ICEMAKE

Ice Make Refrigeration share price & financials

Price
₹752.1
Market cap
₹1.1k Cr
Sector
Capital Goods
Calls analysed
7
Latest concall · Q1 FY27 · call held 18 Aug 2026

Ice Make Refrigeration Limited Q1 FY27

Revenue from Operations ₹178.88 cr +60%EBITDA ₹3.09 cr EBITDA Margin 1.7% Profit After Tax ₹-1.65 cr

What went well

  • Consolidated revenue from operations increased approximately 60.4% year-on-year to ₹178.88 crores in Q1 FY27.
  • A proposed strategic investment of ₹180 crores by Japan's Galilei Holdings Co. Ltd was announced.
  • A proposed 60:40 joint venture with Galilei will initially focus on commercial refrigeration products, combining global technology with local market presence.

What to watch

  • Profitability remained under pressure with EBITDA margin at 1.7% in Q1 FY27, a decline from 4.1% in Q1 FY20.
  • The company reported a profit before tax loss of ₹2.23 crore and a profit after tax loss of ₹1.65 crore in Q1 FY27.
Read the full call →

What Ice Make Refrigeration Limited does

Ice Make Refrigeration Limited designs, manufactures and sells energy-efficient commercial and industrial refrigeration equipment, including cold rooms, transport refrigeration units, ammonia-based systems, continuous PUF insulation panels, chest freezers and visi coolers. It earns revenue by selling this equipment to customers across dairy and ice cream, food processing, hospitality, pharmaceuticals, e-commerce and logistics sectors, both directly and through a network of dealers, business associates and OEM partners in India and abroad. The company operates five manufacturing plants across Gujarat, Tamil Nadu and West Bengal, and exports to over 24 countries.

Segments

  • Cold Room
  • Ammonia Refrigeration & Projects
  • Commercial Refrigeration
  • Transport Refrigeration
  • Continuous PUF Panel
  • Industrial Refrigeration
  • Commercial Freezers
Manufacturing plants
5 (3 in Gujarat – Dantali, Vamaj, Bavla; 1 in Chennai, Tamil Nadu; 1 in Kolkata, West Bengal)
Countries exported to
24+
Customers served
28,000+
Business associates / channel partners
65+
Branch offices in India
5 (Delhi, Jaipur, Indore, Surat, Mumbai)
Dealer, associate & OEM presence in India
88+ towns/cities
Founded 1993Headquarters Ahmedabad, Gujarat, IndiaEmployees 1,249 (FY2024-25 (year ended Ma) Company website

Guidance record · Q1 FY27

what the last two calls moved 17 tracked 3 delivered 4 missed 10 open
  • FY27 Bharat Refrigerations Revenue went quiet said Q4 FY26 Promised: ₹50-55 crore Q1 FY27: No specific update provided on the performance of the Bharat Refrigerations subsidiary.
  • Phase 2 Capex Execution delayed said Q3 FY25 Promised: ₹150 crore plus capex plan to be reviewed in April/May Q1 FY27: The original plan has been superseded by a concrete capital allocation plan from the proposed ₹180 cr Galilei investment, including ₹58 cr for capacity expansion.
  • FY26 Revenue delivered said Q4 FY25 Promised: ₹650 crore Q4 FY26: Achieved ₹668 crore for the full year, exceeding guidance.

All 17 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 60.4%, net profit down 12.9% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue103 111 180 112 147 +43%153 +39%256 +42%179 +60%
EBITDA8 7 21 4 10 +14%10 +48%21 +0%3 −32%
Net profit5 3 12 -1 2 −58%1 −48%10 −13%-2 −13%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −2.6% 1Y

₹650₹700₹750₹800₹850₹900Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 18 Nov 2025Q3 FY26 — 16 Feb 2026Q4 FY26 — 4 Jun 2026Q1 FY27 — 18 Aug 2026

1Y: ₹749.9 on 10 Sept 2025 → ₹730.1. High ₹885.95 (26 May 2026), low ₹665.4 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+0.8%
18 Aug
Q4 FY26
−1.5%
4 Jun
Q3 FY26
+7.3%
16 Feb
Q2 FY26
−0.6%
18 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 29.7% a year over 3 years, FY23 to FY26. Operating margin narrowed to 6.8%.

