Ice Make Refrigeration Ltd (NSE: ICEMAKE) Q1 2026 Earnings Call dated Aug. 13, 2025
Corporate Participants:
Unidentified Speaker
Aryan Rana — Investor Relations
Chandrakant P. Patel — Chairman and Managing Director
Ankit Patel — Chief Financial Officer
Nikhil Bhatt — Vice President, Strategy
Analysts:
Unidentified Participant
Arnav Sakhuja — Analyst
Ajay Surya — Analyst
Maitri Shah — Analyst
Bhargav Buddhadev — Analyst
Resha Mehta — Analyst
Mosam Shah — Analyst
Presentation:
operator
Ladies and gentlemen, I am Arshi, the moderator for this conference call. Welcome to the earnings conference call of Ice Make Refrigeration Limited Arranged by Ariana Matasko to discuss the financial results for Q1FY26. At this moment all participant lines are in the listen only mode. Later we will conduct a question answer session at that time. If you have a question, please press star n1 on your touchtone keypad. Please note that this conference is being recorded. I now hand the conference over to Mr. Aryan Rana. Thank you. And over to you sir.
Aryan Rana — Investor Relations
Thanks Ashik. Good afternoon everyone and a very warm welcome to the ice Make Refrigeration Limited’s Q1 FY26 earnings conference call. We appreciate your time and participation today. Our financial results for the quarter are available on the Company’s website as well as on the stock exchanges where we are listed on nse. Before we begin, I would like to remind you that today’s discussion may include forward looking statements. These are based on current expectations and assumptions and are subject to certain risks and uncertainties both known and unknown that may cause actual results to differ materially. We encourage participants to review these statements in conjunction with the risk disclosures outlined in our investor presentations and regulatory filings.
A little overview of the Company I SMEC is one of India’s leading manufacturers of innovative and energy efficient Solutions Solutions. Since 1993 the company has catered to the diverse cooling needs of industries like dairy, food processing, hospitality, pharmaceuticals, logistics and more with a product portfolio spanning over 50 solutions across five core verticals. Cold rooms, commercial refrigeration, industrial refrigeration, transport refrigeration and ammonia based systems. The company continues to lead with a customer centric and technology driven approach serving clients across India and exporting to over 24 countries. Little bit overview of the track record over the last five years icemake has built a consistent and credible performance record making marked by strong top line and bottom line growth, steady margin improvement and operational execution creating a solid foundation for sustained value creation.
Over the past five years the company’s revenue has grown at an impressive CAGR of 30% increasing from about 138 crore in FY20 to 480 crores in FY25. While net profit has surged at a robust CAGR of 43.5% during the same period rising from 3.61 crore to 22.90 crore. Operating profit has also shown a consistent upward trajectory from 4 crore to 43 crores, maintaining healthy margins in the 8 to 11% range. The company has significantly optimized its working capital cycle reducing it from 37 days to now almost 19 days, underscoring improved operational execution and stronger cash flow discipline.
Over the same period of five years the company has Company’s market capitalization has surged nearly 1000% reflecting growing investor confidence and sustained value creation. Now I would like to introduce our management team present with us today. Let me welcome Mr. Chandan Pipel, Chairman and Managing Director Mr. Nikhil Bhatt, Vice President Strategy Mr. Ankit Patel, Chief Operating Officer and Mr. Mandar Deshai, Company Secretary and Compliance Officer. During today’s session, the management will talk about the financial and operational performance for Q1 FY26 strategic updates in business drivers key market opportunities, the road for sustainable growth. Following that, we will be happy to take your questions.
With that, I would now like to hand over the floor to our Chairman and Managing Director Mr. Chandzan Pip Patel. Sir, the floor is yours Sir. Thank you so much.
Chandrakant P. Patel — Chairman and Managing Director
Good afternoon everyone. I hope you are all doing well. It gives me great pleasure to welcome you to the Q1 FY26 earning call of IceMag Refrigeration Limited and I thank you for joining us today. While our quarterly numbers show strong revenue growth of over 30% year on year, this performance must be seen in context Large story the opportunity and challenge shaping our industry and our country. India is one of the largest largest producer of agriculture goods, dairy and perishable in world. Yet every year we lose a significant portion of this produce. Estimate range from 20 to 40% due to gap in cold chain infrastructure, inefficient logistics and limited access to temperature control storage in rural and semi urban areas.
