Ice Make Refrigeration Q1 FY27 Earnings Call Transcript Released
Ice Make Refrigeration reported Q1 FY27 consolidated revenue of ₹178.88 crore, up 60% YoY. However, EBITDA margins declined to 1.7% due to raw material costs. A proposed ₹180 crore investment from Galilei Holdings aims to boost capacity and modernization. The company targets 6-6.5% EBITDA margins for FY27, with improvements expected in H2.
The strong revenue growth is positive, but the decline in profitability and the ongoing challenges with raw material costs and margin pressure temper the immediate impact. The proposed strategic investment and JV offer significant long-term potential.
The company reported strong revenue growth but faced margin pressure, leading to a net loss. The proposed investment and joint venture with Galilei Holdings are positive developments, but the immediate financial performance is mixed.
Ice Make Refrigeration Limited has released the transcript of its earnings call for the quarter ended June 30, 2026 (Q1 FY27), held on August 18, 2026. The company reported a consolidated revenue from operations of ₹178.88 crore, a significant 60% increase year-on-year from ₹111.50 crore in Q1 FY26. This growth builds upon the FY26 total revenue of ₹668.20 crore, the company's highest to date.
Despite the strong revenue momentum, profitability was impacted by higher commodity and raw material costs, as well as investments in future capacity and capabilities. EBITDA margins were at 1.7% (₹3.09 crore) compared to 4.1% (₹4.53 crore) in the previous year, resulting in a loss before tax of ₹2.23 crore and a loss after tax of ₹1.65 crore for Q1 FY27.
A key strategic development highlighted is the proposed ₹180 crore investment by Japan’s Galilei Holdings Co. Ltd. This investment is intended to support capacity expansion and modernization, completion of a corporate office, a center of excellence, a development and testing laboratory, balance-sheet strengthening, and selected growth opportunities. A proposed 60:40 joint venture with Galilei Holdings is planned, initially focusing on commercial refrigeration products.
The company's strategy prioritizes expanding and modernizing manufacturing capabilities, broadening the product portfolio, strengthening product development through a center of excellence, and deepening market reach. The order book stands at approximately ₹222 crore. The management anticipates that operating leverage will improve as assets and capabilities are utilized more efficiently. The company is guiding for full-year EBITDA margins of 6% to 6.5%, with improvements expected in the second half of FY27 as price revisions take effect and commodity costs stabilize.
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