Event Type: Quarterly earnings conference call and investor dialogue for Q4 and FY26 results

Event Date and Time: June 04, 2026, Thursday (specific time not mentioned in transcript)

Purpose of Event: Discussion of financial performance for Q4 and FY26, strategic initiatives, business outlook, and long-term value creation roadmap

Earnings Announcement Timing: The call was held after the earnings announcement (June 4, 2026, following March 31, 2026 quarter end)

Management Participants:

  • Mr. Chandkampi Patel, Chairman and Managing Director
  • Mr. M. Srinivas Reddy, Chief Executive Officer
  • Mr. Nikhil Bhatt, Vice President of Strategy
  • Mr. Ankit Patel, Chief Financial Officer
  • Mr. Mandar Desai, Company Secretary and Compliance Officer

Availability of Materials: The transcript of the earnings call was made available through regulatory filing to the National Stock Exchange of India Limited

UPSI Statement: The transcript includes standard forward-looking statement disclaimer noting that certain statements may be forward-looking and subject to uncertainties

Financial Period Discussed: Q4 FY26 (quarter ended March 31, 2026) and full FY26 (year ended March 31, 2026)

Financial Highlights:

  • Q4 FY26 consolidated revenue: ₹255+ crore (41.8% YoY growth from ₹180 crore in Q4 FY25)
  • Sequential growth: 66.8% over Q3 FY26
  • FY26 consolidated revenue: ₹668+ crore (39.3% YoY growth from ₹479 crore in FY25)
  • Q4 FY26 EBITDA: ₹21.767 crore (8.5% margin)
  • FY26 EBITDA: ₹46.04 crore (6.9% margin vs 9.1% in FY25)
  • Q4 FY26 PAT: ₹10.12 crore
  • FY26 PAT: ₹12.13 crore
  • Dividend: Final dividend of ₹2.25 per equity share recommended

Forward-Looking Statements and Strategic Themes:

  • Target to reach ₹1,000 crore revenue in near future (by FY28)
  • FY27 revenue guidance: ₹830-850 crore (25-30% growth)
  • FY27 EBITDA margin guidance: 8-8.5%
  • Focus on expanding integrated cold chain portfolio, scaling high-growth product categories
  • Strengthening distribution and service network (200+ dealer/distributor partners)
  • Improving operational efficiency and deepening domestic/international presence
  • Order book of ₹237 crore provides strong visibility

Additional Notes Section

Attachments: The regulatory filing enclosed the earnings call transcript as an attachment

Financial Data Disclosure: The announcement contained extensive financial data including revenue figures, profitability metrics, segment breakdowns, and forward guidance

Segment Revenue Contribution for FY26:

  • Cold Rooms: 42%
  • Industrial Refrigeration: 3%
  • Commercial Refrigeration (Traditional): 14%
  • Transport Refrigeration: 6%
  • Ammonia & Projects: 9%
  • Continuous Panels: 14%
  • Commercial Freezers (New Vertical): 12%

Quick Commerce Segment Contribution: 13% of FY26 revenue (₹78-79 crore)

Subsidiary Performance:

  • Bharat Refrigerations: ₹43 crore revenue in FY26, expected ₹50-55 crore in FY27
  • Icebest: ₹3 crore revenue in FY26, expected modest growth in FY27

Regional Revenue Mix:

  • Western India: 55-60%
  • Northern India: 13-15%
  • Southern India: 13-15%
  • Eastern India: 13-15%

Average Ticket Sizes by Product Category:

  • Modular Cold Rooms: ₹3-6.5 lakh
  • Commercial Refrigeration: ₹50,000-75,000
  • Refrigerated Vans: ₹3-5 lakh
  • Industrial Refrigeration: ₹3-5 lakh
  • Continuous Panels: ₹30-50 lakh per project
  • Commercial Freezers: ₹16,000-17,000 per unit

Gross Margins by New Business:

  • Continuous Panels: 14-16%
  • Commercial Freezers: 20-22%

Capacity Utilization: New facilities operating at 55-60% utilization

Debt Position: Total borrowings reduced from ₹48 crore to ₹36-37 crore, with ongoing repayment

ROCE Target: Aiming to return to above 20% ROCE, targeting 25% over time

Seasonal Pattern: Historically 40-45% revenue in H1, 55-60% in H2

Tagging: