ICE Make Refrigeration Ltd Q4 FY25 Results & Concall Highlights: Revenue, Margins & Order Book
Published 15 Jul 2026 | Industrial Manufacturing | Market Cap: ₹1.2K Cr
The company targets to reach Rs. The company targets a topline of Rs.
From ICE Make Refrigeration Ltd's Q4 FY25 earnings-call transcript · updated 23 Aug 2026.
Price
₹722
Market Cap
₹1.2K Cr
P/E Ratio
109.1
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 →📊 Revenue & Sales Performance
- →The company targets to reach Rs. 1000 crore revenue by FY’28 with focus on marketing, branding, and maximizing utilization of existing and new verticals.
- →New plants are expected to contribute Rs. 150 crore in the current financial year and potentially Rs. 225-250 crore from continuous PUF panels and Rs. 130 crore from commercial freezers at full capacity.
- →The company aims for Rs. 650 crore topline with current plants and new expansions.
- →Order book stands strong at around Rs. 171 crore, ensuring high revenue visibility.
- →Growth is driven by sectors like dairy, pharmaceuticals, food processing, quick commerce, and e-commerce.
- →Geographically, growth is strong in Eastern and Southern India, maintaining dominant 51% revenue share from the West.
- →Export target is Rs. 25 crore, with US market expansion underway after certification.
- →EBITDA margin expected to stabilize around 9.5% to 10.5% in the next financial year after CAPEX ramp-up.
📈 Profitability & Margins
- →The company targets a topline of Rs. 1000 crore by FY’28, focusing on maximizing utilization of existing and new verticals.
- →EBITDA margin guidance is steady at 9.5% to 10.5% until the Rs. 1000 crore topline is achieved, with potential for a slight 1-2% increase later.
- →Initial years' profitability is compressed due to higher depreciation and interest from new CAPEX; margins expected to stabilize with scale-up.
- →Net profit slightly compressed in FY’25 (Rs. 22.9 crore) vs FY’24 due to incremental expenses but expected to improve as new plants ramp up.
- →EPS for FY’25 was Rs. 14.65 (down from Rs. 16.64 in FY’24) with expectation of growth post full operation of new plants.
- →The company is focused more on topline growth and market expansion, with operating leverage positively impacting earnings over next 2-3 years.
🏗️ Capital Expenditure Plans
- →Current CAPEX of around Rs. 20 crore is focused on modernization and semi-automation of the adjusting facility, mainly for machinery upgrades to improve power quality and workmanship.
- →Chennai plant CAPEX is approximately Rs. 10,000 crore (₹100 crore, likely a typo, but exact figure mentioned) and is progressing on schedule, expected to be operational by next quarter.
- →Phase 2 CAPEX planned around Rs. 150 crore+, with funding potentially spread over FY’26 and FY’27, focusing on acquisitions, collaborations, and geographical expansion rather than new land or building.
- →Internal reshuffling and plant modifications may increase installed capacity without large new CAPEX.
- →No current plans for CAPEX related to land acquisition or new plant setup.
- →Open to all funding options including bank loans and equity based on opportunities.
- →Acquisition and collaboration ambitions exist but specifics remain confidential and dependent on valuation and timing.
💰 Fundraising & Capital Structure
- →Management indicated a possibility of increasing debt to support aggressive business growth, especially due to good order inflow from quick commerce and funds blocked in non-fund based projects.
- →They plan to increase the fund limit by around Rs. 20 crore to Rs. 25 crore, though not expecting to utilize 100% immediately but keeping buffer margins.
- →There is openness toward raising funds through bank loans or equity depending on opportunities and timing, especially for future acquisitions, collaborations, and CAPEX.
- →No concrete or immediate equity fundraising announced; decisions on CAPEX beyond phase 1 will be reviewed around September-October 2025.
- →The company aims to remain flexible with funding sources based on project feasibility and market conditions.
📋 Order Book & Pipeline
- →The current pending order book stands strong at approximately Rs. 171 crore.
- →This includes significant orders from core and emerging verticals, providing high revenue visibility going into FY’26.
- →Pending orders include:
- → - Rs. 28.5 crore from Jammu and Kashmir horticulture department.
- → - Two orders worth Rs. 42 crore from West Bengal government.
- → - Orders from dairy federations, NDTP, reputed food processing industries, and leading global restaurant brands.
- →Export pending order book is around Rs. 6 crore, with discussions ongoing for Rs. 7-8 crore more, which may materialize.
- →The order book is growing quarter-on-quarter, showing consistent increase and good momentum.
Key Metrics
Continue your research
What ICE Make Refrig.'s management said in earlier quarters
Others in Industrial Manufacturing this season
- Vinyas Innovative Technologies Ltd (Q4 FY25)
600 to 750 crores. Key concall takeaways from Vinyas Innovativ's Q4 FY25 earnings call — and how it ranks against sector peers.
- Rishi Laser (Q4 FY25)
The new Bangalore facility (INR 15 crore CapEx) will contribute higher revenue and profitability over 3-4 years with a high turnover-to-asset ratio. Key…
- Fabtech Cleanrooms (Q4 FY25)
Current consolidated order book (Fabtech + Kelvin) stands at around INR 90 crores. Key concall takeaways from Fabtech Techn.'s Q4 FY25 earnings call — and how…
- Standard Engineering Technology Ltd (Q4 FY25)
Incremental revenue potential up to INR 3,000 crores following planned capex investments of INR 130-200 crores. Key concall takeaways from Standard Engineering…
Frequently Asked Questions
What were ICE Make Refrigeration Ltd Q4 FY25 results?
The company targets to reach Rs. The company targets 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?
Current CAPEX of around Rs.
Keep ICE Make Refrigeration Ltd on your radar — track it to get its next earnings analysis in your feed.
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.