ICE Make Refrigeration Ltd
ICE Make Refrigeration Q4 FY26 earnings call: Revenue & Margins
Q4 FY26 earnings call: what management guided on revenue, margins and order book.
What the Q4 FY26 call signalled
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The short version
FY27 revenue growth is guided at approximately 25–30%, with a target revenue of ₹830–850 crore. Management expects operating leverage to improve profitability over the medium term as utilization levels rise and investments mature (Page 26).
From ICE Make Refrigeration Ltd's Q4 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- FY27 revenue growth is guided at approximately 25–30%, with a target revenue of ₹830–850 crore.
- Management expects continued strong order inflows and positive market traction in early FY27.
- Business scaling and operating leverage improvements could lead to double-digit EBITDA margins over the longer term.
- Expansion of distribution network and geographic reach across India are key drivers for growth.
- New business verticals like Continuous Panels and Commercial Freezers are expected to grow steadily.
- Encouraging dealer and customer acceptance supports confidence in revenue growth.
- Order book of around ₹230–237 crore provides good visibility for future revenue.
2 more points from ICE Make Refrigeration Ltd's call on revenue
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Profitability & Margins
See what ICE Make Refrigeration Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- FY26 involved one of the largest capex programs in company history, exceeding past 10 years combined.
- Investments made in manufacturing infrastructure, new machinery, warehouse leases, and new corporate office development (completion expected in FY27).
- Strategic investments focused on building distribution capabilities, expanding dealer networks, manufacturing capacity, product portfolio, and leadership enhancement.
- No major new product category additions planned; current priority is strengthening existing products and geographic expansion.
- Future capex plans are under evaluation with no finalized decisions on structure, scale, location, or funding; clarity expected in next 1-2 months or by next earnings call.
- Debt financing used for capex; repayment started with gradual deleveraging planned.
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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 current order book is approximately ₹230–237 crore, providing strong revenue visibility.
- The refrigeration business operates with a mix of long-duration projects (6 months to 1 year) and recurring monthly orders.
- Ice Make continues to maintain a healthy enquiry pipeline and sees positive industry demand trends.
- Strong order inflows and business performance during the first two months of FY27 have been encouraging, supporting confidence in achieving annual guidance.
ICE Make Refrigeration Ltd — Quarterly revenue & net profit
Q4 FY26 figures are not in this chart yet. Latest shown: Dec 2025 (Q3 FY26). The Q4 FY26 numbers from the filing are in the analysis on this page.
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 Q4 FY26 results?
FY27 revenue growth is guided at approximately 25–30%, with a target revenue of ₹830–850 crore. Management expects operating leverage to improve profitability over the medium term as utilization levels rise and investments mature (Page 26).
What is ICE Make Refrigeration Ltd share price analysis?
ICE Make Refrigeration Ltd currently shows a moderate growth signal based on ranking data. 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?
FY26 involved one of the largest capex programs in company history, exceeding past 10 years combined.
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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.