| Revenue growth | Robust 39% YoY growth to ₹668cr driven by diversified segments. |
|---|---|
| Margins | Structural contraction due to high Opex for newer verticals. |
| Order book | Healthy order book standing at approximately ₹237cr. |
| Demand visibility | Strong traction in Q-commerce, dairy, and cold storage sectors. |
| Management confidence | Balanced; acknowledging short-term margin pain for long-term scale. |
Growth
Revenue grew 39.3% YoY to ₹668cr, primarily driven by strong order execution and new product categories.
Outlook
Management guides for ₹850cr revenue in FY27 and ₹1,000cr in FY28 with 8.5% margins.
Risks
EBITDA margins fell to 6.9% due to heavy spending in brand building and distribution networks.
Last quarter's promises, checked
Delivered
- Guided ₹480.42cr FY25 revenue → delivered ₹668cr FY26 (= BEAT)
- Guided 24+ export countries → delivered 24+ countries (= BEAT)
- Guided Bavla facility ops by Jan 2025 → delivered successful scale-up (= BEAT)
Partly delivered
- Guided Chennai facility 2025-26 → delivered internal accrual funding plan (= PARTIAL)
Missed
- Guided 9.04% EBITDA margin → delivered 6.9% (= MISS)
- Guided peak debt repayment → delivered debt at peak (= MISS)
Earnings Call filed with NSE, NSE: ICEMAKE. Summary written with AI assistance from the document.
ICE Make Refrigeration Ltd: key numbers
- Share price
- ₹646.25
- Market cap
- ₹1,173 Cr
- Revenue (annual)
- ₹667.4 Cr
- Net profit (annual)
- ₹10.89 Cr
- P/E (TTM)
- 107.8×Sector 53.9×
- Promoter holding
- 74.20%+0.00% QoQ
- FII holding
- 0.31%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
More from ICE Make Refrigeration Ltd
All →ICE Make Refrigeration Merger & Restructuring Worth ₹35.27 Cr
Ice Make Refrigeration invested ₹35.27 Crore for a 40% stake in its new joint venture, Ice Make Horeca Private Limited, to expand commercial refrigeration offerings.
- Value
- ₹35.27 Cr
- Execution
- 5 months
ICE Make Refrigeration Capital Structure Change
Board approved a preferential allotment raising ₹190 Crore at ₹802.51 per share. It also approved a ₹35.27 Crore investment in the Ice Make Horeca JV.
- Value
- ₹190.0 Cr
ICE Make Refrigeration Annual General Meeting
Ice Make Refrigeration has issued the notice for its 17th Annual General Meeting to be held on September 30, 2026.
ICE Make Refrigeration Annual Report
Ice Make Refrigeration Limited filed its 17th Annual General Meeting notice and the Annual Report for FY 2025-26 with the exchange.
ICE Make Refrigeration Other Announcement
Ice Make Refrigeration Limited has amended its Articles of Association to incorporate governance rights, investor protections, and terms from a Shareholders Agreement.
ICE Make Refrigeration Annual General Meeting
Ice Make Refrigeration Limited held an EGM on August 19, 2026. Shareholders approved a preferential issue of 23,67,573 equity shares and the creation of charges on assets.