Date: August 14, 2026
Financial Results (Consolidated)
Q1 FY27 Performance (₹ crore, except EPS):
- Revenue from Operations: ₹178.88 crore (Q1 FY26: ₹111.50 crore), representing 60.4% year-on-year growth
- EBITDA: ₹3.09 crore (Q1 FY26: ₹4.53 crore), representing a 31.8% decrease
- EBITDA Margin: 1.7% (Q1 FY26: 4.1%)
- Profit Before Tax: Loss of ₹2.23 crore (Q1 FY26: Loss of ₹1.84 crore)
- Profit After Tax: Loss of ₹1.65 crore (Q1 FY26: Loss of ₹1.47 crore)
- EPS: (₹1.04) (Q1 FY26: (₹0.90))
The company reported its highest-ever annual revenue of ₹668.20 crore in FY26 prior to this quarter.
Management Commentary
Chandrakant P. Patel, Chairman & Managing Director:
- Cited strong revenue growth of more than 60% compared with same quarter last year
- Focused on improving profitability and ensuring investments translate into better operating leverage
- Company has been investing in manufacturing capabilities, products, digitalization, and people
- Future focus will be on better capacity utilisation and disciplined capital allocation
M. Srinivas Reddy, Chief Executive Officer:
- Revenue growth reflects robust demand for refrigeration products and solutions
- New lines of businesses of Chest Freezers and Continuous Panels received excellent market traction
- Commodity and raw material prices remained at very high levels due to continued geo-political issues, impacting profitability
- Company will remain focused on strong execution, market reach, and operational efficiency
Strategic Partnership & Fundraising
Proposed Transaction with Galilei Holdings Co. Ltd.:
- Galilei Holdings Co. Ltd. (listed on Tokyo Stock Exchange) to invest ₹180 crore in Ice Make through preferential issue of equity shares
- Additional ₹10 crore to be raised from other investors
- Proposed 60:40 joint venture with Galilei holding 60% and Ice Make holding 40%
- JV will focus initially on manufacturing, marketing and distribution of commercial upright refrigerators, commercial table refrigerators and related refrigeration products
Use of Funds:
- Capacity expansion and modernisation
- Investment in the proposed joint venture
- Completion of Corporate Office, Centre of Excellence and Development & Testing Laboratory
- Repayment or prepayment of certain borrowings
- Selective inorganic growth opportunities
Status: The proposed Galilei transaction remains subject to applicable approvals and customary closing conditions.
Business Overview & Outlook
Business Segments: Single reportable business segment manufacturing cold rooms, freezers, refrigeration systems, chilling plants and related products
Market Presence: Serving commercial refrigeration, cold chain, food processing, hospitality, pharmaceutical, retail and industrial applications. Presence in 24 countries.
Manufacturing Facilities: Operations in Gujarat, Tamil Nadu, and West Bengal with over 1,200 employees.
Looking Ahead: Company remains focused on growing presence across all end-user industries. With proposed Galilei partnership and planned deployment of fresh capital, expects to strengthen manufacturing and product capabilities. Key focus will be on execution of expansion plans and improvement in operating margins.