- **Shree Refrigerations Ltd** is an Indian manufacturer that builds the air-conditioning and cooling systems for the country’s warships and submarines - it is the only company to have indigenised an entire submarine HVAC system. Founded in 1990 as a small partnership making test equipment, it spent two decades mastering industrial cooling before pivoting to naval defence in 2016-'17, and it listed on the BSE in 2025. The recurring pattern is to take a hard-to-replicate defence capability - a certification, a proprietary testing facility, a magnetic-bearing chiller - and then extend it into adjacent commercial markets where the same technology gives it a head start. # Business segments Three engines at different stages - a defence marine cash cow with a 64%+ market share, a data-centre cooling bet built on the same magnetic-bearing technology, and a legacy industrial cooling business that now doubles as a service moat - each feeding the next. ## 1. Marine HVAC&R Systems for Defence: the company’s foundation **Shree Refrigerations is the dominant Indian supplier of air-conditioning and refrigeration plants to the Indian Navy, holding a 64%+ market share and the unique ability to supply the complete system - AC plant, HVAC, and control panel - that no competitor can match.** - **The only firm cleared for all three parts** - it is registered with all three critical naval directorates (Mechanical, Electrical, and Naval Architecture) and holds a “three plus three certification,” meaning it can manufacture and supply the AC plant, the HVAC system, and its own control panels; competitors typically supply only one or two and must buy the panel from a third party. - **Turnkey advantage as shipyards consolidate orders** - because it makes both AC plants and HVAC systems, it wins when shipyards place single turnkey orders requiring one firm to supply both; most rivals produce only one or the other. - **Recurring revenue from spares and refits** - every system it installs generates spare-parts orders every 3-5 years for the ship’s onboard store and base depot, plus it retrofits older ships by removing their existing HVAC and replacing it with its own, creating a service tail that management expects to stabilise at about 15% of total revenue. - **Testing facilities that double as a barrier** - it built India’s first controlled-ambient test room for Air Treatment Units, which the Navy itself uses, alongside a chiller tilt-test facility that simulates ship motion up to 45 degrees for submarine applications, making it hard for a newcomer to replicate the qualification infrastructure. ## 2. Data Centre Cooling: the defence technology transplanted **The same oil-free magnetic-bearing chillers that cool naval frigates are now being sold into India’s booming data-centre market through a distribution partnership with Smardt Chillers, with the company aiming for a top-three position within five years.** - **Defence-grade technology, commercial application** - the cooling technology is identical to what it already deploys on warships, and the company has manufactured, installed, and commissioned over 40 magnetic-bearing chillers in India, giving it a running start. - **Smardt partnership through a dedicated subsidiary** - its wholly-owned subsidiary Trezor Technologies is the exclusive Indian distributor for Smardt’s oil-free chillers for data centres, handling sales, installation, and after-sales service under an agreement running from September 2025 to December 2027. - **20-50% more energy-efficient than conventional chillers** - Smardt’s magnetic-bearing design eliminates oil, cutting energy consumption and delivering the lowest power utilization efficiency (PUE) in the industry, which is the critical metric for data-centre operators. - **Service teams already in the right ports** - data centres and naval bases are coincidentally located together in Mumbai, Chennai, and Vizag, so the company’s existing marine service teams trained on magnetic-bearing AC plants can also support data-centre customers without building a new field force from scratch. ## 3. Industrial Cooling & Fabrication: the legacy business with a new service moat **The company’s original commercial business supplies chillers to pharmaceutical and chemical plants and now holds the only authorised repair licence for Danfoss Turbocor compressors in India, creating a service monopoly on a critical component.** - **Chillers for process-critical environments** - it makes industrial chillers for pharmaceutical and chemical manufacturers, serving demand from the expansion of drug manufacturing and the chemical industry in India. - **Fabrication services round out the offering** - it provides value-added fabrication to engineering industries, making the segment a catch-all for the commercial work that predates its defence pivot. # Group structure and partners **A single listed entity with one subsidiary and two global technology tie-ups, each locking in a distinct market.** - Shree Refrigerations Limited is the public listed parent, trading on the BSE SME Platform, with its registered office in Warje, Pune, Maharashtra, and manufacturing in Karad, Maharashtra. - Trezor Technologies Private Limited is its only subsidiary, incorporated in 2016 and now the vehicle for the Smardt data-centre cooling distribution agreement. - The Smardt relationship dates back to 2018, when the two companies first partnered to bring oil-free magnetic-bearing chiller technology to Indian naval air-conditioning, capturing virtually 100% of that naval market before extending into data centres. - The Danfoss agreement, signed in March 2026, makes Shree the authorised repair centre for Danfoss Turbocor compressors across India, adding a service-only revenue stream independent of new equipment sales.