Elevated Working Capital Due to Strategic Inventory
Working capital cycle stretched due to advance imports of compressors (BIS issues) and inventory buildup for new verticals. Management expects improvement in H2.
ICEMAKE / Q2-FY26 / risks
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Ice Make Refrigeration · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
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Margin Pressure from New Verticals
New verticals (continuous panels, chest freezers) are in first full year and may dilute overall EBITDA margins until they reach breakeven.
ROCE Pressure from Capex Cycle
ROCE may remain under 25% target during capex phases as new plants take time to reach optimal utilization. Management acknowledged this in Q&A.
Competitive Intensity from New Entrants
Varun Beverages and other players entering refrigeration equipment could increase competition, though management believes demand growth will absorb supply.