ICE Make Refrigeration Ltd
ICE Make Refrigeration Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Ice Make Refrigeration targets Rs. The company targets a top-line revenue of Rs.
From ICE Make Refrigeration Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Ice Make Refrigeration targets Rs. 1000 crore revenue by FY’27-28, indicating strong growth ambitions.
- Current order book stands at Rs. 190 crore, reflecting ongoing demand and healthy pipeline.
- Growth driven by expansion in cold rooms, commercial refrigeration, industrial refrigeration, transport refrigeration, ammonia verticals, continuous panels, and new commercial freezer vertical.
- The company focuses on capacity expansion, automation, technology upgrades, and deeper market penetration, especially in Eastern, Central, and Southern India.
- Demand is rising in sectors like food processing, dairies, pharmaceuticals, healthcare, and e-commerce.
- Management expects a 40:60 sales split between H1 and H2, with higher volumes and revenues in the second half.
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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 is in the dialogue phase for a second phase CAPEX of Rs. 150 crore.
- This Rs. 150 crore CAPEX includes capacity expansion, technology upgradation, and automation.
- Funding for this CAPEX is planned through a mix of debt (there is some capacity left) and equity, but final decisions are yet to be crystallized.
- For FY’26, CAPEX of Rs. 22 crores has already been done, including land purchase (~Rs. 10.5 crores) for phase II.
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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. 190 crores.
- Vertical-wise order book breakdown:
- Cold room: Rs. 33 crores.
- Commercial and dairy vertical: Rs. 15 crores.
- Industrial refrigeration: Rs. 3 crores.
- Refurbished transport refrigeration: Rs. 5 crores.
- Ammonia vertical: Rs. 52 crores.
- Continuous panel: Rs. 35 crores.
- Chest freezer division: Rs. 1 crore (newly started).
- Project orders: Rs. 45 crores.
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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 Q2 FY26 results?
Ice Make Refrigeration targets Rs. The company targets a top-line revenue of 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 is in the dialogue phase for a second phase 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.