ICE Make Refrigeration Ltd
ICE Make Refrigeration Ltd Q1 FY27 Results & Concall Highlights: Revenue ₹178.88 Cr
Q1 FY27 earnings call: what management guided on revenue, margins and order book.
What the Q1 FY27 call signalled
5 of 5 strong
The short version
Strong revenue momentum observed with 60% year-on-year growth in Q1FY27, reaching Rs 178.88 crore. Q1 FY27 showed strong revenue growth (60% YoY), but profitability remains a focus area.
From ICE Make Refrigeration Ltd's Q1 FY27 earnings-call transcript · updated 25 Aug 2026.
Revenue & Sales Performance
- Strong revenue momentum observed with 60% year-on-year growth in Q1FY27, reaching Rs 178.88 crore.
- Guidance for FY27 revenue around Rs 1000 crore, implying continued strong sales growth.
- Existing capacity after phase one expansion expected to support Rs 950 crore plus topline.
- New business lines like chest freezers and continuous panels are gaining significant traction.
- Capacity expansion and modernization planned with Rs 180 crore investment (including Rs 58 crore for capacity building) to support future growth.
- JV with Galilei aimed at commercial refrigeration segment, targeting production by February 2028 and initial focus on the Indian market; expected to start contributing revenue 12+ months post-launch.
- Management emphasizes operating leverage improvement with better capacity utilization, cost discipline, product mix, and efficiency.
- Seasonality in some product lines expected, but several verticals remain season-agnostic, supporting steady demand.
Profitability & Margins
See what ICE Make Refrigeration Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Proposed strategic investment of Rs. 180 crore by Galilei Holdings Co. Ltd through a 60:40 JV (Galilei 60%, Ice Make 40%) focused on commercial refrigeration products like upright and table refrigerators.
- Rs. 58 crore from this investment allocated for capacity building and modernization in a phased manner, with funds expected next month and benefits from increased capacity anticipated next financial year.
- Additional capital to support modernization of facilities, completion of corporate office, center of excellence, development and testing laboratories.
- Proposed investment also aims at selective inorganic growth and repayment of certain borrowings.
- Acquisition opportunities are being explored but timing and specifics are uncertain.
- Targeted production from the JV expected by February 2028, with product launch in the next 12+ months.
- Management emphasizes disciplined capital allocation to strengthen operating platform and generate sustainable returns.
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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
- Total pending order book stands at Rs 222 crore.
- Breakdown of order book includes:
- - Cold room: Rs 39 crore
- - Commercial refrigeration: Rs 29 crore
- - Industrial refrigeration: Rs 5 crore
- - Transport refrigeration: Rs 4 crore
- - Ammonia refrigeration: Rs 87 crore
- - Projects: Rs 45 crore
- - Commercial freezers and continuous panels: Rs 11 crore
- Approximately Rs 200 crore of older order book may have pricing impact due to older pricing without recent hikes.
- Projects worth around Rs 100 crore booked at older prices, affecting margins.
- Management aims to pass on price hikes in H2 of the fiscal year to improve margins.
- Strong order book and growth funnel expected to support revenue momentum.
ICE Make Refrigeration Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: 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 FY27 results?
Strong revenue momentum observed with 60% year-on-year growth in Q1FY27, reaching Rs 178.88 crore. Q1 FY27 showed strong revenue growth (60% YoY), but profitability remains a focus area.
What is ICE Make Refrigeration Ltd share price analysis?
ICE Make Refrigeration Ltd currently shows a strong growth signal based on ranking data. 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?
Proposed strategic investment of Rs.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.