{"id":173439,"date":"2026-01-22T09:59:39","date_gmt":"2026-01-22T14:59:39","guid":{"rendered":"https:\/\/alphastreet.com\/india\/ice-make-refrigeration-ltd-icemake-q4-2025-earnings-call-transcript\/"},"modified":"2026-01-22T09:59:39","modified_gmt":"2026-01-22T14:59:39","slug":"ice-make-refrigeration-ltd-icemake-q4-2025-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/ice-make-refrigeration-ltd-icemake-q4-2025-earnings-call-transcript\/","title":{"rendered":"Ice Make Refrigeration Ltd (ICEMAKE) Q4 2025 Earnings Call Transcript"},"content":{"rendered":"

Ice Make Refrigeration Ltd (NSE: ICEMAKE) Q4 2025 Earnings Call dated May. 21, 2025<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Aryan Rana<\/strong> \u2014 Investor Relations<\/em><\/p>\n

Chandrakant P Patel<\/strong> \u2014 Chairman and Managing Director<\/em><\/p>\n

Ankit Patel<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Nikhil Bhatt<\/strong> \u2014 Vice President Strategy<\/em><\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Analysts:<\/h2>\n

Arnav Sakhuja<\/strong> \u2014 Analyst<\/em><\/p>\n

Shashi<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Tej Patel<\/strong> \u2014 Analyst<\/em><\/p>\n

Mosam Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Resha Mehta<\/strong> \u2014 Analyst<\/em><\/p>\n

Bharat Gupta<\/strong> \u2014 Analyst<\/em><\/p>\n

Suraj Jain<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Afternoon, ladies and gentlemen. I am Ziko, the moderator for this conference call. Welcome hello, welcome to the Earnings Conference Call of IceMake Refrigeration Limited arranged by Ariana Matasco to discuss the financial results for Q4 and FY ’25. At this moment, all participant lines are in the listen-only mode. Later, we will conduct a question-and-answer session. At that time, if you wish to ask a question, please press R&1 on your touchstone keypad. Please note that this conference is recorded.<\/p>\n

I now hand the conference over to Mr Arian Rana. Thank you, and over to you, sir.<\/p>\n

Aryan Rana<\/strong> \u2014 Investor Relations<\/em><\/p>\n

Thanks, Jaiko. Good afternoon, everyone, and a very warm welcome to the IceMake Refrigeration Limited Q4 and full-year FY ’25 earnings conference call. We appreciate your time and participation today. Our financial results for the quarter and full-year are available on the company’s website as well as on the stock exchange via listed. Before we begin, I would like to remind you that today’s discussion may include forward-looking statements.<\/p>\n

These statements 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 forward-looking statements in conjunction with the risks and disclosures outlined in our investor presentations and regulatory filings. Now, I would like to give you a brief background of the company.<\/p>\n

Icemak Refrigeration Limited is one of India’s leading manufacturer of innovative and energy-efficient refrigeration solutions. Since 1993, company has centered has catered to the diverse schooling needs of industries like diary, food processing, hospitality, pharmaceutical, logistics and more.<\/p>\n

With the product portfolio spanning over 50 plus pollutions across five core verticals like coldrooms, commercial refrigeration, industrial refrigeration, transport refrigeration and ammonia-based systems, the company continues to lead with a customer-centric — centric and technology-driven approach, serve clients across India and exports to over 24 countries. Please allow me to now introduce our management team.<\/p>\n

It is my privilege to introduce the leadership team joining us today to discuss the financial performance and strategic outlook. I welcome Mr Chandel, Chairman and Managing Director; Mr Nikhil, Vice-President, Strategy; Pratel, Chief Financial Officer; and Mr Desai, Company Secretary and Compliance Officer. During today’s session, the management will walk us through the financial and operational performance for Q4 and FY ’25, strategic updates and business drivers and also give us key market and road for the sustainable growth.<\/p>\n

With that, I would now like to hand over the call to our Chairman and Managing Director, Mr Patel, sir. The floor is yours, sir. Thank you so much<\/p>\n

Chandrakant P Patel<\/strong> \u2014 Chairman and Managing Director<\/em><\/p>\n

[Foreign Speech] is it’s my pleasure to share our financial performance for the quarter-four and full pixel for 2025.[Foreign Speech]<\/p>\n

