Ice Make Refrigeration Ltd (NSE: ICEMAKE) Q3 2026 Earnings Call dated Feb. 16, 2026
Corporate Participants:
Aryan Rana — Investor Relations
Chandrakant P Patel — Chairman and Managing Director
M. Srinivas Reddy — Chief Executive Officer
Ankit Patel — Chief Financial Officer
Nikhil Bhatt — Vice President Strategy
Unidentified Speaker
Mandar Desai — Company Secretary & Compliance Officer
Analysts:
Tej Patel — Analyst
Unidentified Participant
Bhargav Buddhadev — Analyst
Bhargav Buddhadev — Analyst
Dhananjay — Analyst
Harsh Shah — Analyst
Presentation:
Aryan Rana — Investor Relations
So, good afternoon, ladies and gentlemen. A very warm welcome to Ice Make Refrigeration Limited’s Quarterly Vision Dialogue for Q3 FY26. Ice Make is a leading provider of industrial and commercial refrigeration solutions. Can I request the members to mute your system for now? We’ll allow you to ask questions a little later.
So we appreciate the presence of investors, analysts, partners, and stakeholders joining us today. This platform is designed to provide a transparent engagement structure, insights into performance, and clarity for our forward strategy.
Before we begin, please note that today’s discussion may contain forward-looking statements subject to risks and uncertainties. From the company, I welcome our CMD, Mr. Chandrakant P. Patel; and CFO — sorry, CEO, Chief Executive Officer, Mr. M. Srinivas Reddy; and Strategy Head, Mr. Nikhil Bhatt; and CFO, Mr. Ankit Patel; and also CS, Mr. Mandar Desai.
They will take us through the financial performance and overview, and outlook for the day. Now, I invite our Chairman and Managing Director, Mr. Chandrakant P. Patel, to share his opening remarks. Over to you, sir.
Chandrakant P Patel — Chairman and Managing Director
Thank you, and a warm welcome, all. Ice Make continue to grow on its strong foundation of innovation [Indecipherable] and long-term value creation. While the current operating environment may be dynamic, our focus remains on strengthening performance, accelerating market expansion, and further strengthening operational discipline.
I now request Mr. Reddy to share his thoughts on business performance and future outlook.
M. Srinivas Reddy — Chief Executive Officer
Thank you. Good afternoon, ladies and gentlemen. This is an exciting phase for Ice Make Refrigeration Limited as we strengthen our market presence and customer engagement. Q3 FY26 demonstrates sustained revenue momentum, planned expansion in new markets, and total operations across industrial refrigeration, cold chain, and commercial cooling segments. With a diversed product portfolio and expanding reach, we remain focused on disciplined execution and sustainable growth. Our priorities include strengthening regional penetration, operational efficiency, and aligning systems and processes to support the next phase of growth and scale.
While finance costs and depreciation remain elevated due to expansion initiatives, we are consciously working towards operational optimization and margin stability. With a few introductions, I now invite our CFO, Mr. Ankit Patel, to take you through the detailed financial performance.
Ankit Patel — Chief Financial Officer
Thank you, Reddy sir. Good afternoon, everyone. I’ll give you a brief financial overview. On a standalone basis, revenue from operations for Q3 FY26 stood at INR153.21 crore with total income at INR153.48 crore. The company reported a profit before tax of INR1.5 crore and profit after tax at INR1.11 crore for the quarter. During the first nine months of FY26, standalone revenue from operations reached at INR413.76 crore, while profit before tax stood at INR1.68 crore and profit after tax stood at INR1.17 crore. On a consolidated basis, Q3 FY26 revenue stood at INR153.36 crore, reflecting a robust 39% year-on-year growth.
Profit before tax stood at INR1.9 crore and profit after tax at INR1.45 crore. For nine months ended 31st December 2025, revenue reached at INR412.35 crore. The demand remains healthy across industrial refrigeration, cold chain, Horeca, and commercial cooling segments during the quarter. Input costs and finance expense continue to exert pressure on margin. During the year, the company commenced operations majorly in two new verticals. In the initial phase, the focus is on establishing market presence and building customer relationships with margins calibrated accordingly. These entries — entry stage the strategy has resulted in some pressure on overall margins, which remains within management’s plan range.
As volume scale up and operating efficiencies improve, margins in these new verticals are expected to move closer to prevailing industry levels over the medium term. I now invite Mr. Nikhil Bhatt to share our strategic roadmap. Thank you.
