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: Ice Make reported consolidated Q3 FY '26 revenue of INR 153.36 crore, up 39% year-on-year, showing strong top-line momentum.
Margin Pressure: Input costs and finance expenses remain elevated, leading to margin compression, but management expects margins to normalize as new verticals scale up.
Market Expansion: The company is actively expanding into new regions and verticals, focusing on retail footprint, HoReCa, pharmaceuticals, and food processing.
Order Book: The company has an order book of over INR 180 crore, providing good revenue visibility for the coming quarters.
EBITDA Guidance: Management targets to close FY '26 at about 8% EBITDA margin at the consolidated level.
Strategic Priorities: Priorities include operational efficiency, regional penetration, and product innovation to capture long-term opportunities in the cold chain ecosystem.
Margin Recovery Outlook: Margins in new business verticals are expected to improve over the medium term as volumes and efficiencies increase.
