Ice Make Refrigeration Ltd. · NSE:ICEMAKE
Ice Make Refrigeration — Investor Presentation (March 2026)
35 slides from Ice Make Refrigeration's investor presentation, Mar 3, 2026
Slide 1: Intimation – Schedule of Analyst / Institutional Investors Meeting
~ I C E MAKE March 03, 2026 National Stock Exchange of India Limited Exchange Plaza, Plot No. C / 1, G Block, Bandra Kurla Complex – Bandra (E) Mumbai – 400 051 NSE Symbol: ICEMAKE Subject: Intimation – Schedule of Analyst / Institutional Investors Meeting Reference: Regulation 30(6) of the SEBI (Li
Slide 2: From Core to More – Investor Presentation 2024-25
~ICE MAKE ~ From Core - - - - to More <~~ • Investor Presentation 2024-25 ~ •
Slide 3: Safe Harbor Statement
~ICE MAKE SAFE HARBOR STATEMENT In line with our commitment to 'From Core to More.', this presentation has been prepared by ICE Make Refrigeration Limited (also referred to as 'Ice Make,' 'the Company' or 'We'), solely for informational purposes. It does not, in any way, constitute an offer, recomme
Slide 4: Company Overview
Company Overview 3
Slide 5: Chairman’s Statement
Chairman’s Statement ~ICE MAKE 2024-25 was a landmark year for Ice Make, with consolidated revenue reaching an all-time high of ~ 480.42 Crores, reflecting a strong 26.8% year-on-year growth. Key Highlights: ❖ Strong performance in cold rooms, commercial refrigeration, transport, and ammonia systems
Slide 6: A Year of Record Growth and Expanding Horizons
A Year of Record Growth and Expanding Horizons ~ICE MAKE Financial Strength (Consolidated) ` 480.42 Crores 9.04 % 28,000 + Revenue from Operations EBITDA Margin Customers Served ` 43.44 Crores 4.77 % Presence Across 24 + EBITDA PAT Margin Countries through Exports ` 22.90 Crores ` 14.51 65 + PAT EPS
Slide 7: About the Company
About the Company ~ICE MAKE ( Ice Make Refrigeration Limited, founded in 1993 and headquartered in Ahmedabad, is a leading manufacturer of high-quality, Mission energy-efficient, and eco-friendly ❖ Dedicatedly produce high-quality end-to-end customized cooling solutions for refrigeration equipment.
Slide 8: Revenue Contribution by Business Verticals
Revenue Contribution by Business Verticals ~ICE MAKE 51% 8% 2% Cold Transport Commercial Room Refrigeration Freezers 17% 3% Ammonia Refrigeration Continuous PUF & Projects Panel 16% 3% Commercial Industrial Refrigeration Refrigeration 7
Slide 9: Revenue Contribution by Industry
Revenue Contribution by Industry ~ICE MAKE Industry-Wise Share Dairy & Ice Cream Food Processing & Hospitality Logistics Agriculture 30-40% 15-20% Pharma & Chemicals 15-20% ® E-Commecce 5-7% Hospitals Cold Chain @ 3-5% _Lo_g_is_tic_s_ _ _ _ __ Industries Served Hospitality Food Processing Ice Cream
Slide 10: Shaping identity through strategic milestones
Shaping identity through strategic milestones ~ICE MAKE 1989 2013 2016 2019 2022 Began operations in a small Secured BS OHSAS Acquired Bharat Launched low-temperature, low- Launched solar cold workshop, specializing in 18001:2007 certification from Refrigerations Private Limited; humidity dryer for
Slide 11: Across India, Beyond Borders
Across India, Beyond Borders ~ICE MAKE ~ Plant1 Dantali, Gandhinagar, Gujarat PRESENCE OF PRESENCE OF COMPANY !!J, BRANCH OFFICES REPRESENTATIVES Plant2 Vamaj, Kadi, Mehsana, Gujarat !!J, ❖ Rajkot ❖ Raipur Plant3 ❖ Delhi Bavla, Ahmedabad, Gujarat ❖ Jaipur ❖ Vadodara ❖ Hyderabad ❖ Indore ❖ Udaipur ❖
Slide 12: Across India, Beyond Borders
Across India, Beyond Borders ~ICE MAKE GLOBAL PRESENCE @ ACROSS 24 COUNTRIES ❖ USA ❖ Tanzania ❖ Japan ,I -· ❖ Madagascar ❖ Canada ❖ Bahrain ❖ Australia ❖ The UAE ❖ Algeria ❖ Maldives ❖ Sierra Leone ❖ Seychelles ❖ Libya ❖ Mauritius Afghanistan Nepal @ ~ Japan ❖ Nigeria ❖ Afghanistan @ UAE Algena Liby
