Ice Make Refrigeration Limited -Earnings Call

CMD Mr. Chandrakant P. Patel Commentary

Good afternoon, everyone.I hope you are all doing well. .
It gives me great pleasure to welcome you to the Q1 FY26 earnings call of Ice Make Refrigeration Limited, and I thank you for joining us today.

While our quarterly numbers show strong revenue growth of over 30% year-on-year, this performance must be seen in the context of a larger story — the opportunities and challenges shaping our industry and our country.

India is one of the largest producers of agricultural goods, dairy, and perishables in the world. Yet, every year, we lose a significant portion of this produce — estimates range from 20% to 40% — due to gaps in cold chain infrastructure, inefficient logistics, and limited access to temperature-controlled storage in rural and semi-urban areas.
Farmers often face distress sales because they cannot store their produce for the right market timing. Similarly, food processing companies, pharmaceuticals, quick service restaurants (QSRs), and exporters face hurdles in maintaining quality standards due to fragmented supply chains and outdated infrastructure.

Urbanisation, rising incomes, and export growth are driving demand for fresh and processed products, but meeting this demand requires reliable, energy-efficient, and scalable refrigeration solutions. That’s where Ice Make plays a transformative role.

Our cold rooms help farmers and agri-producers store their produce longer and sell at better prices. Our industrial and commercial refrigeration systems enable food processors, hospitality chains, and QSR brands to maintain consistent quality. Our transport refrigeration ensures that perishable goods travel from farm to fork in optimal condition. We are also innovating in ammonia-based and eco-friendly solutions to help our clients meet their ESG goals while reducing operational costs.

The demand for these solutions is not a passing trend — it’s a structural, long-term opportunity. India’s cold chain market is projected to grow at double-digit rates over the next decade, driven by rising consumption, growing exports, and government initiatives for food security and value addition.

In Q1 FY26, while we recorded a temporary net loss of ₹1.47 crore due to seasonal input cost fluctuations, higher finance costs, and inventory adjustments, depreciation , monsoon factors, our order book remains strong, our customer base is expanding, and our solutions are becoming increasingly indispensable to multiple industries. These headwinds are short-term, but the opportunity ahead of us is long-term and substantial.

Our strategy is clear — to deepen our presence in demand-led sectors such as agriculture, food processing, pharmaceuticals, dairy, and institutional clients; to keep innovating with technology-driven, energy-efficient solutions; and to execute with operational discipline.

We see ourselves not just as a refrigeration manufacturer, but as an enabler of India’s food security, export competitiveness, and sustainable growth. This is the vision driving our work and shaping our roadmap for the years ahead.

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