Shree Refrigerations Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Shree Refrigerations Ltd trades at ₹343, in a confirmed uptrend and 11 weeks into that stage. That is +41.4% against its own 200-day average. It sits at 81% of a 52-week range of ₹166 to ₹386. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 23 straight weeks.

Today the stock is in a confirmed uptrend — week 11 of stage 2, confirmed. At ₹343 it trades +41.4% versus its 200-day average and sits at 81% of its 52-week range (₹166–₹386).

Against the market, two honest reads. Cumulative: over the last 1.0 years the stock moved +96% while the NIFTY 500 moved +3% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 23 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 35th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Shree Refrigerations Ltd trades at 56.4× P/E, near the bottom of its own range — cheaper only 35% of the time. Its long-run median P/E is 84.4×, measured across 1.0 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 56.4× is near the bottom of its own range — cheaper only 35% of the time, against a long-run median of 84.4× measured over 1.0 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

🚨 Why the multiple sits where it does: over the past year annual EPS moved +25.1% against a +95.7% price move — the price outran earnings, pushing the multiple UP its own range.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Shree Refrigerations Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 4 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

54.9/100 — rank 3 of 8 in Engineering - Light - General · 32% evidence confidence · provisional, ranked below fully-evidenced peers

Shree Refrigerations Ltd scores 54.9 out of 100 against the 8 companies it is compared with in Engineering - Light - General, ranking 3. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 18.2 + 16.5 + 10.2 + 10 = 54.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Shree Refrigerations Ltd reported ₹103 Cr of revenue in the Mar 26 quarter, +114.6% year on year. Over 5 years it has compounded at 72.8% a year. The last full year, FY26, came in at ₹154 Cr. The last four reported quarters add to ₹252 Cr.

Shree Refrigerations Ltd reported ₹103 Cr of revenue in the Mar 26 quarter, +114.6% year on year. Over 5 years it has compounded at 72.8% a year. The last full year, FY26, came in at ₹154 Cr. The last four reported quarters add to ₹252 Cr.

FY26 revenue came in at ₹154 Cr (+55.6% on the year), capping 5 years at 72.8% compound. The latest quarter (Mar 26) printed ₹103 Cr, +114.6% year on year.

Pace check: the last four quarters averaged +56.3% growth against the decade's 72.8% — the current year is running slower than its own long-run rate.

→ Revenue grew — did margins hold as it scaled? Next: 26.0% this quarter (+2.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Shree Refrigerations Ltd's operating margin is 26.0% in the Mar 26 quarter, +2.0 percentage points against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged 21.0% to 31.0%. The current quarter sits inside that band.

Shree Refrigerations Ltd's operating margin is 26.0% in the Mar 26 quarter, +2.0 percentage points against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged 21.0% to 31.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 26.0%, +2.0 pp against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged 21.0%–31.0%.

Why: the numbers show the operating margin move clearly, but the cost lines behind it sit below what we hold — so we state the move without inventing its driver.

→ Margins held — did that reach the bottom line? Next: profit +400.0% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Shree Refrigerations Ltd earned ₹20.0 Cr of net profit in the Mar 26 quarter, +400.0% year on year. Full-year FY26 profit was ₹22.0 Cr. That is 19.4% of the quarter's revenue.

Shree Refrigerations Ltd earned ₹20.0 Cr of net profit in the Mar 26 quarter, +400.0% year on year. Full-year FY26 profit was ₹22.0 Cr. That is 19.4% of the quarter's revenue.

Mar 26 profit was ₹20.0 Cr, +400.0% year on year. On the full year, FY26 printed ₹22.0 Cr (+57.1%).

→ Profit rose — but did the cash follow? Next: −33% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years −33% of Shree Refrigerations Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹14.0 Cr of operating cash against ₹22.0 Cr of profit. After ₹24.0 Cr of capital spending, ₹−10.0 Cr was left as free cash.

FY26: operating cash of ₹14.0 Cr against reported profit of ₹22.0 Cr, leaving free cash of ₹−10.0 Cr after ₹24.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −33% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at −33%: the cash cycle tightened 1,738 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: the bigger cash user is investment — capital spending ran 2.7× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹38.0 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Shree Refrigerations Ltd's cash conversion cycle runs 368 days in FY26, down from 2,106 days in FY21. Capital spending ran ₹38.0 Cr over the last 3 years. At FY26 sales of ₹154 Cr each day of that cycle holds about ₹0.4 Cr, so roughly ₹155 Cr sits inside the business at any moment.

FY26: debtors at 251 days, inventory at 231 days — roughly 7.6 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 368 days, tighter than FY21's 2,106.

The full loop: cash goes out to suppliers and production on day 0; stock waits 231 days to sell; customers pay about 251 days after that; and suppliers themselves are paid at 114 days — netting out to the 368-day cycle.

In money terms: at FY26 sales of ₹154 Cr, each day of the cycle holds about ₹0.4 Cr — so the 368-day loop keeps roughly ₹155 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹38.0 Cr over the last 3 fiscal years against ₹14.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹18.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 14%.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Shree Refrigerations Ltd earns a ROCE of 14% in FY26. That is up from a trough of 13% in FY23. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 14.3% net margin on 0.52× asset turns.

FY26 ROCE is 14%, recovered from a FY23 trough of 13% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 14.3% net margin × 0.52× asset turns × 1.36× balance-sheet leverage ≈ 10.1% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.17.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Shree Refrigerations Ltd carries ₹37.0 Cr of borrowings against ₹216 Cr of equity in FY26, a debt-to-equity of 0.17. Operating profit covers the interest bill 8×. Over 5 years borrowings went from ₹39.0 Cr to ₹37.0 Cr. Capital spending ran ₹38.0 Cr across the last 3 of those years.

FY26: borrowings of ₹37.0 Cr against equity of ₹216 Cr — a debt-to-equity of 0.17. Operating profit covers the interest bill 8×. Over 5 years borrowings went from ₹39.0 Cr to ₹37.0 Cr while capital spending ran ₹38.0 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Shree Refrigerations Ltd moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — .

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Shree Refrigerations Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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