| Revenue growth | FY26 revenue up 39.3% YoY to ₹668cr plus. |
|---|---|
| Margins | FY26 EBITDA margin 6.9%; guiding 8-8.5% for FY27. |
| Order book | Current order book stands at approximately ₹230–237 crore. |
| Demand visibility | Strong visibility with ₹237cr order book and healthy enquiry pipeline. |
| Management confidence | High confidence in reaching ₹1,000cr top-line by FY28. |
Growth
FY26 revenue grew 39.3% to ₹668cr; Q4 FY26 revenue rose 41.8% YoY to ₹255cr. EBITDA stood at ₹46.04cr.
Outlook
Targeting ₹830-850cr revenue in FY27 (25-30% growth) and ₹1,000cr by FY28. Guidance for FY27 EBITDA margins is 8-8.5%.
Risks
Geopolitical conflicts impacting raw material costs (compressors, chemicals) and supply chain logistics; inflationary pressures on imported components.
Last quarter's promises, checked
Delivered
- Guided ₹480.42cr revenue for FY25 → delivered ₹480.42cr (= BEAT)
- Guided January 2025 Bavla production start → delivered Commenced (= BEAT)
- Guided 24+ export countries → delivered 24+ countries (= BEAT)
Partly delivered
- Guided ₹1,000cr revenue by FY28 → delivered ₹668cr in FY26 (= PARTIAL)
Missed
- Guided ~12.08% Q4 EBITDA margin → delivered 6.9% FY26 (= MISS)
- Guided ₹14.51 EPS → delivered ₹12.13cr PAT/lower EPS (= 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.