Ankit Patel<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Thank you, Andre, sir. Very good afternoon, everyone. I’m Ankit Patel, CFO of your company. I’m pleased to be here again to present to you financial performance of the company for the 4th-quarter and full financial year ended March ’25. For Q4 of FY ’25 consolidated performance, we delivered a strong revenue of INR180.82 crores in Q4 FY ’25, making 64% quarter-on-quarter growth and 27% year-on-year growth compared To Q4 ’24. Our EBITDA stood at INR21.85 crores, slightly up from INR20.93 crore in Q4 FY ’24. EBITDA margin was 12.08%, which is lower than 14.9% in Q4 last year, mainly due to incremental operational cost of our new capex and profit-after-tax PAT came at INR11.66 crore, down from INR14.27 crore in Q4 FY ’24, but higher than INR2.81 crore in Q3 FY ’25. Earnings per share EPS for the quarter stood at INR7.42 compared to INR9.06 in Q4 FY ’24 and INR1.82 in Q3 FY ’25. For full-year financial performance, our total revenue for FY ’25 was INR480.42 crores compared to INR379 crore in FY ’24, a 26.8% year-on-year growth. EBITDA for FY ’25 stood at INR43.44 crores, slightly higher than INR41.39 crore in previous year. EBITDA margin stood at 9.04% compared to 10.92% in FY ’24. Due to pre-planned operational expense as a part of our capital expansion, the margin is compressed a bit. Net profit for full-year stood at INR22.9 crores as against INR26.14 crore in FY ’24. Due to this recent delay in operation of our new capex and full-year incremental expense along with interest burden off of term-loan depreciation of our new plant and machinery, net profit is a bit compressed. Our EPS for FY ’25 was INR14.65 compared to 16.64 in FY ’24. Thank you. Now I invite Mr for the update on our business.<\/p>\n

Nikhil Bhatt<\/strong> \u2014 Vice President Strategy<\/em><\/p>\n

Thank you. Thank you,. Ladies and gentlemen,. Thank you. It’s a pleasure to share some strategic insights and business highlights for FY ’25. This year has been an important one for us in terms of business diversifications, regional penetrations and strengthening our verticals. I will take a moment to walk you through the segmental and regional performance that demonstrate how well is positioned for scalable and sustainable growth.<\/p>\n

Talking of vertical-wise sales performance FY ’25, let me tell you all that our coldroom vertical continues to be our largest revenue contributor accounting for 50.17% of total revenue. This remains a core growth engine for us supported by demand from industries such as dairy, pharma, food processing and e-commerce warehousing. Our Commercial refrigeration segment contributed 15.17%, driven by increased adoption in retail, restaurant chains and quick commerce clients.<\/p>\n

The momentum in this space, especially from modern trade formats is expected to continue in FY ’26. The ammonia and industrial repreciation verticals together contributed over 12%, fueled by demand in food power, food processing industries, ice plant and large-scale agro infrastructure projects. We see long-term opportunity here and as India’s coal ecosystem matures. Transport added 7.42% to our top-line and is gaining traction with QSR chains and last mile delivery players.<\/p>\n

Meanwhile, projects, continuous panels and commercial freezers together contributed nearly 12.5%, validating our expansion into newer verticals. We expect this newer segment that is continuous spot panel and chase freezers to become significant contributors in the next two, three years as scale and utilization improve. As of today, I’m pleased to inform you that our pending order book stands strong as at approximately INR171 crores.<\/p>\n

This includes significant orders across our core and emerging verticals and gives us high revenue visibility going into FY ’20. There are few name orders that we have on-hand that is from the Kashmir Department, we are having a INR28.5 crores orders is there. From West Bengal government, we have received about two orders of INR42 crores. And also some of the Federations, Daily Federation as well as NDTP or some of the food processing — reputated food processing industries from India.<\/p>\n

And also we are getting new orders from the quick restaurant orders with the leading brand in the global level. Looking ahead, we are focused on the three core areas. That is expanding market-share in cold-chain and big commerce solutions, operators — operationalizing our few new facilities to reduce turnaround time and logistic cost, strengthening exports and product innovation for long-term global relevance.<\/p>\n

