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Ice Make Refrigeration Ltd. reported FY25 revenue of Rs. 480 Cr, up 27% YoY, with Q4 revenue at Rs. 180.82 Cr (64% QoQ growth). EBITDA margin narrowed to 9-12% due to new CAPEX, while PAT stood at Rs. 22.9 Cr. Growth is led by cold rooms (~50% of sales) and emerging verticals like continuous PUF panels, expected to scale to Rs. 150-175 Cr in FY26. Order book is strong at Rs. 171 Cr, supported by government and private clients. Revenue is majorly from Western India (51%), with increasing traction in East and South. Management targets Rs. 650 Cr revenue in FY26 and Rs. 1,000 Cr by FY28, prioritizing topline growth over margin expansion. Expansion includes CAPEX of Rs. 20 Cr in FY25 and over Rs. 150 Cr in the next 2-3 years. Focus remains on product innovation, in-house PUF panel manufacturing, and export growth with new certifications.