Ice Make Refrigeration Marks Record Quarterly Performance; Full-Year Revenue Grows 39% to ₹668 Crore

Hyderabad — Ice Make Refrigeration Limited has announced audited financial results for the fiscal year ended March 31, 2026, demonstrating significant revenue expansion alongside strategic investments that temporarily pressured profit margins.

The company achieved its highest quarterly revenue on record during Q4 FY26, reaching ₹255.85 crore with year-on-year growth of 41.8% compared to ₹180.35 crore in the corresponding quarter of the previous year. Sequential expansion was particularly pronounced, with Q4 revenue climbing 66.8% from ₹153.36 crore in the preceding quarter, reflecting strong execution and seasonal business patterns.

For the full financial year, consolidated revenue surged to ₹668.20 crore from ₹479.52 crore in FY25, representing growth of 39.3%. The expansion was underpinned by sustained order inflows across established business segments and accelerating demand for newer product categories, particularly Continuous Panels, Chest Freezers, and Visi Coolers.

Profitability metrics showed mixed results. EBITDA for Q4 FY26 stood at ₹21.77 crore, essentially flat compared to ₹21.85 crore in Q4 FY25, though the margin contracted to 8.5% from 12.1% year-on-year. Quarterly profit after tax (PAT) reached ₹10.12 crore versus ₹11.66 crore previously, with earnings per share declining to ₹6.41 from ₹7.42.

On a full-year basis, EBITDA increased modestly to ₹46.04 crore from ₹43.44 crore, a 6.0% gain, though the margin compressed to 6.9% from 9.1%. Full-year PAT declined to ₹12.13 crore from ₹22.90 crore, while annual EPS fell to ₹7.73 from ₹14.65.

The company attributed the margin pressure to deliberate investments in capacity expansion, workforce development and organizational capabilities, warehouse network strengthening, brand promotion, and compliance with newly implemented Labour Code provisions. Additional headwinds included higher depreciation from recently commissioned manufacturing assets, elevated financing costs tied to expansion initiatives, and expenses related to Energy Label transition and Bureau of Indian Standards regulatory requirements.

The board of directors approved the standalone and consolidated financial statements at a meeting held on May 29, 2026, and recommended a final dividend of ₹2.25 per equity share, representing 22.5% of the face value of ₹10 per share, pending shareholder approval at the annual general meeting.

Chandrakant Patel, Chairman and Managing Director, characterized FY26 as a transformational year aligned with the Make in India initiative. "The strategic investments undertaken during the year, coupled with higher depreciation arising from newly commissioned assets, elevated finance costs associated with growth initiatives, and one-time costs related to the implementation of the new Labour Code, Energy Label transition, and other growth-centric programs, impacted profitability during the financial year," Patel stated.

He emphasized the long-term orientation of these investments, noting they are designed to strengthen competitive positioning and create a scalable platform for future expansion. "As utilization levels improve and recent investments begin to mature, we expect operating leverage to support profitability improvements over the medium term," he added.

Patel highlighted expanding opportunities across India's cold chain, food processing, pharmaceutical, retail, and industrial refrigeration sectors, positioning the company to capitalize on sustained demand growth.

Chief Executive Officer M. Srinivas Reddy underscored the strength of underlying business momentum. "All our businesses posted robust growth driven by healthy demand across food processing, cold chain, HoReCa, pharmaceutical, retail, and industrial refrigeration segments," he said. "The new business categories of Chest Freezers, Visi Coolers, and Continuous Panels received excellent market acceptance and are emerging as important growth drivers for the company."

Reddy noted the company is prioritizing operational excellence, market presence expansion, brand visibility enhancement, and customer engagement as it pursues sustainable growth and long-term value creation for stakeholders.