ICE Make Refrigeration Ltd(ICEMAKE)

NSE: ICEMAKE

₹ 622.15-1.67%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,129 crWebsite: www.icemakeindia.comUpdated: 24 Oct 2026

About

ICE Make Refrigeration Ltd is an Ahmedabad-based manufacturer of commercial and industrial refrigeration equipment, operating across eight product verticals from cold rooms and visi coolers to ammonia refrigeration systems and continuous PU/PIR sandwich panels. The company posted its highest-ever annual revenue of ₹668.20 crore in FY26, up 39.3% year-on-year, and serves more than 26,000 customers across India and 21+ export markets. It describes itself as one of the leading names in the Indian refrigeration industry.^[1][2][3][4]

Business segments

Q1 FY27 revenue mix: Cold Room 42%, Commercial Refrigeration 14%, Continuous Panels 14%, Commercial Freezers 12%, Ammonia & Projects 9%, Transport Refrigeration 6%, Industrial Refrigeration 3%.^[1]
New verticals (Continuous Panels + Commercial Freezers) collectively contributed 26% of FY26 full-year consolidated revenue, up from ~15-18% of H1 FY26 revenue.^[2][5]
Quick Commerce operators (dark stores) contributed approximately 13% of FY26 revenue, equivalent to roughly ₹78-79 crore, through cold rooms, refrigeration equipment and storage infrastructure.^[2]
Bharat Refrigerations (wholly owned subsidiary) delivered ₹43 crore revenue in FY26; FY27 revenue expected to rise to approximately ₹50-55 crore.^[2]

Products and brands

The company offers products across eight strategic verticals: cold rooms, commercial refrigeration, industrial refrigeration, transport refrigeration, ammonia refrigeration, continuous PU/PIR sandwich panels, chest freezers, and visi coolers.^[3]
Two distinct brands: Ice Make (main brand) and Bharat (subsidiary brand), each designed for its specific market segment.^[3]
IMVC series visi coolers operate in the 2°C to 8°C range with 40 mm PUF insulation; model range spans IMVC 300L to 1,100L.^[3]
Cold rooms and storage products cover a temperature range of 15°C to -40°C; commenced 2002; available in modular and custom-built configurations.^[3]

Manufacturing operations

Five manufacturing plants: Dantali (Gandhinagar, Gujarat), Vamaj/Kadi (Mehsana, Gujarat), Bavla (Ahmedabad, Gujarat), Chennai/Vayalur (Tamil Nadu), and Kolkata (West Bengal).^[3]
Existing Phase I installed capacity supports over ₹950 crore in peak annual revenue across all verticals as of Q1 FY27.^[1]
Traditional businesses operating at approximately 85-90% utilisation in Q4 FY26; newly commissioned Continuous Panels and Commercial Freezer facilities at approximately 55-60% utilisation.^[2]
New verticals (Continuous Panels + Commercial Freezers) have installed capacity to generate approximately ₹400 crore in revenue; only ₹15-20 crore of incremental capex needed to reach ₹350 crore scale.^[1][6]
Captive manufacturing of coils, insulation panels, and related inputs reduces supplier dependence and improves input consistency.^[3]

Key operating numbers

Pending order book stood at ₹222 crore in Q1 FY27 (down from approximately ₹237 crore at Q4 FY26); ammonia/projects component alone at ₹132 crore.^[1][2]
Monthly order inflows approximately ₹50-60 crore per month as of Q4 FY26.^[2]
Q1 FY27 consolidated revenue ₹178.88 crore, up 60.4% year-on-year from ₹111.50 crore in Q1 FY26.^[1]
Exports ₹13.5-14 crore for the first nine months of FY26; West India ~50% of H1 FY26 revenue, North and South ~16% each, East ~12%, exports ~3%.^[6][5]
Indirect import component (raw materials) represents 22-25% of purchases as of Q1 FY27.^[1]

Customers and distribution

More than 26,000 customers served as of FY26.^[3]
Distribution network: 200+ authorized dealers, 25+ brand shops, and 65+ business associates as of FY26.^[3]
Commercial Freezers dealer base expanded to 1,120+ dealers by Q3 FY26, with 60-70% transacting regularly; 16 exclusive brand shops operational.^[6]
Exports cover 21+ countries including USA, Canada, Japan, Australia, UAE, Qatar, Kenya, Uganda, Tanzania, Zambia, Nigeria, Nepal, Maldives, Bahrain, Sri Lanka, and others.^[3]
Western India remains the largest market at 55-60% of FY26 revenue; North India emerged as the fastest-growing region in FY26; South and East each contribute around 13-15%.^[2]

Expansion and capex

Galilei Holdings (Japan-listed) to invest ₹180 crore via preferential issue; additional ₹10 crore from other investors - total raise of ₹190 crore targeted by September 2026.^[1]
A 60:40 JV (Galilei 60%, Ice Make 40%) will manufacture commercial upright and table refrigerators targeting an addressable market of ₹1,200-1,500 crore; production targeted by February 2028.^[1]
Of the ₹190 crore raise, ₹58 crore is allocated to IceMake's own capacity building (Phase II); approximately ₹40 crore earmarked for repayment of capex-purpose borrowings.^[1]
FY28 consolidated revenue target of ₹1,000 crore reaffirmed; new verticals expected to contribute ₹325-350 crore at that scale.^[2][6]

Recent developments

Raw material inflation of approximately 15-18% in Q1 FY27 (linked to the Russia-Ukraine conflict's commodity impact); only approximately 11% passed through via price hikes, leaving a ~6-6.5% pricing gap. A third price hike is planned for H2 FY27.^[1]
Depreciation accounting policy changed in Q1 FY27 from written-down value (maximum depreciation) to a useful-life benefit method, reducing the depreciation charge to align capex investment with expected future revenue.^[1]
Srinivas Reddy appointed CEO as of Q2 FY26; previously Executive Vice President, Corporate Strategy and Business Development at Blue Star Limited.^[5]
Bharat Refrigerations relocated to its own manufacturing facility during FY26, generating annual rental savings of approximately ₹55-60 lakh.^[2]
Market capitalisation as of March 31, 2026 was ₹1,212 crore.^[3]

Market Cap

₹1,129 Cr

High / Low

₹920 / 602

Stock P/E

82.1

Price / Book

7.4

Book Value

₹84

EPS

₹7.7

No. of Shares

1.58 Cr

ROCE

11.6%

ROE

9.5%

OPM

4.3%

Debt / Equity

1.13

Sales

₹668 Cr

Net Profit

₹12 Cr

Promoter holding

64.5%

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