Ice Make Refrigeration Reports 41 percent Revenue Growth in Q2 FY27; Returns to Quarterly Profitability

Hyderabad, November 11, 2026: Ice Make Refrigeration Limited, a leading manufacturer of commercial and industrial refrigeration and cold-chain solutions, reported consolidated revenue from operations of ₹207.38 crore for the second quarter ended September 30, 2026, registering year-on-year growth of approximately 40.6% compared with ₹147.49 crore in Q2 FY26.

The Company reported consolidated Profit After Tax (PAT) of ₹2.71 crore for Q2 FY27, compared with ₹2.02 crore in the corresponding quarter last year. This marks a return to quarterly profitability following the loss reported in Q1 FY27.

For the half year ended September 30, 2026, consolidated revenue from operations stood at ₹386.26 crore, registering growth of approximately 49.1% over ₹258.99 crore in H1 FY26. Consolidated PAT for the half year stood at ₹1.05 crore, compared with ₹0.55 crore in the corresponding period last year.

Consolidated Financials       

(₹ crore, except percentages)

Strategic Developments and Capital Allocation

During the period, the Company completed the allotment of 23,67,573 equity shares on a preferential basis on September 10, 2026, in accordance with applicable provisions of the Companies Act, 2013 and SEBI regulations.

The Company also entered into a Joint Venture Agreement with Galilei Holdings Limited on July 24, 2026, and incorporated Ice Make Horeca Private Limited as a joint venture company, in which Ice Make holds a 40% stake. The joint venture is intended to support the Company’s strategic plans in commercial refrigeration.

The proposed strategic collaboration is aimed at combining Galilei’s technology and product expertise with Ice Make’s manufacturing capabilities, market presence and understanding of Indian customer requirements. The benefits of the initiative are expected to develop progressively as product development, manufacturing and market-development activities advance.

Mr. Chandrakant P. Patel, Chairman & Managing Director, Ice Make Refrigeration Limited, said:

“Q2 FY27 reflects continued growth momentum in our business, with revenue increasing by approximately 41% year-on-year. We are also encouraged by the return to quarterly profitability. Our focus remains on strengthening the quality of growth through better operational efficiency, capacity utilisation, cost management and disciplined capital allocation.

The strategic relationship with Galilei and our investment in the commercial refrigeration opportunity are important steps in building capabilities for the next phase of growth. We remain conscious that these initiatives require careful execution, and our priority is to translate the investments made into sustainable business performance and long-term value for our stakeholders.”

Mr. M. Srinivas Reddy, Chief Executive Officer, Ice Make Refrigeration Limited, said:

“The demand for commercial refrigeration products and solutions continues to be robust, driven by overall consumption. The new business verticals of Refrigeration Products and Continuous Panels delivered strong performance in the quarter. 

We remain focused on cost efficiencies, productivity, improving realisation, product portfolio optimisation, enhancing our market reach, and profitability. However, the commodity volatility, geo-political situations, and supply chain issues continue to pose challenges to the business environment in general”.

Outlook

With Q2 FY27 returning to profitability and H1 revenue recording strong growth, Ice Make remains focused on converting business momentum into consistent operating performance. The Company’s priorities include improving capacity utilisation, strengthening operational efficiencies, managing input costs, expanding its product portfolio and executing its strategic initiatives.

The management will continue to focus on disciplined execution and capital deployment, with the objective of building a scalable and sustainable refrigeration and cold-chain business