Hyderabad, August 18, 2026: Ice Make Refrigeration Ltd. , a provider of commercial and industrial refrigeration solutions, reported a strong start to FY27 with consolidated revenue from operations rising 60.4% year-on-year to Rs 178.88 crore in the quarter ended June 30, 2026, compared with ₹111.50 crore in the same quarter last year.
The strong growth in revenue comes after the company reported its highest-ever annual revenue of Rs 668.20 crore in FY26. The company said it continues to see opportunities across commercial refrigeration, cold-chain and other end-user industries.
Consolidated Financial Highlights
(Rs crore, except EPS)
|
Particulars |
Q1 FY27 |
Q1 FY26 |
YoY |
|
Revenue from Operations |
178.88 |
111.50 |
60.4% |
|
EBITDA* |
3.09 |
4.53 |
-31.8% |
|
EBITDA Margin* |
1.7% |
4.1% |
— |
|
Profit / (Loss) After Tax |
(1.65) |
(1.47) |
— |
|
EPS (₹) |
(1.04) |
(0.90) |
— |
However, profitability remained under pressure during the quarter. Consolidated profit before tax stood at a loss of Rs 2.23 crore, compared with a loss of Rs 1.84 crore in Q1 FY26. Consolidated profit after tax stood at a loss of Rs 1.65 crore, against a loss of Rs 1.47 crore in the corresponding quarter last year.
Based on the reported financial numbers, EBITDA for the quarter works out to around Rs 3.09 crore, compared with approximately Rs 4.53 crore in Q1 FY26. This translates into an EBITDA margin of around 1.7%, compared with 4.1% in the year-ago quarter.
Revenue growth remains strong
The company said the revenue growth reflects continued demand across its refrigeration and cold-chain businesses. Ice Make manufactures and supplies cold rooms, freezers, refrigeration systems, chilling plants and related products. The company operates as a single reportable business segment. The company is also continuing to invest in manufacturing capacity, product development and operational capabilities as it looks to expand its presence across different refrigeration applications.
Focus on improving margins
While the company has delivered strong topline growth, improving profitability will remain an important focus going forward. The management said the company is working on improving capacity utilisation, operating efficiencies, product mix and cost management. The objective is to generate better operating leverage as the investments made in recent quarters start to mature.
Rs 180 crore investment from Japan’s Galilei Holdings
A key development for Ice Make is its proposed strategic partnership with Galilei Holdings Co. Ltd., a Japanese company listed on the Tokyo Stock Exchange.
Under the proposed transaction, Galilei will invest Rs 180 crore in Ice Make through a preferential issue of equity shares, while Ice Make will raise a further Rs 10 crore from other investors. The companies have also proposed a 60:40 joint venture, with Galilei holding 60% and Ice Make holding 40%. The JV will focus initially on manufacturing, marketing and distribution of commercial upright refrigerators, commercial table refrigerators and related refrigeration products.
The proposed fund raise is expected to be used for capacity expansion and modernisation, investment in the proposed joint venture, completion of the company’s Corporate Office, Centre of Excellence and Development & Testing Laboratory, repayment or prepayment of certain borrowings and selective inorganic growth opportunities.
Management Commentary
Chandrakant P. Patel, Chairman & Managing Director, Ice Make Refrigeration Ltd., said: “Q1 FY27 has started with strong revenue growth, with the business growing by more than 60% compared with the same quarter last year. At the same time, we are focused on improving profitability and ensuring that the investments made by the company translate into better operating leverage.
We have been investing in manufacturing capabilities, products, digitalization, and people to build a stronger platform for the next phase of growth. Our focus going forward will be on better capacity utilisation, and disciplined capital allocation.”
M. Srinivas Reddy, Chief Executive Officer, Ice Make Refrigeration Ltd., said: “The revenue growth in Q1 reflects robust demand for our refrigeration products and solutions, on the back of consumption across several market segments. The new lines of businesses of Chest Freezers and Continuous Panels received excellent market traction during the quarter.
However, the commodity and raw material prices remained at very high levels during the quarter on account of continued geo-political issues, impacting the quarter’s profitability. We will continue to remain focused on strong execution, market reach, and operational efficiency.
Looking ahead
Ice Make said it remains focused on growing its presence across all commercial refrigeration, cold chain, food processing, hospitality, pharmaceutical, retail and industrial applications. With the proposed Galilei partnership and the planned deployment of fresh capital, the company expects to strengthen its manufacturing and product capabilities. For investors, the key focus in the coming quarters will be on execution of the expansion plans and improvement in operating margins.
The proposed Galilei transaction remains subject to applicable approvals and customary closing conditions.