ALFA Finder| 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
- ₹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