Nikhil Bhatt — Vice President Strategy
Thank you, Ankit Ji. During the quarters, we have continued our journey in a better way, as well as we have completely strengthened and expanded the digital presence through the various outlets or exhibitions related to Horeca as well as the food processing industries. We have showcased our product portfolio at major industries and platform including the Horeca at Bangalore, as well as Khadhya Khurak in Gandhinagar, and also for the Dairy IDA exhibitions held at New Delhi. Our strategic priorities focus on three builders, mainly the retail footprints, expansion, and last mile connectivity, strengthening presence in Horeca, pharmaceutical, and fruits for food processing industries, enhancing manufacturing efficiency, and product innovations.
We are positioning ourselves to capture long-term opportunities in India’s expanding cold chain ecosystems and looking to the numbers we have in order on hand, of about INR180 plus crores, we are hopeful that we are definitely achieve our goal at the end of this financial year. Thank you.
Questions and Answers:
Aryan Rana
All right, so thank you so much, Nikhil Ji, and the entire management team. Now we can open this floor for the question-and-answer session. [Operator Instructions]. Thank you so much. All right. I’ve got the first question, sir.
Congratulations on the good set of numbers. Revenue has grown strongly year-on-year. How sustainable is the current quarterly run rate going forward? This is the question from Hitesh Shah. Yeah, please management — over to management, sir.
Ankit Patel
[Foreign Speech] somewhere around 20%. In the last quarter around 35% to 40% of the overall business happens. [Foreign Speech]. Hello Is it audible? [Foreign Speech].
Aryan Rana
Yeah, yeah, Nikhil. Yes. Yes, Ankit Ji, [Foreign Speech]. I’ll just unmute his line. Yeah.
Tej Patel
Yeah, am I audible? Hello?
Aryan Rana
Yeah.Hello. Yes, yes.Request if you can ask question in Hindi.
Tej Patel
[Foreign Speech]. No problem. Thank you so much [Foreign Speech] and congratulations to the entire management of the Ice Make, Wonderful results. Sir, couple of questions. First, if you could help me understand [Foreign Speech]. Especially I want to know [Foreign Speech] for this quarter and nine months also if you could cumulatively [Foreign Speech] Commercial freezer or continuous [Foreign Speech]?
Ankit Patel
[Foreign Speech] somewhere around INR56 crores [Foreign Speech] to December. [Foreign Speech] in nine months. [Foreign Speech].
Tej Patel
Got it, got it. [Foreign Speech]?
Ankit Patel
[Foreign Speech].
Tej Patel
[Foreign Speech]?
Ankit Patel
[Foreign Speech].
Tej Patel
Got it. [Foreign Speech]?
Ankit Patel
[Foreign Speech]
Unidentified Participant
Perfect Sir I get your point of course[Foreign Speech] because I get that point[Foreign Speech]
Ankit Patel
Yes, possible.
Tej Patel
Got it. Got it. And sir, two more questions on this new business. [Foreign Speech]?
Ankit Patel
[Foreign Speech].
Tej Patel
It’s almost similar to our old business.
Ankit Patel
[Foreign Speech]. [Foreign Speech]
Unidentified Participant
Got it got it. [Foreign Speech]
Ankit Patel
[Foreign Speech]
Tej Patel
Perfect,. sir. I get your point. [Foreign Speech]?
Chandrakant P Patel
[Foreign Speech].
Tej Patel
Got it. Got it. One more question. [Foreign Speech]?
Ankit Patel
[Foreign Speech].
Tej Patel
[Foreign Speech]?
Ankit Patel
[Foreign Speech].
Tej Patel
Got it. Got it. [Foreign Speech]? Copper overall, is it impacting us as of now?
Ankit Patel
[Foreign Speech].
Tej Patel
Perfect. And sir, on the continuous panel side, [Foreign Speech]. Last question. Just a follow-on. [Foreign Speech]. Because steel is a major raw material for us there?
Chandrakant P Patel
[Foreign Speech].
Tej Patel
[Foreign Speech]. Okay, got it. Got it. [Foreign Speech]. If I have more questions, I’ll just join back in queue. Thank you.
Unidentified Speaker
Hello? Hello? Am I audible?
Unidentified Participant
[Foreign Speech].
Unidentified Participant
Sir, thank you so much for the opportunity. Sir, [Foreign Speech]?
Ankit Patel
[Foreign Speech].
Unidentified Participant
[Foreign Speech]?
Ankit Patel
[Foreign Speech].
Unidentified Participant
[Foreign Speech]?
