Ice Make Refrigeration Ltd. (NSE: ICEMAKE), a leading Indian manufacturer of refrigeration equipment, held its 15th Annual General Meeting (AGM) on September 28, 2024. The AGM emphasized Ice Make’s ambitious growth plans, backed by strong financial performance and strategic expansion efforts. Chairman and Managing Director, Mr. Chandrakant Patel, laid out the company’s vision for future growth, focusing on innovation, geographical expansion, and sustainability. Mr. Patel highlighted several strategic initiatives that will fuel the company’s expansion, including exploring technology partnerships in the commercial freezer segment and expanding its geographical reach in northern India. These efforts aim to improve market penetration, reduce logistics costs, and tap into the growing demand for energy-efficient refrigeration solutions.
The company’s current order book stands at ₹138 crore, positioning it for continued growth in FY2025, with a projected annual growth rate of 25-30%. Ice Make is also pursuing UL certification to enter the U.S. market, a critical step in its global strategy.
Ice Make reaffirmed its capital expenditure (capex) plans, first announced at the 2023 AGM. The company revised its total capex plan from ₹200 crore to ₹250 crore, of which ₹100 crore has already been invested to expand manufacturing capabilities. This investment includes the addition of production lines for Continuous PUF Panels, Visi Coolers, and Chest Freezers. The remaining ₹150 crore will be invested over the next 1-2 years, supporting the company’s ambitious revenue targets of ₹500 crore by FY2025 and ₹1,000 crore by FY2028. Key sectors driving this growth include pharmaceuticals, agriculture, dairy, and food processing.

The Ahmedabad-based refrigeration equipment manufacturer, led by Chairman and Managing Director Chandrakant Patel, reported consolidated revenue of ₹379 crore, a 20.95% increase from the previous year. EBITDA stood at ₹41.39 crore with a margin of 10.92%, and net profit reached ₹26.14 crore. The company also declared a ₹2 per share dividend for its shareholders.

Ice Make achieved a significant milestone this year, surpassing ₹1,500 crore in market capitalization, underscoring its consistent growth over the past seven years. The company has maintained a compound annual growth rate (CAGR) of 24% in revenue and 39% in net profit during this period, securing its leadership in India’s refrigeration sector.
With a strong presence across key refrigeration segments and a growing export footprint in 24 countries, Ice Make is poised to continue its trajectory of sustained growth and innovation.

Photo-Ice Make CMD Chandrakant Patel , unveiled growth plans and addressed queries during 15th AGM along with other company officials.

Ice Make Refrigeration Ltd.’s 15th AGM Highlights!
Strong Financial Performance for FY2024
Addressing the shareholders, Mr. Patel highlighted Ice Make’s impressive financial performance in FY2024. The company reported total consolidated revenue of ₹379 crore, representing a 20.95% growth over the previous year. EBITDA stood at ₹41.39 crore with a margin of 10.92%, while net profit reached ₹26.14 crore. The Board recommended a dividend of ₹2 per share, reinforcing the company’s commitment to rewarding its shareholders.
A significant milestone was achieved this year as Ice Make crossed ₹1,500 crore in market capitalization. This achievement reflects the company’s robust growth trajectory over the past seven years, during which it has maintained a compound annual growth rate (CAGR) of 24% in revenue and 39% in net profit, further solidifying its leadership position in the Indian refrigeration sector.
Capex Plans and Expansion Strategies
In line with its commitment to sustained growth, Ice Make reaffirmed its ongoing capital expenditure (₹200 crore capex) program, first announced at the previous AGM. The company has revised its capex plan and will require an additional ₹50 crore to achieve its near-term financial milestones. So far, it has invested ₹100 crore of its ₹250 crore capex plan to expand manufacturing capabilities, including new production lines for Continuous PUF Panels, Visi Coolers, and Chest Freezers. The remaining ₹150 crore will be allocated over the next 1-2 years, supporting revenue targets of ₹500 crore by FY2024-25 and ₹1,000 crore by FY2027-28, driven by rising demand in key sectors such as pharmaceuticals, agriculture, dairy, and food processing.
Strategic Initiatives for Growth
Mr. Patel outlined several strategic initiatives that will bolster Ice Make’s future growth. The company is actively exploring technology partnerships with foreign firms, particularly in the commercial freezer segment, to enhance innovation and maintain leadership in providing sustainable, energy-efficient refrigeration solutions.
Geographical expansion is another priority. Ice Make plans to extend its reach in northern India, aiming to improve market penetration and reduce logistics costs. These initiatives, alongside successful collaborations with e-commerce platforms, have contributed significantly to revenue growth. The company’s growing presence in the food processing sector, with key orders secured, has further strengthened its leadership position in this industry.
Performance Outlook
Looking ahead, Ice Make’s current order book stands at ₹138 crore, which will provide a solid foundation for continued growth in FY2025. The company is targeting an annual growth rate of 25-30% over the next few years, driven by sustained demand and the continuous expansion of its product portfolio.
On the international front, Ice Make is pursuing UL certification, which will allow it to enter the U.S. market. This certification represents a key step in the company’s global expansion strategy.
In closing, the Company emphasized Ice Make’s strong presence across key refrigeration segments, including cold room storage, ammonia refrigeration, industrial refrigeration, commercial refrigeration, and transport refrigeration. “With the rising demand for innovative cooling solutions both in India and globally, Ice Make is strategically positioned to seize these opportunities. We are dedicated to delivering long-term value through continuous innovation and focused growth initiatives. Mr Patel added.
With a robust foothold in the domestic market and exports to 24 countries, Ice Make continues to broaden its geographical reach and enhance production capabilities. The company operates five state-of-the-art manufacturing units in Gujarat, Tamil Nadu, and West Bengal, enabling it to efficiently meet the growing needs of its customers. This capacity to scale has been instrumental to Ice Make’s success, as reflected in its expanding production capacity and market presence. Mr. Patel concluded by reaffirming the company’s commitment to growth and excellence in the refrigeration industry.