Ice Make Refrigeration Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2025.
ICEMAKE · price
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On the reaction day the stock moved 2.2 pts more than Nifty Microcap 250 and 2.3 pts more than its Industrial Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Ice Make Refrigeration posted its Q1 FY26 results for the quarter ended June 30, 2025. Standalone revenue from operations rose sharply to Rs. 111.86 crore from Rs. 83.17 crore a year ago (~34% growth), but the company slipped into a loss of Rs. 1.39 crore versus a profit of Rs. 3.85 crore in Q1 FY25. Consolidated revenue grew ~31% to Rs. 111.50 crore, with a consolidated loss of Rs. 1.47 crore. Total expenses rose faster than revenue, driven by higher raw material costs, sharply higher finance costs (Rs. 2.26 crore vs Rs. 0.41 crore) and higher depreciation, which compressed operating margins. The auditor flagged that one subsidiary (Icebest Pvt Ltd) has been loss-making for two years, has negative net worth, and its accounts are being continued on a going-concern basis relying on parent support. The board proposed a final dividend of Rs. 2.25 per share (22.5%) for FY25, subject to AGM approval, and also approved an increase in authorised share capital from 1.75 crore to 2 crore equity shares. The 16th AGM is scheduled for September 27, 2025, with e-voting from September 24–26, 2025.
Strong top-line growth is a positive, but the swing to a loss and a sharp jump in interest and depreciation costs will worry investors. The going-concern flag on a subsidiary and continued margin pressure are negatives for the stock in the short term, though the dividend proposal provides some support to existing shareholders.