Ice Make Q1 FY27 Revenue Up 60% YoY

Event Type: Q1 FY27 Earnings and Investor Interaction conference call pertaining to the Unaudited Financial Results for the quarter ended June 30, 2026.
Date and Time: The call was held on August 18, 2026 (Tuesday). The specific time and time zone were not disclosed in the transcript.
Purpose: Discussion of Q1 FY27 performance, financial priorities, business strategy, and the proposed strategic investment from Galilei Holdings.
Management Participants:
Mr. Chandrakant P. Patel, Chairman and Managing Director
Mr. M. Srinivas Reddy, Chief Executive Officer
Mr. Nikhil Bhatt, Vice President Strategy
Mr. Ankit Patel, Chief Financial Officer
Mr. Mandar Desai, Company Secretary and Compliance Officer
Compliance: The transcript includes standard forward-looking statements disclaimer but does not contain specific language about unpublished price sensitive information (UPSI).

Financial Highlights & Guidance:

Financial Period: Q1 FY27 (Quarter ended June 30, 2026)
Revenue: Consolidated revenue from operations was ₹178.88 crores, up 60.4% YoY from ₹111.50 crores in Q1FY26.
Profitability: EBITDA was ₹3.09 crore (margin 1.7%) vs ₹4.53 crore (4.1%) in Q1FY26. PAT was a loss of ₹1.65 crore vs loss of ₹1.47 crore in Q1FY26.
Guidance: Management provided full-year EBITDA margin guidance of 6-6.5% for FY27.
Strategic Development: Proposed ₹180 crore strategic investment by Japan's Galilei Holdings Co. Ltd through a preferential issue. An additional ₹10 crores is proposed to be raised from other investors.
Joint Venture: Proposed 60:40 JV with Galilei (60% stake) and Ice Make (40% stake) focused on commercial refrigeration products. Production is targeted to commence in 15-18 months (by February 2028).
Order Book: Total order book on hand is ₹222 crore, broken down as: Cold Room (₹39 cr), Commercial Refrigeration (₹29 cr), Industrial Refrigeration (₹5 cr), Transport Refrigeration (₹4 cr), Ammonia Refrigeration (₹87 cr), Project (₹45 cr), Commercial Freezers (dealer estimate), and Continuous Panel (₹11 cr).
Capacity: Management stated that after the first phase of capacity building, the peak revenue potential from existing capacity is ₹950 crore plus.

Forward-Looking Statements & Strategic Themes:

Management emphasized focus on improving capacity utilization, operating efficiency, product mix, and cost management to convert top-line growth into profitability.
The funds from the Galilei transaction are intended for: capacity expansion and modernization, the proposed JV, completion of corporate office and Center of Excellence, development and testing laboratory, repayment of certain borrowings (₹40 crore specified for debt repayment), and selective inorganic growth opportunities.
The company is experiencing margin pressure due to elevated commodity/raw material prices (impact estimated at 15-18% industry-wide), of which only 11% has been passed on so far. A further 6-6.5% price hike is planned for H2 FY27.
A foreign exchange fluctuation loss of approximately ₹50 lakhs was booked in the quarter due to dollar strengthening.
The company changed its depreciation policy in Q1 FY26 to better match the benefit of capex investments with future revenue, resulting in lower depreciation (₹205 lakhs in June 2026 vs ₹449 lakhs in March 2026).

Attachment: The regulatory filing enclosed the Earnings Call Transcript as an attachment.
Financial Data: Significant financial data was disclosed in the transcript, including revenue, EBITDA, PAT, order book details, and guidance.
No UPSI Statement: The transcript did not contain an explicit statement that no UPSI would be shared.