Any current/future new fundraising through debt or equity?

Current debt position: Around Rs. 57 crores (Ankit Patel, Page 7). Post-project implementation, expected debt will be around Rs. 60 to 70 crores (Ankit Patel, Page 7). Debt profile considered comfortable for ongoing projects, with no final decision made on whether to raise additional funds via debt or other sources (Ankit Patel, Page 7). Rs. 200 crore CAPEX planned for current fiscal year, partly funded by internal accruals and potentially debt or other sources (Nikhil Bhatt, Page 10). No specific mention of planned new equity fundraising. Management open to exploring other funding options inc

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

Current CAPEX of Rs. 200 crores includes major projects: - Continuous PUF Panels plant (civil work ongoing, machinery from China and Singapore delivered, production expected by Q3 FY25). - Chest Freezers production (machinery ordered, operation expected by October 2024). - Chennai plant expansion/relocation (civil work underway, expected completion in 6 months, shifting by end of FY25). - Expansion in Kolkata with additional stock points/warehousing to reduce logistics costs. Rs. 75+ crores planned to be spent this year for Continuous PUF Panels and Chest Freezers. Future CAPEX will fo

Future growth expectations in sales/revenue/volumes?

Company targets Rs. 1,000 to Rs. 1,100 crores topline by 2027-28, roughly 2.5x growth from FY24 revenue of Rs. 379 crores. Industry growth drivers include increasing demand in cold storage due to government initiatives and rising need in dairy, ice cream, pharma, and food processing sectors. Expansion in product lines like Continuous PUF Panels and Commercial Refrigeration expected to add Rs. 100-145 crores revenue in coming years. Ice cream industry growth and CAPEX in cold chain sectors signal strong volume increases, with potential for 25%-30%+ volume growth next season. New product and geo

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

Ice Make Refrigeration aims to reach Rs. 1,000 crore topline by FY27-28. Q4 FY24 EBITDA margin improved to 14.93%, with a targeted sustainable EBITDA margin between 9.5% to 10.5%. Full-year FY24 revenues grew 21% YoY to Rs. 379 crores; net profit increased by 26.2% YoY. Earnings have grown at an average annual rate of 39.4% over the past 5 years. Return on Equity (ROE) stands high at 25.1%, reflecting strong profitability. Market capitalization increased by 88% in FY24, signaling investor confidence. Company plans capacity expansion including Continuous PUF Panels and Commercial Refrigeration,

Current/ Expected Orderbook/ Pending Orders?

Current pending order book is over Rs. 122 crores. Order book mix includes: - Ammonia vertical: Rs. 30 crores - Cold Rooms: Rs. 21 crores - Commercial vertical: Over Rs. 25 crores Large projects like Ammonia and big dairy projects have delivery timelines of 6 to 12 months. Small and modular Cold Rooms and Commercial products have shorter timelines (2 to 9 weeks). Ongoing projects include substantial orders from Jammu Kashmir Horticulture Department and reputed clients like Haldiram’s, Bikanervala, Amul Group. The order size in Ammonia vertical and Cold Room projects is comparatively larg

ICE Make Refrigeration LtdQ4 FY24Industrial Manufacturing

ICE Make Refrigeration Ltd Q4 FY24 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

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

Company targets Rs. 1,000 to Rs. 1,100 crores topline by 2027-28, roughly 2.5x growth from FY24 revenue of Rs. 379 crores.
Industry growth drivers include increasing demand in cold storage due to government initiatives and rising need in dairy, ice cream, pharma, and food processing sectors.
Expansion in product lines like Continuous PUF Panels and Commercial Refrigeration expected to add Rs. 100-145 crores revenue in coming years.
Ice cream industry growth and CAPEX in cold chain sectors signal strong volume increases, with potential for 25%-30%+ volume growth next season.
New product and geographic expansions, including East plant ramp-up, expected to increase capacity utilization from 70% to 80%.
Export opportunities are being explored with potential to tap new markets in 1-2 years.
Mix of premium verticals (Cold Rooms, Industrial, Commercial) projected to drive 75%+ of sales, maintaining stable and growing revenue streams.

Margin guidance

Category 3

Ice Make Refrigeration aims to reach Rs. 1,000 crore topline by FY27-28.
Q4 FY24 EBITDA margin improved to 14.93%, with a targeted sustainable EBITDA margin between 9.5% to 10.5%.
Full-year FY24 revenues grew 21% YoY to Rs. 379 crores; net profit increased by 26.2% YoY.
Earnings have grown at an average annual rate of 39.4% over the past 5 years.
Return on Equity (ROE) stands high at 25.1%, reflecting strong profitability.
Market capitalization increased by 88% in FY24, signaling investor confidence.
Company plans capacity expansion including Continuous PUF Panels and Commercial Refrigeration, contributing incremental revenue of approx Rs. 125-145 crores over two years.
Focus remains on premium verticals; project business complements growth but with lower margins.
Operating leverage expected to sustain EBITDA margin around 10%, with potential to improve beyond that.
Dividend payments increased, reflecting strong cash generation and shareholder returns.

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

Fundraise plans

Current debt position: Around Rs. 57 crores (Ankit Patel, Page 7).
Post-project implementation, expected debt will be around Rs. 60 to 70 crores (Ankit Patel, Page 7).
Debt profile considered comfortable for ongoing projects, with no final decision made on whether to raise additional funds via debt or other sources (Ankit Patel, Page 7).
Rs. 200 crore CAPEX planned for current fiscal year, partly funded by internal accruals and potentially debt or other sources (Nikhil Bhatt, Page 10).
No specific mention of planned new equity fundraising.
Management open to exploring other funding options including debt or acquisition-related capital for geographical expansion or warehousing needs (Nikhil Bhatt, Page 10).

Order book

Yes

Current pending order book is over Rs. 122 crores.
Order book mix includes:
- Ammonia vertical: Rs. 30 crores
- Cold Rooms: Rs. 21 crores
- Commercial vertical: Over Rs. 25 crores
Large projects like Ammonia and big dairy projects have delivery timelines of 6 to 12 months.
Small and modular Cold Rooms and Commercial products have shorter timelines (2 to 9 weeks).
Ongoing projects include substantial orders from Jammu Kashmir Horticulture Department and reputed clients like Haldiram’s, Bikanervala, Amul Group.
The order size in Ammonia vertical and Cold Room projects is comparatively larger than before.
Some projects have pending dispatches, e.g., the Haringhata project in Kolkata with around Rs. 35 crores pending dispatch.

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

Capex plans

Yes

Current CAPEX of Rs. 200 crores includes major projects:
- Continuous PUF Panels plant (civil work ongoing, machinery from China and Singapore delivered, production expected by Q3 FY25).
- Chest Freezers production (machinery ordered, operation expected by October 2024).
- Chennai plant expansion/relocation (civil work underway, expected completion in 6 months, shifting by end of FY25).
- Expansion in Kolkata with additional stock points/warehousing to reduce logistics costs.
Rs. 75+ crores planned to be spent this year for Continuous PUF Panels and Chest Freezers.
Future CAPEX will focus on geographical expansion, new product lines like Chest Freezers and Visi Coolers, warehousing, and possibly acquisitions.
Debt after project completion projected around Rs. 60-70 crores.
CAPEX decisions are guided by ROCE benchmarks (~25%) and market opportunities, with a focus on premium verticals (Cold Room, Industrial, Commercial).

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