Ankit Patel
[Foreign Speech].
Unidentified Participant
Right, right. [Foreign Speech].
Ankit Patel
[Foreign Speech].
Unidentified Participant
[Foreign Speech]?
Ankit Patel
FY27 [Foreign Speech]?
Unidentified Participant
Next year, sir.
Ankit Patel
[Foreign Speech].
Unidentified Participant
In FY27? [Foreign Speech]?
Ankit Patel
[Foreign Speech].
Unidentified Participant
[Foreign Speech]?
Ankit Patel
[Foreign Speech].
Unidentified Participant
[Foreign Speech]?
Ankit Patel
[Foreign Speech]? Yeah. Means, how will it add to our topline?
Chandrakant P Patel
[Foreign Speech].
Unidentified Participant
[Foreign Speech]?
Ankit Patel
[Foreign Speech]
Unidentified Participant
January 2025, sir.
Aryan Rana
Yeah, Mehul, can I request you to come back?
Unidentified Participant
Yeah. Okay, okay, okay.
Aryan Rana
All right.
Unidentified Participant
Thank you so much, sir, and all the best
Aryan Rana
Yeah. So, before we get Bhargav, I have a question from Ruchika Modi. Her question is outlook on input cost. When is the pressure expected to recede? Also, current debt levels, if the management can share, and is it expected to increase further in near term? So this is a question from Ruchika. Sir, please over to you.
Ankit Patel
[Foreign Speech].
Aryan Rana
Okay, thank you, Ankit Ji. Now we have Bhargav Ji. Sir, you can unmute, and please go ahead with your question
Bhargav Buddhadev
Yeah. Good afternoon, team, and congratulations for a good set of numbers. [Foreign Speech].
Ankit Patel
[Foreign Speech]. Somewhere around INR325 crore — around INR350 crore.
Bhargav Buddhadev
[Foreign Speech]?
Ankit Patel
[Foreign Speech]
Bhargav Buddhadev
[Foreign Speech].
Ankit Patel
[Foreign Speech].
Bhargav Buddhadev
[Foreign Speech]
Ankit Patel
[Foreign Speech]
Bhargav Buddhadev
[Foreign Speech]
Ankit Patel
[Foreign Speech].
Bhargav Buddhadev
Great sir, congratulations, and all the best.
Ankit Patel
Thank you.
Aryan Rana
Thank you, Bhargav ji. I have two questions on my chat box, and it is for Mr. Srinivas. How does the company differentiate itself from competitors in a price market? That is one question. The second is what is the export outlook and contribution from international markets?
And there is one more question, which is how will retail brand outlet expansion contribute to revenue and profitability? So these are three questions to our CEO. Over to you, sir.
M. Srinivas Reddy
Thank you for asking these questions I think the first question is how do we compare ourselves with a competitor? I am actually very proud to say that Ice Make has a better advantage than some of the competitors. In one this the range the diversified product portfolio the company has features to entire consumption segments, so that’s one positive. Second positive is I think company has already invested in the manufacturing capabilities to beat all the government regulations whether the QC or BE and all of that, so that’s definitely a positive compared to some of the competitors, of course. So what needs to be done here is, of course, the next phase of growth in terms of the channel expansion and strengthening the operational efficiency. These two are the levers that we want to look at to improve the sustained growth momentum.
So the important thing is I think company is 30 years in the industry, especially focused in the refrigeration alone. The core of this company is refrigeration, so unlike the competitors, so that gives them the leverage to innovate and launch products which are core in the refrigeration itself. So hope I have answered this question. What is the second question?
Aryan Rana
Yeah. Thank you, sir. So the next question from the analyst is what is the export outlook and contribution from international markets? Any view on that?
Ankit Patel
[Foreign Speech].
Aryan Rana
Okay. All right, so thank you, Ankit Ji. And there is one more question, which is related to how will retail brand outlet expansion contribute to revenue and profitability?
M. Srinivas Reddy
Yeah. So currently, whatever we are expanding into the retail brand center. First thing is with that is not the company’s liability, that is our dealer-end liability. That’s a dealer’s shop. That gives the brand actual customer can come to the shop, and they can have a touch and feel of the products. Dealer Also, in this product, specific dealers are usually multi-brand dealers. If we are having a brand shop of any particular company, they can demonstrate that quality and the value for money for the product very easily.
So secondary sale would be jumping in a big numbers. So that is the main goal behind the retail brand shop. Yeah, so if any other question regarding that you can ask.
