Ice Make revenue jumps 60%, net loss widens; plans Rs 180-Cr Galilei partnership
Hyderabad, Aug 17 (TNT): Ice Make Refrigeration Ltd on Monday reported a 60.4 per cent year-on-year growth in consolidated revenue to Rs 178.88 crore for the quarter ended June 30, 2026, even as its net loss widened marginally to Rs 1.65 crore from Rs 1.47 crore in the corresponding quarter last year.
The company’s profit before tax stood at a loss of Rs 2.23 crore during Q1 FY27, against a loss of Rs 1.84 crore in the year-ago period.
EBITDA declined to Rs 3.09 crore from Rs 4.53 crore, with the EBITDA margin narrowing to 1.7 per cent from 4.1 per cent, the Ahmedabad based company said in a release here.
The company said the strong revenue growth was driven by continued demand across its refrigeration and cold-chain businesses. It had reported its highest-ever annual revenue of Rs 668.20 crore in FY26.
However, profitability remained under pressure during the quarter, with the company attributing the impact to elevated commodity and raw material prices amid continued geopolitical issues.
Ice Make said improving profitability would remain a key focus going forward, with the company working on better capacity utilisation, operating efficiencies, product mix and cost management.
In a major strategic development, Japanese company Galilei Holdings Co Ltd has proposed to invest Rs 180 crore in Ice Make through a preferential issue of equity shares.
The company also plans to raise another Rs 10 crore from other investors.
The proposed transaction includes a 60:40 joint venture, with Galilei holding 60 per cent and Ice Make 40 per cent.
The joint venture will initially focus on manufacturing, marketing and distribution of commercial upright refrigerators, commercial table refrigerators and related refrigeration products.
The proposed capital infusion will be utilised for capacity expansion and modernisation, investment in the joint venture, completion of the company’s corporate office, Centre of Excellence and Development and Testing Laboratory, repayment or prepayment of certain borrowings and selective inorganic growth opportunities.
Ice Make Chairman and Managing Director Chandrakant P Patel said the company was focused on improving profitability and ensuring that investments in manufacturing capabilities, products, digitalisation and people translated into better operating leverage.
CEO M Srinivas Reddy said the company’s chest freezer and continuous panel businesses received strong market traction during the quarter, while high commodity and raw material prices impacted profitability.
The proposed Galilei transaction remains subject to applicable approvals and customary closing conditions.
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