned the credit rating with respect to the Bank Facilities of the Company

15th September 2026 Department of Corporate Services/ Listing BSE LIMITED 25th Floor, P. J. Towers, Dalal Street, Mumbai-400001 Subject: Intimation of Upgradation/Assignment of Credit Rating for Bank Facilities Reference: Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Scrip Code: 544458 ISIN: INE0FMZ01045 Dear Sir/Madam, Pursuant to Regulation 30 read with Para A, Part A, Schedule III of the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015, we hereby inform that the Credit Rating Agency of the Company (“CARE Ratings Limited”) has Upgraded and Assigned the Credit Rating with respect to the bank facilities of the Company. The details are as follows: Facilities Amount (₹ crore) Rating Rating Action Long Term / Short 15.00 CARE BBB-; Assigned Term Bank Facilities Stable / CARE A3 Long Term / Short 68.25 (Reduced from CARE BBB-; Upgraded from Term Bank Facilities 82.39) Stable / CARE A3 CARE BB+; Stable / CARE A4+ Long Term Bank 6.75 (Reduced from CARE BBB-; Upgraded from Facilities 7.61) Stable CARE BB+; Stable The press release for Upgradation / Assignment of credit rating received from CARE Ratings Limited is also enclosed herewith. The said information will also be uploaded on the website of the company https://www.shreeref.com/ . Kindly take the above information on your record. Thanking You. Yours faithfully, For and on behalf of Shree Refrigerations Limited Tanmay Mukund Pethkar Company Secretary and Compliance Officer Membership No: A53618 Address: 6th Floor," Samarth House”, Survey No.116/3/1, 3/3,3/10, Near shell Petrol Pump, Warje, Pune, Maharashtra, India – 411058 Encl: Press Release (CARE Ratings) Press Release Shree Refrigerations Limited September 15, 2026 Name of Amount Facilities/Instruments the Rating2 Rating Action (₹ crore) Regulator1 Long-term / Short-term bank CARE BBB-; Stable RBI 15.00 Assigned facilities / CARE A3 Long-term / Short-term bank 68.25 CARE BBB-; Stable Upgraded from CARE BB+; facilities (Reduced from 82.39) / CARE A3 Stable / CARE A4+ 6.75 Upgraded from CARE BB+; Long-term bank facilities RBI CARE BBB-; Stable (Reduced from 7.61) Stable Details of instruments/facilities in Annexure-1. Rationale and key rating drivers The upgrade in ratings assigned to bank facilities of Shree Refrigerations Limited (SRL) factors in improvement in SRL’s scale of operations, operating cycle, and liquidity in FY26 (refers to April 1 to March 31). Ratings continue to derive strength from experienced promoters, reputed clientele base, healthy profitability, moderate orderbook position reflecting medium-term revenue visibility, and comfortable capital structure and debt coverage indicators. However, these rating strengths are partially offset by its moderate scale of operations and working capital intensive operations. Ratings are further constrained due to tender driven and competitive nature of business, raw material price volatility, and exposure to changes in government regulations. CARE Ratings Limited (CareEdge Ratings) has also withdrawn ratings assigned to one of the bank facilities, which has been repaid in full and there are no dues outstanding against this facility. Rating sensitivities: Factors likely to lead to rating actions Positive factors • Improvement in scale of operation above ₹200 crore while maintaining profitability on a sustained basis. • Managing working capital cycle efficiently with improvement in overall operating cycle below 250 days on a sustained basis. Negative factors • Significant elongation in gross current asset days impacting liquidity. • Any significant debt-funded expansion resulting in total debt to profit before interest, lease rentals, depreciation and taxation (PBILDT) above 3x on a sustained basis. • Any significant investment into non-core activities impacting solvency or liquidity position. Analytical approach: Consolidated CareEdge Ratings has considered consolidated financials of SRL, including SRL and its wholly owned subsidiary Trezor Technologies Private Limited (TTPL) owing to managerial, financial, business, and operational linkages. Consolidated entities are mentioned in Annexure-5. Outlook: Stable The 'Stable' outlook on the rating reflects CareEdge Ratings’ expectation that SRL will continue to benefit from its promoters’ extensive experience and established relationships with its clients. 1SEBI: Securities and Exchange Board of India; RBI: Reserve Bank of India; MCA: Ministry of Corporate Affairs; IRDAI: Insurance Regulatory and Development Authority of India; PFRDA: Pension Fund Regulatory and Development Authority 2Complete definitions of the ratings assigned are available at www.careratings.com and in other CARE Ratings Limited’s publications. 1 CARE Ratings Ltd. Press Release Detailed description of key rating drivers Key strengths Long and established track record of promoters and key managerial personnel The company is led by Ravalnath Gopinath Shende, Promoter and Managing Director, who brings extensive experience in sales, manufacturing, operations, and management. The Shende family oversees the financials and overall management of the company. Other key leaders bring significant industry expertise, including Commodore Sunil Kaushik, Whole-time Director, with over 35 years of experience in the Indian Navy and shipbuilding projects; Nandkumar Madhav Athawale, Independent Director, with vast experience in heavy engineering, defence, and aerospace; Umesh Ramaswamy Shastry, Independent Director, a qualified Chartered Accountant and Company Secretary with expertise in finance and internal audit; Col. Lalit Rai, Independent Director, a former army officer with leadership experience; and Vivek Karnavat, Independent Director, with a distinguished career in the Indian Navy. The leadership team’s collective expertise, supported by professionals with domain-specific experience, strengthens the company’s ability to secure additional defence projects. Healthy profitability SRL’s profitability, though declined by 500 bps y-o-y, remained healthy, with the PBILDT margin declining to 19.43% in FY26 from 24.43% in FY25. The decline was primarily attributable to lower revenue from spares and services, and higher employee costs and other expenses related to testing and approval costs associated with new orders. Despite the moderation in operating profitability, the profit after tax (PAT) margin improved to 14.02% in FY26 from 12.78% in FY25, supported by lower interest and tax expenses and higher non-operating income. Comfortable capital structure and debt coverage indicators SRL’s debt profile mainly comprises working capital borrowings, term loans and bank guarantee (BG)-backed customer advances. Capital structure of SRL continued to remain comfortable marked by overall gearing at 0.22x with a net worth base of ₹215.48 crore as on March 31, 2026, compared to 0.39x as on March 31, 2025. The improvement was driven by repayment of term debt and augmentation of net worth following fresh equity infusion through the initial public offer (IPO) undertaken in August 2025. Debt coverage indicators continued to remain comfortable marked by total debt to gross cash accruals (TD/GCA) and interest coverage (PBILDT/interest) of 1.78x and 8.42x, respectively, in FY26 (PY: 2.76x and 5.29x, respectively). Reputed clientele base SRL primarily focuses on securing and executing naval (marine) orders, specialising in manufacturing and installing heating ventilation and air conditioning (HVAC) systems for ships and submarines. SRL has developed long-term established relationship with prominent industry players, including Garden Reach Shipbuilders and Engineers Limited (rated ‘CARE AAA; Stable/ CARE A1+’); Mazagon Docks Shipbuilders Limited and Goa Shipyard Limited (rated ‘CARE AAA; Stable/ CARE A1+’). SRL generated ~69% of its total operating income from its top three customers (PY: ~73%). This exposes the company’s performance to [Showing first 8,000 characters — download PDF for full document]