Aryan Rana
All right, sir/. Thank you so much, and now we have a question from Dhananjay. Dhananjay, if you can unmute and ask your question.
Dhananjay
Hello?
Aryan Rana
Yeah, please go ahead. [Foreign Speech].
Dhananjay
[Foreign Speech]?
Ankit Patel
[Foreign Speech].
Dhananjay
Okay. Sir, [Foreign Speech]?
Ankit Patel
[Foreign Speech].
Dhananjay
[Foreign Speech]?
Ankit Patel
[Foreign Speech].
Aryan Rana
Thank you, Dhananjay.
Dhananjay
Okay, sir. Okay. Thank you.
Ankit Patel
Dhananjay, thank you so much for that question. [Foreign Speech]. So you come back to the queue. [Foreign Speech]. What will be the EBITDA to OCF conversion over the next two years? This is the question from her. [Foreign Speech].
Aryan Rana
[Foreign Speech]. What will be the EBITDAM going forward in FY26 and FY27? I think you have already answered, but you can still.
Ankit Patel
[Foreign Speech].
Aryan Rana
[Foreign Speech]. Now, I will — we will take question from Harsh and then we will go to Khursheed Ji, and then we will take from there. So Harsh Ji, unmute — please unmute yourself and ask.
Harsh Shah
[Foreign Speech]?
Aryan Rana
[Foreign Speech]. Yes.
Harsh Shah
Thank you, sir. Thank you for the opportunity. Sir, [Foreign Speech]?
Chandrakant P Patel
[Foreign Speech].
Harsh Shah
All right. Thank you, sir. Okay, sir.[Foreign Speech]
Ankit Patel
[Foreign Speech].
Harsh Shah
Okay, sir. Okay. Thank you.
Aryan Rana
All right. Thank you so much, Mr. Shah. Now we will take a question from Kursheed Ji, and if you can unmute and then we’ll answer the question that has come from [Indecipherable]. All right. Khursheed Ji, please unmute, and you can ask your question. Khursheed Ji, are you there? [Foreign Speech]. If you can message me, I’ll ask. Tej Patel Ji, you can ask your question. Please unmute and ask.
Tej Patel
Yeah, perfect. Thank you so much for the opportunity again. I am audible, right?
Aryan Rana
Yeah. Yeah, you are. Yes
Tej Patel
[Foreign Speech]. Sir. If you could help me understand [Foreign Speech]?
Ankit Patel
Total commercial freezers somewhere around 120 plus [Foreign Speech]. It is in our focus. Going forward, we are also expanding this. [Foreign Speech].
Tej Patel
Perfect. Sir, I have seen that [Foreign Speech]. How is the response from the South?
Chandrakant P Patel
So response from south region is extreme extremely well. Many already tied up with. There’s a jersey milk, Milma ice cream, and scoop ice cream. So we are onboarding a few good key players and also dealers. So the brand shop we opened in South India was a specific Mangalore region. And dealer is pretty strong in the local area. And he already split his business into more like a 60-40 and 64 ice mix. So, we are in the coming years, we are expecting more dealers to go more aggressive with the Ice Make.
120 dealers, we are already having more than 60% to 70% dealers whose billing is like regular twice in a month or something like that. So we keep increasing that trust between dealers and company. We keep solving the problems on a principal level and everything. So we are expecting this numbers will — by this time we are — we both are talking; there are multiple areas we are tapping right now. And it’s almost everyday new dealer we are appointing, and we are expecting. West region, we already dominated very well.
And north and south will be definitely in eye of target. And we’ll keep expanding in our regions. Thank you.
Tej Patel
Perfect. Perfect. So 120 may say how much would be in West? [Foreign Speech]?
Chandrakant P Patel
West must be 50% to 55%. [Foreign Speech]. Ten in the East region. Because the East region we’ve not taped yet because it’s quite far from our factory. Transportation costs are very high, and it’s a quite tricky market. We want to tap first these three markets thoroughly and then go to.
Tej Patel
Got it. Got it. Perfect, perfect. Thank you. One more question is, sir, continuous panel, what I understand is one of the major market for us [Foreign Speech]. So is there a risk [Foreign Speech]. Is there a risk [Foreign Speech], or maybe from demand perspective, would not be good for us? [Foreign Speech].
Chandrakant P Patel
[Foreign Speech].
Tej Patel
Okay, okay, got it, got it. Makes sense. Thank you. Okay, I will just join back again.
