ICE Make Refrigeration Ltd Q1 FY26 Earnings Analysis
Published 6 Jul 2026 | Industrial Manufacturing | Market Cap: ₹1.3K Cr
Price
₹811
Market Cap
₹1.3K Cr
P/E Ratio
118.5
How does ICE Make Refrigeration Ltd rank in Industrial Manufacturing?
Compare ICE Make Refrigeration Ltd against every Industrial Manufacturing company this quarter on revenue, margins and earnings-call signals.
ICE Make Refrigeration Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹153 Cr, net profit ₹1 Cr.
Full financials →Earnings Summary
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.
📊 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.
- →Despite early monsoon impact, the overall Indian market outlook for the next 10 years is positive.
- →Management targets Rs. 650 crore revenue for FY26 with expected EBITDA margins of ~8-9%.
📈 Profitability & Margins
- →The company expects strong revenue growth, targeting Rs. 650 crore top line by FY’26.
- →EBITDA margins are expected to be around 8-9% for the full financial year, with improvement as new verticals scale.
- →New business verticals (continuous panels and commercial freezers) aim to break even this year and contribute positively to EBITDA, targeting approx. 10%+ margins in the longer term.
- →Despite short-term margin pressures from CAPEX, interest, and depreciation, management is confident of margin expansion and improved operating profit over time.
- →Historical revenue CAGR of ~30% and net profit CAGR of ~43.5% over the past five years provide a basis for optimistic growth.
- →Market growth drivers include expanding cold chain infrastructure, rising per capita consumption, e-commerce growth, and organized industry shift.
- →Management foresees sustained business growth over the next 10 years driven by diversified verticals like food processing, agriculture, e-commerce, and QSR sectors.
🏗️ 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.
- →Working capital utilization may temporarily increase due to new products and inventory stocking.
- →The company is focusing on stabilizing research and CAPEX plans before further announcements.
💰 Fundraising & Capital Structure
- →There is no explicit mention of any current or immediate future fundraising through debt or equity in the provided transcript.
- →Management discussed ongoing CAPEX plans, including a Rs. 150 crore phase 2 CAPEX, but did not mention raising funds via equity or debt.
- →The working capital limit is Rs. 80 crores, with some possibilities of enhancement for future needs, indicating reliance on internal cash flows and existing credit lines rather than fresh fundraising.
- →Discussions are ongoing regarding acquisitions, technology, or JV-related opportunities, which might imply potential capital needs, but no definitive fundraising plans were shared.
- →Overall, the focus appears on deploying profits and routine CAPEX rather than initiating new equity or debt fundraising at this time.
📋 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
- →Export market pending orders: Rs. 9.65 lakh
- →Strong revenue visibility for upcoming quarters due to the substantial order book.
Key Metrics
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 118.5 with a market cap of ₹1,291 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 concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.