We are confident that with our diversified portfolio of 50 plus innovative products, strong pan-India fragence, global focus and deep customer relationships, is well-positioned to achieve its long-term goal of INR1,000 crore revenue by FY ’28. Thank you for your kind continued support. And now we look-forward to your questions.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you, thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press R&1 on the touchstone telephone. If you wish to remove yourself from the question queue, you may press R&2. All participants are requested to use handsets while asking a question. We request participants to ask their questions in Hindi. Ladies and gentlemen, we will wait for a moment while the question queue assembles our first question comes from the line of Arnav from Ambit Capital. Please go-ahead.<\/p>\n

Arnav Sakhuja<\/strong><\/p>\n

Hi, thank you for taking my question. My first question is how much capex —<\/p>\n

Operator<\/strong><\/p>\n

Sorry to interrupt you, sir. Before you go-ahead with your question. May I request you come closer to the device, sir. Your voice is slightly echoing, sir. Thank you.<\/p>\n

Arnav Sakhuja<\/strong><\/p>\n

Is this clear now?<\/p>\n

Operator<\/strong><\/p>\n

Yes, sir. This is better, sir. Thank you.<\/p>\n

Arnav Sakhuja<\/strong><\/p>\n

Yeah. So my question was, how much revenue can we expect from our new segments, which is the PUS panel and commercial in FY ’26?<\/p>\n

Ankit Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Arnav Sakhuja<\/strong><\/p>\n

And we expect this entire revenue to come in FY ’26.<\/p>\n

Ankit Patel<\/strong><\/p>\n

Sorry. [Foreign Speech]<\/p>\n

Arnav Sakhuja<\/strong><\/p>\n

Am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Yes, sir. May we request you to use your handset, please, sir.<\/p>\n

Ankit Patel<\/strong><\/p>\n

For FY ’26, it will be around INR175 crores for these two new verticals. So we are expecting about INR1.75 crores INR275 crores.<\/p>\n

Arnav Sakhuja<\/strong><\/p>\n

Okay. Thank you. My next question is about assessment, what was our margin?<\/p>\n

Ankit Patel<\/strong><\/p>\n

Sorry. The wall not coming yet.<\/p>\n

Operator<\/strong><\/p>\n

Sir, may we request that you use your handset, please, sir.<\/p>\n

Arnav Sakhuja<\/strong><\/p>\n

Am I audible now?<\/p>\n

Operator<\/strong><\/p>\n

Yes, sir.<\/p>\n

Arnav Sakhuja<\/strong><\/p>\n

Yeah, my question was, what were the margins in the ammonia segment?<\/p>\n

Ankit Patel<\/strong><\/p>\n

[Foreign Speech] 10% to 14%<\/p>\n

Arnav Sakhuja<\/strong><\/p>\n

And EBITDA margin<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Arnav Sakhuja<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Ankit Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Arnav Sakhuja<\/strong><\/p>\n

. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Shashi, who is an investor. Please go-ahead.<\/p>\n

Shashi<\/strong><\/p>\n

Hello, good afternoon [Foreign Speech]..<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

Hi, good afternoon. [Foreign Speech]<\/p>\n

Shashi<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Shashi<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Shashi<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Shashi<\/strong><\/p>\n

[Foreign Speech] Thank you.<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Pavier Shah from 3A Financial Services. Please go-ahead hello Shah, your line has been unmuted. Please go-ahead with your question.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello. Good afternoon, sir. Congratulations for the great set of numbers. So my question is, [Foreign Speech] So are we — are we going to do any capex in coldroom segment?<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. [Foreign Speech]<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech] we are using WDV depreciation method. [Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. [Foreign Speech] is this my understanding right?<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech] [Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay, okay. Thank you so much, sir. Thank you and call all the best for the future.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Thank you. Thank you. The next question comes from the line of Tej from Niveshay. Please go-ahead.<\/p>\n

Tej Patel<\/strong><\/p>\n

Yeah. Thank you so much for the opportunity and congratulation to the entire team on a wonderful financial year.[Foreign Speech] what was the reason which led to the — this delay, [Foreign Speech] So was there any particular issue which led to the delay or let’s say, [Foreign Speech], then we would have been able to achieve this INR500 crores. If you could just probably [Foreign Speech].<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Tej Patel<\/strong><\/p>\n

Got it. Got it. [Foreign Speech]<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Tej Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Tej Patel<\/strong><\/p>\n

Got it. [Foreign Speech]<\/p>\n

Ankit Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Tej Patel<\/strong><\/p>\n

Got it. [Foreign Speech]<\/p>\n

Ankit Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Tej Patel<\/strong><\/p>\n

