Synopsis: Shree Refrigerations Limited has secured a new domestic order worth Rs. 9.75 crore from Kongsberg Maritime India for naval cooling systems. This contract supports the construction of Fleet Support Ships at Hindustan Shipyard and L&T Shipyard, strengthening the company’s role in India’s defense ecosystem.
In a filing dated May 14, 2026, Shree Refrigerations Limited informed the BSE that it has been awarded a contract valued at Rs. 9.75 crore by Kongsberg Maritime India Pvt. Ltd. The order involves the supply, installation, and commissioning of specialized cooling systems, including FAS Rig Cooling Water Pumps and Heat Exchangers, as well as Dual Purpose Cooling equipment.
These systems are critical components for Replenishment at Sea (RAS) and Fluid Acquisition & Distribution Systems (FAS). They are destined for Fleet Support Ships currently being constructed at major Indian maritime hubs: Hindustan Shipyard Limited and Larsen & Toubro Shipyard. The project is a significant addition to the company’s portfolio, with the delivery scheduled to be completed in five distinct stages starting August 1, 2026, and concluding by October 15, 2028.
The management noted that these systems are engineered to provide reliable thermal management under the demanding and corrosive environments typical of naval operations. This contract is not a standalone win but part of a larger momentum for the company; Shree Refrigerations is already executing three major orders for the same Fleet Support Ship program, with a cumulative value of approximately Rs. 195.37 crore. These previous packages include advanced HVAC systems and air conditioning plants utilizing magnetic bearing compressor technology.
The company has spent years developing specialized expertise in marine HVAC and refrigeration, catering not only to defense but also to industrial and mission-critical infrastructure like data centers. Analysts believe that the long-term nature of these naval contracts stretching over two years in this instance provides excellent revenue visibility.
Furthermore, the company’s focus on high-efficiency, technologically advanced solutions aligns with the Indian Navy’s modernization goals and the government’s push for self-reliance (Atmanirbhar Bharat) in strategic sectors.
Following the announcement, shares of Shree Refrigerations Limited traded with a positive bias on the BSE SME platform. On May 15, 2026, the stock was trading at Rs. 245.00, up 1.07% from its previous close of Rs. 242.40. The stock reached an intraday high of Rs. 248.00 during early trade.
The company currently holds a market capitalization of approximately Rs. 872.95 crore. While the stock is currently trading below its 52-week high of Rs. 311.50, it remains well above its 52-week low of Rs. 153.00, reflecting sustained investor interest in the defense and aerospace ancillary space.
Company Overview
Shree Refrigerations Limited is a leading provider of advanced HVAC, refrigeration, and cooling solutions tailored for defense, industrial, and mission-critical applications. Based in Maharashtra, the company specializes in customized engineered systems that prioritize energy efficiency and reliability. Its products are widely utilized in naval ships, data centers, and industrial plants where thermal management is a safety-critical requirement.
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