Slide 13: A Year of Record Consolidated Financial Performance
A Year of Record Consolidated Financial Performance ~ICE MAKE Revenue (in :f lakhs) EBITDA (in :f lakhs) EBITDA Margin (in %) 2024-25 ......................, 48,041.99 2024-25 ••••••••••••••••••••••• 4,344.32 2024-25 •••••••••••••••••••• 9.04 2023-24 •••••••••••••••••• 37,900.14 2023-24 ••••••••••••
Slide 14: A Year of Record Consolidated Financial Performance
A Year of Record Consolidated Financial Performance ~ICE MAKE EPS (in :f) Long Term - Debt to Equity (x) ROE (in%) 2024-25 .................., 14.51 2024-25 ...................... 0.39 , 2024-25 ••••••••••••••• 20.07 2023-24 ••••••••••••••••••••• 16.56 2023-24 ••••••••••••• 0.23 2023-24 ••••••••••••
Slide 15: Our Consolidated numbers for Q4
Our Consolidated numbers for Q4 ~ICE MAKE Revenue From operations (in if lakhs) EBITDA ((in if lakhs) EBITDA Margin (in %) Q4 March Q4 March Q4 March 31, 2025 •••••••••••••••••• 18,035.49 31, 2025 ••••••••••••••••••• 2,184.99 31, 2025 •••••••••••••••• 12.08 Q4 March Q4 March Q4 March 31, 2024 ••••••
Slide 16: Trusted by Leading Brands Across Sectors
Trusted by Leading Brands Across Sectors ~ICE MAKE . KOHLER® • . The Taste of India ~ u.....Rw.,.,. l..u.ut..d. ADITYA BIRLA Kitchen® ~ CHEMICALS QNTAS) Xpress • -- + Indian Red Cr oss Society -c~nva MIUl P1tOCIUCDa• UNJON \.TD ~ i$,A,l) isrc AfVIf1D FUTURE RETAIUIIII ... ..,__ ~ HLL Lifecare Limite
Slide 17: Growth Drivers
Growth Drivers ~ICE MAKE Rising Market Product Wider Policy Retail & Food Healthcare Demand Innovation Reach Push Trends Growth Growing A diverse portfolio- Five plants and Government Quick commerce, Rising need for consumption of cold rooms, exports to 24+ initiatives like organized retail, tempera
Slide 18: Innovative Solutions
Innovative Solutions ~ICE MAKE Customized Chest Freezers for Our solutions: Quick Commerce and Dark Stores Plug-and-play designs adaptable for Dark stores, the new-age fulfillment hubs powering diverse food categories with precise online food delivery, demand efficient and reliable temperature contr
Slide 19: Innovative Solutions
Innovative Solutions ~ICE MAKE Visi Coolers: Display Meets Key Features: Precision Cooling Ice Make's IMVC series of Visi Coolers is designed to deliver efficient storage while enhancing visual merchandising for beverages, bakery, and dairy products. Engineered for ] Wide model range: IMVC-300, IMVC
Slide 20: Innovative Solutions
Innovative Solutions ~ICE MAKE Continuous Sandwich PUF Panels Our solutions: Ice Make manufactures continuous sandwich PUF panels using pre-painted steel, stainless steel, aluminum, and PU/PIR/Rockwool cores. Built to meet 11111\ Superior thermal insulation with l __ w _e_ ather-tight sealing string
Slide 21: Diverse Offerings
Diverse Offerings 20
Slide 22: Diverse Offerings, One Trusted Brand
Diverse Offerings, One Trusted Brand ~ICE MAKE Year of 1993 Commencement Commercial Refrigeration Primary Purpose Keeping products fresh and cold through standardized temperature Standard controlled Temperature Range range Key Features Direct expansion cooling , compact design Materials Used PUF-ins
Slide 23: Diverse Offerings, One Trusted Brand
Diverse Offerings, One Trusted Brand ~ICE MAKE Year of 2002 Commencement Cold Rooms and Storage Primary Purpose Keeping perishable products chilled or frozen to prevent their degradation Temperature Range 15°C to -40°C Key Features Modular and custom-built options Materials Used Insulated panels wit