Got it. Got it. [Foreign Speech] on our new business and on a broader level also, if you could just help us understand [Foreign Speech] by ’28, what rate of growth are we expecting for this financial year or [Foreign Speech]<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Tej Patel<\/strong><\/p>\n

Got it. Got it.[Foreign Speech]<\/p>\n

Ankit Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Tej Patel<\/strong><\/p>\n

Got it. Got it. [Foreign Speech]<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Tej Patel<\/strong><\/p>\n

Got it. [Foreign Speech]<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Tej Patel<\/strong><\/p>\n

Got it, got it.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Tej Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Tej Patel<\/strong><\/p>\n

Okay, got it.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Tej Patel<\/strong><\/p>\n

Okay. Got it. Got it or got it. [Foreign Speech] [Foreign Speech]<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Operator<\/strong><\/p>\n

Thank you. MR. Tej, may we request that you return to the question queue for follow-up questions as there are several participants waiting for their turn. Thank you. Our next question comes from the line of Mosam Shah from Wealth Guardian. Please go-ahead.<\/p>\n

Mosam Shah<\/strong><\/p>\n

Hello. Congratulations, sir, on a good set of numbers. [Foreign Speech] and how it is?<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Mosam Shah<\/strong><\/p>\n

Okay. Okay. Okay. [Foreign Speech]<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Mosam Shah<\/strong><\/p>\n

Okay. [Foreign Speech]<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Mosam Shah<\/strong><\/p>\n

Okay. Thank you so much, sir.<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Resha Mehta from Green Edge Wealth Services. Please go-ahead.<\/p>\n

Resha Mehta<\/strong><\/p>\n

Thank you. [Foreign Speech]<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech] It depends upon this opportunity and time. [Foreign Speech]<\/p>\n

Resha Mehta<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Resha Mehta<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Resha Mehta<\/strong><\/p>\n

Okay. [Foreign Speech]<\/p>\n

Ankit Patel<\/strong><\/p>\n

[Foreign Speech] Right. [Foreign Speech]<\/p>\n

Resha Mehta<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Ankit Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Resha Mehta<\/strong><\/p>\n

Right. [Foreign Speech]<\/p>\n

Ankit Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Resha Mehta<\/strong><\/p>\n

Right. [Foreign Speech]<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Resha Mehta<\/strong><\/p>\n

Right.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Resha Mehta<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Resha Mehta<\/strong><\/p>\n

Okay. Thank you and all the best.<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Thank you. Thank you. Our next question comes from the line of from Ambit. Please go-ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, good afternoon, sir, and congrats on a good revenue execution. [Foreign Speech]<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. [Foreign Speech]<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay. Okay. [Foreign Speech]<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. [Foreign Speech]<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Great, sir, and congratulations for the new expansion and all the very best.<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Thank you. The next question comes from the line of Amit from Hawa. Please go-ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Good afternoon, sir. Am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Yes, sir, may we request you to use your handset, sir. Thank you.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes, sir. Am I audible, sir clearly now?<\/p>\n

Operator<\/strong><\/p>\n

Yes, sir. Please go-ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Thank you for the opportunity. Sir, congratulations for good set of numbers. [Foreign Speech]<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you for the classes. Second question was connected to the order backlog. [Foreign Speech]<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you, sir. All the best for the future.<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Thank you. The next question comes from the line of Bharat Gupta from Fairvalue Capital. Please go-ahead.<\/p>\n

Bharat Gupta<\/strong><\/p>\n

Hi, sir. Thanks for taking my question. [Foreign Speech]<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bharat Gupta<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bharat Gupta<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bharat Gupta<\/strong><\/p>\n

Okay. Sir, [Foreign Speech]<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bharat Gupta<\/strong><\/p>\n

Okay. [Foreign Speech]<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bharat Gupta<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Ankit Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bharat Gupta<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Ankit Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bharat Gupta<\/strong><\/p>\n

[Foreign Speech] Thanks and wish you all the best.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Surat Jain, who is an investor. Please go-ahead.<\/p>\n

Suraj Jain<\/strong><\/p>\n

Thanks for the opportunity.[Foreign Speech]<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Suraj Jain<\/strong><\/p>\n

Okay. [Foreign Speech]<\/p>\n

Ankit Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Suraj Jain<\/strong><\/p>\n

Okay. [Foreign Speech].<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Suraj Jain<\/strong><\/p>\n