Aryan Rana
Okay. All right. We have a couple of more questions. One is from Dhananjay Ji. I’ll just come back to you, okay? Khursheed Ji’s question is, your operating margins are compressed. Your expenses are having a toll on the bottom line. From when do you think your bottom line will be more aggressive than the top line? So this is the question from Khursheed Ji. He was not able to unmute himself.
Ankit Patel
[Foreign Speech].
Aryan Rana
Okay. [Foreign Speech]. Any hopes of backward integration, he is asking. And whether covering the cost in general are in plan?
Ankit Patel
In which vertical?
Aryan Rana
He is saying that any hopes of backward integration or curbing the cost in general? So any backward integration that the company planning? If you could share if there are any plans?
Chandrakant P Patel
[Foreign Speech].
Aryan Rana
Okay. [Foreign Speech].
Chandrakant P Patel
[Foreign Speech].
Aryan Rana
Very cool, sir. Thank you so much for that answer. [Foreign Speech]. You are extending in all four regions. [Foreign Speech]. Any thoughts you intend to open an office in the most hottest state, Rajasthan? [Foreign Speech]. How do you plan to address that market?
Chandrakant P Patel
[Foreign Speech].
Aryan Rana
Thank you, sir. [Foreign Speech]. A question is around Mr. Reddy. He is saying congratulations to you for becoming the CEO of the company. With your expertise, where do you think Ice Make would be in three years? [Foreign Speech]. We’ve addressed that. But again, if you can just enlighten the investors on this? Where do you see the company in three years, next three years?
M. Srinivas Reddy
So, well, I’ve said the company has a very good number of innate strengths which we want to leverage to grow this company into next habit of growth. If I have to just answer you very specific question that where I want to see the next three years. We want to make this company number one in all the products and solutions that we operate. That’s one. And secondly, we want to make this company the most admired in the space that we work on in the next three to five years’ time.
Aryan Rana
Absolutely, sir. [Foreign Speech]. Is for you only. [Foreign Speech]. Can we expect margin expansion after reaching or surpassing the INR1,000 crores top line that we plan to do by FY28? [Foreign Speech].
Ankit Patel
[Foreign Speech].
Aryan Rana
Thank you, Ankit Ji. So I think we’ll just take the last question, and I’ll just unmute Tej Patel again. Tej Ji, you can ask the question. Please unmute yourself.
Tej Patel
Yes. Thank you so much. I will just not take much long time. Just two questions from my end. Question number one is [Foreign Speech]. In this financial year, we are targeting to close at about 8% at console level. And the new business would break even this financial year at 30% by 40% utilization.
That is question number one, and question number two is if you could help me understand, sir, [Foreign Speech] at this financial year? I mean, not this financial year, I mean the nine months?
Ankit Patel
[Foreign Speech], sorry?
Tej Patel
At the console level, we are targeting to close there about 8%, right, in this financial year EBITDA?
Ankit Patel
Yeah. It’s somewhere around 8% [Foreign Speech]. We will close at current financial year. [Foreign Speech]?
Tej Patel
Right.
Ankit Patel
[Foreign Speech].
Tej Patel
Got it, got it. Perfect, perfect. And just to confirm [Foreign Speech], right?
Ankit Patel
[Foreign Speech]?
Tej Patel
No, Q3. [Foreign Speech].
Ankit Patel
[Foreign Speech].
Tej Patel
Perfect. Thank you so much. And all the best for this financial in the upcoming years. Thank you. Thank you so much.
Ankit Patel
Thank you.
Aryan Rana
All right. So looks like our Q&A session is showing better terms than the Nifty 50. So demand is very high. So let’s take one more question, I suppose, from — one second. Churchit, unmute yourself. And you can ask. Yeah, Churchit Ji. Are you able to unmute or not?.
No. Okay. I think he’s not able to unmute himself. So let’s close the session, I suppose. Thanks for staying with us through today’s call. If today taught us anything, it is that even platforms can have a market correction. And special thanks to our platform for keeping us on our toes.
We are back on track. And so that is the market. So I now invite the Company Secretary and Compliance Officer, Mr. Mandar Desai, to sort of close the session. Thank you.
Mandar Desai
Thank you, Aryan Ji. Thank you, all. To all speakers and participants, we look forward to interacting again in the next quarterly Vision Dialogue. Thank you, and have a good day. Thank you, all.
Aryan Rana
All right. So that concludes the — this Vision — Quarterly Vision Dialogue. Stay with us. Thank you so much for joining us. Thank you.