| Management target | Revenue 49.6% FY27 |
|---|
| Revenue growth | 60.4% YoY growth reached ₹178.88 Cr in Q1 FY27. |
|---|---|
| Margins | Margins plummeted to 1.7% from 4.1% YoY due to cost lags. |
| Order book | Pending order book stands at a healthy ₹222 Crores. |
| Demand visibility | Strong visibility across pharma, dairy, and food processing segments. |
| Management confidence | Balanced; optimistic on revenue but defensive regarding current margin slippage. |
Growth
Revenue surged 60% YoY to ₹178.88 Cr, driven by new categories like chest freezers and continuous panels.
Outlook
Management guides FY27 EBITDA margins of 6.0-6.5%, expecting back-ended profitability improvement in H2.
Risks
Severe margin pressure from commodity volatility and inability to fully pass-on costs to new dealer networks.
Last quarter's promises, checked
Delivered
- Guided FY27 revenue ₹830–850 Cr → delivered ₹178.88 Cr in Q1 (= ON TRACK)
- Guided FY26 revenue mix 12% Commercial Freezers → delivered 19% in Q1 FY27 (= BEAT)
- Guided debt reduction from ₹48 Cr to ₹36-37 Cr → delivered repayment plan on track (= BEAT)
Partly delivered
- Guided price increases of 10–11% to improve margins → delivered growth but failed to offset 15-18% cost inflation (= PARTIAL)
Missed
- Guided FY27 EBITDA margin 8.0–8.5% → delivered 1.7% in Q1 FY27 (= MISS)
Earnings Call Transcript filed with NSE, NSE: ICEMAKE. Summary written with AI assistance from the document.
ICE Make Refrigeration Ltd: key numbers
- Share price
- ₹671.00
- Market cap
- ₹1,218 Cr
- Revenue (annual)
- ₹667.4 Cr
- Net profit (annual)
- ₹10.89 Cr
- P/E (TTM)
- 111.9×Sector 53.9×
- Promoter holding
- 64.52%-9.68% QoQ
- FII holding
- 0.01%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.