Ice Make Refrigeration Q2 FY27 results: net profit up 34.2% to ₹2.71 crore, revenue up 40.6%

How did Ice Make Refrigeration perform in Q2 FY27?

Ice Make Refrigeration reported consolidated revenue of ₹207.38 crore for Q2 FY27, up 40.6% from ₹147.49 crore in Q2 FY26 and 15.9% from ₹178.88 crore in Q1 FY27. Total income was ₹207.72 crore, against ₹147.58 crore a year earlier and ₹178.99 crore in the previous quarter. The figures are consolidated; the board also approved standalone results for the quarter ended 30 September 2026.

EBITDA was ₹9.12 crore, down 5.2% from ₹9.62 crore in Q2 FY26 but up from ₹2.99 crore in Q1 FY27. EBITDA margin declined 2.1 percentage points year on year to 4.4%, while it rose 2.7 percentage points from 1.7% in the previous quarter.

Profit before tax rose 34.7% to ₹3.73 crore from ₹2.77 crore in Q2 FY26 and turned positive from a loss of ₹2.23 crore in Q1 FY27. Net profit was ₹2.71 crore, up 34.2% from ₹2.02 crore a year earlier and from a net loss of ₹1.65 crore in Q1 FY27. Basic EPS was ₹1.60, compared with ₹1.28 a year earlier.

What changed in Ice Make Refrigeration's costs and profit?

Total expenses rose 40.9% to ₹203.99 crore from ₹144.81 crore in Q2 FY26, broadly tracking the 40.6% revenue increase. Cost of materials consumed was the largest cost line at ₹154.12 crore, up 49.4% or ₹50.94 crore, while other expenses rose 59.6% or ₹14.15 crore to ₹37.91 crore. Employee cost increased 9.9% to ₹8.74 crore and finance costs rose 33.0% to ₹3.63 crore.

Depreciation fell 50.0% to ₹2.10 crore from ₹4.20 crore in Q2 FY26. The filing states that the company changed its depreciation method for Property, Plant and Equipment from the Written Down Value method to the Straight Line Method with effect from 1 April 2026, applied prospectively as a change in accounting estimate; the auditors said consolidated depreciation expense was lower by Rs. 210.46 lakhs for the quarter.

Other income rose 277.8% to ₹0.34 crore from ₹0.09 crore, while tax expense increased 36.0% to ₹1.02 crore from ₹0.75 crore. There was no exceptional item in Q2 FY27 or Q2 FY26. Despite the higher revenue and lower depreciation, EBITDA declined, and the filing did not state a reason for the movement in cost of materials or other expenses.

How did the first half of FY27 go?

In the first half of FY27, consolidated revenue rose 49.1% to ₹386.26 crore from ₹258.99 crore in H1 FY26. Total income increased 49.2% to ₹386.71 crore from ₹259.21 crore, and EBITDA margin for the quarter was 4.4% compared with 6.5% in Q2 FY26.

Profit before tax for H1 FY27 was ₹1.50 crore, up 61.3% from ₹0.93 crore in H1 FY26. Net profit increased 90.9% to ₹1.05 crore from ₹0.55 crore, while basic EPS rose to ₹0.64 from ₹0.38. The company reported no exceptional item in the half-year figures.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹661.68 crore, compared with ₹507.95 crore at 31 March 2026. Total equity rose to ₹316.48 crore from ₹132.61 crore, while borrowings fell to ₹132.23 crore from ₹150.89 crore. Cash and cash equivalents were ₹78.13 crore, compared with ₹1.77 crore at the previous balance sheet date.

Inventories increased to ₹173.08 crore from ₹148.06 crore, while trade receivables fell to ₹148.84 crore from ₹157.29 crore. Trade payables declined to ₹141.85 crore from ₹144.81 crore. The filing records that the company allotted 23,67,573 equity shares on a preferential basis on 10 September 2026.

For H1 FY27, operating cash flow was an outflow of ₹29.39 crore, compared with an outflow of ₹52.82 crore in H1 FY26. Investing cash flow was an outflow of ₹50.98 crore against ₹21.74 crore, while financing cash flow was an inflow of ₹156.72 crore against ₹77.75 crore. Capital expenditure was ₹15.38 crore, compared with ₹21.86 crore in the earlier half.

How has Ice Make Refrigeration done over the last 8 quarters?

Revenue reached its highest level in the reported period in Q4 FY26 at ₹255.85 crore and its lowest in Q3 FY25 at ₹110.56 crore. In Q2 FY27, revenue rose to ₹207.38 crore from ₹178.88 crore in Q1 FY27, and the company reported that revenue had risen year on year in each of the last eight quarters.

Net profit peaked at ₹11.66 crore in Q4 FY25 and bottomed at a loss of ₹1.65 crore in Q1 FY27. It recovered to ₹2.71 crore in Q2 FY27, while the EBITDA margin rose to 4.4% from 1.7% but remained below 6.5% in Q2 FY26.

What did the auditors point out?

The auditors also drew attention to Icebest Private Limited, which had incurred losses during the last three financial years and whose net worth had been fully eroded as at 30 September 2026. Its interim results were prepared on a going-concern basis in view of continued financial support from the parent, and the auditors said those interim results had not been reviewed by them. They also noted that the associate had not commenced operations and its interim financial information had not been reviewed.

How did Ice Make Refrigeration shares react?

The stock was up 4.6% on the reaction day from its previous close of ₹670.00, with a base price of ₹701.25. The Industrial Products sector’s median reaction-day move was 0.7%, making Ice Make Refrigeration’s move 3.9 percentage points higher than the sector. No reaction-day move was given for the Nifty Microcap 250, the nearest market benchmark, and no one-day or five-day moves were provided.

Earlier results-day moves were mixed: the stock fell 7.6% on 13 August 2026 and 2.6% on 29 May 2026, rose 6.2% on 14 February 2026 and 2.1% on 11 November 2025, and also recorded rises of 1.9% on 7 August 2025 and 0.7% on 8 February 2025. It fell 5.9% on 17 May 2025 and 4.3% on 14 November 2024.

How did other Industrial Products companies do?

Among the 45 Industrial Products peers compared for the quarter, the median revenue growth was 37.7%. Ice Make Refrigeration’s revenue growth of 40.6% was higher than the median; 24 peers grew more slowly than the company and 21 grew faster. Of the 39 peers for which profit was compared, 29 reported higher profit. These peer figures are as of 5 November 2026.