ICE Make Refrigeration Q2 FY26: When Cold Storage Gets a Hot Flush – Sales +43%, PAT -58%, and the ₹150 Cr Capex Iceberg That’s Melting Fast
1. At a Glance
ICE Make Refrigeration Ltd (NSE: ICEMAKE) just dropped its Q2 FY26 numbers — and the numbers are cooler than your freezer but warmer than your balance sheet. Revenue rose 42.6% YoY to ₹147.49 crore, but net profit melted 57.9% to ₹2.03 crore, like an ice cube in Chennai. Despite that, the company still commands a market cap of ₹1,073 crore and trades at a frosty P/E of 70.7x, roughly double the industry P/E of 35.3x.
At ₹680/share, it’s sitting 24.6% down in six months, and even the fridge compressors might be humming a sad tune. Yet, the ROE of 20.3% and ROCE of 20.6% show the business hasn’t lost its chill — just its patience with inflation.
With five factories, ₹150 crore in capex melting across states, and a client list that reads like a summer wish list — Amul, Coca-Cola, Unilever, Vadilal, Subway — ICE Make is everywhere coldness counts. But in a quarter where PAT margin slid to 1.4%, the only thing that stayed solid was their humourless debt pile at ₹169 crore.
2. Introduction
You know a company’s in trouble when your refrigerator makes more profit per hour than they do per quarter.
ICE Make Refrigeration, Gujarat’s pride and every dairy vendor’s secret weapon, has been building India’s cold chain for three decades. But this quarter, the temperature on the income statement went up faster than climate change in Surat.
From the outside, ICE Make looks impressive: a ₹1,073 crore market cap, products across dairy, pharma, and logistics, and a “green and energy-efficient” label that makes ESG investors blush. But behind that frosty facade lies a spicy mix of shrinking margins, ballooning capex, and debt levels growing faster than Amul’s flavoured milk line.
Q2 FY26 saw sales rise to ₹147.49 crore — a solid 43% YoY — but profit fell from ₹4.79 crore (Q2 FY25) to ₹2.03 crore. If profit were ice cream, the company clearly switched from a scoop to a spoonful. The irony? This is India’s “cooling solutions” expert whose profitability just overheated.
Still, ICE Make is an Indian smallcap that refuses to stop expanding. New factories in Bavla (Gujarat) and soon Chennai (Dec 2025), new products like Visi Coolers and Chest Freezers, and even a new subsidiary (Ice Best Pvt Ltd) to target Eastern India — all in motion. They’re clearly chilling for the long game.
3. Business Model – WTF Do They Even Do?
Think of ICE Make as India’s “Refrigeration Multiverse”.
They don’t just sell cold rooms; they sell every possible way to make your samosa, paneer, or vaccine colder than your ex’s last text. Their offerings span:
Cold Rooms (48% of FY24 revenue) – for dairy, food processing, and hospitality.
Commercial Refrigeration (21%) – chest freezers, visi coolers, and display chillers.
Industrial Refrigeration (5%) – factory-scale systems for process industries.
Transport Refrigeration (9%) – the heroes behind every “chilled in transit” sticker.
Ammonia Refrigeration & Projects (17%) – for heavy-duty, high-capacity needs.
They operate five manufacturing plants across Gujarat, Tamil Nadu, and West Bengal, producing 1.25 lakh units annually, including 8,000 Visi Coolers.
The raw materials list reads like a metallurgy exam: polyurethane chemicals, galvanized steel, copper, and aluminium.
Their revenue mix screams dairy — 30–40% from dairy and ice cream, another 15–20% each from pharma, food processing, and hospitality, and the rest scattered across e-commerce, logistics, and chemicals.
So, WTF do they do? They make things cold. Really cold. Across 25+ countries. And now, with new Visi Coolers in the mix, they’re coming for your kirana store too.
4. Financials Overview
Metric (₹ Cr)
Q2 FY26 (Sep 2025)
Q2 FY25 (Sep 2024)
Q1 FY26 (Jun 2025)
YoY %
QoQ %
Revenue
147.49
103.39
111.50
+42.6%
+32.3%
Operating Profit
9.61
8.45
4.40
+13.7%
+118.4%
PAT
2.03
4.79
-1.47
-57.6%
Profit turnaround
EPS (₹)
1.29
3.05
-0.90
-57.7%
NA
If numbers could shiver, these would. Revenue warmed up nicely — up 43% YoY — but profits took a nosedive. EPS crashed 58%, turning ICE Make into a growth story without profit.
Operating margin at 6.52% looks better than the previous quarter (3.95%) but far from the 11–14% glory days.
If this trend continues, ICE Make’s tagline could be “Cooling India, Heating Debt.”
5. Valuation Discussion – Fair Value Range (Educational Only)
Let’s crunch this ice cube.
P/E Method:
EPS (TTM) = ₹9.63
Industry P/E = 35.3
ICE’s current P/E = 70.7 → Fair Value Range (based on 35–45x) = ₹337 – ₹434
