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ICE Make Refrigeration Q1 FY27 Share Price & Earnings Call Analysis

₹662.35+3.65% today
Market cap
₹1,202 Cr
P/E
110.60
ROE
8.24%
PEG
-5.61
Price to sales
1.65
Debt to equity
1.15
52W high / low
₹886 / ₹624
Sales growth (5Y)
38.39%
EBITDA margin
5.69%
Net profit margin
1.63%
Promoter holding
64.52%
Sales (last year)
₹732 Cr

Incorporated in 1993, ICE Make Refrigeration Ltd provides customized cooling solutions across a wide range of industries[1]

Guidance scorecard · Q1 FY27 call

What ICE Make Refrigeration Ltd's management guided
and where it ranks in Industrial Manufacturing

#1of 56 in
Industrial Manufacturing
Revenue40%+MarginsUp 0–2%CapexPlannedFundraisingPlannedOrder bookRising

RevenueQ1 FY27 call

40%+
  • Strong revenue momentum observed with 60% year-on-year growth in Q1FY27, reaching Rs 178.88 crore.
  • Guidance for FY27 revenue around Rs 1000 crore, implying continued strong sales growth.
  • Existing capacity after phase one expansion expected to support Rs 950 crore plus topline.
  • New business lines like chest freezers and continuous panels are gaining significant traction.
  • Capacity expansion and modernization planned with Rs 180 crore investment (including Rs 58 crore for capacity building) to support future growth.
  • JV with Galilei aimed at commercial refrigeration segment, targeting production by February 2028 and initial focus on the Indian market; expected to start contributing revenue 12+ months post-launch.

2 more points from ICE Make Refrigeration Ltd's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Up 0–2%

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

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • Proposed strategic investment of Rs. 180 crore by Galilei Holdings Co. Ltd through a 60:40 JV (Galilei 60%, Ice Make 40%) focused on commercial refrigeration products like upright and table refrigerators.
  • Rs. 58 crore from this investment allocated for capacity building and modernization in a phased manner, with funds expected next month and benefits from increased capacity anticipated next financial year.
  • Additional capital to support modernization of facilities, completion of corporate office, center of excellence, development and testing laboratories.
  • Proposed investment also aims at selective inorganic growth and repayment of certain borrowings.
  • Acquisition opportunities are being explored but timing and specifics are uncertain.

2 more points from ICE Make Refrigeration Ltd's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

Planned

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

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Rising
  • Total pending order book stands at Rs 222 crore.
  • Approximately Rs 200 crore of older order book may have pricing impact due to older pricing without recent hikes.
  • Projects worth around Rs 100 crore booked at older prices, affecting margins.

2 more points from ICE Make Refrigeration Ltd's call on the order book

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Full Q1 FY27 analysis
Full Industrial Manufacturing ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Industrial Manufacturing
on management's own guidance

  1. Strong growth
    2
  2. This stockICE Make Refrig.Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersAll Industrial Manufacturing rankings

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Industrial Manufacturing companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
1ICE Make Refrig.This stock40%+Up 0–2%₹1,207 Cr111.0
240%+Up 0–2%₹549 Cr33.8
340%+Flat₹8,076 Cr94.4
440%+Flat₹3,732 Cr81.2
540%+Flat₹2,580 Cr61.2
640%+Flat₹743 Cr43.6

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Pro shows every company guiding 40%+ revenue growth →Full Industrial Manufacturing ranking

ICE Make Refrigeration Ltd announcements

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Financials of ICE Make Refrigeration Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of ICE Make Refrigeration Ltd

Quarterly Results

Quarter-by-quarter operating performance

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales +66.68113.5679.1476.8982.43139.9285.23103.39110.56180.35111.50147.49153.36
Expenses +59.37101.4170.9669.3178.13119.2379.1994.94103.89158.96107.10137.88143.46
Operating Profit7.3112.158.187.584.3020.696.048.456.6721.394.409.619.90
OPM %10.96%10.70%10.34%9.86%5.22%14.79%7.09%8.17%6.03%11.86%3.95%6.52%6.46%
Other Income +0.140.730.170.130.100.230.100.120.220.460.130.090.13
Interest0.570.190.230.700.660.520.450.901.151.632.292.733.85
Depreciation1.001.060.971.011.031.070.951.042.154.164.084.204.28
Profit before tax5.8811.637.156.002.7119.334.746.633.5916.06-1.842.771.90
Tax %24.66%25.80%25.17%25.17%25.46%26.23%23.00%27.75%22.01%27.40%-20.11%27.08%23.68%
Net Profit +4.438.635.364.492.0214.263.644.792.8111.67-1.472.031.45
EPS in Rs2.815.473.402.861.289.062.353.051.827.42-0.901.290.93

Financials of ICE Make Refrigeration Ltd

Profit & Loss

Annual income statement trend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales +88103132138135206312378480593
Expenses +7890118125124192280338437547
Operating Profit10131413101432414345
OPM %11%12%10%9%8%7%10%11%9%8%
Other Income +0000111111
Interest12122212410
Depreciation22234444817
Profit before tax71011851028353119
Tax %32%32%29%26%32%25%26%26%26%
Net Profit +57764721262314
EPS in Rs6.954.234.773.642.304.6613.1816.6414.658.74
Dividend Payout %0%24%25%33%52%26%14%12%15%

Financials of ICE Make Refrigeration Ltd

Balance Sheet

Capital structure and asset base

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital7161616161616161616
Reserves829343841466588108105
Borrowings +1510317101152786169
Other Liabilities +2527293442527380158137
Total Liabilities558183105108125159211368426
Fixed Assets +1113232730323250133141
CWIP010010012612
Investments0000005000
Other Assets +446860787793122149229274
Total Assets558183105108125159211368426

Financials of ICE Make Refrigeration Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity +8-28-1128241030
Cash from Investing Activity +-4-4-12-7-3-5-14-23-83
Cash from Financing Activity +-016-106-9-3-91749
Net Cash Flow311-13-2-0014-5
Free Cash Flow4-7-3-97421-23-52
CFO/OP95%14%87%12%140%74%97%47%91%

Financials of ICE Make Refrigeration Ltd

Ratios

Working capital efficiency and return ratios

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days667860696860636372
Inventory Days1141351211561611238684118
Days Payable109968592103838476121
Cash Conversion Cycle7111696132125100647169
Working Capital Days95264626953434821
ROCE %27%22%15%10%17%37%34%21%

Guidance history

How ICE Make Refrigeration Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →40%+Up 0–2%PlannedPlannedRising
Q4 FY26 call →20–40%Up 2%+Planned—Rising
Q3 FY26 call →20–40%FlatPlanned——
Q2 FY26 call →20–40%Up 0–2%PlannedPlannedRising

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

17out of 100

Momentum score · price trend

17 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−9.3%50%
Last 6 months−17.0%24%
Last 3 months−18.6%20%

The price is 34.6% below its all-time high of ₹1,012.8 (17 Apr 2025). Stocks more than 20% below their peak have their score halved, so 34 became 17.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For ICE Make Refrigeration Ltd: 0.4 × 50 + 0.4 × 24 + 0.2 × 20 = 34, halved to 17 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What ICE Make Refrigeration Ltd's management said in earlier quarters

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