Ice Make Refrigeration Limited has informed the Exchange regarding '16th AGM Revised Investor Update'.
ICEMAKE · price
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Awaiting price reaction for this filing.
Ice Make Refrigeration held its 16th AGM on September 27, 2025, highlighting strong FY25 performance with revenue of ₹480 crores (8-year CAGR of ~23.62%) and net profit of ₹22.9 crores, alongside a healthy ROE of 25.8%. The company has a robust order book of ₹175 crores providing near-term revenue visibility and has set an ambitious target to cross ₹1,000 crores in revenue by FY27-28. Management announced an additional capex of up to ₹150 crores planned over the next 1-2 years, with new verticals in commercial freezers and continuous puff panels expected to contribute ₹150 crores in FY26. The Chennai plant relocation is scheduled to be operational by December 2025, and the company now serves customers in 24 countries with 1,200+ employees and 5 manufacturing units.
Positive near-term outlook supported by a strong order book and clear revenue targets, but the aggressive ₹1,000 crores FY27-28 target and large additional capex of up to ₹150 crores raise execution and funding concerns for shareholders to monitor.