Hyderabad, Feb 17th: Ice Make Refrigeration Limited, a leading provider of industrial and commercial refrigeration solutions, announced its financial results for the quarter ended December 31, 2025 (Q3 FY26), reflecting strong year-on-year revenue growth and continued profitability.
CONSOLIDATED FINANCIAL PERFORMANCE (₹ in Crore)
| Particulars | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q3 FY25 | 9M FY26 |
| Revenue from Operations | 111.50 | 147.49 | 153.36 | 110.56 | 412.35 |
| Total Income | 111.63 | 147.58 | 153.48 | 110.77 | 412.69 |
| Profit Before Tax (PBT) | (1.84) | 2.77 | 1.90 | 3.59 | 2.83 |
| Profit After Tax (PAT) | (1.47) | 2.02 | 1.45 | 2.81 | 2.01 |
| EPS (₹) | (0.90) | 1.28 | 0.93 | 1.82 | 1.32 |
STANDALONE FINANCIAL PERFORMANCE (₹ in Crore)
| Particulars | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q3 FY25 | 9M FY26 |
| Revenue from Operations | 111.86 | 148.70 | 153.21 | 108.64 | 413.76 |
| Total Income | 112.11 | 148.85 | 153.48 | 108.97 | 414.44 |
| Profit Before Tax (PBT) | (1.79) | 1.97 | 1.50 | 3.81 | 1.68 |
| Profit After Tax (PAT) | (1.39) | 1.45 | 1.11 | 2.96 | 1.17 |
| EPS (₹) | (0.88 approx) | 0.92 | 0.70 | 1.88 | 0.74 |
Key Highlights
On a consolidated basis, Revenue from Operations stood at ₹153.36 crore in Q3 FY26, registering a robust 39% growth compared to ₹110.56 crore in Q3 FY25. Sequentially, revenue improved from ₹147.49 crore in Q2 FY26 and ₹111.50 crore in Q1 FY26, demonstrating sustained business momentum across core segments.
Profit Before Tax (PBT) for Q3 FY26 was ₹1.90 crore, compared to ₹3.59 crore in Q3 FY25, while Profit After Tax (PAT) stood at ₹1.45 crore versus ₹2.81 crore in the corresponding quarter last year. Earnings per share for the quarter was ₹0.93. Profitability remained stable despite elevated finance costs and expansion-led depreciation.
For the nine months ended December 31, 2025, consolidated Revenue from Operations reached ₹412.35 crore, while PBT stood at ₹2.83 crore and PAT at ₹2.01 crore.
The quarterly performance reflects continued demand across industrial refrigeration, cold chain, HoReCa, and commercial cooling segments. While input costs and finance expenses continue to exert pressure on margins, the Company has commenced operations in two new verticals during the current year. In the initial phase, the focus has been on establishing market presence and building customer relationships, with margins calibrated accordingly. This entry-stage strategy has resulted in some pressure on overall margins, which remains within management’s planned range. As volumes scale up and operating efficiencies improve, the Company expects margins in these verticals to move closer to prevailing industry levels.
Management Commentary
Mr. Chandrakant P. Patel, Chairman & Managing Director, said: “Ice Make has always been built on a strong foundation of innovation, reliability, and long-term commitment to India’s cold chain infrastructure. As we strengthen our leadership team and expand our retail footprint, we remain focused on building a future-ready organization capable of delivering sustainable and profitable growth. The growing demand across food processing, HoReCa, pharmaceuticals, and industrial refrigeration presents significant opportunities.”
Mr. M. Srinivas Reddy, Chief Executive Officer, said: “It is an exciting phase for Ice Make as we deepen our market presence and strengthen customer engagement. The launch of new brand outlets and participation in leading industry exhibitions reflect our commitment to operational excellence and scalable growth.”
With a diversified product portfolio and expanding market reach, Ice Make remains focused on strengthening execution and driving sustainable growth in India’s expanding refrigeration and cold chain ecosystem.
The Company’s Quarterly Vision Dialogue will be held at 3:30 PM IST on 16th February 2026 on www.vrightexchange.com, where management will discuss the financial performance, strategic direction, and outlook.