ICE Make Refrigeration Ltd
ICE Make Refrigeration Q3 FY26: Capex ₹400 Cr
Q3 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
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.
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.
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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 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.
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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
- 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).
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 FY26 results?
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.
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 the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.