Ice Make Refrigeration Limited — Investor Meet, 20-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Ice Make Refrigeration reported robust Q2 FY26 consolidated results: revenue at Rs. 147.49 Cr (+43% YoY) and PAT of Rs. 2.02 Cr, reversing a Q1 loss. EBITDA margin improved to 6.59% due to increased scale. The current order book is strong at Rs. 190 Cr. Management is confident in achieving Rs. 650 Cr revenue and 8% EBITDA for FY26, with a long-term target of Rs. 1000 Cr by FY27-28. A Rs. 150 Cr CAPEX is in dialogue, to be funded by debt and potential equity. Working capital is temporarily stretched but expected to improve in H2. ROCE is under short-term pressure from expansion, projected to return to 20-25% post-utilization.