Ice Make Refrigeration Achieves Record Quarterly Revenue of ₹256 Crore; Annual Sales Jump 39% to ₹668 Crore

Ice Make Refrigeration Limited, a major player in industrial and commercial refrigeration solutions, has unveiled its audited results for the fiscal year ended March 31, 2026, marking a significant milestone with record-breaking quarterly and annual performance.

The company's Q4 FY26 consolidated revenue reached ₹255.85 crore, representing a commanding 41.8% increase year-on-year from ₹180.35 crore in the same quarter last year. This also marked a 66.8% sequential jump from Q3 FY26's ₹153.36 crore, underscoring strong project execution and the seasonal dynamics of its operations.

For the complete financial year, Ice Make's consolidated revenue surged to ₹668.20 crore, up 39.3% from ₹479.52 crore in FY25. The expansion was distributed evenly across business divisions, supported by consistent order flows in existing categories and remarkable acceptance of newly launched product lines including Continuous Panels, Chest Freezers, and Visi Coolers. Demand remained particularly strong across the company's core refrigeration and cold chain solutions.

Profitability Metrics

Q4 EBITDA stood at ₹21.77 crore, maintaining near-parity with ₹21.85 crore from the corresponding prior-year quarter. However, the EBITDA margin contracted to 8.5% from 12.1% previously. Net profit for the quarter reached ₹10.12 crore against ₹11.66 crore year-ago, while earnings per share declined to ₹6.41 from ₹7.42.

For the full year, EBITDA improved marginally to ₹46.04 crore from ₹43.44 crore, a 6.0% increase, though the margin compressed to 6.9% from 9.1%. Annual net profit fell to ₹12.13 crore from ₹22.90 crore, with EPS sliding to ₹7.73 from ₹14.65.

The company attributed margin pressure to strategic expenditures on capacity expansion, workforce development, implementation of new Labour Code requirements, warehouse network growth, brand promotion, Energy Label compliance, and BIS regulatory requirements.

Board Actions and Dividend

The Board of Directors, meeting on May 29, 2026, approved both standalone and consolidated financial statements and recommended a final dividend of ₹2.25 per equity share, representing 22.5% of the ₹10 face value. This recommendation awaits shareholder approval at the upcoming Annual General Meeting.

Management Perspective

Chandrakant Patel, Chairman & Managing Director, characterised 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," he stated.

Patel expressed confidence that as capacity utilisation improves and recent investments mature, operating leverage would support profitability recovery over the medium term. He highlighted India's expanding cold chain, food processing, pharmaceutical, retail, and industrial refrigeration sectors as providing substantial growth opportunities.

M. Srinivas Reddy, Chief Executive Officer, underscored the momentum across all business segments. "All our businesses posted robust growth driven by healthy demand across food processing, cold chain, HoReCa, pharmaceutical, retail, and industrial refrigeration segments," he noted. The CEO highlighted the strong market reception for new product categories and emphasised the company's commitment to operational excellence and sustainable value creation.