Okay.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Suraj Jain<\/strong><\/p>\n

Okay. [Foreign Speech]<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Suraj Jain<\/strong><\/p>\n

Okay, fine. That’s it from my side. Thank you for the opportunity.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Thank you. Our next question comes from the line of Tej who — who is from Niveshay. Please go-ahead.<\/p>\n

Tej Patel<\/strong><\/p>\n

Yeah. Thank you so much, [Foreign Speech]<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Tej Patel<\/strong><\/p>\n

Got it. no problem, sir, no problem. Thank you. [Foreign Speech]<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Tej Patel<\/strong><\/p>\n

Got it. [Foreign Speech]<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Tej Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Tej Patel<\/strong><\/p>\n

Got it. Got it. [Foreign Speech]<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

As of now, as per our knowledge, it is not in that.<\/p>\n

Tej Patel<\/strong><\/p>\n

Okay. Got it. Got it. No problem, sir. Okay. That’s all from my side. Thank you so much and all the best for the.<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

Thank you.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Thank you<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Saki, who is an investor. Please go-ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

[Foreign Speech] I think congratulations on a good last quarter. Sir,[Foreign Speech]<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So in terms of absolute number, sir, can we expect the finance cost to remain around INR8 crores to INR10 crores for the year, sir?<\/p>\n

Ankit Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

We can expect. Higher — higher interest component this year than last year, sir.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you, sir. Thank you and best for you, sir.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Thank you. Thank you. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Tej from Niveshai. May we request that you ask only two questions, please?<\/p>\n

Tej Patel<\/strong><\/p>\n

Yeah. Sorry, I would have just — only one question, sorry, I missed it. [Foreign Speech]<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Tej Patel<\/strong><\/p>\n

Yeah, revenues right.<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Tej Patel<\/strong><\/p>\n

Okay, the tender-based business generally is around 10% to 15%.<\/p>\n

Chandrakant P Patel<\/strong><\/p>\n

[Foreign Speech] otherwise got we are not focusing on that only.<\/p>\n

Tej Patel<\/strong><\/p>\n

Got it. Got it. No problem. I got your point. Thank you so much, sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, as there are no further questions from the participants, I now hand the conference over to the management for closing comments.<\/p>\n

Aryan Rana<\/strong><\/p>\n

Thank you, everyone, for joining us today on the Q4 and FY ’25 earnings conference call. We appreciate your time, your questions and your continued interest in Refrigeration. We hope the discussion today has given — given you a clear view of our business performance, strategic direction and growth outlook. If you have any further queries or require additional information, please feel free-to reach-out to us or our Investor Relations Advisors, Ariana Matasco.<\/p>\n

We look-forward to staying connected and updating you on our progress in the coming quarter. Thank you once again.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. On behalf of Refrigeration Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ice Make Refrigeration Ltd (NSE: ICEMAKE) Q4 2025 Earnings Call dated May. 21, 2025 Corporate Participants: Aryan Rana \u2014 Investor Relations Chandrakant P Patel \u2014 Chairman and Managing Director Ankit Patel \u2014 Chief Financial Officer Nikhil Bhatt \u2014 Vice President Strategy Unidentified Speaker Analysts: Arnav Sakhuja \u2014 Analyst Shashi \u2014 Analyst Unidentified Participant Tej Patel […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-173439","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":124135,"url":"https:\/\/alphastreet.com\/india\/ice-make-refrigeration-ltd-icemake-q4-fy21-earnings-concall\/","url_meta":{"origin":173439,"position":0},"title":"Ice 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Patel \u2014 Chairman and Managing Director Ankit Patel \u2014 Chief Financial Officer Nikhil Bhatt \u2014 Vice President, Strategy Mandar Desai \u2014 Company Secretary Analysts: Arnav Sakhuja \u2014\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":173441,"url":"https:\/\/alphastreet.com\/india\/ice-make-refrigeration-ltd-icemake-q2-2025-earnings-call-transcript\/","url_meta":{"origin":173439,"position":4},"title":"Ice Make Refrigeration Ltd (ICEMAKE) Q2 2025 Earnings Call Transcript","author":"News desk","date":"January 22, 2026","format":false,"excerpt":"Ice Make Refrigeration Ltd (NSE: ICEMAKE) Q2 2025 Earnings Call dated Nov. 19, 2024 Corporate Participants: Chandrakant P. 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