Armor often face distress cells because they cannot store their produce for the right market timing. Similarly food processing companies, pharmaceutical, quick service, restaurant and exporter face hurdles in maintaining quarterly quality standard due to fragmented supply chain and outdated infrastructure. Urbanization, Rising income and export growth are driving demand for face and and proceed product. But meeting this demand require reliable energy efficient and scalable refrigeration solution that where I smack play transformative role. Our cold room help farmer and agri producers store their produce longer and sell it sell at better price. Our industrial and commercial refrigeration system enable food processor, hospitality chain and QSR brand to maintain consistent quality.
Our transport refrigeration ensures that perishable good travel from farm to plate in optimal condition. We are also innovating in ammonia based and eco friendly solution to help our client meet their ECG goal while reducing operational cost. The demand for this solution is not A passing trend, it’s structural long term opportunity. India’s cold chain market is projected to grow at double digit rates over the next decade driven by rising consumption, growing export and government initiate for food security and value addition in Q1FY26 while we recorded a temporary net loss of 1.4 Cr4.7 crore due to seasonal input cost fluctuation, higher finance cost depreciation and inventory adjustment, our order book remaining strong, our customer base expanding and this headwind are short term but opportunity ahead for us is long term and substantial.
Our strategy is clear to deepen our presence in demand lead sector such as agriculture, food processing, pharmaceutical, dairy and institutional clients to keeping innovative with technology driven energy efficient solution and to execute with operational discipline. We see ourselves not just as a refrigeration manufacturer but as an enabler of India’s food security, export competitiveness and sustainable growth. This is the vision driving our work and shaping our roadmap for the years ahead. With that I will now hand over to our CFO Mr. Ankit Patel to take you through the financial performance overview and Mr. Nikhil Bhatt or Business Update. Thank you.
Ankit Patel — Chief Financial Officer
Thank you Amditas. Good afternoon everyone. I will now walk you through Icemaker Refrigeration financial performance for the quarter ended June 25th both standalone and consolidated. During the quarter we saw strong traction across all of our key segments particularly in cold room and commercial vertical. Our continued focus on demand driven sectors such as bd, ice cream, agriculture, food processing, pharmaceutical and specifically quick commerce. For consolidated financial performance of Q1FY26, revenue from operations stood at 111.50 crore. It is up by 30.90% year on year compared to 85.23 crore in Q1FY25. This growth was driven by a strong traction in many segments.
EBITDA came at rupees 4.53 crore compared to 6.13 crore in Q1FY25. The EBITDA margin declined to 4.06% mainly due to moderate scale of operation of new added verticals and its related expenses. Profit after tax was a bit negative 1.47 crore as against the profit of 3.64 crore in the same quarter last year. For standalone financial performance of Q1FY26, the standalone revenue was 111.85 crore growing from 83.70 crore in Q1FY25. EBITDA on a standalone basis stood at 4.44 crore compared to 6.30 crore year on year. Standalone pad was negative 1.38 crore compared to 3.85 crore in the same quarter last year.
The decline in the margin is a short term impact caused by recent capex and new vertical related operational expenses. Scale up of our new vertical will be visible in full year FY26. Despite pressure on profitability, our revenue growth remains strong and well diversified across verticals and geographies. We are confident that the challenges pertaining to business scale up will be addressed in upcoming quarters and our strategic investment and other plans for business growth will support our margin expansion in long term growth. We are very confident about business visibility and our plan. We are committed to improve our financial performance in upcoming quarter.
Thank you. With that I request Our strategy head Mr. Nikhil Bhatt to give you business updates. Thank you.
Nikhil Bhatt — Vice President, Strategy
Thank you Angitji and good afternoon everyone. I am pleased to present the strategic business highlights and updates on our regional and vertical performance project, executions of order book and Future roadmap. During Q1 FY26 we witnessed encouraging growth momentum across multiple geographics. Key highlights includes waste maintained leadership position in cold room and dairy segment of about 53% of the total revenue we have significantly achieved in the north region also it has grown by 15% year to year led by demand from the QSR and the E commerce space business. Southern region is also maintained is a 15% growth and eastern region followed by 12% with growing traction in agro processing and institutional acquisitions.
