Shree Refrigerations Ltd

Aquilon Limited – subsidiary details

• Aquilon Limited is an Indian manufacturing entity for chillers, HVAC systems.
• Wholly owned subsidiary of Shree Refrigerations Limited.
• Date of incorporation: 15 October 2026; location: India.
• Capital: Rs 2.50 crore; 2,50,000 equity shares at Rs 100 each.
• Consideration: 100% cash subscription to initial paid-up capital.
• Purpose: to design, manufacture, install, and service HVAC systems.
• Industry: Manufacturing; target operates in chillers, heat pumps, refrigeration equipment.
• Regulatory approvals: None required.
• Related party: Yes; subsidiary of promoter group Shree Refrigerations.
• Timeline: incorporation completed on 15 October 2026; other milestones not specified.

Shree Refrigerations Ltd – Trading Window closed from 01st October 2026 till 48 hours after the announcement of the Unaudited Financial Results of the Company for the Half Year ending on 30th September 2026

Meeting Details

• Friday, 25 Sep 2026, 3:00 PM, virtual group meeting with Arihant Capital (Broking) for analyst/investor interaction.
• Company Secretary and Compliance Officer to participate.

Instruments Rated

• ₹15.00 crore: CARE BBB-; Stable / CARE A3; Assigned
• ₹68.25 crore (reduced): CARE BBB-; Stable / CARE A3; Upgraded from CARE BB+; Stable / CARE A4+
• ₹6.75 crore: CARE BBB-; Stable; Upgraded from CARE BB+; Stable

Rationale

• Improvement in scale, operating cycle, and liquidity in FY26.
• Promoters' experience, reputed clients, healthy profitability, and comfortable capital structure.
• Moderate orderbook provides medium-term revenue visibility; working capital intensity remains a constraint.
• Tender-driven and regulated environment; raw material volatility and regulatory exposure pressure margins.
• One facility rating withdrawn after full repayment; no outstanding dues.

Outlook

• Stable outlook.

Material changes

• Upgrade from CARE BB+ to BBB-; Stable for upgraded facilities.

Financial highlights

• Consolidated FY26 TOI ₹153.55 cr; PAT ₹21.53 cr; gearing 0.22x.
• TD/GCA 1.78x; interest coverage 8.42x.
• Order book ₹279.67 cr as of 30 Jun 2026.
• Liquidity adequate; expected cash accruals ₹25–₹30 cr for FY27.

Appointment: Whole-Time Director

• Appointed Whole-Time Director for 3-year term from 23 Feb 2026 to 22 Feb 2029.
• Liable to retire by rotation.
• Approval by shareholders at AGM held 31 Aug 2026.
• Related parties: daughter of MD and sister of another WTD.
• Profile: Mechanical engineer with HVAC, plumbing, fire protection; REVIT/AutoCAD experience.
• Industry experience since 2019 across institutional, healthcare, laboratory projects.

AGM details

• Date and time: 31 August 2026, 11:30 AM.
• Mode: physical meeting at registered office with remote e-voting and ballot voting.

Resolutions and outcomes

• Adopt audited financial statements for year ended 31 March 2026; resolution passed.
• Re-appoint director by rotation; resolution passed.
• Ratify cost auditors' remuneration for year ending 31 March 2027; passed.
• Appoint Sunil Kaushik as Whole-Time Director and remuneration; passed.
• Regularise Additional Director Ravalnath Shende and remuneration; passed.
• Remuneration terms for Kaushik as Whole-Time Director; passed.
• Appoint Devashri Vishwesh Nampurkar as Managing Director; remuneration on profits condition; passed.
• Approve remuneration to Executive Directors for FY 2026-27 under Schedule V; passed.
• Remuneration of Chairman and Managing Director for FY 2026-27; passed.
• Remuneration to Directors in event of inadequate/no profits for FY 2026-27; passed.
• Increase in overall remuneration of Managing Director for FY 2026-27; passed.
• Adopt Employee Stock Option Scheme 2026; passed.

Subsidiary Formation

• Board approved incorporation of a Wholly Owned Subsidiary (under the Companies Act 2013) named Aquilon Deep Chill Limited.
• The subsidiary will be 100% owned by Shree Refrigerations Limited.
• Initial equity to be subscribed in cash, up to Rs 5 crore.
• Proposed registered office to be located in Karad, Satara, Maharashtra, India.
• Name of the subsidiary may be Aquilon Deep Chill Limited or another MCA-approved name.
• Manufacturing business will cover chillers, heat pumps and HVAC systems.
• Incorporation is currently in process.

AGM Details

• Date and time: 31 August 2026, 11:30 IST.
• Mode: Physical AGM at registered office, Maharashtra.
• Attendance: 33 members present physically.

Resolutions Put to Vote

• Adopt audited standalone and consolidated financial statements for FY2026.
• Re-appoint director by rotation eligible for re-appointment.
• Ratify cost auditor remuneration for FY2026-27.
• Approve appointment of Whole-Time Director and revise remuneration.
• Regularise Additional Director as Whole-Time Director.
• Modify terms and remuneration for Whole-Time Director.
• Modify terms and remuneration for another Whole-Time Director.
• Approve remuneration paid to Executive Directors exceeding limits for FY2025-26.
• Approve remuneration payable to Chairman/Managing Director in event of inadequate profits for FY2026-27.
• Approve remuneration payable to Whole-Time Director in event of inadequacy or absence of profits for FY2026-27.
• Increase overall managerial remuneration limits payable to Executive Directors for FY2026-27.
• Adopt Employee Stock Option Scheme 2026.
• Grant ESOPs to employees/directors of subsidiary under ESOP 2026.

Voting Status

• Voting results to be declared within two working days.
• Results to be filed with exchanges and posted on company website.

Order details

• Awarding entity: Indian Navy, Controller Procurement, Material Organisation, Mumbai
• Contract type: Magnetic Bearing Compressor Based AC Plant
• Total value: Rs. 3,93,00,000 excluding GST
• Delivery deadline: 28 August 2027; 365 days from order
• Domestic entity; no promoter/group interest; not related party
• Payment terms not disclosed; GST excluded

Meeting Details

• Date and time: Friday, 14 August 2026 at 3:00 PM.
• Format: Group Meeting, Virtual.
• Event/Organizer: Virtual Group Call with NAFA Asset Managers & Centra Insights.

Participants

• Key company participant: Company Secretary & Compliance Officer.

Purpose

• Purpose: Investor/Analyst interaction based on publicly available information.

Additional Notes

• No unpublished price sensitive information will be discussed.