Any current/future new fundraising through debt or equity?

Management indicated a possibility of increasing debt to support aggressive business growth, especially due to good order inflow from quick commerce and funds blocked in non-fund based projects. They plan to increase the fund limit by around Rs. 20 crore to Rs. 25 crore, though not expecting to utilize 100% immediately but keeping buffer margins. There is openness toward raising funds through bank loans or equity depending on opportunities and timing, especially for future acquisitions, collaborations, and CAPEX. No concrete or immediate equity fundraising announced; decisions on CAPEX beyond

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

Current CAPEX of around Rs. 20 crore is focused on modernization and semi-automation of the adjusting facility, mainly for machinery upgrades to improve power quality and workmanship. Chennai plant CAPEX is approximately Rs. 10,000 crore (₹100 crore, likely a typo, but exact figure mentioned) and is progressing on schedule, expected to be operational by next quarter. Phase 2 CAPEX planned around Rs. 150 crore+, with funding potentially spread over FY’26 and FY’27, focusing on acquisitions, collaborations, and geographical expansion rather than new land or building. Internal reshuffling and pla

Future growth expectations in sales/revenue/volumes?

The company targets to reach Rs. 1000 crore revenue by FY’28 with focus on marketing, branding, and maximizing utilization of existing and new verticals. New plants are expected to contribute Rs. 150 crore in the current financial year and potentially Rs. 225-250 crore from continuous PUF panels and Rs. 130 crore from commercial freezers at full capacity. The company aims for Rs. 650 crore topline with current plants and new expansions. Order book stands strong at around Rs. 171 crore, ensuring high revenue visibility. Growth is driven by sectors like dairy, pharmaceuticals, food processing, q

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

The company targets a topline of Rs. 1000 crore by FY’28, focusing on maximizing utilization of existing and new verticals. EBITDA margin guidance is steady at 9.5% to 10.5% until the Rs. 1000 crore topline is achieved, with potential for a slight 1-2% increase later. Initial years' profitability is compressed due to higher depreciation and interest from new CAPEX; margins expected to stabilize with scale-up. Net profit slightly compressed in FY’25 (Rs. 22.9 crore) vs FY’24 due to incremental expenses but expected to improve as new plants ramp up. EPS for FY’25 was Rs. 14.65 (down from

Current/ Expected Orderbook/ Pending Orders?

The current pending order book stands strong at approximately Rs. 171 crore. This includes significant orders from core and emerging verticals, providing high revenue visibility going into FY’26. Pending orders include: - Rs. 28.5 crore from Jammu and Kashmir horticulture department. - Two orders worth Rs. 42 crore from West Bengal government. - Orders from dairy federations, NDTP, reputed food processing industries, and leading global restaurant brands. Export pending order book is around Rs. 6 crore, with discussions ongoing for Rs. 7-8 crore more, which may materialize.

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ICE Make Refrigeration LtdQ1 FY25Industrial Manufacturing

ICE Make Refrigeration Ltd Q1 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 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→The company targets to reach Rs. 1000 crore revenue by FY’28 with focus on marketing, branding, and maximizing utilization of existing and new verticals.
→New plants are expected to contribute Rs. 150 crore in the current financial year and potentially Rs. 225-250 crore from continuous PUF panels and Rs. 130 crore from commercial freezers at full capacity.
→The company aims for Rs. 650 crore topline with current plants and new expansions.
→Order book stands strong at around Rs. 171 crore, ensuring high revenue visibility.
→Growth is driven by sectors like dairy, pharmaceuticals, food processing, quick commerce, and e-commerce.
→Geographically, growth is strong in Eastern and Southern India, maintaining dominant 51% revenue share from the West.
→Export target is Rs. 25 crore, with US market expansion underway after certification.
→EBITDA margin expected to stabilize around 9.5% to 10.5% in the next financial year after CAPEX ramp-up.

Margin guidance

Category 3

→The company targets a topline of Rs. 1000 crore by FY’28, focusing on maximizing utilization of existing and new verticals.
→EBITDA margin guidance is steady at 9.5% to 10.5% until the Rs. 1000 crore topline is achieved, with potential for a slight 1-2% increase later.
→Initial years' profitability is compressed due to higher depreciation and interest from new CAPEX; margins expected to stabilize with scale-up.
→Net profit slightly compressed in FY’25 (Rs. 22.9 crore) vs FY’24 due to incremental expenses but expected to improve as new plants ramp up.
→EPS for FY’25 was Rs. 14.65 (down from Rs. 16.64 in FY’24) with expectation of growth post full operation of new plants.
→The company is focused more on topline growth and market expansion, with operating leverage positively impacting earnings over next 2-3 years.

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Fundraise plans

Yes

→Management indicated a possibility of increasing debt to support aggressive business growth, especially due to good order inflow from quick commerce and funds blocked in non-fund based projects.
→They plan to increase the fund limit by around Rs. 20 crore to Rs. 25 crore, though not expecting to utilize 100% immediately but keeping buffer margins.
→There is openness toward raising funds through bank loans or equity depending on opportunities and timing, especially for future acquisitions, collaborations, and CAPEX.
→No concrete or immediate equity fundraising announced; decisions on CAPEX beyond phase 1 will be reviewed around September-October 2025.
→The company aims to remain flexible with funding sources based on project feasibility and market conditions.

Order book

Yes

→The current pending order book stands strong at approximately Rs. 171 crore.
→This includes significant orders from core and emerging verticals, providing high revenue visibility going into FY’26.
→Pending orders include:
→ - Rs. 28.5 crore from Jammu and Kashmir horticulture department.
→ - Two orders worth Rs. 42 crore from West Bengal government.
→ - Orders from dairy federations, NDTP, reputed food processing industries, and leading global restaurant brands.
→Export pending order book is around Rs. 6 crore, with discussions ongoing for Rs. 7-8 crore more, which may materialize.
→The order book is growing quarter-on-quarter, showing consistent increase and good momentum.

Capex plans

Yes

→Current CAPEX of around Rs. 20 crore is focused on modernization and semi-automation of the adjusting facility, mainly for machinery upgrades to improve power quality and workmanship.
→Chennai plant CAPEX is approximately Rs. 10,000 crore (₹100 crore, likely a typo, but exact figure mentioned) and is progressing on schedule, expected to be operational by next quarter.
→Phase 2 CAPEX planned around Rs. 150 crore+, with funding potentially spread over FY’26 and FY’27, focusing on acquisitions, collaborations, and geographical expansion rather than new land or building.
→Internal reshuffling and plant modifications may increase installed capacity without large new CAPEX.
→No current plans for CAPEX related to land acquisition or new plant setup.
→Open to all funding options including bank loans and equity based on opportunities.
→Acquisition and collaboration ambitions exist but specifics remain confidential and dependent on valuation and timing.

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