ALFA Finder| 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
- ₹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
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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