Any current/future new fundraising through debt or equity?

Ice Make Refrigeration plans to deploy over ₹200 crores CAPEX over the next three years. The initial phase of this CAPEX will be funded through debt. Management indicated potential equity infusion in the future as part of the growth CAPEX plan, but the timing and amount are not yet certain. They are open to the possibility of raising capital through the equity market depending on the growth trajectory and working capital needs. Working capital requirements are expected to be around ₹10-15 crores, with contingencies capped at 10-12%. No immediate plans for a defined equity fundraising round, bu

Any current/future capex/capital investment/strategic investment?

**Ongoing and Planned CAPEX:** Total planned CAPEX of around ₹200 crores over the next three years, including: - ₹60-65 crores investment for the first and second phases of continuous panel production lines. - ₹9-10 crores for shifting and setting up a new Chennai subsidiary facility (land, building, machinery). - ₹2 crores initial investment in Kolkata subsidiary Ice Make, with further ₹10 crores planned for expansion. - ₹25 crores planned for automation and commercial product vertical expansion. - Additional working capital requirement of ₹15 crores. **Geographical Expansion:** Set

Future growth expectations in sales/revenue/volumes?

Company aims to surpass a turnover target of ₹500 crores by FY 2024-25. Long-term revenue goal is ₹1,000 crores by FY 2027-28. Current order book stands strong at ₹152 crores, positioning for 30%+ annual growth. Continuous panel plant expected to generate ₹200 crores topline on a single shift. Expansion plans include setting up new manufacturing units and warehouses in Chennai, Kolkata, and North India to support volume growth and reduce logistics costs. Company plans to invest ₹200 crores in CAPEX over three years to significantly enhance production capacity. Market opportunities driven by In

Future growth expectations in earnings/operating earnings/profits/EPS?

Ice Make Refrigeration aims to surpass a turnover target of ₹500 crores by FY 2024-25 and reach ₹1,000 crores by 2027-28. The company plans over ₹200 crores in CAPEX over the next three years to significantly enhance production capacity. They expect revenue growth driven by continuous panel plants and subsidiary expansion, with a potential topline of ₹200 crores from a single shift of the continuous panel plant. H1 FY24 showed 18% YoY revenue growth to ₹156 crores and a 27% increase in net profit to ₹9.81 crores, indicating improving profitability. EBITDA margin improved by 52 bps to 10.27% in

Current/ Expected Orderbook/ Pending Orders?

Current order book and leads stand strong at Rs. 152 crores, positioning for an annual growth rate of 30% or higher (Page 3). Sizable orders are in the pipeline, approximately Rs. 3 to 4 crores yet to be received (Page 6). Engagement in technical service support for commercial production line setup at BRC Congo indicates active business development (Page 3). Half-year financial performance shows strong order inflow supporting revenue growth (Page 6).

ICE Make Refrigeration LtdQ2 FY24Industrial Manufacturing

ICE Make Refrigeration Ltd Q2 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹662.35P/E: 110.6Market Cap: ₹1.2K CrSector: Industrial Manufacturing

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

Company aims to surpass a turnover target of ₹500 crores by FY 2024-25.
Long-term revenue goal is ₹1,000 crores by FY 2027-28.
Current order book stands strong at ₹152 crores, positioning for 30%+ annual growth.
Continuous panel plant expected to generate ₹200 crores topline on a single shift.
Expansion plans include setting up new manufacturing units and warehouses in Chennai, Kolkata, and North India to support volume growth and reduce logistics costs.
Company plans to invest ₹200 crores in CAPEX over three years to significantly enhance production capacity.
Market opportunities driven by Indian cold chain industry's growth and increasing demand in refrigeration sector.
Export business targeted at around ₹14 crores this year, though focused on OEM-based exports.
Revenue mix expects continuous panel and commercial products to contribute significantly as expansions proceed.

Margin guidance

Category 3

Ice Make Refrigeration aims to surpass a turnover target of ₹500 crores by FY 2024-25 and reach ₹1,000 crores by 2027-28.
The company plans over ₹200 crores in CAPEX over the next three years to significantly enhance production capacity.
They expect revenue growth driven by continuous panel plants and subsidiary expansion, with a potential topline of ₹200 crores from a single shift of the continuous panel plant.
H1 FY24 showed 18% YoY revenue growth to ₹156 crores and a 27% increase in net profit to ₹9.81 crores, indicating improving profitability.
EBITDA margin improved by 52 bps to 10.27% in H1 FY24.
Future margin improvement is expected via internal production from the continuous panel plant.
While some margin pressure may arise due to increased depreciation and interest from CAPEX, management is confident margins will remain stable or slightly improve as scale increases.

See what ICE Make Refrigeration Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

Ice Make Refrigeration plans to deploy over ₹200 crores CAPEX over the next three years.
The initial phase of this CAPEX will be funded through debt.
Management indicated potential equity infusion in the future as part of the growth CAPEX plan, but the timing and amount are not yet certain.
They are open to the possibility of raising capital through the equity market depending on the growth trajectory and working capital needs.
Working capital requirements are expected to be around ₹10-15 crores, with contingencies capped at 10-12%.
No immediate plans for a defined equity fundraising round, but it remains under consideration for later stages of expansion.

Order book

Yes

Current order book and leads stand strong at Rs. 152 crores, positioning for an annual growth rate of 30% or higher (Page 3).
Sizable orders are in the pipeline, approximately Rs. 3 to 4 crores yet to be received (Page 6).
Engagement in technical service support for commercial production line setup at BRC Congo indicates active business development (Page 3).
Half-year financial performance shows strong order inflow supporting revenue growth (Page 6).

See what ICE Make Refrigeration Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Ongoing and Planned CAPEX: Total planned CAPEX of around ₹200 crores over the next three years, including:
- ₹60-65 crores investment for the first and second phases of continuous panel production lines.
- ₹9-10 crores for shifting and setting up a new Chennai subsidiary facility (land, building, machinery).
- ₹2 crores initial investment in Kolkata subsidiary Ice Make, with further ₹10 crores planned for expansion.
- ₹25 crores planned for automation and commercial product vertical expansion.
- Additional working capital requirement of ₹15 crores.
Geographical Expansion: Setting up stock points and warehouses in East (Kolkata) and North India to reduce logistics costs and improve market reach.
Future Plans: Potential equity infusion considered to fund CAPEX and growth alongside debt financing.
Continuous Panel Plant: Expected to be completed by next quarter FY24, with commercial operations starting shortly thereafter; estimated to generate ₹200 crores topline on a single shift.

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