Ice Make Refrigeration Limited (NSE: ICEMAKE), a leading provider of innovative cooling solutions across industrial, commercial, and dairy sectors, today announced its financial performance for the quarter ended September 30, 2025. The Company reported strong revenue growth along with a sequential return to profitability, reflecting improved demand and operational recovery.

Key Standalone Financial Highlights (Q2 FY26)

Metric		Q2 FY26	Q1 FY26	Q2 FY25
Revenue from Operations	₹148.70 crore		₹111.86 crore	₹101.38 crore
Profit Before Tax (PBT)	₹1.97 crore		(₹1.79 crore) loss	₹6.72 crore
Profit After Tax (PAT)	₹1.45 crore		(₹1.39 crore) loss	₹4.89 crore

Key Consolidated Financial Highlights (Q2 FY25)

Metric	Q2 FY26	Q1 FY26	Q2 FY25
Revenue from Operations	₹147.49 crore	₹111.50 crore	₹103.39 crore
Profit Before Tax (PBT)	₹2.77 crore	(₹1.84 crore) loss	₹6.63 crore
Profit After Tax (PAT)	₹2.02 crore	(₹1.47 crore) loss	₹4.79 crore

Strong revenue growth and profitability turnaround

In Q2 FY26 (Standalone), Revenue from Operations stood at ₹148.70 crore, registering 47 percent year-on-year and 33 percent quarter-on-quarter growth. The Company reported a Profit Before Tax (PBT) of ₹1.97 crore, compared to a loss of ₹1.79 crore in Q1 FY26, while Profit After Tax (PAT) was ₹1.45 crore, reversing the ₹1.39 crore loss recorded in the previous quarter.

On a Consolidated basis, Revenue from Operations was ₹147.49 crore, reflecting a 43 percent year-on-year and 32 percent quarter-on-quarter increase. Consolidated PBT stood at ₹2.77 crore, compared to a loss of ₹1.84 crore in Q1 FY26, and PAT improved to ₹2.02 crore, as against a loss of ₹1.47 crore in the previous quarter.

Mr. Chandrakant P. Patel, Chairman and Managing Director, said: “The second quarter reflects a strong recovery driven by improved market traction across our core business segments. Our return to profitability on a sequential basis is encouraging and demonstrates the impact of our operational discipline and customer-focused execution. We remain confident of delivering profitable growth in the coming quarters through our multi-pronged expansion strategy.

With a robust order book of about ₹160+ Cr, an expanding product portfolio, and a clear long-term roadmap, we are committed to supporting India’s growing need for energy-efficient and sustainable refrigeration infrastructure across agriculture, food processing, healthcare, and logistics sectors. Our focus continues to be on strengthening operating efficiency, enhancing customer value, and driving responsible growth

Business Outlook

The Company anticipates demand to remain healthy, supported by expansion in food processing, dairy value chains, pharmaceuticals, cold chain logistics, and process industries. Ice Make continues to strengthen its product capabilities, market reach, and customer service platforms to sustain long-term growth.

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About Ice Make Refrigeration Limited:

Ice Make Refrigeration Limited has been catering to the diverse needs of its customers since 1993, providing customized cooling solutions across a wide range of industries. The company operates under key business verticals, including Cold Room, Commercial Refrigeration, Industrial Refrigeration, Transport Refrigeration, and Ammonia Refrigeration, serving numerous industries in India and have footprints in 24 countries.

In December 2017, Ice Make was listed on NSE Emerge, with a record-breaking SMEIPO subscription of over 261 times, worth over INR 6100 Crores. The company achieved a significant financial milestone in FY25, surpassing an annual turnover of INR 480 crore. With over 1200+ employees, Ice Make operates three manufacturing units in Gujarat, one in Tamil Nadu, and the newest just commenced operations in West Bengal.

Over the years, Ice Make has received several awards and accolades, including the Indian Leadership Award for Industrial Development in 2011, the Best Medium Enterprise (Manufacturing) by Canara Bank & Skoch Award in 2014, the India SME 100 Award in 2017, and the Gold Award for excellence in its core industry category and the 2017-18 Vision Award for Annual Report Competition, where ICE Make ranked 27th among the top 100 annual reports globally.