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Revenue
₹256 Cr
verified against source
Revenue YoY
41.8%
reported change
EBITDA
₹21.77 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 delivered a strong Q4 FY26 with consolidated revenue of ₹255 crore, up 41.8% YoY, driven by broad-based growth across segments and strong execution of the order book. EBITDA margin came in at 8.5%, impacted by strategic investments in new verticals (chest freezers, visi coolers, continuous panels) and one-time costs of ~₹4 crore. PAT stood at ₹10.2 crore. Management guided for FY27 revenue of ₹850 crore (~27% growth) and EBITDA margin of 8-8.5%, with potential to reach double digits as new verticals scale. The order book remains healthy at ₹237 crore. Key risks include raw material inflation from the West Asia conflict and potential supply chain disruptions, though management has mitigated availability through front-loading and price pass-throughs.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided for ~27% YoY growth to ₹850 crore in FY27, driven by broad-based demand and strong order book.
- EBITDA margin expected to improve to 8-8.5% in FY27, with potential to reach double digits as new verticals mature.
- Management reiterated the ₹1,000 crore revenue target for FY28, implying ~18% growth over FY27.
- Next phase of capex (greenfield) is under consideration; timeline and funding details to be announced in 1-2 months.
Risks flagged
- Geopolitical tensions could increase prices of key inputs like copper, ammonia gas, and compressors, impacting margins.
- Aggressive pricing and dealer incentives in new product categories may continue to weigh on near-term profitability.
- Debt is at peak levels (~₹37 crore); management was evasive on equity raising plans, creating uncertainty for large capex.
Key quotes
- We are aiming for 1000 crore top line in near future, so capacity building and market penetration is very essential at this stage.
- We are new entrant in the market. I think that's one reason that we could probably get that initial interest and traction unless we have an excellent brand equity in the western region.
- We have done two rounds of price increase in the new verticals, and we have also done a general price increase of 10-11% across models.
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