Transcript of post earnings conference call for H1 FY27, held on Friday, October 30, 2026 at 12.00 P.M. is attached herewith and also uploaded on the website of the Company.

04th November 2026 Department of Corporate Services/ Listing BSE LIMITED 25th Floor, P J Towers, Dalal Street, Mumbai-400001 Subject: Submission of Transcripts of Post Earnings Conference Call held on Friday, 30th October 2026, at 12.15 P.M. Ref: Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Scrip Code: 544458 ISIN: INE0FMZ01045 Dear Sir/Madam, Pursuant to Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), the Company is hereby submitting transcripts of Post Earnings Conference Call held on Friday, 30th October 2026, at 12.15 P.M. to discuss H1 FY27 earnings with Investors. The said information will also be uploaded on the website of the company https://www.shreeref.com/. Submitted for your kind information and necessary records. Thanking you, For and on behalf of Shree Refrigerations Limited Tanmay Mukund Pethkar Company Secretary and Compliance Officer Membership No. A53618 6th Floor," Samarth House”, Survey No.116/3/1, 3/3,3/10, Near shell Petrol Pump, Warje, Pune, Maharashtra, India – 411058 Encl: Transcripts Shree Refrigerations Limited H1 FY27 POST EARNINGS CONFERENCE CALL October 30, 2026 12:15 PM IST Management Team Mr. Ravalnath Gopinath Shende - CMD CMDE. Sunil Kaushik NM, VSM (Retd.) - Jt. MD & WTD Mr. Abhijit Saoji - CEO Mr. Manoj Kothale - CFO Call Coordinator Strategy & Investor Relations Consulting Shree Refrigerations Limited H1 FY27 Post Earnings Conference Call October 30, 2026 Presentation Moderator: Ladies and gentlemen, on behalf of Kaptify Consulting Investor Relations team, I welcome you all to the H1 FY27 Post-Earnings conference call of Shree Refrigerations Limited. Today on the call from the management we have with us Mr. Ravalnath Shende, Chairman and Managing Director, Commodore Sunil Kaushik, VSM Retired Joint Managing Director; Mrs. Devashree Nampurkar, Whole Time Director, Mr. Abhijit Saoji, Chief Executive Officer and Mr. Manoj Kothale, Chief Financial Officer. As a disclaimer, I would like to inform all of you that this call may contain forward-looking statements which may involve risk and uncertainties. Also, a reminder that this call is being recorded. I would now request the management to briefly run us through the investor presentation with the business and performance highlights for the period ended September 2026, the growth perspective and vision for the coming year, post which we will open the floor for Q&A. Over to the management team. Ravalnath Shende: Thanks Vinay, thanks Kamlesh, and thanks to all my investors here in this call. The numbers speak for themselves. I am confident that performance has been good. In order to take this presentation forward, let me hand over the mic to Mr. Abhijit Saoji, our CEO. Abhijit Saoji: Good afternoon everyone. My name is Abhijit Saoji. I am the CEO of a company. Before we get into a presentation, before I walk through the journey, let me put forth the first half of the '27 numbers in front of you. The numbers are, we are almost at INR 100-odd crore of a top line which is almost 84% as compared to the first half of last year. EBITDA, net profit, everything is up. The EPS is up. Okay. I am very happy to announce that we have been chosen for an award given by SIDM. To put it in simple language, this is an Oscar for a Defence Manufacturing Industry Award. We have been awarded for substituting the submarine air conditioning system, indigenising the submarine air conditioning system. And we have been receiving this award at the hand of our honourable Raksha Mantra ji, Rajnath Singh ji. We are really, really proud of this achievement. CMDE. Sunil Kaushik: So, I would just like to highlight that in this category, Shree Refrigeration actually has won the award in the import substitution category for SMEs, for Small medium scale enterprises. And just for Page 2 of 29 Shree Refrigerations Limited H1 FY27 Post Earnings Conference Call October 30, 2026 your knowledge, in the large scale enterprises, the same award in the same category was won by none other than L&T. So, I hope everybody understands the impact of how your company is growing. Abhijit Saoji: Okay, I will not take long time, but I have been saying this, we are 10 plus years into a defence manufacturing, and since 10 odd years, or since odd decades, we are today called as the number one manufacturer. We hold the highest market share in an area where we work, called as HVAC system, AC & Ref plant. Today, we have over 370 odd people from offices across eight locations. Next. These are our vision mission statements. Every company has a vision mission, but in our case, the award says that, whatever vision our Founder and Managing Director has given is what we have made it through actually. We made an indigenous product for a cooling solution and got an awesome format. Next. This is our journey. The most important thing is obviously 2026 award, which has not been added here as it is old one. Next one. Let's look at the business overview. Probably a few of you must have heard about this presentation. That's the important thing here is we are the only company in HVAC and AC and Ref plant, where we can manufacture our own electrical control supply. The simple task, we control the complete value chain of our product range. To put it in a simple language, you are my competitor or you are my friend in the system. Probably we can only make HVAC system or only AC & Ref plant, but not control panel. And this also helps us to achieve our market, higher market share. Next. Where do we make money? Where do we our business come from? Obviously, the equipment or system which we sell for a new bid as well as retrofit. Retrofit is our major segment and being a defence, into a defence business, spares business is the one of the big, big chunk of it. Installation commissioning and obviously service support. Next. Okay. This is our product range. I will not get into a technical part of this product range, but the important part is from a money point of view, any product which you make for a defence industry, you have to type test it. There's a particular test called a type testing by which you qualify the product for to be supplied to a naval platform. In case of AC plant, that's the first product which is standardized by a Indian Navy into a six capacity out of which the five capacity of ours are already type tested. Page 3 of 29 Shree Refrigerations Limited H1 FY27 Post Earnings Conference Call October 30, 2026 What does that mean? That means any new order which comes in, probably I don't have to spend time and money of type testing this product. I can use simply the same device and supply the product or start the production immediately. In case of an HVAC, it is an amalgamation of a lot of small, small components. I can put it. 75% of those components are already type tested. Few more projects which we are probably expecting to receive, we may have to type test a few, some of the component of it. Next. So far in 10 odd years, what are the projects which we have completed and delivered to the Indian Navy? This is a list. Few of them, major one, which is what we are showing here. The smaller ones are -- the list are quite big. Next one. This is important. In 10 odd years, we are the only company which has so many live projects today. We have almost 10 odd live project going on, which is what is generating a money and a revenue for us. The important thing is the first one is fleet support ship, which is in a true sense a turnkey project which we are delivering, and due to HVAC, AC plant and a ref plant. The important part about the ref plant here, this is the biggest ref plant which we are building for Indian Navy or Indian Navy is buying the biggest ref plant ever in the history. Next one. Obviously to support this kind of ongoing project, you need to have a state of art manufacturing facil [Showing first 8,000 characters — download PDF for full document]