Exports market is also maintained is 4.51 crores in Q1 is a 3% of the revenue sharing and having a pending order source is 9.65. In the export market we are seeing steady diversification across business verticals. The cold room would be the largest contributor with revenue of office 57.43 crores at approximately 51% of the project exhibited in food processing. Industrial creation is also maintaining the 3% of revenue sharing amounting to 3.4 crores driven by the large orders of dairy and food stocks. Transport appreciation witnessed year to year growth of this 6% about 6.74 crores scanning well in referred vehicles for pharma and parisable commercial accreditations and others has a county of 17% of selling that is 19.38 crores with moderate growth with focus on institutional clients and small retails.
Ammonia projects includes ammonia vertical include projects of about 6% the amount equal 6.66%. Apart from that our new both vertical upchase freezer as the commercial freezers as well as the continuous panel business are doing well, we are getting a good reference order as well as the good numbers in the value also for the two projects. We are optimistic that these two products will be very much helpful in our growth so far as the Rajesh project is concerned. Dairy projects which we are running on the Haringada in the West Bengal it is about to finish and to the handover process in on the way we are having a current order book very strong current order book amounting to 173.12 crores.
Unsolicited order book strength includes strong revenue visibility for the coming quarters. Cold rooms is about 26.63. Industrial refrigeration is about 3.27. Transport reposition about 2.21 crores. Commercial deposition is 17.38. Ammonia vertical is about 52 crores and the new product verticals the Chase freezers is having a 1 crore order on push and the remarkable achievement in the continuous pop center is about 33.66. Lot of order on hand in the commercial business verticals. We are just planning for the new product development as well as the introduction of a new product related to Horika segment and also for the water cooler we have started.
The brands of PFO have ground 7 all India based and your dual dealer distributed network of about 60 on India based. So we are also hopeful that the space freezer business as the commercial acquisition new segment will be also improving our growth looking at our strategy remains focused on the expanding into two tier 2 and 3 cities with ready to install folders and other equipments doubling our reach in Puerto Rico and cloud agent segments Especially with high growth institutional plants entering new export market in MENA and Africa with compact representation units. We have done product innovations for the IoT enables temperature control system for cold room which will help to remote the monitoring of the systems.
We are strengthening our after sales service and AMC portfolio to enhance our recurring revenue. We are confident that with our strong executions innovation pipeline NI Snake is well positioned to scale new heights and deliver value to all stakeholders. Thank you. Now let us open the floor for question and answer this question.
Questions and Answers:
operator
Thank you sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press and one on their touchton telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles participants. So phone per star or one. The first question is from the line of Mr. Arnav Sakhuja from Ambit Capital. Please go ahead.
Arnav Sakhuja
Thank you for taking my question. Could you please repeat what is the revenue contribution from each of our product segments?
Ankit Patel
Each of vertical you are asking right?
Arnav Sakhuja
Yeah, each vertical.
Ankit Patel
Okay. Coal room Segment contributed around 51%. Industrial is around 3%. Commercial segment at 17%. Transport refrigeration at 6%. Ammonia in project combined at 6%. Continuous panel at 9% and commercial freezers 8%.
Arnav Sakhuja
Okay, thank you. My next question is could you please give us a bit of an update on what is the status of the next phase of Capex that we had been planning? The 150 crore capex.
Ankit Patel
There are some dialogues currently going on. There are some acquisition related technology types JV related discussion is also going on. They all are very positive discussion. Maybe in a short while at an appropriate time you may at an update. But currently we are main focusing on stabilizing our recent and new CAPEX plan related update will be communicated in a due course. Once that is any update in there.
Arnav Sakhuja
Right. And in our last call we had guided for a revenue of 650 crores for FY26 with 9 and a half to 10 and a half percent EBITDA margins. So are we sticking to that guidance or is there any update on this?
