Date: November 06, 2026

Financial Results (Consolidated)

Q2 FY27 Performance (₹ crore)

  • Revenue from Operations: ₹207.38 crore (40.6% growth YoY from ₹147.49 crore in Q2 FY26)
  • EBITDA: ₹9.46 crore (vs ₹9.80 crore in Q2 FY26)
  • EBITDA Margin: 4.6% (vs 6.6% in Q2 FY26)
  • Profit Before Tax: ₹3.73 crore (vs ₹2.77 crore in Q2 FY26)
  • Profit After Tax: ₹2.71 crore (vs ₹2.02 crore in Q2 FY26)

H1 FY27 Performance (₹ crore)

  • Revenue from Operations: ₹386.26 crore (49.1% growth YoY from ₹258.99 crore in H1 FY26)
  • EBITDA: ₹12.55 crore (vs ₹14.24 crore in H1 FY26)
  • EBITDA Margin: 3.2% (vs 5.5% in H1 FY26)
  • Profit Before Tax: ₹1.50 crore (vs ₹0.93 crore in H1 FY26)
  • Profit After Tax: ₹1.05 crore (vs ₹0.55 crore in H1 FY26)

Strategic Developments and Capital Allocation

Fundraising / Financing

  • Completed preferential allotment of 23,67,573 equity shares on September 10, 2026
  • Allotment made in accordance with Companies Act, 2013 and SEBI regulations

M&A / Joint Venture

  • Entered into Joint Venture Agreement with Galilei Holdings Limited on July 24, 2026
  • Incorporated Ice Make Horeca Private Limited as a joint venture company
  • Ice Make holds 40% stake in the JV
  • Strategic collaboration aims to combine Galilei's technology with Ice Make's manufacturing capabilities
  • JV intended to support strategic plans in commercial refrigeration
  • Benefits expected to develop progressively as product development and market activities advance

Management Commentary

Mr. Chandrakant P. Patel, Chairman & Managing Director

  • Q2 FY27 reflects continued growth momentum with 41% YoY revenue growth
  • Encouraged by return to quarterly profitability
  • Focus on strengthening growth quality through operational efficiency, capacity utilization, cost management and disciplined capital allocation
  • Strategic relationship with Galilei is important step for next phase of growth
  • Priority is translating investments into sustainable business performance and long-term value

Mr. M. Srinivas Reddy, Chief Executive Officer

  • Demand for commercial refrigeration products remains robust driven by overall consumption
  • New business verticals of Refrigeration Products and Continuous Panels delivered strong performance
  • Focus on cost efficiencies, productivity, improving realization, product portfolio optimization, and market reach
  • Commodity volatility, geo-political situations, and supply chain issues continue to pose challenges

Outlook

  • Company focused on converting business momentum into consistent operating performance
  • Priorities include improving capacity utilization, strengthening operational efficiencies, managing input costs, expanding product portfolio, and executing strategic initiatives
  • Management will focus on disciplined execution and capital deployment
  • Objective is building scalable and sustainable refrigeration and cold-chain business

Company Background

  • Manufacturer of commercial and industrial refrigeration and cold-chain solutions
  • Serves industries including Cold Rooms, Commercial Refrigeration, Industrial Refrigeration, Transport Refrigeration, and Ammonia Refrigeration
  • Presence in 24 countries serving food processing, pharmaceuticals, hospitality, and logistics sectors
  • Listed on NSE Emerge in December 2017 with record 261x SME IPO subscription
  • Surpassed ₹668 crore annual turnover in FY26
  • Over 1,200 employees with manufacturing facilities in Gujarat, Tamil Nadu, and West Bengal
  • ISO 9001:2015, ISO 14001:2015 & ISO 45001:2018 certified company