Any current/future new fundraising through debt or equity?

The company is in the dialogue phase for a planned Rs. 150 crore Phase II CAPEX. Funding for this CAPEX is expected to be a mix of debt and equity. Currently, there is still some capacity to raise additional debt. The company remains open to raising equity but has not yet finalized the plan. The final decision on the mix of debt and equity funding will depend on the progress and finalization of the CAPEX plan.

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

The company is in the dialogue phase for a second phase CAPEX of Rs. 150 crore. This Rs. 150 crore CAPEX includes capacity expansion, technology upgradation, and automation. Funding for this CAPEX is planned through a mix of debt (there is some capacity left) and equity, but final decisions are yet to be crystallized. For FY’26, CAPEX of Rs. 22 crores has already been done, including land purchase (~Rs. 10.5 crores) for phase II. Additional CAPEX in H2 FY’26 is expected to be modest, around Rs. 3-5 crores, possibly up to Rs. 15 crores if developments accelerate. The new plant and expansions ar

Future growth expectations in sales/revenue/volumes?

Ice Make Refrigeration targets Rs. 1000 crore revenue by FY’27-28, indicating strong growth ambitions. Current order book stands at Rs. 190 crore, reflecting ongoing demand and healthy pipeline. Growth driven by expansion in cold rooms, commercial refrigeration, industrial refrigeration, transport refrigeration, ammonia verticals, continuous panels, and new commercial freezer vertical. The company focuses on capacity expansion, automation, technology upgrades, and deeper market penetration, especially in Eastern, Central, and Southern India. Demand is rising in sectors like food processing, da

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

The company targets a top-line revenue of Rs. 1000 crore by FY’27-28. EBITDA margin is expected to improve to 8% for FY’26 and normalize around 10%-11% by FY’28. ROCE (Return on Capital Employed) target is around 25% over time, though it may face short-term pressure during CAPEX phases. Margin improvement is anticipated through gradual price increases (~1% margin benefit) and better scale of operations. New verticals like commercial freezers, continuous panels are expected to move towards breakeven with positive EBITDA trajectory from FY’26 onwards. Order book of ~Rs. 190 crore suppo

Current/ Expected Orderbook/ Pending Orders?

Current order book stands at Rs. 190 crores. Vertical-wise order book breakdown: - Cold room: Rs. 33 crores. - Commercial and dairy vertical: Rs. 15 crores. - Industrial refrigeration: Rs. 3 crores. - Refurbished transport refrigeration: Rs. 5 crores. - Ammonia vertical: Rs. 52 crores. - Continuous panel: Rs. 35 crores. - Chest freezer division: Rs. 1 crore (newly started). - Project orders: Rs. 45 crores. Order delivery timelines vary by product size, with smaller products deliverable in a week and large cold room projects taking from 45 days up to six months. The order book i

IN US

Sale is live|00:00:00left today

ICE Make Refrigeration LtdQ3 FY25Industrial Manufacturing

ICE Make Refrigeration Ltd Q3 FY25 Earnings Call Analysis

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

Price: ₹769P/E: 87.9Market Cap: ₹1.2K CrSector: Industrial Manufacturing

Management growth scorecard

Revenue

Category 2

Margin

Category 2

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→Ice Make Refrigeration targets Rs. 1000 crore revenue by FY’27-28, indicating strong growth ambitions.
→Current order book stands at Rs. 190 crore, reflecting ongoing demand and healthy pipeline.
→Growth driven by expansion in cold rooms, commercial refrigeration, industrial refrigeration, transport refrigeration, ammonia verticals, continuous panels, and new commercial freezer vertical.
→The company focuses on capacity expansion, automation, technology upgrades, and deeper market penetration, especially in Eastern, Central, and Southern India.
→Demand is rising in sectors like food processing, dairies, pharmaceuticals, healthcare, and e-commerce.
→Management expects a 40:60 sales split between H1 and H2, with higher volumes and revenues in the second half.
→Price increases planned to yield approximately 1% margin benefit, supporting revenue growth.
→New business verticals are expected to contribute positively to margins and volumes in coming years.

Margin guidance

Category 2

→The company targets a top-line revenue of Rs. 1000 crore by FY’27-28.
→EBITDA margin is expected to improve to 8% for FY’26 and normalize around 10%-11% by FY’28.
→ROCE (Return on Capital Employed) target is around 25% over time, though it may face short-term pressure during CAPEX phases.
→Margin improvement is anticipated through gradual price increases (~1% margin benefit) and better scale of operations.
→New verticals like commercial freezers, continuous panels are expected to move towards breakeven with positive EBITDA trajectory from FY’26 onwards.
→Order book of ~Rs. 190 crore supports near-term revenue growth.
→Working capital pressure is expected initially but should improve as business scales in H2 FY’26 and beyond.
→The management expects that once CAPEX achieves optimal utilization, profitability and ROCE will substantially improve.

3 more insights locked — sign up free to unlock

Fundraise plans

Yes

→The company is in the dialogue phase for a planned Rs. 150 crore Phase II CAPEX.
→Funding for this CAPEX is expected to be a mix of debt and equity.
→Currently, there is still some capacity to raise additional debt.
→The company remains open to raising equity but has not yet finalized the plan.
→The final decision on the mix of debt and equity funding will depend on the progress and finalization of the CAPEX plan.

Order book

Yes

→Current order book stands at Rs. 190 crores.
→Vertical-wise order book breakdown:
→ - Cold room: Rs. 33 crores.
→ - Commercial and dairy vertical: Rs. 15 crores.
→ - Industrial refrigeration: Rs. 3 crores.
→ - Refurbished transport refrigeration: Rs. 5 crores.
→ - Ammonia vertical: Rs. 52 crores.
→ - Continuous panel: Rs. 35 crores.
→ - Chest freezer division: Rs. 1 crore (newly started).
→ - Project orders: Rs. 45 crores.
→Order delivery timelines vary by product size, with smaller products deliverable in a week and large cold room projects taking from 45 days up to six months.
→The order book is ongoing, with new orders regularly coming in as old ones get completed.

Capex plans

Yes

→The company is in the dialogue phase for a second phase CAPEX of Rs. 150 crore.
→This Rs. 150 crore CAPEX includes capacity expansion, technology upgradation, and automation.
→Funding for this CAPEX is planned through a mix of debt (there is some capacity left) and equity, but final decisions are yet to be crystallized.
→For FY’26, CAPEX of Rs. 22 crores has already been done, including land purchase (~Rs. 10.5 crores) for phase II.
→Additional CAPEX in H2 FY’26 is expected to be modest, around Rs. 3-5 crores, possibly up to Rs. 15 crores if developments accelerate.
→The new plant and expansions are expected to put some pressure on ROCE initially, but will improve when optimum utilization is achieved.

How does ICE Make Refrigeration Ltd rank vs peers in Industrial Manufacturing?

Pro feature

1ICE Make Refrigeration Ltd

Rev 2Mar 2

See full Industrial Manufacturing sector rankings

Want more stocks like ICE Make Refrigeration Ltd?

Build an AI portfolio filtered by sector, market cap, and growth rank. Takes 2 minutes.

Build my portfolio