Mumbai/Ahmedabad, June 01: Ice Make Refrigeration Limited, a leading provider of industrial and commercial refrigeration solutions, announced its audited financial results for the quarter and full year ended March 31, 2026, reporting its highest-ever quarterly revenue of ₹255.85 crore in Q4 FY26, representing a 41.8% year-on-year growth, driven by the Company's integrated cold chain platform strategy, expanding product portfolio, and strong demand across refrigeration segments.
For the full year FY26, consolidated revenue crossed ₹668 crore, growing 39.3% from ₹479.52 crore in FY25. The growth was broad-based, reflecting sustained order inflows across existing business categories and strong traction in emerging product categories including Continuous Panels, Chest Freezers, and Visi Coolers, alongside robust demand across the Company's core refrigeration and cold chain solutions portfolio.
The Board of Directors, at its meeting held on May 29, 2026, approved the standalone and consolidated financial statements and recommended a final dividend of ₹2.25 per equity share (22.5% on face value of ₹10 per share), subject to shareholders' approval at the ensuing Annual General Meeting.
Consolidated Financial Highlights (₹ in Crore, except EPS)
|
Performance Highlights |
Q1 FY26 |
Q2 FY26 |
Q3 FY26 |
Q4 FY25 |
Q4 FY26 |
FY25 |
FY26 |
|
Revenue |
111.50 |
147.49 |
153.36 |
180.35 |
255.85 |
479.52 |
668.20 |
|
EBITDA |
4.53 |
9.70 |
10.04 |
21.85 |
21.77 |
43.44 |
46.04 |
|
EBITDA Margin (%) |
4.06% |
6.6% |
6.5% |
12.1% |
8.5% |
9.1% |
6.9% |
|
PAT |
(-1.47) |
2.02 |
1.45 |
11.66 |
10.12 |
22.90 |
12.13 |
|
PAT Margin (%) |
(-1.3%) |
1.4% |
0.9% |
6.5% |
3.9% |
4.8% |
1.8% |
|
EPS (₹) |
(-0.90) |
1.28 |
0.93 |
7.42 |
6.41 |
14.65 |
7.73 |
Financial Highlights
For the quarter ended March 31, 2026 (Q4 FY26), Ice Make reported consolidated revenue from operations of ₹255.85 crore, registering a robust 41.8% year-on-year growth over ₹180.35 crore reported in Q4 FY25. On a sequential basis, revenue grew by approximately 66.8% compared to ₹153.36 crore in Q3 FY26, reflecting strong order execution and the seasonal nature of the Company's business.
EBITDA for the quarter stood at ₹21.77 crore, broadly in line with ₹21.85 crore reported in Q4 FY25. EBITDA margin moderated to 8.5% from 12.1% in the year-ago period.
Profit After Tax (PAT) for Q4 FY26 stood at ₹10.12 crore, compared to ₹11.66 crore in Q4 FY25, while Earnings Per Share (EPS) stood at ₹6.41 as compared to ₹7.42 in the corresponding quarter of the previous year.
For the full financial year ended March 31, 2026 (FY26), Ice Make achieved consolidated revenue from operations of ₹668.20 crore, representing a strong 39.3% year-on-year growth compared to ₹479.52 crore in FY25.
The Company reported EBITDA of ₹46.04 crore in FY26 compared to ₹43.44 crore in FY25, representing a growth of approximately 6.0% year-on-year. EBITDA margin stood at 6.9%, compared with 9.1% in FY25.
FY26 consolidated PAT stood at ₹12.13 crore, compared to ₹22.90 crore in FY25, while EPS was ₹7.73, compared to ₹14.65 in the previous year.
Profitability during FY26 was impacted by certain one-time and growth-oriented investments, including costs associated with capacity expansion initiatives, strengthening future-ready leadership and manpower capabilities, implementation of the notified Labour Code provisions, warehouse network expansion, brand-building initiatives, and expenses related to Energy Label transition and BIS regulatory compliance requirements.
The moderation in operating margins was also attributable to investments in manufacturing capacity expansion, higher depreciation on newly commissioned assets, elevated finance costs, and organizational strengthening initiatives.
Despite temporary pressure on profitability arising from strategic growth investments and regulatory expenses, the Company delivered record revenues during FY26 and remains focused on leveraging its expanded manufacturing capacity, strengthened leadership team, broader product portfolio, and growing market presence to drive long-term profitable growth.
Chandrakant Patel, Chairman & Managing Director, Ice Make Refrigeration Limited, stated “FY26 has been a year of transformation and strategic investment for Ice Make. In line with the Make in India vision, we continued to invest in our manufacturing capabilities, product portfolio expansion, distribution network, market development initiatives, and leadership strengthening to position Ice Make as an end-to-end refrigeration products and solutions provider.
The strategic investments undertaken during the year, coupled with higher depreciation arising from newly commissioned assets, elevated finance costs associated with growth initiatives, and one-time costs related to the implementation of the new Labour Code, Energy Label transition, and other growth-centric programs, impacted profitability during the financial year.
However, these investments have been undertaken with a long-term perspective and are aimed at strengthening our competitive positioning, enhancing execution capabilities, and creating a scalable platform for future growth. As utilization levels improve and recent investments begin to mature, we expect operating leverage to support profitability improvements over the medium term.
With India's cold chain, food processing, pharmaceutical, retail, and industrial refrigeration sectors continuing to expand, we believe the foundations laid during FY26 will support sustainable growth, improved operating leverage, and long-term value creation for our shareholders.”
Mr. M. Srinivas Reddy, Chief Executive Officer, commented: “FY26 was a year of strong growth momentum, culminating in record revenue performance during both Q4 and the full financial year. All our businesses posted robust growth driven by healthy demand across food processing, cold chain, HoReCa, pharmaceutical, retail, and industrial refrigeration segments. The new business categories of Chest Freezers, Visi Coolers, and Continuous Panels received excellent market acceptance and are emerging as important growth drivers for the Company. The strong revenue growth achieved during the year reflects the strength of our business model, customer trust, product portfolio, and market opportunity.
We are making strategic investments in building future-ready capabilities and competencies to capitalize on the growing opportunities across the refrigeration value chain and drive sustainable growth, profitability, and customer delight.
We remain focused on operational excellence, expanding our market presence, enhancing brand visibility and customer engagement, and delivering sustainable value to customers, shareholders, employees, and all stakeholders.”
