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Shree Refrigerations IPO
Price Band
₹119.0–125.0
Issue Size
₹117.33 Cr
Lot Size
1,000 shares
Min Investment
₹250,000
2 LOTS MIN
GMP
+₹70.0 (56.0%)
Issue Price
₹125.0
Subject to Sauda
₹53200
Paid only if allotted
Shree Refrigerations IPO AI Summary
- Shree Refrigerations IPO is listed on BSE SME in the Aerospace & Defense sector.
- Price band: ₹119.0–₹125.0 per share, lot size 1,000 shares (min. investment ₹250,000, 2 lots minimum).
- Subscription window: 25 Jul–29 Jul 2025, listing on 01 Aug 2025.
- Current GMP is +₹70.0 (56.0%), an estimated listing price of ₹195 — unofficial and can change daily.
Shree Refrigerations Limited is an established player in the HVAC manufacturing sector, with a strong focus on customization and quality. The company has shown consistent revenue and profit growth, and its IPO offers an opportunity for investors to participate in its future growth.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Shree Refrigerations IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 29 Jul 2025 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Shree Refrigerations IPO Grey Market Premium (GMP) Today
GMP
+₹70.0
GMP %
+56.0%
Est. Listing
₹195.0
Updated: 25 Jul 2026 14:14
About the Company
Incorporated in 2006, Shree Refrigerations Limited is engaged in the manufacturing of HVAC systems, including air and water-cooled condensing units, chillers, and spray dampening systems. The company serves various sectors, such as automotive, marine, print media, chemical, pharmaceutical, and general engineering. The company offers a range of products, including chillers, test equipment, marine HVAC systems, and printing chillers, along with customized fabrication services to meet engineering industry standards and client needs. The company's manufacturing facility in Karad, Maharashtra, is equipped with the necessary machinery, testing, and handling equipment to ensure products meet pre-determined quality standards. The company offers chillers, test equipment, marine HVAC systems, and printing chillers, along with customized fabrication services, collaborating with clients to develop engineered components that meet quality standards. Services: Chiller: Installation of HVAC System ,Repairs of Plants and Equipcertifications & Recognition Fabrication: Order and Design, Material Management, CNC Programming and Production, Painting Process Other Products and Services: Cabin Leakage Tester, Air Flow Measurement Rig, Psychometric Lab. As of May 31, 2025, the company had 129 permanent employees and 165 contractual employees. Competitive Strengths: Customization of products Quality standards and ISO certified organisation Technology and Collaboration Wide range of products Strong Leadership and Experienced Management
Company Financials (₹ Cr)
As of 2025-03-31
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 185.60 | 124.11 | 94.32 |
| Total Income | 99.10 | 81.19 | 50.90 |
| Profit After Tax | 13.55 | 11.53 | 2.57 |
| EBITDA | 26.94 | 24.38 | 11.90 |
| NET Worth | 114.74 | 60.72 | 45.22 |
| Reserves and Surplus | 109.13 | 55.82 | 21.25 |
| Total Borrowing | 39.73 | 36.80 | 32.07 |
Key Ratios
EPS
₹5.25
NAV
₹40.88
ROE
15.44%
ROCE
23.22%
RoNW
15.44%
P/B Value
4.98
P/E Ratio
23.81
Market Cap
₹445.38 Cr
PAT Margin
13.72%
Debt/Equity
0.37
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Johnson Controls-Hitachi Air Conditioning India Limited | 235.73 | 9.6% | 81.33 | 21.6 | 21.6 |
| Shree Refrigerations Limited This IPO | 40.88 | 15.44% | — | 5.03 | 5.03 |
Promoters
Ravalnath Gopinath Shende, Rajashri Ravalnath Shende and Devashree Vishwesh Nampurkar
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding the Working Capital requirement 70.00 2 General Corporate Purposes 10.00 3 Issue Expense 14.51
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total Income was ₹50.90 Cr in the period ending 31 Mar 2023, rising to ₹81.19 Cr by 31 Mar 2024, and further increasing to ₹99.10 Cr by 31 Mar 2025. This indicates a consistent growth in revenue over the three periods.
Profit Trend
Profit After Tax was ₹2.57 Cr in the period ending 31 Mar 2023, increasing to ₹11.53 Cr by 31 Mar 2024, and further rising to ₹13.55 Cr by 31 Mar 2025. This shows a positive trend in profitability across the periods.
Valuation
At the issue price of ₹125, Shree Refrigerations has an implied P/E of approximately 23.81 times its earnings, compared to peers trading at a P/E of 81.33. This indicates that Shree Refrigerations is priced at a significantly lower multiple than its peer.
Grey Market Premium, Explained
The Grey Market Premium (GMP) is an indicator of the expected listing price of an IPO. It reflects the demand and supply dynamics in the unofficial market before the shares are listed on the stock exchange. A higher GMP suggests strong demand for the IPO, while a lower GMP indicates weaker demand.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their overall portfolio strategy and risk tolerance. It's essential to consider the company's growth prospects and market conditions before making an investment decision.
Who May Want to Wait
Investors who prefer stable returns and lower risk may want to avoid this IPO, as it involves exposure to the uncertainties associated with new market entrants and the potential for price volatility.
IPO Timeline, Explained
The IPO opens for subscription on July 25, 2025, and closes on July 29, 2025. Allotment of shares will be done on July 30, 2025, with the listing date set for August 1, 2025.
Listing Gains — The Risk
While many investors hope for listing day gains, these are not guaranteed. The stock price on the listing date can be influenced by market conditions, investor sentiment, and overall demand for the IPO. Investors should be prepared for the possibility of price fluctuations.
This evaluation is generated from Shree Refrigerations's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Shree Refrigerations IPO GMP today?
Shree Refrigerations IPO GMP today is +₹70.0 (56.0%), indicating an estimated listing price of ₹195. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Shree Refrigerations IPO?
The price band of Shree Refrigerations IPO is ₹119.0–₹125.0 per share.
When does Shree Refrigerations IPO open and close?
Shree Refrigerations IPO opens on 25 July 2025 and closes on 29 July 2025.
When does Shree Refrigerations IPO list on the stock exchange?
Shree Refrigerations IPO listed on 01 August 2025 at ₹195.0.
What is the lot size for Shree Refrigerations IPO?
The lot size for Shree Refrigerations IPO is 1000 shares, requiring a minimum investment of ₹250,000 (2 lots).
What is the price band for the IPO?
The price band for the IPO is ₹119 to ₹125.
What is the minimum investment amount?
The minimum investment amount is ₹250,000.
What is the lot size for this IPO?
The lot size for this IPO is 1000 shares.
When is the listing date?
The listing date is August 1, 2025.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected premium of the stock over its issue price in the grey market.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
25 Jul 2025
Close
29 Jul 2025
Allotment
30 Jul 2025
Listing
01 Aug 2025
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