Annual Report for Financial Year 2025-26

08th August 2026 Department of Corporate Services/ Listing BSE LIMITED 25th Floor, P. J. Towers, Dalal Street, Mumbai-400001 Subject: Notice of 20th Annual General Meeting (“AGM”) and Annual Report for FY 2025-26 Ref.: Regulations 30, 34(1) & 36(1)(b) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 Scrip Code: 544458 ISIN: INE0FMZ01045 Dear Sir/Madam, This is further to our letter dated 08th August 2026, wherein the Company had informed that the AGM of the Company is scheduled to be held on Monday, 31st August 2026. Pursuant to the provisions of the Companies Act, 2013 (the ‘Act’), the rules made thereunder, and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI Listing Regulations’) as amended, we are submitting herewith the Notice convening the 20th AGM of the Company and Annual Report for FY 2025-26 which are being sent through electronic mode to the Members, who have registered their email addresses with the Company/ Registrar and Share Transfer Agent (“RTA”) / Depository Participants (“DPs”). The Annual Report for the Financial Year 2025-26 is also available on the Company’s website at https://shreeref.com/invester_1_1.php. Further, in accordance with Regulation 36(1)(b) of the SEBI Listing Regulations, the Company has sent separate communication to Members whose email addresses are not registered with the Company/ RTA/ DPs, providing a web link to access the Annual Report on the Company’s website. Kindly, take the above submissions on your record. Thanking you, Yours faithfully, For and on behalf of Shree Refrigerations Limited Tanmay Mukund Pethkar Company Secretary and Compliance Officer Mem 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: AGM Notice and Annual Report for FY 2025-26 CORPORATE OVERVIEW SHREE REFRIGERATIONS LIMITED CORPORATE OVERVIEW P. 15 P. 16 Contents OUR GROWTH TRUSTED BY INVESTORS. JOURNEY LISTED ON BSE CORPORATE OVERVIEW Corporate Information 04 Our Capability Framework 20 Growth Driven by Self-Reliance 06 What Makes Us Different 25 Message from CMD 08 Markets We Define 26 Atmanirbhar In Action 10 Governance That Impacts 27 What Drives Us 14 People That Fuel Progress 29 Our Growth Journey 15 Aligned in Responsible Growth 32 P. 27 P. 34 Trusted by Investors, Listed on BSE 16 Industrial Landscape 34 The Year That Was 18 GOVERNANCE INDUSTRIAL THAT IMPACTS LANDSCAPE STATUTORY REPORTS FINANCIAL STATEMENTS Management Discussion and Analysis 36 Standalone Financial Statements 62 Director’s Report 42 Consolidated Financial Statements 101 AGM NOTICE Notice 137 YEARS COOLING SOLUTIONS To read the report online log on to shreeref.com Scan the code to read the report on your hand-held device 2 ANNUAL REPORT 2025-26 3 SHREE REFRIGERATIONS LIMITED CCOORRPPOORRAATTEE OOVVEERRVVIIEEWW Corporate Information Board of Directors Key Managerial Personnel Mr. Ravalnath Gopinath Shende Mrs. Rajashri Ravalnath Shende Mrs. Devashree Vishwesh Nampurkar Mr. Abhijeet Govind Saoji Mr. Manoj Mahavir Kothale Mr. Tanmay Mukund Pethkar Chairman and Managing Director Executive Director Whole Time Director Chief Executive Officer Chief Financial Officer Company Secretary and Compliance Officer Corporate Identification Number Registered & Corporate Office L29191PN2006PLC128377 Plot No. 131/1/2/1, Opp. MSEB Stores, Viravde, Ogalewadi, Virvade taluka: Karad District: Satara, Pin: 415105 Statutory Auditors Mobile No.: +91 7410079952 M/s. SSSS and Associates Email ID: cs@shreeref.com / investor@shreeref.com Website: www.shreeref.com Cost Auditors Ms. Rucha Ravalnath Shende CMDE. Sunil Kaushik NM, VSM (Retd.) Col. Lalit Rai VrC (Retd.) M/s. Parkhi Limaye and Co. Additional Director Whole Time Director Independent Director Registrar to an Issue and Secretarial Auditors Share Transfer Agent M/s. Mohit Singhal & Associates MUFG INTIME INDIA PRIVATE LIMITED (formerly known as Link Intime India Private Limited) Bankers (CIN: U67190MH1999PTC118368) MUFG