Year endingFY23FY24FY25FY26
Revenue₹306 Cr₹378 Cr₹480 Cr₹668 Cr
Operating profit₹31 Cr₹41 Cr₹43 Cr₹45 Cr
Operating margin10.3%10.8%8.9%6.8%
Interest₹1 Cr₹2 Cr₹4 Cr₹13 Cr
Depreciation₹3 Cr₹4 Cr₹8 Cr₹17 Cr
Net profit₹21 Cr₹26 Cr₹23 Cr₹12 Cr
Net margin7.0%6.9%4.8%1.8%
Cash from operations₹24 Cr₹10 Cr₹30 Cr₹-11 Cr
Free cash flow₹21 Cr₹-23 Cr₹-52 Cr₹-50 Cr
ROCE37.0%34.0%21.0%12.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹16 Cr₹16 Cr₹16 Cr₹16 Cr₹16 Cr₹16 Cr
Reserves₹41 Cr₹46 Cr₹65 Cr₹88 Cr₹109 Cr₹117 Cr
Borrowings₹10 Cr₹11 Cr₹5 Cr₹27 Cr₹166 Cr₹158 Cr
Other liabilities₹42 Cr₹52 Cr₹73 Cr₹80 Cr₹132 Cr₹212 Cr
Total liabilities₹108 Cr₹125 Cr₹159 Cr₹211 Cr₹423 Cr₹504 Cr
Fixed assets₹30 Cr₹32 Cr₹32 Cr₹50 Cr₹137 Cr₹140 Cr
Capital work in progress₹1 Cr₹0 Cr₹0 Cr₹12 Cr₹12 Cr₹25 Cr
Investments₹0 Cr₹0 Cr₹5 Cr₹0 Cr₹3 Cr₹0 Cr
Other assets₹77 Cr₹93 Cr₹122 Cr₹149 Cr₹270 Cr₹338 Cr
Total assets₹108 Cr₹125 Cr₹159 Cr₹211 Cr₹423 Cr₹504 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs added +0.30 pp while the public trimmed −0.27 pp. The shareholder count shrank 8% to 23,616.

Promoters
74.2%
FIIs
0.3%
DIIs
1.4%
Public
24.1%

Since Jun 2025

  • FIIs +0.30 pp
  • Public −0.27 pp
  • Promoters −0.20 pp

How it drifted, 12 quarters

Over this window DIIs went from 0.0% to 1.4% — +1.4 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 74.5%, FIIs 0.1%, Public 25.5%.Dec '23: Promoters 74.5%, FIIs 0.0%, Public 25.5%.Mar '24: Promoters 74.5%, Public 25.5%.Jun '24: Promoters 74.5%, FIIs 0.0%, Public 25.5%.Sep '24: Promoters 74.5%, Public 25.5%.Dec '24: Promoters 74.5%, DIIs 0.6%, Public 24.9%.Mar '25: Promoters 74.4%, FIIs 0.3%, DIIs 0.9%, Public 24.4%.Jun '25: Promoters 74.4%, FIIs 0.0%, DIIs 1.2%, Public 24.4%.Sep '25: Promoters 74.4%, FIIs 0.0%, DIIs 1.3%, Public 24.3%.Dec '25: Promoters 74.3%, FIIs 0.1%, DIIs 2.0%, Public 23.6%.Mar '26: Promoters 74.2%, FIIs 0.2%, DIIs 1.6%, Public 23.9%.Jun '26: Promoters 74.2%, FIIs 0.3%, DIIs 1.4%, Public 24.1%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Ice Make Refrigeration Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Patel Rajendrabhai P 23.47%unchanged
Vipulbhai Ishwarbhai Patel 23.16%unchanged
Chandrakant Popatbhai Patel 22.99%unchanged
Popatbhai Laljibhai Patel 1.50%unchanged
Niveshaay Hedgehogs Fund AIF1.34%−0.16 pp
Alpesh Bhaichandbhai Soni 1.29%unchanged
Ishwarbhai Laljibhai Patel 0.61%unchanged
Gauriben Popatbhai Patel 0.51%unchanged
Kantaben Ishwarlal Patel 0.51%newly disclosed
Kapilaben Vipulbhai Patel 0.47%unchanged
Jyotsnaben Rajendrabhai Patel 0.46%unchanged
Ramilaben Chandrakantbhai Patel 0.39%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Ice Make Refrigeration Limited

Guides on how to read this kind of business and the numbers that matter.