Q1 2027 Ice Make Refrigeration Ltd Earnings Call Transcript
Key Points
- Consolidated revenue surged 60.4% year-over-year to INR178.88 crores in Q1 FY27, driven by strong demand across refrigeration and cold chain segments.
- New product categories, including chest freezers and continuous panels, are gaining excellent market acceptance and contributed significantly to revenue growth.
- The proposed INR180 crore strategic investment by Japan's Galilei Holdings is expected to bring advanced technology, global expertise, and support capacity expansion and modernization.
- Order book remains robust at over INR220 crores, providing strong revenue visibility and confidence in achieving FY27 targets.
- Management is focused on improving capacity utilization, operating efficiency, and cost management, with expectations of operating leverage benefits going forward.
- EBITDA margin contracted sharply to 1.7% in Q1 FY27 from 4.1% in the prior-year quarter, due to elevated commodity and raw material costs.
- The company reported a net loss of INR1.65 crores in Q1 FY27, widening from a loss of INR1.47 crores in Q1 FY26.
- Raw material price volatility is expected to persist through Q2 and potentially into Q3, with management not anticipating stabilization soon.
- The company has taken fewer price hikes than peers, and price pass-through has been incomplete in some new verticals, impacting margins.
- Management reduced its full-year EBITDA margin guidance to 6%-6.5%, down from earlier expectations, reflecting ongoing margin pressure.
Hello, everyone. So let's begin the call. Good evening, ladies and gentlemen. I'm Rana Aryan, and I will be your moderator for today's conference call. A warm welcome to Ice Make Refrigeration Limited's Q1 FY27 earnings and investor interaction for the quarter ended June 30, 2026.
We are pleased to have with us, investors, analysts, shareholders and media representative from -- and other stakeholders. Ice Make is an established provider of industrial and commercial refrigeration and cold chain solutions with offerings across cold rooms, commercial and industrial refrigeration, transport refrigeration, ammonia systems and PUF panels, cold storage infrastructure and allied solutions.
The company's sectors include -- the company's sector includes food processing, agriculture, pharmaceuticals, health care, hospitality, retail, dairy, seafood and logistics. The company has also created significant value for shareholders over the years, with the stock delivering over 3,000% returns over the past five years. The company enters this phase with a strong revenue momentum and
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