Ankit Patel
I think that 650 crore top line is fine. We will be able to achieve and EBITDA margin. We feel that somewhere around previous EBITDA margin we may close in current financial year. Maybe around 8. 9% full financial year.
Arnav Sakhuja
Okay, thank you for answering my questions and best luck.
operator
Thank you. Participants please ask your questions in Hindi. The next question is from the line of Mr. Ajay Surya from Nivesha Investment advisory. Please go ahead sir.
Ajay Surya
Yes. New business. What was the
Ankit Patel
EBITDA margin? I got it. The first one.
Ajay Surya
Top panel or commercial refrigeration.
Ankit Patel
Continuous panel 9.61 contribution or commercial freezer car 8.61 crore or continuous depreciation or interest. Annually
Nikhil Bhatt
Commercial preparation May initially or south maybe contribution or dealer network. We have appointed around 60 dealers for that particular product or out of that numbers range Including Maharashtra, Mumbai also north May 60 dealers. Going forward we are having good numbers on the pipeline for the brands of the also.
Ajay Surya
Got it sir. Short to medium term better.
Ankit Patel
Specifically automated product Iksaj coffee chunk May Hamara sales production automation Honeyki challenges traditional vertical production the interest or depreciation.
operator
I’m sorry sir, I request if you could rejoin the queue.
Ajay Surya
Sure, sure.
operator
Thank you. Participants, it’s a request. Please restrict your questions to two per participant. If you have any follow up questions please rejoin the queue. The next question is from the line of Ms. Maitri Shah from Sapphire Capital Partners LLP. Please go ahead, ma’.
Maitri Shah
Yeah. Hello. Am I audible?
operator
Yes.
Maitri Shah
Could you please repeat order book bifurcation again.
Nikhil Bhatt
As of Now Order Book 173 26.6. Industrial Depreciation May 3.27. Transport Depreciation May 2.214 Export May 9.65. The export. Just to have a special idea for the export orders. But it includes in the total current order book commercial appreciations is 17.38. Ammonia appreciation is having 52 crores of orders. And continuous panel is around 33.66 crore. And the commercial business is 1 crore plus.
Maitri Shah
This year we’ll have a target of 150 crores from the new business. So PUC or businessman will achieve 9% EBITDA margin. Is that correct?
Ankit Patel
So going forward upcoming year for the time being.
Maitri Shah
Okay. Or hello. Targeted. Do you think we can achieve it one year prior like FY27 rather than FY28.
Ankit Patel
Challenging here but relatively. This is Capex plan Kia. So already.
Chandrakant P. Patel
Under 360 crore capacity. 1200 1300. Indian industries import versus domestic manufacturing to government domestically global expense.
Maitri Shah
Thousand crores margins.
Ankit Patel
How many? 10% EBITDA. 10% or established entry level. 10%. Achievable or any other.
Nikhil Bhatt
Vertical.
Maitri Shah
That is it for my side. Thank you.
operator
Thank you. The next question is from the line of Mr. Bhargav Buddhadev from Ambit Asset Management. Please go ahead.
Bhargav Buddhadev
Good afternoon sir and thank you for the opportunity. Quarterly.
Ankit Patel
Depreciation or employee cost finance cost with agreement similar working capital. Working capital but more or less finance. Cost. Going forward.
Nikhil Bhatt
Always first quarter say two times.
Ankit Patel
Maximum depreciation cost going forward time may depreciation cost reduce specific expenses. Variation.
Nikhil Bhatt
Per day per month capacity increase 18 19,000 machine or year capacity 15% contribution. Actually household. Outsourced service available. Otherwise. Coordination management.
Bhargav Buddhadev
Okay, so thank you very much and all the best.
operator
Thank you. The next question is from the line of Ms. Resha Mehta from Green Edge Wealth Services LLP. Please go ahead, ma’. Am.
Resha Mehta
Thank you. Good afternoon, sir. Right. So just basically maintenance case, new products commercial freezes and continuous panel revenue level break even by the end of this year or you know by the end of this year.
Ankit Patel
Capacity second or fourth, third or fourth quarter commercial freezer or. Beverages ice cream. Or warehouse cold storage. Continuous panel in first or second quarter. May rainy season civil related a product have industrial lacking civil case. Civil project.
