Ice Make Refrigeration Posts Record Annual Revenue of ₹ 668 Crore in FY26; Board Recommends Dividend

Ice Make Refrigeration Posts Record Annual Revenue of ₹ 668 Crore in FY26; Board Recommends Dividend​

Ice Make Refrigeration Limited, a leading provider of industrial and commercial refrigeration solutions, announced its audited financial results for the quarter and full year ended March 31, 2026. The company reported record revenue growth in both the fourth quarter and the full fiscal year, driven by its expanded cold chain platform and product portfolio.

For the full financial year FY26, consolidated revenue from operations reached ₹ 668.20 crore, marking a 39.3% year-on-year increase compared to ₹ 479.52 crore recorded in FY25. This growth reflected strong order inflows across core refrigeration segments, alongside robust market acceptance for emerging product categories including Continuous Panels, Chest Freezers, and Visi Coolers.

The company reported its highest-ever quarterly revenue of ₹ 255.85 crore in Q4 FY26. This figure represents a significant 41.8% year-on-year jump compared to ₹ 180.35 crore reported in Q4 FY25. On a sequential basis, Q4 revenue saw growth of approximately 66.8% over the ₹ 153.36 crore recorded in Q3 FY26.

The Board of Directors, at its meeting held on May 29, 2026, approved the standalone and consolidated financial statements and recommended a final dividend of ₹ 2.25 per equity share, subject to shareholder approval at the ensuing Annual General Meeting.

Financial Performance Highlights​

The consolidated financial performance for the year showed substantial top-line growth, though profitability faced temporary pressure due to strategic investments.


For the quarter ended March 31, 2026, EBITDA stood at ₹ 21.77 crore, while the Profit After Tax (PAT) was ₹ 10.12 crore.

For the full year FY26, the company reported EBITDA of ₹ 46.04 crore, compared to ₹ 43.44 crore in FY25, representing a year-on-year growth of approximately 6.0%. The PAT was ₹ 12.13 crore, compared to ₹ 22.90 crore in FY25.

Strategic Investments Impact Profitability​

The company noted that profitability during FY26 was impacted by strategic growth investments. These expenditures included costs associated with capacity expansion initiatives, strengthening leadership and manpower, implementation of the notified Labour Code provisions, warehouse network expansion, brand-building initiatives, and costs related to Energy Label transition and BIS compliance requirements.

Management stated that despite the moderation in operating margins due to these investments, the company delivered record revenues and remains focused on leveraging its expanded manufacturing capacity and diversified product portfolio to drive long-term profitable growth.

Chandrakant Patel, Chairman & Managing Director, stated that the investments were undertaken with a long-term perspective, aiming to strengthen competitive positioning and enhance execution capabilities. He added that the foundations laid during FY26 are expected to support sustainable growth and improved operating leverage as utilization levels improve.

M. Srinivas Reddy, Chief Executive Officer, commented that the robust revenue growth across the year reflects the strength of the business model and the growing market opportunity across sectors like food processing, cold chain, HoReCa, pharmaceutical, retail, and industrial refrigeration.

ICEMAKE Stock Price Movement​

On Friday, Ice Make Refrigeration Limited shares slipped by 8.26% to settle at ₹835.15. The stock saw a cumulative trading volume of 101,324 shares during the session.