ICE Make Refrigeration Ltd Q3 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Published 15 Jul 2026 | Industrial Manufacturing | Market Cap: ₹1.2K Cr

The company targets ₹1,000 crore topline by FY30, growing from around ₹500 crore current scale. The company expects PAT growth to accelerate from next year as it scales towards a 9–10% EBITDA range over the next 3–4 years.

From ICE Make Refrigeration Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.

Price

₹722

Market Cap

₹1.2K Cr

P/E Ratio

109.1

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ICE Make Refrigeration Ltd — Quarterly revenue & net profit

Revenue Net Profit

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Reported quarterly figures (₹ Cr). Latest: revenue ₹153 Cr, net profit ₹1 Cr.

Full financials →

📊 Revenue & Sales Performance

→The company targets ₹1,000 crore topline by FY30, growing from around ₹500 crore current scale.
→Expected revenue progression: ₹650 crore for FY26, ₹800–825 crore for FY27, reaching ₹1,000 crore by FY28.
→New verticals (Continuous Panels and Commercial Freezers) projected to contribute around ₹325–350 crore near ₹1,000 crore revenue milestone.
→Growth driven by expanding retail footprint, stronger last-mile connectivity, and increased presence in HoReCa, pharmaceutical, and food processing industries.
→Focus on organic growth with stable margins; margin expansion to be evaluated after reaching ₹1,000 crore scale.
→Dealer network expansion ongoing, with more aggressive push in South and East markets.
→After initial capex phase, expected acceleration in PAT growth and profitability improvements as scale and utilization improve.
→Infrastructure and cold chain sectors offer ample growth opportunities with increasing acceptance of new product lines.

📈 Profitability & Margins

→The company expects PAT growth to accelerate from next year as it scales towards a 9–10% EBITDA range over the next 3–4 years.
→Margin compression seen this year is unlikely to repeat with improved operational efficiencies and scale benefits.
→EBITDA margins for the current year are expected around 7.5–8%, improving in Q4 and beyond.
→Next financial year (FY27) revenue is guided at ₹800–825 crore, with FY28 targeting around ₹1,000 crore.
→New verticals like Continuous Panels and Commercial Freezers are anticipated to complement EBITDA margins of 9–10% at full capacity.
→Interest and depreciation costs are expected to reduce from next financial year, aiding bottom-line growth.
→Operating cash flow conversion is expected to remain steady around 9–10% as the company scales.
→Overall, sustainable profit and EPS growth is expected via topline expansion, stable margins, and improved cost efficiencies.

See what ICE Make Refrigeration Ltd said on profitability & margins — free account, 30 seconds.

🏗️ Capital Expenditure Plans

→The company has multiple options for capex but has not yet finalized specific plans.
→Existing capacity (~₹400 crore revenue) for new verticals (Continuous Panels and Commercial Freezers) is sufficient; additional capex required is minimal (~₹15–20 crore) to execute some premium product categories.
→Plans to evaluate the need for a second manufacturing facility for Continuous Panels after about a year of operations due to geographic/logistic limits.
→Expansion in subsidiaries includes land acquisition in the South for shifting operations next quarter and plans to scale eastern operations after gaining market confidence.
→Capex cycles typically occur every 4–5 years; current phase includes ongoing investments with gradual margin improvement expected as scale benefits accrue.
→No immediate plans for backward integration; this could be evaluated after achieving sufficient scale in 1–2 years.
→Authorized capital increased, but no concrete fundraising decision made yet; monitoring and disclosure will follow if decided.

💰 Fundraising & Capital Structure

→The company has increased its authorized capital, which could indicate potential future fundraising, but no concrete final decision has been taken yet.
→Management stated they cannot comment exactly on such possibilities at this point in time.
→If and when a decision is made regarding raising funds, proper disclosure or comment will be provided.
→Current peak debt level is around ₹105–119 crore, and debt is expected to reduce going forward.
→The company has provisioned a bridge loan for specific capex financing, which will not be carried long term.
→Interest costs are expected to reduce from the next financial year onwards.

See what ICE Make Refrigeration Ltd said on fundraising & capital structure — free account, 30 seconds.

📋 Order Book & Pipeline

→The company currently has an order book of approximately ₹180+ crore as of the latest quarter (Page 4).
→Continuous Panels production is aligned with existing order bookings, maintaining raw material inventory sufficient for 20–30 days without significant finished goods inventory (Page 15).
→No specific data on pending or backlog orders beyond the ₹180+ crore order book was provided.
→The order book supports expectations of achieving full-year financial goals and strategic growth plans (Page 4).

Key Metrics

What ICE Make Refrig.'s management said in earlier quarters

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Frequently Asked Questions

What were ICE Make Refrigeration Ltd Q3 FY26 results?

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 multiple options for capex but has not yet finalized specific plans.

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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.