Ice Make Refrigeration Ltd (NSE:ICEMAKE)
₹ 738.6 -0.65 (-0.09%) Market Cap: 11.65 Bil Enterprise Value: 13.13 Bil PE Ratio: 97.44 PB Ratio: 8.76 GF Score: 90/100

Q3 2026 Ice Make Refrigeration Ltd Earnings Call Transcript

Feb 16, 2026 / 10:00AM GMT
Release Date Price: ₹777.1 (+7.28%)

Key Points

Positve
  • Ice Make Refrigeration Ltd (NSE:ICEMAKE) reported a robust 39% year-on-year growth in revenue for Q3 FY26.
  • The company has successfully expanded its operations into two new verticals, enhancing its market presence.
  • Ice Make Refrigeration Ltd (NSE:ICEMAKE) has a diverse product portfolio that caters to various segments, including industrial refrigeration, cold chain, and commercial cooling.
  • The company is focusing on strengthening regional penetration and operational efficiency to support future growth.
  • Ice Make Refrigeration Ltd (NSE:ICEMAKE) has a strong order book of over INR150 crore, indicating healthy demand and future revenue potential.
Negative
  • Finance costs and depreciation remain elevated due to expansion initiatives, impacting margins.
  • Input costs and finance expenses continue to exert pressure on the company's margins.
  • The entry into new verticals has resulted in some pressure on overall margins, which are expected to stabilize over the medium term.
  • The company's operating margins are compressed, with expenses affecting the bottom line.
  • Ice Make Refrigeration Ltd (NSE:ICEMAKE) faces challenges in tapping the eastern region due to high transportation costs and market complexities.
Operator

So good afternoon ladies and gentlemen. A very warm welcome to Ice Make Refrigeration Limited Quarterly Vision dialogue FY26. Ice Make is a leading provider of industrial and commercial recreational solutions. Can I request, the members to, mute your, system for now? We'll allow you to ask questions a little later.

So we appreciate the presence of investors, analysts, partners, and the stakeholders joining us today. This platform is designed to provide transparent, engagement structure insights into performance and clarity for our studies.

Before we begin, please note that, today's discussion may contain a forward-looking statements subject to risks and uncertainties from the company. I welcome our MD, Mr. Chandrakant Patel.And CFO, sorry, CEO, Chief Executive Officer Mr. M. Srinivas Reddy and strategy head Mr. Nikhil Bhatt and CFO Mr. Ankit Patel and also, CS, Mr. Manda this side, they will take us through, the financial performance and Overview and outlook for the day.

Now I invite our Chairman and managing director Mr. Chandrakant today to share his opening remarks. Over to

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