Ice Make Refrigeration Ltd
NSE:ICEMAKE
Ice Make Refrigeration Ltd
Ice Make Refrigeration Ltd. is a refrigeration equipment manufacturer, which engages in providing cooling solutions. The company is headquartered in Ahmedabad, Gujarat. The company went IPO on 2017-12-08. The firm's products include cold storage, commercial refrigeration, industrial refrigeration, transport refrigeration and ammonia refrigeration. The firm serves a range of industries, such as dairy, ice cream, food processing, agriculture, pharmaceuticals, cold chain, logistics, hospitals, hospitality, retail and others. The firm's manufacturing facilities are located in Ahmedabad (Gujarat) and Chennai (Tamil Nadu). The firm operates under its own brand name, Ice Make, as well as under the brand names of Bharat and TransFreez through its wholly owned subsidiary, Bharat Refrigerations Private Limited.
Ice Make Refrigeration Ltd. is a refrigeration equipment manufacturer, which engages in providing cooling solutions. The company is headquartered in Ahmedabad, Gujarat. The company went IPO on 2017-12-08. The firm's products include cold storage, commercial refrigeration, industrial refrigeration, transport refrigeration and ammonia refrigeration. The firm serves a range of industries, such as dairy, ice cream, food processing, agriculture, pharmaceuticals, cold chain, logistics, hospitals, hospitality, retail and others. The firm's manufacturing facilities are located in Ahmedabad (Gujarat) and Chennai (Tamil Nadu). The firm operates under its own brand name, Ice Make, as well as under the brand names of Bharat and TransFreez through its wholly owned subsidiary, Bharat Refrigerations Private Limited.
Strong Revenue Growth: Revenue for Q2 FY '26 surged 47% YoY and 33% QoQ to INR 148 crores (standalone), with the consolidated figure at INR 147.49 crores, up 43% YoY and 32% QoQ.
Return to Profitability: Profit after tax turned positive at INR 1.45 crores (standalone) and INR 2.02 crores (consolidated) after losses in Q1 FY '26.
Margin Improvement: EBITDA margins improved to 5.90% (standalone) and 6.59% (consolidated), mainly due to better capacity utilization and increased scale.
Guidance Maintained: Management reiterated their FY '26 guidance of INR 650 crores in revenue and 8-9% EBITDA margin.
CapEx Plans On Track: The planned INR 150 crore CapEx is progressing, with INR 10.5 crores already allocated for land.
Order Book Strength: Order book stands at approximately INR 190 crores, supporting confidence in achieving annual targets.
Business Drivers: Growth supported by demand in food processing, dairy, meat, pharma, and healthcare sectors, as well as product innovation and digital improvements.
