ALFA Finder| 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
- ₹702.95
- Market cap
- ₹1,276 Cr
- Revenue (annual)
- ₹668.2 Cr
- Net profit (annual)
- ₹12.19 Cr
- P/E (TTM)
- 100.6×Sector 51.9×
- Promoter holding
- 64.52%-9.68% QoQ
- FII holding
- 0.03%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 Other Announcement
Ice Make filed its quarterly Regulation 32 statement for the quarter ended September 2026. It reports no deviation in use of preferential issue funds.
ICE Make Refrigeration Q2 FY27 Results: Net Profit ₹2.7 Cr, Up 35.0% YoY
ICE Make Refrigeration Ltd reported revenue from operations of ₹207.4 Cr (+40.6% YoY) and net profit of ₹2.7 Cr (+35.0% YoY) for Q2 FY27.
- Key figure
- Net profit ₹2.7 Cr · +35.0% YoY
ICE Make Refrigeration Other Announcement
Ice Make Refrigeration Limited has submitted the quarterly confirmation certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026.
ICE Make Refrigeration Management Change
Ice Make Refrigeration Limited shareholders approved the re-appointment of Mr. Chandrakant P. Patel, Mr. Rajendra P. Patel, and Mr. Vipul I. Patel as Managing Directors.
ICE Make Refrigeration Annual General Meeting
Ice Make Refrigeration Limited held its 17th Annual General Meeting on September 30, 2026. Shareholders transacted eight business items including the declaration of a Rs. 2.25 per share dividend.
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