Ice Make Refrigeration Limited reported healthy revenue growth for the third quarter of FY26, supported by strong demand across industrial refrigeration, cold chain, and commercial cooling segments, while management expressed confidence in achieving its full-year guidance.
On a standalone basis, revenue from operations for Q3 FY26 stood at Rs 153.21 crore, with total income at Rs 153.48 crore. Profit before tax (PBT) came in at Rs 1.50 crore, while profit after tax (PAT) stood at Rs 1.11 crore. For the nine months ended December 31, 2025, standalone revenue reached Rs 437.76 crore.
On a consolidated basis, Q3 FY26 revenue stood at Rs 153.36 crore, reflecting robust year-on-year growth. Consolidated PBT and PAT for the quarter stood at Rs 1.90 crore and Rs 1.45 crore, respectively. For the nine-month period, consolidated revenue was Rs 412.35 crore.
Chairman and Managing Director Chandrakant B. Patel during the Company’s quarterly vision dialogue analyst call stated that the company continues to build on its foundation of innovation and long-term value creation despite a dynamic operating environment. “Our focus remains on strengthening performance, accelerating market expansion, and reinforcing operational discipline,” he said.
Chief Executive Officer M. Srinivas Reddy highlighted that Q3 demonstrated sustained revenue momentum and geographic expansion. The company continues to scale operations across industrial refrigeration, cold chain solutions, and commercial cooling with a diversified product portfolio and growing regional presence.
A key highlight of the quarter was the traction in two newly introduced verticals — Continuous PUF Panels and Commercial Freezers. During the first nine months of FY26, Continuous Panels contributed approximately Rs 56 crore, while Commercial Freezers contributed around Rs 34–35 crore. Management expects the combined contribution from these new verticals to reach Rs 140–150 crore for the full year.
However, the initial entry strategy in these segments — focused on market penetration and customer acquisition — has temporarily impacted margins. The company indicated that pricing calibration, higher depreciation due to recent capex, and elevated finance costs have put short-term pressure on profitability.
Management clarified that this is a strategic investment phase. As volumes scale up and operating efficiencies improve, margins in these verticals are expected to move closer to industry benchmarks over the medium term. The company indicated a potential EBITDA margin range of 7.5–8% as operations stabilize.
Ice Make also maintained its full-year revenue guidance of Rs 650 crore for FY26 and expressed confidence in achieving the target. The order book currently stands at approximately Rs 180 crore, providing near-term revenue visibility.
Demand remains healthy across cold rooms, HoReCa (Hotels, Restaurants, and Catering), pharmaceuticals, food processing, and transport refrigeration. The company continues to expand its retail footprint, strengthen last-mile connectivity, and enhance manufacturing efficiency and product innovation.
While input costs — particularly copper — and finance expenses have exerted pressure during the quarter, management stated that selective price revisions, vendor negotiations, and internal cost optimization measures are underway to protect margins.
With India’s cold chain ecosystem expanding rapidly, Ice Make is positioning itself to capture long-term growth opportunities through product diversification and capacity-led expansion.
The management reiterated its commitment to disciplined execution and sustainable growth, as the company transitions from a capex-heavy phase to operational optimization over the coming quarters.
