ICE Make Refrigeration Ltd
ICE Make Refrigeration Q1 FY26 earnings call: Revenue & Margins
Q1 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Ice cream consumption per capita in India is improving, supporting demand growth. - Electricity availability improvements in villages are expanding ice cream outlet numbers, boosting demand. - E-commerce contribution is growing rapidly, expected to increase revenue from Rs. The company expects strong revenue growth, targeting Rs.
From ICE Make Refrigeration Ltd's Q1 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Ice cream consumption per capita in India is improving, supporting demand growth.
- Electricity availability improvements in villages are expanding ice cream outlet numbers, boosting demand.
- E-commerce contribution is growing rapidly, expected to increase revenue from Rs. 22-23 crore in Q1 to Rs. 100-120 crore annually.
- Food processing industries and QSR segments offer significant growth opportunities.
- Organized industry growth due to government compliance and standards implementation.
- Cold chain development has strong potential, addressing 30-35% wastage of perishable agro products.
- Multiple segments like processing, logistics, dairy, dehydration, ammonia have good long-term opportunities.
- Business is expected to stabilize with brand reputation, leading to large projects and good margins.
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Profitability & Margins
See what ICE Make Refrigeration Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- The company has planned a Phase 2 CAPEX of Rs. 150 crore, with timing currently uncertain due to ongoing positive discussions around acquisitions, technology, and joint ventures. Updates will be shared when available.
- Routine maintenance CAPEX excluding Phase 2 is about Rs. 7-8 crore annually for upgrades and semi-automation.
- Current profits are being deployed into CAPEX projects.
- Small capacity upgrades are planned in existing verticals to increase installed capacity from Rs. 550-600 crore potential to around Rs. 650 crore by adding value-added products with minor CAPEX.
- New verticals like commercial freezers and continuous panels are driving investments with targets to break even and contribute positively to margins.
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Top-ranked in Industrial Manufacturing
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
See what ICE Make Refrigeration Ltd said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- Current order book stands at Rs. 173.12 crores.
- Order book breakdown:
- Cold room: Rs. 26.63 crores
- Industrial refrigeration: Rs. 3.27 crores
- Transport refrigeration: Rs. 2.21 crores
- Commercial refrigeration: Rs. 17.38 crores
- Ammonia vertical: Rs. 52 crores
- Continuous panel: Rs. 33.66 crores
- Chest freezers (new products): Rs. 1 crore
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ICE Make Refrigeration Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q3 FY26): revenue ₹153 Cr, net profit ₹1 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What ICE Make Refrigeration Ltd's management said in earlier quarters
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Frequently Asked Questions
What were ICE Make Refrigeration Ltd Q1 FY26 results?
Ice cream consumption per capita in India is improving, supporting demand growth. - Electricity availability improvements in villages are expanding ice cream outlet numbers, boosting demand. - E-commerce contribution is growing rapidly, expected to increase revenue from Rs. The company expects strong revenue growth, targeting Rs.
What is ICE Make Refrigeration Ltd share price analysis?
ICE Make Refrigeration Ltd currently shows a neutral. The stock trades at a P/E of 109.1 with a market cap of ₹1,186 Cr. Investors should review the full earnings analysis for detailed insights.
Is ICE Make Refrigeration Ltd planning capital expenditure?
The company has planned a Phase 2 CAPEX of Rs.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.