Ice Make Refrigeration Ltd (NSE:ICEMAKE)

Q2 2026 Ice Make Refrigeration Ltd Earnings Call Transcript

Nov 18, 2025 / 09:30 AM GMT

Release Date Price: ₹689.85 (-0.62%)

Transcript

Key Points

Positve

Ice Make Refrigeration Ltd (NSE:ICEMAKE) reported a 47% year-on-year growth in standalone revenue for Q2 FY26, reaching INR 148 crore.
EBITDA margin improved to 5.90% in Q2 FY26 due to increased scale of operations.
The company achieved a profit after tax of INR 1.45 crore, recovering from a loss in the previous quarter.
Strong demand observed in cold rooms, refrigeration systems, and industrial cooling units, driven by growth in food processing, dairy, meat, pharma, and healthcare industries.
The company has a robust order book of approximately INR 190 crore, indicating strong future revenue potential.

Negative

Gross margin declined by around 2%, attributed to a higher contribution from lower-margin segments.
The company's working capital is stretched due to inventory buildup and strategic raw material purchases.
There is uncertainty regarding the timeline for realizing the 1% margin improvement from price increases.
The company faces competitive pressure from established players like Blue Star and Voltas in various segments.
The planned INR 150 crore CapEx is still under discussion, with funding strategies yet to be finalized, potentially impacting future growth.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

ICEM.NS - Ice Make Refrigeration Ltd
Q2 2026 Ice Make Refrigeration Ltd Earnings Call
Nov 18, 2025 / 09:30AM GMT

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Presentation
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Unidentified_1 [1]
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Afternoon ladies and gentlemen, I am Sagar, the moderator for this conference call. Welcome to the earnings conference call of Ice Make Refrigeration Limited arranged by Ariana Mataso to discuss the financial results for Q2 and H1FI26. 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 have a question, please press star and then one on your touchstone keypad.

Please note that this conference is being recorded.

I now hand the conference over to Mr. Ranranana.

Thank you and over to you, sir.

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Unidentified_2

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