ICE Make Refrigeration Ltd designs and manufactures industrial refrigeration systems, including cold rooms, continuous PUF panels, and commercial freezers for dairy, food processing, and logistics sectors. Key segments include Cold Rooms (42% FY26 revenue), Continuous Panels (13–14%), and Commercial Freezers (12%). Growth hinges on scaling new verticals to ₹325–350 crore by FY28, geographic expansion in South and East India, and capacity utilization improvements. Management targets ₹1,000 crore revenue by FY28 with 9–10% EBITDA margins, but FY26 results show 4% EBITDA vs. 8% guidance, and breakeven for new verticals remains delayed. The critical execution watchpoint is achieving ₹830–850 crore revenue in FY27 without further margin compression.
companyname: Ice Make Refrigeration Limited ticker: ICEMAKE sector: Commercial & Industrial Refrigeration Equipment Manufacturing Ice Make Refrigeration is a manufacturer of commercial and industrial refrigeration equipment. Founded in 1993 and based in Gujarat, it designs, fabricates, and installs cooling systems that preserve perishable goods across the supply chain — from farm and factory to retail and the consumer's doorstep. The company serves sectors ranging from dairy and food processin...
Read the full report →capex, margin expansion, new product segment, geographic expansion
Revenue: ₹800–825 crore for FY27; ₹1,000 crore for FY28
Guidance upgradedmixed
Get valuation models, detailed research reports, thematic primers, one-pagers, risk analysis, growth triggers, bear case, capex tracker, walk the talk, and more for Ice Make Refrigeration Limited and 4,900+ companies.
5-day free pass. No card required.