Ice Make Refrigeration Limited — Investor Meet, 18-08-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Ice Make Refrigeration's Q1 FY26 revenue grew 30.9% to Rs. 111.5 Cr, but the company reported a net loss of Rs. 1.47 Cr. This was mainly due to expenses from scaling new business verticals, higher finance costs, and depreciation. Management believes these margin pressures are short-term, reiterating FY26 revenue guidance of Rs. 650 Cr with 8-9% EBITDA margins. The company maintains a strong Rs. 173 Cr order book. Long-term, they target Rs. 1,000 Cr revenue and 10-10.5% EBITDA by FY27-28, driven by India's growing cold chain demand and strategic expansions. Management maintains a confident outlook.