Ice Make Refrigeration Reports Record Q4 Revenue of ₹255.85 Crore; Annual Growth Reaches 39.3%

Ice Make Refrigeration Limited, a major player in industrial and commercial refrigeration solutions, has unveiled its audited financial performance for the quarter and year ending March 31, 2026, marking a milestone with its strongest-ever quarterly revenue generation.

Q4 Performance Highlights

The company's fourth quarter revenue reached ₹255.85 crore, representing a 41.8% increase compared to the corresponding quarter in the previous year when it had reported ₹180.35 crore. On a sequential basis, this reflected a 66.8% surge from Q3 FY26's ₹153.36 crore, underscoring robust order execution and the cyclical nature of the refrigeration business.

EBITDA for the quarter stood at ₹21.77 crore, remaining relatively stable compared to ₹21.85 crore in Q4 FY25. However, EBITDA margins contracted to 8.5% from 12.1% in the year-ago period. Net profit for the quarter reached ₹10.12 crore against ₹11.66 crore previously, while earnings per share declined to ₹6.41 from ₹7.42.

Full-Year Results

For the complete financial year, Ice Make achieved consolidated revenue of ₹668.20 crore, up 39.3% from ₹479.52 crore in FY25. EBITDA improved modestly to ₹46.04 crore from ₹43.44 crore, though the EBITDA margin fell to 6.9% from 9.1%. Full-year net profit declined to ₹12.13 crore from ₹22.90 crore, with EPS falling to ₹7.73 from ₹14.65.

Growth Drivers and Market Traction

The company's revenue expansion was supported by consistent order inflows across traditional business segments and strong uptake of emerging product categories including Continuous Panels, Chest Freezers, and Visi Coolers. Demand remained robust across food processing, cold chain, hospitality, pharmaceutical, retail, and industrial refrigeration sectors.

Impact of Strategic Investments

The decline in profitability during FY26 was primarily attributed to one-time and growth-oriented expenditures. These included costs associated with manufacturing capacity expansion, investments in leadership development and workforce capabilities, implementation of new Labour Code provisions, expansion of warehouse networks, brand development activities, and expenses related to Energy Label transition and Bureau of Indian Standards regulatory compliance.

Additional pressure on margins came from heightened depreciation on newly commissioned manufacturing assets, increased finance costs tied to growth initiatives, and organizational strengthening programs.

Dividend Announcement

The Board of Directors, meeting on May 29, 2026, approved the financial statements and recommended a final dividend of ₹2.25 per equity share, representing 22.5% of the face value of ₹10 per share. This remains subject to approval by shareholders at the upcoming Annual General Meeting.

Strategic Outlook

Chandrakant Patel, Chairman and Managing Director, emphasized that FY26 represented a transformational year aligned with India's Make in India initiative. The company invested substantially in manufacturing infrastructure, product diversification, distribution expansion, and leadership capabilities to establish itself as a comprehensive refrigeration solutions provider.

"These investments have been undertaken with a long-term perspective aimed at strengthening competitive positioning, enhancing execution capabilities, and creating a scalable platform for future growth," Patel stated. "As utilization levels improve and recent investments mature, we expect operating leverage to support profitability improvements over the medium term."

M. Srinivas Reddy, Chief Executive Officer, highlighted the strong growth momentum achieved throughout the year. "All our businesses posted robust growth driven by healthy demand across multiple segments," he noted. "The new business categories of Chest Freezers, Visi Coolers, and Continuous Panels received excellent market acceptance and are emerging as important growth drivers."

Despite current margin pressures, the company remains optimistic about India's expanding cold chain, food processing, pharmaceutical, retail, and industrial refrigeration sectors, viewing the investments made during FY26 as foundations for sustainable long-term growth and shareholder value creation.