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

The company is executing a Rs. 200 crores CAPEX plan in two phases: - First phase: Rs. 100 crores CAPEX nearly completed; includes Continuous PUF Panel Plant and Commercial Freezer plant. - Continuous Panel production has started, and Commercial Freezer commissioning is ongoing with production expected by end of the month. Revenue from these new plants expected to start within 3-4 months post-operations, with a review planned by March-April to decide on next steps. No capital investment planned for the next 3-4 months post-completion of first phase. Decisions on geographical expansion or c

Future growth expectations in sales/revenue/volumes?

The company targets reaching a revenue of Rs. 500 crores in the current financial year, supported by a strong order book of over Rs. 136 crores (Page 5). Installed capacity post first phase of Rs. 100 crore CAPEX expected to support peak revenue between Rs. 750 to Rs. 800 crores (Page 14). New projects like Continuous PUF Panel and Commercial Freezer to contribute Rs. 60-80 crores and Rs. 40-55 crores respectively next year (Page 10). Overall market size expanded from Rs. 6,000 crores to about Rs. 15,000 crores including new product lines, indicating sizable opportunities (Page 6). Expect 25%-

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

The company targets Rs. 500 crores topline revenue in the current financial year, supported by a strong order book and new projects starting production. EBITDA margins are expected to stabilize in the range of 9.5% to 10.5% post new projects' commercialization, despite temporary margin pressure due to ramp-up costs. PAT showed a decline in H1 FY25 due to expansion phase costs but is expected to improve as new project revenues start contributing. The company plans to focus on revenue growth first, targeting a substantial topline of Rs. 2,000 to Rs. 3,000 crores before prioritizing margin

Current/ Expected Orderbook/ Pending Orders?

Current running order book is Rs. 126 crores. As of the call, the Company has orders worth Rs. 136+ crores. For the Continuous PUF Panel, orders on hand are around Rs. 5 to 6 crores. Commercial Freezer orders will start after production begins, with positive dialogues ongoing. The Company is confident of achieving its Rs. 500 crores revenue target for the financial year based on the current order book and expected order inflows.

ICE Make Refrigeration LtdQ2 FY25Industrial Manufacturing

ICE Make Refrigeration Ltd Q2 FY25 Earnings Call Analysis

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

Price: ₹644P/E: 107.5Market 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

The company targets reaching a revenue of Rs. 500 crores in the current financial year, supported by a strong order book of over Rs. 136 crores (Page 5).
Installed capacity post first phase of Rs. 100 crore CAPEX expected to support peak revenue between Rs. 750 to Rs. 800 crores (Page 14).
New projects like Continuous PUF Panel and Commercial Freezer to contribute Rs. 60-80 crores and Rs. 40-55 crores respectively next year (Page 10).
Overall market size expanded from Rs. 6,000 crores to about Rs. 15,000 crores including new product lines, indicating sizable opportunities (Page 6).
Expect 25%-30% year-on-year growth with sustainable EBITDA margin around 9.5%-10.5% (Page 6).
Q2 FY25 showed 21.88% quarter-on-quarter revenue growth to Rs. 101.38 crores and 34% year-on-year increase (Page 3).
Expansion through geographic reach and product diversification coupled with e-commerce/dark stores growth expected to drive future growth (Pages 7-8).

Margin guidance

Category 3

The company targets Rs. 500 crores topline revenue in the current financial year, supported by a strong order book and new projects starting production.
EBITDA margins are expected to stabilize in the range of 9.5% to 10.5% post new projects' commercialization, despite temporary margin pressure due to ramp-up costs.
PAT showed a decline in H1 FY25 due to expansion phase costs but is expected to improve as new project revenues start contributing.
The company plans to focus on revenue growth first, targeting a substantial topline of Rs. 2,000 to Rs. 3,000 crores before prioritizing margin expansion beyond the current ~10% EBITDA range.
CAPEX nearing completion will enable peak revenue capacity of Rs. 750 to Rs. 800 crores, with further capacity or geographic expansions to be reviewed based on performance by Q1 FY26.
EPS growth is anticipated alongside revenue growth and operational scale, as fixed costs stabilize and new verticals contribute.

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

Fundraise plans

Yes

- No new capital investment or fundraising is planned for the next 3-4 months; a review will occur around March-April based on revenue performance (Page 16). - Long-term debt is not expected to increase beyond the current Rs. 65 crores level in the next year (Page 10). - Small additional loans may be taken for tools but no major long-term debt raise planned (Page 10). - Working capital limits are being enhanced from Rs. 40 crores to Rs. 65 crores total fund base limit to support new verticals and raw material procurement, with currently low utilization but plans to aggressively increase (Page 10). - A personal pledge of shares by the MD for a home loan (not related to company fundraising) is in place for 2-3 years (Page 11). Overall, the company currently focuses on managing existing debt and working capital facilities without new major fundraising through debt or equity.

Order book

Yes

Current running order book is Rs. 126 crores.
As of the call, the Company has orders worth Rs. 136+ crores.
For the Continuous PUF Panel, orders on hand are around Rs. 5 to 6 crores.
Commercial Freezer orders will start after production begins, with positive dialogues ongoing.
The Company is confident of achieving its Rs. 500 crores revenue target for the financial year based on the current order book and expected order inflows.

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

Capex plans

Yes

The company is executing a Rs. 200 crores CAPEX plan in two phases:
- First phase: Rs. 100 crores CAPEX nearly completed; includes Continuous PUF Panel Plant and Commercial Freezer plant.
- Continuous Panel production has started, and Commercial Freezer commissioning is ongoing with production expected by end of the month.
Revenue from these new plants expected to start within 3-4 months post-operations, with a review planned by March-April to decide on next steps.
No capital investment planned for the next 3-4 months post-completion of first phase. Decisions on geographical expansion or capacity increase will be based on March-end revenue.
Second phase of CAPEX (additional Rs. 100 crores) related to geographical expansion or setting up another Continuous PUF Plant will be reviewed after first phase operating results.
Chennai CAPEX expected to complete by May next year, with office relocation planned for June.
Working capital fund base limit increased to Rs. 65 crores to handle raw material procurement and short-term stocking needs; average utilization expected around 50%.

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