ICEMAKE / guidance tracker

Keep management guidance in view.

Ice Make Refrigeration · forward-looking guidance across the available source record.

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Guidance tracker

What management said would happen.

FY26 Revenue Guidance of ₹650 crore

Management reaffirmed achieving ₹650 crore revenue for FY26, supported by a 40:60 H1/H2 split and strong order book.

revenue

FY26 EBITDA Margin of ~8%

Full-year EBITDA margin target of ~8%, driven by scale benefits in H2 and ~1% margin improvement from price hikes.

margins

FY28 Revenue Target of ₹1,000 crore

Long-term target to reach ₹1,000 crore revenue by FY28, with EBITDA margins normalizing to 10-11%.

growth

Phase 2 Capex of ₹150 crore Under Discussion

The ₹150 crore capex for Phase 2 expansion is in dialogue phase; funding may include debt and equity. No timeline given.

capex

FY27 Revenue Target of ₹850 crore

Management guided for ~27% YoY growth to ₹850 crore in FY27, driven by broad-based demand and strong order book.

revenue

FY27 EBITDA Margin of 8-8.5%

EBITDA margin expected to improve to 8-8.5% in FY27, with potential to reach double digits as new verticals mature.

margins

FY28 Revenue Target of ₹1,000 crore

Management reiterated the ₹1,000 crore revenue target for FY28, implying ~18% growth over FY27.

revenue

Capex Plans Under Review

Next phase of capex (greenfield) is under consideration; timeline and funding details to be announced in 1-2 months.

capex