Current/ Expected Orderbook/ Pending Orders?

The company currently has an order book of approximately ₹180+ crore as of the latest quarter (Page 4). Continuous Panels production is aligned with existing order bookings, maintaining raw material inventory sufficient for 20–30 days without significant finished goods inventory (Page 15). No specific data on pending or backlog orders beyond the ₹180+ crore order book was provided. The order book supports expectations of achieving full-year financial goals and strategic growth plans (Page 4).

Any current/future new fundraising through debt or equity?

The company has increased its authorized capital, which could indicate potential future fundraising, but no concrete final decision has been taken yet. Management stated they cannot comment exactly on such possibilities at this point in time. If and when a decision is made regarding raising funds, proper disclosure or comment will be provided. Current peak debt level is around ₹105–119 crore, and debt is expected to reduce going forward. The company has provisioned a bridge loan for specific capex financing, which will not be carried long term. Interest costs are expected to reduce from the ne

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

The company has multiple options for capex but has not yet finalized specific plans. Existing capacity (~₹400 crore revenue) for new verticals (Continuous Panels and Commercial Freezers) is sufficient; additional capex required is minimal (~₹15–20 crore) to execute some premium product categories. Plans to evaluate the need for a second manufacturing facility for Continuous Panels after about a year of operations due to geographic/logistic limits. Expansion in subsidiaries includes land acquisition in the South for shifting operations next quarter and plans to scale eastern operations af

Future growth expectations in sales/revenue/volumes?

The company targets ₹1,000 crore topline by FY30, growing from around ₹500 crore current scale. Expected revenue progression: ₹650 crore for FY26, ₹800–825 crore for FY27, reaching ₹1,000 crore by FY28. New verticals (Continuous Panels and Commercial Freezers) projected to contribute around ₹325–350 crore near ₹1,000 crore revenue milestone. Growth driven by expanding retail footprint, stronger last-mile connectivity, and increased presence in HoReCa, pharmaceutical, and food processing industries. Focus on organic growth with stable margins; margin expansion to be evaluated after reaching ₹1,

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

The company expects PAT growth to accelerate from next year as it scales towards a 9–10% EBITDA range over the next 3–4 years. Margin compression seen this year is unlikely to repeat with improved operational efficiencies and scale benefits. EBITDA margins for the current year are expected around 7.5–8%, improving in Q4 and beyond. Next financial year (FY27) revenue is guided at ₹800–825 crore, with FY28 targeting around ₹1,000 crore. New verticals like Continuous Panels and Commercial Freezers are anticipated to complement EBITDA margins of 9–10% at full capacity. Interest and depre

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ICE Make Refrigeration LtdQ4 FY27Industrial Manufacturing

ICE Make Refrigeration Ltd Q4 FY27 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

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 2

→The company targets ₹1,000 crore topline by FY30, growing from around ₹500 crore current scale.
→Expected revenue progression: ₹650 crore for FY26, ₹800–825 crore for FY27, reaching ₹1,000 crore by FY28.
→New verticals (Continuous Panels and Commercial Freezers) projected to contribute around ₹325–350 crore near ₹1,000 crore revenue milestone.
→Growth driven by expanding retail footprint, stronger last-mile connectivity, and increased presence in HoReCa, pharmaceutical, and food processing industries.
→Focus on organic growth with stable margins; margin expansion to be evaluated after reaching ₹1,000 crore scale.
→Dealer network expansion ongoing, with more aggressive push in South and East markets.
→After initial capex phase, expected acceleration in PAT growth and profitability improvements as scale and utilization improve.
→Infrastructure and cold chain sectors offer ample growth opportunities with increasing acceptance of new product lines.

Margin guidance

Category 3

→The company expects PAT growth to accelerate from next year as it scales towards a 9–10% EBITDA range over the next 3–4 years.
→Margin compression seen this year is unlikely to repeat with improved operational efficiencies and scale benefits.
→EBITDA margins for the current year are expected around 7.5–8%, improving in Q4 and beyond.
→Next financial year (FY27) revenue is guided at ₹800–825 crore, with FY28 targeting around ₹1,000 crore.
→New verticals like Continuous Panels and Commercial Freezers are anticipated to complement EBITDA margins of 9–10% at full capacity.
→Interest and depreciation costs are expected to reduce from next financial year, aiding bottom-line growth.
→Operating cash flow conversion is expected to remain steady around 9–10% as the company scales.
→Overall, sustainable profit and EPS growth is expected via topline expansion, stable margins, and improved cost efficiencies.

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Fundraise plans

→The company has increased its authorized capital, which could indicate potential future fundraising, but no concrete final decision has been taken yet.
→Management stated they cannot comment exactly on such possibilities at this point in time.
→If and when a decision is made regarding raising funds, proper disclosure or comment will be provided.
→Current peak debt level is around ₹105–119 crore, and debt is expected to reduce going forward.
→The company has provisioned a bridge loan for specific capex financing, which will not be carried long term.
→Interest costs are expected to reduce from the next financial year onwards.

Order book

→The company currently has an order book of approximately ₹180+ crore as of the latest quarter (Page 4).
→Continuous Panels production is aligned with existing order bookings, maintaining raw material inventory sufficient for 20–30 days without significant finished goods inventory (Page 15).
→No specific data on pending or backlog orders beyond the ₹180+ crore order book was provided.
→The order book supports expectations of achieving full-year financial goals and strategic growth plans (Page 4).

Capex plans

Yes

→The company has multiple options for capex but has not yet finalized specific plans.
→Existing capacity (~₹400 crore revenue) for new verticals (Continuous Panels and Commercial Freezers) is sufficient; additional capex required is minimal (~₹15–20 crore) to execute some premium product categories.
→Plans to evaluate the need for a second manufacturing facility for Continuous Panels after about a year of operations due to geographic/logistic limits.
→Expansion in subsidiaries includes land acquisition in the South for shifting operations next quarter and plans to scale eastern operations after gaining market confidence.
→Capex cycles typically occur every 4–5 years; current phase includes ongoing investments with gradual margin improvement expected as scale benefits accrue.
→No immediate plans for backward integration; this could be evaluated after achieving sufficient scale in 1–2 years.
→Authorized capital increased, but no concrete fundraising decision made yet; monitoring and disclosure will follow if decided.

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

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