Intime India Private Limited, 1. State Bank of India C-101, Embassy 247, LBS. Marg, Vikhroli (West), 2. Yes Bank Limited Mumbai – 400083 Toll-free number: 1800 1020 878 Email ID: mumbai@in.mpms.mufg.com Website: www.in.mpms.mufg.com CDME. Vivek Karnavat (Retd.) Mr. Nandkumar Madhav Athawale CA Umesh Ramswamy Shastry Independent Director Independent Director Independent Director 4 ANNUAL REPORT 2025-26 55 SHREE REFRIGERATIONS LIMITED CORPORATE OVERVIEW Growth Driven by Key Performance Self-Reliance Highlights Defence-focused, making Revenue Growth our work critical to our 45% (4-year CAGR) nation’s integrity EBITDA Growth Defence-focused — powering India’s Atmanirbhar Bharat mission in critical sectors 40% Shree Refrigerations Limited (SRL) is a leading Indian engineering company specializing in (4-year CAGR) air-conditioning and turnkey HVAC&R cooling solutions for mission-critical and industrial applications. With around 35 years of experience in the refrigeration industry, SRL pivoted to the defence sector less than a decade ago. Backed by niche technology, reliable manufacturing and strong service support, the company has since grown from strength to strength and was publicly listed on the Bombay Stock Exchange on 01 Aug 25. PBT Growth Driven by Self-Reliance Guided by the philosophy “We don’t just make Products, we manufacture Pride”, SRL stands as a testament to Atmanirbhar Bharat, offering world-class indigenous solutions for India’s most (4-year CAGR) critical sectors. This is reflected in landmark Indian Navy projects such as the P17A and the Fleet Support Ship (FSS) and in SRL’s award-winning, import-substitute Scorpene Submarine AC solution, showcasing SRL’s pioneering role in indigenous defence execution. Self-Reliance through Integrated Execution A key strength of SRL lies in its integrated execution capabilities. The company maintains in- PAT Growth house expertise across engineering, manufacturing, testing, installation and commissioning, enabling stronger control over quality and performance — further strengthened by technology partnerships with Smardt (global leader in oil-free chillers) for India’s data centres and Knud E (4-year CAGR) Hansen, Denmark, for turnkey HVAC&R design of warships. Expanding for the Future SRL recently crossed the `150 Crore revenue milestone, reflecting the trust its clients place in the company. Revenues grew over 100% YoY and HoH in H2FY26 and over 50% YoY in FY26. EPS Growth Backed by an order book of over `270 Crore and 40+ magnetic bearing chillers manufactured and commissioned across India, SRL is well-positioned to expand its footprint, including into the fast- 57% growing data centre cooling market. (4-year CAGR) Shree Refrigerations Limited Supporting India’s self-reliant future through indigenous cooling and HVAC&R solutions for critical sectors. Our vision is to build a stronger nation with indigenous products and cooling solutions. Closing Order Book 1.8x of FY26 Revenue 6 ANNUAL REPORT 2025-26 7 SHREE REFRIGERATIONS LIMITED CORPORATE OVERVIEW LEADERSHIP MESSAGE Message from CMD Dear Shareholders, deliveries of their first major Naval AC Plant order SRL’s Service Team has many success stories in It gives me immense pleasure to address for the Project P17A Stealth Frigates of Nilgiri Class. the Shipyards and Dockyards. Most installations you all following one of the most significant Many ships of this class were handed over to the were completed and equipment handed over to years in the history of Shree Refrigerations Indian Navy after successfully completing all the the customer to their satisfaction. The response to Limited (“Shree Refrigerations”/ “SRL”). requisite trials. service calls was also prompt and any (small number of) defects that arose were successfully resolved with We achieved a significant milestone by The Data Centre initiative: With the respons [Showing first 8,000 characters — download PDF for full document]