Resha Mehta
Working capital here. You know for a high level. As of June quarter.
Ankit Patel
Inventory level going forward. So aggressive business or working capital specific period. KLE temporarily Hamari working capital block existing working capital specific point of time pay working capital utilization to Hoga or Hamara profit deploy. So working capital utilization improvement key improvement time into this working capital making working capital utilization point of view they get the utilization. Those are.
Resha Mehta
In terms of number of days 60 days that will now tend more towards 80 days.
Ajay Surya
Expect right and.
Resha Mehta
Better days increase level towards 70 plus kind of days.
Ankit Patel
Operating cash flow continuous panel other project. But other direct project other than tender around 4045 days general credit terms.
Resha Mehta
All right. Thank you.
Ankit Patel
Thank you.
operator
Thank you, ma’. Am. The next question is from the line of Mr. Manish an individual investor. Please go ahead.
Unidentified Participant
Hello sir. Thanks for taking up my question. Which are those companies guidance. So existing segments almost flat. Is that understanding correct? And if yes, what is the reason?
Ankit Patel
Continuous. Commercial capacity capacity per year 1.2.
Nikhil Bhatt
Top line contribution. So effectively.
Ankit Patel
Manufacturing capacity oriented product dehydration vertical ammonia business project last year manufacturing capacity may infrastructure.
Unidentified Participant
Okay, so PPT investor presentation release quarter and quarter with the basic details. So some of the queries. So that will be helpful. Sir.
Nikhil Bhatt
Normally manual base after AGM.
Unidentified Participant
Expectation. Okay. All right. All right. Thank you sir.
operator
Thank you. The next question is from the line of Mossam Shah from Wealth Guardian Services llp. Please go ahead.
Mosam Shah
Hello. Hello.
operator
Yes. You are audible.
Mosam Shah
Yes, thank you. Thank you for the opportunity. Adjustment from quarter one to quarter two.
Ankit Patel
Inventory adjustment. Inventory pile up stop Karna.
Mosam Shah
Okay. Okay. Okay. Fine. Okay. Regarding quick commerce.
Nikhil Bhatt
Support closely connected requirement.
Mosam Shah
Hello.
Nikhil Bhatt
Hello.
Mosam Shah
Yes. So A B after tariff pricing and all that. Hello.
Nikhil Bhatt
So difficult point of view.
Mosam Shah
Okay. Expansion Kia for the new products. Okay fine. Or expectation. Okay, fine. Okay. Thank you. Thank you very much and all the best.
operator
Thank you. The next question is from the line of Mr. Ajay Surya from Nashare Investment advisory. Please go ahead.
Ajay Surya
Higher input cost.
Ankit Patel
In fact operating margin vertical wise composition. So quarter on quarter result composition input constraint initial level strategy. But for the time being gradually impact nullify.
Ajay Surya
Historically. Okay, sir. Okay, last question. Overall demand scenario which difficulties due to monsoon or other reason. Going forward consolidation towards industry. Initially increased competition.
Chandrakant P. Patel
Opportunity domestic industries capacity. Actually Indian demand excess capacity manufacturing manufacturing capacity. Always demand ice cream consumption per head electricity availability of village level ice cream cells outlet food processing industries. Working family compliance or guidance products. One by one organized industries, agriculture mad research figure production dehydration ammonia reputation. First quarter may Hamari Jit may be listed. Indian market hospitality, food processing, fruit vegetable generation.
operator
Thank you. Thank you. Ladies and gentlemen. That was the last question for this session. I would now like to hand the conference over to the management for closing comments.
Nikhil Bhatt
Thank you everyone for joining the ICEMAC Refrigeration Limited Q1 FY26 earnings conference call. We appreciate your valuable time, insights and continued support. If you have any further questions or require additional information, please feel free to reach out to us or Aria Matasco, our investor relations team. We look forward to interacting with you. Again during our next quarterly update. Until then, thank you and have a great day ahead. Thank you.
operator
Thank you sir. On behalf of Ice Make Refrigeration Ltd. That concludes this conference. Thank you for joining us and you may now disconnect your lines.