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Revenue
₹147 Cr
verified against source
Revenue YoY
43.3%
reported change
EBITDA
₹9.7 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Ice Make Refrigeration reported a strong Q2 FY26 with consolidated revenue of ₹1,147.5 crore, up 43.3% YoY, driven by broad-based growth across cold rooms, industrial refrigeration, and new verticals like continuous panels. EBITDA margin improved to 6.59% (vs 5.90% standalone), aided by better capacity utilization and scale. PAT turned positive at ₹2.02 crore vs a loss in Q1. Management reiterated FY26 revenue guidance of ₹650 crore with ~8% EBITDA margin, supported by a ₹190 crore order book and planned price hikes adding ~1% margin. The ₹150 crore capex for Phase 2 expansion remains under discussion, with funding likely through a mix of debt and equity. Key risks include elevated working capital due to strategic inventory buildup and BIS import issues, and potential margin pressure from new verticals in their first full year. Competitive intensity is rising but demand growth is expected to absorb new capacity.
Colored figures show movement against the previous available record.
Guidance to track
- Management reaffirmed achieving ₹650 crore revenue for FY26, supported by a 40:60 H1/H2 split and strong order book.
- Full-year EBITDA margin target of ~8%, driven by scale benefits in H2 and ~1% margin improvement from price hikes.
- Long-term target to reach ₹1,000 crore revenue by FY28, with EBITDA margins normalizing to 10-11%.
- The ₹150 crore capex for Phase 2 expansion is in dialogue phase; funding may include debt and equity. No timeline given.
Risks flagged
- Working capital cycle stretched due to advance imports of compressors (BIS issues) and inventory buildup for new verticals. Management expects improvement in H2.
- New verticals (continuous panels, chest freezers) are in first full year and may dilute overall EBITDA margins until they reach breakeven.
- ROCE may remain under 25% target during capex phases as new plants take time to reach optimal utilization. Management acknowledged this in Q&A.
- Varun Beverages and other players entering refrigeration equipment could increase competition, though management believes demand growth will absorb supply.
Key quotes
- हमारी करंट आर्डर बुक 190 सीआर के करीब है।
- हम फाइनशियल ईयर 27 28 तक 1000 करोड़ की टॉप लाइन की अपने लॉन्ग टर्म टारगेट के प्रति कमिटेड है।
- हम लोग 8% पे हमें हम इंप्रूव करेंगे क्योंकि हमारा सेकंड हाफ का बेस बड़ा होता है तो ऑपरेशन कॉस्ट को एक स्केल का बेनिफिट मिलता है तो 8% तो मिनिमम हो ही जाएगा।
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