Remember when your fridge at home hummed loudly but still refused to make ice? That’s Ice Make this quarter—revenues up 31%, but profits melted away faster than your Amul butter on a July afternoon. Blame CAPEX, depreciation, and early monsoons killing ice-cream demand. Still, management promises ₹1,000 crore topline by FY28. Ambitious? Yes. Achievable? Depends if consumers stop treating ice-cream as a seasonal affair. Keep reading—because this freezer has more twists than a softy cone.
2. At a Glance
Revenue ₹111.5 Cr (+31%) – Topline frozen solid, still expanding.
EBITDA ₹4.53 Cr (-26%) – Margins cracked like your freezer tray.
EBITDA Margin 4.1% (vs 7.2%) – Clearly not insulated from costs.
PAT -₹1.47 Cr (vs +₹3.64 Cr) – Profits went into cold storage.
Order Book ₹173 Cr – Comfort food for worried investors.
Guidance: ₹650 Cr FY26 revenue – Bold, like storing biryani in a mini-fridge.
3. Management’s Key Commentary
Quote: “India loses 20–40% of produce due to cold chain gaps.” (Translation: Farmers cry, we sell more cold rooms. Win-win.)
Quote: “Net loss is temporary due to finance costs, depreciation and inventory adjustments.” (Translation: Blame accountants, not customers.)
Quote: “Cold room segment is 51% of revenue.” (Translation: We’re basically the Godrej almirah of perishables.)
Quote: “Quick commerce contributed 20% this quarter.” (Translation: Blinkit and Zepto are keeping our fridges running.)
Quote: “New verticals—continuous panels & freezers—will break-even this year.” (Translation: For now, they’re freezers of cash.)
Quote: “₹1,000 crore revenue by FY28, 10% EBITDA.” (Translation: We’ll scale so much even your local paanwala will stock Ice Make.)
4. Numbers Decoded
Metric
Value (Q1 FY26)
YoY Change
One-Line Analysis
Revenue – The Ice Cream
₹111.5 Cr
+31%
Summer helped, monsoon sabotaged.
EBITDA – Melting Cube
₹4.53 Cr
-26%
Costs and CAPEX ate into margins.
EBITDA Margin – Thin Layer
4.1%
vs 7.2%
Needs insulation, currently leaking.
PAT – Cold Storage
-₹1.47 Cr
vs +₹3.6Cr
Profit went missing, not stolen.
Order Book – Comfort Food
₹173 Cr
Strong
Plenty of orders, execution key.
New Verticals – Freezers
₹18 Cr contrib
Fresh
Still loss-making, but scaling fast.
Guidance – Ambitious Target
₹650 Cr FY26
+35% YoY
Needs full capacity + no rainy spoils.
Margins fell off the freezer shelf; topline still rock solid.
