ICE Make Refrigeration Ltd
ICE Make Refrigeration Q3 FY25 earnings call: Revenue & Margins
Q3 FY25 earnings call: what management guided on revenue, margins and order book.
The short version
Company targets achieving Rs. The company aims to achieve a topline of Rs.
From ICE Make Refrigeration Ltd's Q3 FY25 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Company targets achieving Rs. 500 crore topline in current financial year (FY25).
- Aims to reach Rs. 1,000 crore topline by 2028.
- Quick commerce segment expected to grow to Rs. 900-1,000 crore market potential in next 2-3 years; company expects Rs. 50 crore revenue with 15% market share.
- New verticals like Continuous PUF panels and commercial freezers expected to become profitable by FY26.
- Current capacity can generate Rs. 450-500 crore revenue; with new CAPEX total capacity supports Rs. 800 crore top-line.
- Order book stands at Rs. 167 crore, with daily dispatch increasing (Rs. 2-3 crore daily).
- E-commerce and quick commerce business showing strong demand and growth potential.
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Profitability & Margins
See what ICE Make Refrigeration Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Company has already invested around Rs. 100 crore in CAPEX related to continuous PUF panel factory and commercial refrigeration.
- A new CAPEX plan of about Rs. 150 crore plus is under consideration but not yet finalized.
- Focus currently is to stabilize new product businesses (continuous PUF panels and commercial freezers).
- Further CAPEX decisions will be reviewed post current financial year-end (April/May) based on cash flow and business performance.
- South plant expansion is underway with ongoing construction; expected ready for shifting by end of Q1 next financial year.
- Planned additional CAPEX for south plant estimated around Rs. 10 crore (land, building, machinery) and is in progress.
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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
- Total pending order book is around Rs. 167 crore.
- Cold room vertical pending order: Rs. 39 crore.
- Commercial vertical pending order: Approximately Rs. 30 crore.
- Industrial refrigeration pending order: Rs. 4.5 crore.
- Transport refrigeration pending order: Rs. 5.25 crore.
- Ammonia refrigeration pending order: Rs. 29.4 crore.
- Commercial freezer pending order: Rs. 1.5 crore.
- Continuous panel pending order: Rs. 9.5 crore.
- Project business pending order: About Rs. 51 crore.
- Orders are a mix of short-term (executed within month) and long-term (6-12 months delivery).
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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 Q3 FY25 results?
Company targets achieving Rs. The company aims to achieve a topline 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?
Company has already invested around 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.