Ice Make Refrigeration Limited has informed the Exchange about Transcript
ICEMAKE · price
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Ice Make Refrigeration posted Q1 FY'26 consolidated revenue of Rs. 111.50 crore, up 30.9% year-on-year, but slipped into a loss of Rs. 1.47 crore versus a profit of Rs. 3.64 crore a year ago, with EBITDA margin falling to 4.06% from 7.19%. Management attributed the weak quarter to seasonal input cost fluctuations, higher depreciation and finance costs from recent capex, and entry-level pricing in the new panel and commercial freezer verticals. The order book stands strong at Rs. 173.12 crore, with ammonia (Rs. 52 crore) and continuous panels (Rs. 33.66 crore) as key contributors. Management reiterated FY'26 revenue guidance of Rs. 650 crore, a long-term target of Rs. 1,000 crore by FY'27-28, and an EBITDA margin band of 10-10.5% at scale.
Short-term profitability is under pressure due to new vertical ramp-up costs, but the company is guiding for margin recovery to 8-9% in FY'26 and 10-10.5% at the Rs. 1,000 crore milestone. The strong order book and ongoing discussions on Phase 2 capex (Rs. 150 crore) including potential acquisitions and JVs provide positive revenue visibility, though the Q1 loss may weigh on sentiment until execution improves.