Slide 24: Diverse Offerings, One Trusted Brand
Diverse Offerings, One Trusted Brand ~ICE MAKE Year of 2003 Commencement Industrial Refrigeration Primary Purpose Large-scale controlled storage and temperature Temperature Range Standard controlled range Key Features Ice water cooling, energy- efficient Materials Used Coolants, compressors, conduct
Slide 25: Diverse Offerings, One Trusted Brand
Diverse Offerings, One Trusted Brand ~ICE MAKE Year of 2012 Commencement Transport Refrigeration Primary Purpose Temperature control during transportation Temperature Range 15°C to -25°C Key Features Low maintenance, energy- saving Materials Used Insulated materials, refrigeration systems Industry A
Slide 26: Diverse Offerings, One Trusted Brand
Diverse Offerings, One Trusted Brand ~ICE MAKE Year of 2018 Commencement Solar Cold Rooms Primary Purpose Storage with renewable energy Temperature Range 4°C and higher Key Features Solar powered with backup Materials Used Thermal energy battery, loT- enabled Industry Applications Agriculture Hortic
Slide 27: Diverse Offerings, One Trusted Brand
Diverse Offerings, One Trusted Brand ~ICE MAKE Year of 2018 Commencement Ammonia Refrigeration Primary Purpose Exclusively and extensively used in industries such as food, dairy, ice cream and beverages Temperature Range 10°c to -22°C Key Features Cost-efficient, lower power consumption Materials Us
Slide 28: Vertical-Wise Sales
Vertical-Wise Sales ~ICE MAKE 2024-25 (%) 2023-24 (%) 3 2 17 17 9 8 51 48 5 3 16 21 - Cold Rooms - Commercial Refrigeration - Industrial Refrigeration - Transport Refrigeration - Ammonia Refrigeration & v Continuous PUF Panel - Commercial Freezers Projects 27
Slide 29: Zone-Wise Sales
Zone-Wise Sales ~ICE MAKE 2024-25 (%) 2023-24 (%) 3 3 3 3 14 18 14 12 12 11 51 56 - East e west - North v - South - Nation Dealers Export 28
Slide 30: Awards & Recognition
Awards & Recognition ~ICE MAKE Indian Leadership Award Best Medium Enterprise Skoch Order of Merit & For Industrial Development (Manufacturing) Skoch Achiever Award from India Achievers from Canara Bank in 2014 from Skoch Group in 2014 Foundation in 2011 'India 100 SME' Award Recognition for the 201
Slide 31: ESG Initiatives
ESG Initiatives ~ICE MAKE • Environment • Social • Governance As a manufacturer of industrial and commercial Ice Make's social initiatives are rooted in the Sound governance remains fundamental to Ice refrigeration systems, Ice Make recognizes its belief that business growth must be inclusive Make's
Slide 32: Board of Directors
Board of Directors ~ICE MAKE Mr. Chandrakant P. Patel Mr. Rajendra P. Patel Mr. Vipul I. Patel Chairman & Managing Director Joint Managing Director Joint Managing Director Age: 57 years Age: 55 years Age: 50 years Co-founder & Promoter Director Co-founder & Promoter Director Co-founder & Promoter Di
Slide 33: Board of Directors
Board of Directors ~ICE MAKE Ms. Darsha R. Kikani Mr. Harshadrai P. Pandya Mr. Krishnakant L. Patel Independent Director Independent Director Independent Director Age: 68 years Age: 75 years Age: 67 years Qualified Company Secretary Engineer/Technical Businessman and Management Professional ❖ Brings
Slide 34: Steered by Visionary Leadership - Our Next-Gen Leaders
Steered by Visionary Leadership - Our Next-Gen Leaders ~ICE MAKE Mr. Ketul Vipulbhai Patel Mr. Deep Rajendrabhai Patel Mr. Devarsh Chandrakantbhai Patel Plant Head – Transport Refrigeration Product Head – Continuous Sandwich Panels Divisional Head – Commercial Refrigeration Age: 26 years Age: 26 yea
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