Up over 100% from IPO price! Shree Refrigerations rises 7% on securing ₹45 crore orders from Mazagon Dock Shipbuilders

Shree Refrigerations, one of the leading players in cooling solutions serving the Defence sector, saw its shares rise 7% intraday on Thursday, reaching ₹259.3 apiece, even as broader market sentiment remained cautious.

The rally came after the company informed the exchanges today that it has secured multiple domestic orders in the defence space. The first order was from domestic shipbuilding major Mazagon Dock Shipbuilders for the supply of B&D spares for AC plants onboard P17A class ships and the supply of turnkey HVAC systems, worth ₹45.22 crore.

It also received a ₹4.62 crore order from the Material Organisation (Mumbai) for the supply of a magnetic bearing compressor-based AC plant. Together, these new orders add ₹49.34 crore to SRL’s order book.

This recent win follows another significant order worth ₹106.62 crore awarded to the company by Hindustan Shipyard in August. Additionally, the company is working on a similar FPV project with Goa Shipyard Ltd for eight vessels, with the first ship already delivered to the Coast Guard.

"With these consecutive order wins, SRL continues to demonstrate its robust engineering and project execution capabilities, along with a proven track record in delivering end-to-end, energy-efficient, and technologically advanced HVAC solutions for defence platforms," the company said in its regulatory filing today.

In early September, the company announced a strategic association with Smardt Chillers Pte Ltd, the global leader in oil-free chillers for data centre cooling solutions. This opens new opportunities beyond SRL’s traditional defence base, adding a strong and scalable growth engine in the commercial cooling segment.

The company believes the partnership will bring state-of-the-art magnetic bearing chiller technology, specially designed for mission-critical data center applications. Over the next three years, the company expects this vertical to contribute 10–15% revenues, creating a balanced business mix while unlocking additional growth and margin potential.

Stock trades over 100% from IPO price

The stock debuted on Dalal Street on August 1, listing at ₹175.4 apiece, 36% higher than its IPO price of ₹125, and has maintained the same momentum since. At the current level, the stock is trading 105% above its issue price, making it one of the stellar post-listing performers.

The company is a leading Indian engineering firm specializing in precision air-conditioning, refrigeration, and turnkey HVAC&R solutions for defense and industrial applications.

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