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Ice Make Refrigeration share price & results

Ice Make Refrigeration Limited· Capital Goods· Industrials

Results to
Jun 2026
Latest analysed call
Q1 FY27
Ownership as of
Sept 2026

Ahmedabad manufacturer of cold rooms & refrigeration equipment for dairy, food, pharma, logistics cold chains.

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Reported

The figures, each with its period

Each figure keeps its basis and period; nothing is filled in.

MetricValueChangeBasisPeriodNote
Revenue179 ₹ crore+60.4% YoYQuarterly, as filedQuarter to Jun 2026Revenue from operations as filed.
Operating margin1.7 %−2.3 pts YoYOperating profit / revenueQuarter to Jun 2026For the quarter; a change is in percentage points.
Net profit-1.7 ₹ crore—Quarterly, as filedQuarter to Jun 2026Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown.
Return on equity9.32 %−11.0 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Jun 2026Adjusted profit attributable to owners ÷ average owners’ equity.
Free cash flow margin-7.62 %+3.3 ptsFY Mar 2026 vs FY Mar 2025Fiscal yearFY ending Mar 2026(Operating cash flow − fixed-asset purchases + disposals) ÷ revenue.
Revenue growth (YoY)45.43 %+12.2 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Jun 2026Revenue change against the same period one year earlier.

Source: Inve data from filed results; ratios from the Screener-verified panel · to Jun 2026

Guidance

What management said, and what became of it

3 of 7 judged targets kept · 10 open · verdicts reflect calls analysed to Q1 FY27.

Ice Make Refrigeration Limited management guidance track record on Inve: 17 targets tracked across analysed earnings calls (3 achieved, 4 missed, 10 open).

TargetOriginal wordingSaidLatest callVerdict
FY27 Bharat Refrigerations Revenue₹50-55 crore
Call transcript, Q4 FY26 · 4 Jun 2026		Q4 FY26Q1 FY27:No specific update provided on the performance of the Bharat Refrigerations subsidiary.
Call transcript, Q1 FY27 · 18 Aug 2026		Ghosted
Phase 2 Capex Execution₹150 crore plus capex plan to be reviewed in April/May
Call transcript, Q3 FY25 · 12 Feb 2025		Q3 FY25Q1 FY27:The original plan has been superseded by a concrete capital allocation plan from the proposed ₹180 cr Galilei investment, including ₹58 cr for capacity expansion.
Call transcript, Q1 FY27 · 18 Aug 2026		Delayed
FY26 Revenue₹650 crore
Call transcript, Q4 FY25 · 21 May 2025		Q4 FY25Q4 FY26:Achieved ₹668 crore for the full year, exceeding guidance.
Call transcript, Q4 FY26 · 4 Jun 2026		Achieved

Source: Inve Guidance Tracker for Ice Make Refrigeration Limited · to Q1 FY27

A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.

4 of Ice Make Refrigeration Limited's 17 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 14 more targets are in the full ledger.

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Price

₹640.6 +1.93% · +₹12.1

Last close 27 Oct 2026 · NSE · INR · Source: Inve

Performance −12.2% 1Y

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

1Y: ₹729.95 on 24 Oct 2025 → ₹640.6. High ₹885.95 (26 May 2026), low ₹623.65 (1 Oct 2026).

Previous close
₹628.5
Market cap
₹1.1k Cr
52-week range
₹623.65 – ₹885.95
One year
−9.99%
Price to earnings (TTM to Jun 2026)
95.32×
Return on equity (TTM to Jun 2026)
9.32%

Overview

Symbol
NSE:ICEMAKE
Industry
Industrials
Exchange
NSE
Currency
INR

What Ice Make Refrigeration Limited does

Based on the company's own presentations, annual report and earnings calls.

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

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.

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