Detailed Narrative
Q3 FY26 Financial Performance Overview
For Q3 FY26, Ice Make Refrigeration reported a consolidated revenue of ₹153.36 crore, demonstrating robust year-on-year growth. Consolidated Profit Before Tax (PBT) stood at ₹1.90 crore, with Profit After Tax (PAT) at ₹1.45 crore. On a standalone basis, revenue from operations was ₹153.21 crore, and PAT was ₹1.11 crore. For the first nine months of FY26, standalone revenue from operations reached ₹437.76 crore, with PAT at ₹1.17 crore, while consolidated revenue for the nine months ended December 31, 2025, was ₹412.35 crore.
Strategic Priorities and Market Expansion
The company's key priorities include strengthening regional penetration, improving operational efficiency, and aligning systems for future growth. Ice Make is expanding its retail footprint and last-mile connectivity, increasing presence in HoReCa, pharmaceutical, and food processing industries, and enhancing manufacturing efficiency and product innovation. The company showcased its product portfolio at major industry platforms like HoReCa exhibitions in Gandhinagar and dairy exhibitions in New Delhi, reinforcing its market presence.
New Verticals: Continuous Panels and Commercial Freezers
The new verticals, Continuous Panels and Commercial Freezers, are crucial for future growth. For the nine months ended December 2025, Continuous Panels contributed around ₹56 crore in sales, and Commercial Freezers contributed approximately ₹34 crore. For the full year, these two verticals are expected to collectively contribute ₹140-150 crore. Breakeven for Continuous Panels is estimated at ₹80-82 crore and for Commercial Freezers at ₹50-55 crore, with management expecting single-digit EBITDA margins (9-10%) at full utilization.
Margin Outlook and Cost Pressures
During the quarter, input costs and finance expenses continued to exert pressure on margins. The entry-stage strategy for new verticals also temporarily compressed overall margins. Management expects the impact of elevated finance costs and depreciation to persist for about four quarters. However, they anticipate margin improvement from Q4 FY26 due to strategic price increases and vendor negotiations, guiding for a 7.5-8% EBITDA margin for FY26 and 9-10% at ₹1,000 crore revenue.
Order Book and Future Revenue Guidance
Ice Make holds a robust order book of approximately ₹180+ crore, providing strong revenue visibility. The company has set ambitious revenue targets: ₹650 crore for FY26, ₹800-825 crore for FY27, and ₹1,000 crore for FY28. Management is confident in achieving these goals, leveraging its diversified product portfolio and expanding market reach. The existing capacity for new verticals is around ₹400 crore in revenue terms, with only ₹15-20 crore additional capex needed to reach ₹325-350 crore contribution from these segments.
Subsidiary Performance and Geographical Expansion
Bharat Refrigerations, a wholly-owned subsidiary acquired in 2016, contributed ₹10 crore in sales this quarter and grew its topline from ₹2 crore to ₹34-35 crore last year. Ice Best, a recently opened subsidiary, is a pilot project focused on tapping the eastern market. The company is expanding geographically, with plans to shift operations to acquired land in the South by next quarter and continuously onboarding new dealers, particularly in the South, which is a key focus region.