Any current/future new fundraising through debt or equity?

The company has not finalized the mode of funding for new CAPEX (continuous PUF panel and commercial filters expansion). They are currently reviewing cash flow generation and business performance before deciding on funding. New CAPEX plans amount to about Rs. 150 crore plus, but the decision on funding sources (internal accruals, debt, or others) remains open. Debt repayment is not an immediate priority due to the favorable interest rate (about 8.1%) on existing loans. The company is focusing on growth and may redeploy profits rather than aggressively repaying debt. No explicit mention of equi

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

Company has already invested around Rs. 100 crore in CAPEX related to continuous PUF panel factory and commercial refrigeration. A new CAPEX plan of about Rs. 150 crore plus is under consideration but not yet finalized. Focus currently is to stabilize new product businesses (continuous PUF panels and commercial freezers). Further CAPEX decisions will be reviewed post current financial year-end (April/May) based on cash flow and business performance. South plant expansion is underway with ongoing construction; expected ready for shifting by end of Q1 next financial year. Planned additional CAPE

Future growth expectations in sales/revenue/volumes?

Company targets achieving Rs. 500 crore topline in current financial year (FY25). Aims to reach Rs. 1,000 crore topline by 2028. Quick commerce segment expected to grow to Rs. 900-1,000 crore market potential in next 2-3 years; company expects Rs. 50 crore revenue with 15% market share. New verticals like Continuous PUF panels and commercial freezers expected to become profitable by FY26. Current capacity can generate Rs. 450-500 crore revenue; with new CAPEX total capacity supports Rs. 800 crore top-line. Order book stands at Rs. 167 crore, with daily dispatch increasing (Rs. 2-3 cr

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

The company aims to achieve a topline of Rs. 500 crore in the current financial year and Rs. 1,000 crore by 2028. EBITDA margin guidance is maintained at 9.5% to 10.5% until reaching Rs. 1,000 crore topline. The new verticals (Continuous PUF panels and commercial freezers) are expected to be profitable from FY26. PAT is expected around Rs. 20 crore plus this year, but will be under pressure due to depreciation and interest; PAT margin expected to improve after FY26 as loan and depreciation impact eases. Debt repayment is not a current priority; growth and CAPEX will be funded by cash flows and

Current/ Expected Orderbook/ Pending Orders?

Total pending order book is around Rs. 167 crore. Cold room vertical pending order: Rs. 39 crore. Commercial vertical pending order: Approximately Rs. 30 crore. Industrial refrigeration pending order: Rs. 4.5 crore. Transport refrigeration pending order: Rs. 5.25 crore. Ammonia refrigeration pending order: Rs. 29.4 crore. Commercial freezer pending order: Rs. 1.5 crore. Continuous panel pending order: Rs. 9.5 crore. Project business pending order: About Rs. 51 crore. Orders are a mix of short-term (executed within month) and long-term (6-12 months delivery). Monthly dispatch value ranges from

IN US

Sale is live|00:00:00left today

ICE Make Refrigeration LtdQ4 FY26Industrial Manufacturing

ICE Make Refrigeration Ltd Q4 FY26 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 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→Company targets achieving Rs. 500 crore topline in current financial year (FY25).
→Aims to reach Rs. 1,000 crore topline by 2028.
→Quick commerce segment expected to grow to Rs. 900-1,000 crore market potential in next 2-3 years; company expects Rs. 50 crore revenue with 15% market share.
→New verticals like Continuous PUF panels and commercial freezers expected to become profitable by FY26.
→Current capacity can generate Rs. 450-500 crore revenue; with new CAPEX total capacity supports Rs. 800 crore top-line.
→Order book stands at Rs. 167 crore, with daily dispatch increasing (Rs. 2-3 crore daily).
→E-commerce and quick commerce business showing strong demand and growth potential.
→Expansion plans include new South plant with Rs. 10 crore CAPEX underway.
→Exports to US expected after certification by end of current financial year, opening new market opportunities.

Margin guidance

Category 3

→The company aims to achieve a topline of Rs. 500 crore in the current financial year and Rs. 1,000 crore by 2028.
→EBITDA margin guidance is maintained at 9.5% to 10.5% until reaching Rs. 1,000 crore topline.
→The new verticals (Continuous PUF panels and commercial freezers) are expected to be profitable from FY26.
→PAT is expected around Rs. 20 crore plus this year, but will be under pressure due to depreciation and interest; PAT margin expected to improve after FY26 as loan and depreciation impact eases.
→Debt repayment is not a current priority; growth and CAPEX will be funded by cash flows and loans (current loans at ~8.1% interest).
→Quick commerce vertical expected to generate Rs. 50 crore revenue with 15% market share over next 2-3 years.
→Profit margins may improve further post optimum utilization of new and old capacities in 3-4 years, with potential to reach 11-12% EBITDA margin.

3 more insights locked — sign up free to unlock

Fundraise plans

Yes

→The company has not finalized the mode of funding for new CAPEX (continuous PUF panel and commercial filters expansion).
→They are currently reviewing cash flow generation and business performance before deciding on funding.
→New CAPEX plans amount to about Rs. 150 crore plus, but the decision on funding sources (internal accruals, debt, or others) remains open.
→Debt repayment is not an immediate priority due to the favorable interest rate (about 8.1%) on existing loans.
→The company is focusing on growth and may redeploy profits rather than aggressively repaying debt.
→No explicit mention of equity fundraising was made in the discussed Q3FY25 call excerpt.

Order book

Yes

→Total pending order book is around Rs. 167 crore.
→Cold room vertical pending order: Rs. 39 crore.
→Commercial vertical pending order: Approximately Rs. 30 crore.
→Industrial refrigeration pending order: Rs. 4.5 crore.
→Transport refrigeration pending order: Rs. 5.25 crore.
→Ammonia refrigeration pending order: Rs. 29.4 crore.
→Commercial freezer pending order: Rs. 1.5 crore.
→Continuous panel pending order: Rs. 9.5 crore.
→Project business pending order: About Rs. 51 crore.
→Orders are a mix of short-term (executed within month) and long-term (6-12 months delivery).
→Monthly dispatch value ranges from Rs. 1.5 crore to Rs. 4 crore, averaging 2-3 crore daily.
→Strong order pipeline in quick commerce with 15% market share expected to generate Rs. 50 crore revenue.

Capex plans

Yes

→Company has already invested around Rs. 100 crore in CAPEX related to continuous PUF panel factory and commercial refrigeration.
→A new CAPEX plan of about Rs. 150 crore plus is under consideration but not yet finalized.
→Focus currently is to stabilize new product businesses (continuous PUF panels and commercial freezers).
→Further CAPEX decisions will be reviewed post current financial year-end (April/May) based on cash flow and business performance.
→South plant expansion is underway with ongoing construction; expected ready for shifting by end of Q1 next financial year.
→Planned additional CAPEX for south plant estimated around Rs. 10 crore (land, building, machinery) and is in progress.
→For large projects or tenders, CAPEX and terms differ depending on the nature of the business.
→The company intends to invest in automation to reduce costs and complement EBITDA margins going forward.

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

Pro feature

1ICE Make Refrigeration Ltd

Rev 2Mar 3

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