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📊 Last 7 days — analysed filings by sentiment
Note: These are AI-generated, educational summaries of public NSE
filings — grounded in each document, but not investment advice and possibly incomplete.
Verify against the original filing and consult a SEBI-registered adviser before acting.
30 announcements match the current filters (relevance ≥ 5).
₹190 Cr Fundraise and Strategic JV with Japan's Galilei Holdings
ICEMAKE has approved a significant preferential issue of 23.67 lakh shares at ₹802.51 per share to raise ₹190 crore, primarily from Japan-based Galilei Holdings. This capital infusion represents approximately 14% of the current market cap and exceeds the company's total net worth of ₹136 crore. Simultaneously, the company is forming a 40:60 Joint Venture (Ice Make Horeca Private Limited) with Galilei to manufacture high-end commercial refrigeration products like blast chillers and ice makers. The deal results in a 13.05% post-issue dilution but brings in a strategic global partner.
Confidence: HIGH
What changedICEMAKE has secured a major Japanese strategic partner (Galilei Holdings) and a capital infusion that nearly doubles its existing net worth.
Why it mattersThe partnership provides ICEMAKE with advanced Japanese technology for the Horeca segment and the necessary capital to scale operations toward its aggressive growth targets, potentially improving its competitive moat against larger organized players.
Total Fundraise: ₹190.00 crIssue Price per Share: ₹802.51Fundraise vs Net Worth: 139.7%Post-issue Dilution: 13.05%JV Ownership (ICEMAKE): 40%Relevant Date for Pricing: July 20, 2026
📅 Short termThe stock is likely to react positively to the capital infusion at a price close to the current market price and the entry of a reputable Japanese strategic investor.
📈 Long termThis is a structural positive that could re-rate the business by providing technology for high-margin products and the balance sheet strength to achieve its ₹1000 Cr revenue goal by FY28.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Execution risk in the new JV
- 60% control of the JV lies with the foreign partner
- Potential for initial ROCE pressure as new manufacturing lines scale up
Key Highlights
Preferential issue of 23,67,573 equity shares at a floor price of ₹802.51 per share.
Total fundraise of ₹190.00 crore from Galilei Holdings and two other non-promoter investors.
Formation of a Joint Venture where ICEMAKE will hold 40% and Galilei will hold 60% equity.
Post-issue dilution of 13.05% of the total share capital on a fully diluted basis.
JV to focus on commercial upright refrigerators, table-type refrigerators, and modular blast chillers.
👀 What to Watch
Monitor the shareholder approval for the preferential issue and the timeline for the JV's manufacturing commencement. Watch for updates on how the ₹190 Cr capital will be deployed to reach the company's FY28 revenue target of ₹1000 Cr.
₹190 Cr Fundraise and Strategic JV with Japan's Galilei Holdings
Ice Make Refrigeration (ICEMAKE) has approved a ₹190 Cr preferential issue to Japanese firm Galilei Holdings and others at ₹802.51 per share. Galilei will acquire a 13.05% post-issue stake and has the right to increase this to 20% after 30 months. Simultaneously, the companies are forming a Joint Venture (40% ICEMAKE, 60% Galilei) named 'Ice Make Horeca Private Limited' to manufacture premium commercial refrigerators and ice makers. This capital infusion is massive, representing approximately 140% of the company's current net worth of ₹136 Cr.
Confidence: HIGH
What changedICEMAKE has secured a major Japanese strategic partner, bringing in both significant capital and specialized technology for the Horeca refrigeration segment.
Why it mattersThe deal provides the necessary capital to pursue the company's ₹1000 Cr revenue target by FY28 and addresses the high debt-to-equity ratio while adding technical expertise from a global partner.
Total Fundraise: ₹190 CrIssue Price: ₹802.51Fundraise vs Net Worth: ~140%Post-issue Dilution: 13.05%JV Ownership (ICEMAKE): 40%
📅 Short termThe stock is likely to react positively as the issue price is close to the current market price and the entry of a Japanese strategic partner validates the business model.
📈 Long termStructural positive; the JV and capital infusion allow ICEMAKE to move up the value chain into premium Horeca equipment, potentially improving margins and ROCE over the next 2-3 years.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Equity dilution of 13.05%
- Minority stake (40%) in the new Horeca JV
- Execution risk in scaling the new JV manufacturing lines
Key Highlights
Preferential issue of 23,67,573 equity shares at a price of ₹802.51 per share
Total fundraise of ₹190 Cr, which is ~14.3% of current market cap and ~140% of net worth
Galilei Holdings to hold 13.05% post-issue stake and gain one board seat
Formation of a 40:60 JV for Horeca products including upright refrigerators and blast chillers
Galilei granted a right to increase its stake in ICEMAKE to 20% after 30 months
👀 What to Watch
Monitor the shareholder approval process for the preferential issue and the timeline for the JV's manufacturing setup. Investors should watch if the ₹190 Cr is used to deleverage the balance sheet (current D/E 1.15) or for aggressive capacity expansion.
Ice Make FY26 Revenue Surges 39% to ₹668 Cr; Targets ₹1,000 Cr Revenue by FY28
Ice Make Refrigeration reported a robust 39.3% YoY revenue growth for FY26, reaching ₹668 crore, driven by strong performance in new product categories and execution. While top-line growth was strong, EBITDA margins compressed to 6.9% from 9.1% due to strategic investments in distribution and ₹4 crore in one-time regulatory expenses. The company maintains a healthy order book of ₹237 crore and has implemented price hikes of 10-11% to improve margins in the coming year. Management has guided for FY27 revenue of ₹830-850 crore and aims to hit the ₹1,000 crore milestone by FY28 with improved EBITDA margins of 8.0-8.5%.
Key Highlights
FY26 Revenue grew 39.3% YoY to ₹668 crore, while Q4 FY26 revenue rose 41.8% to ₹255 crore.
EBITDA margins for FY26 stood at 6.9%, impacted by ₹4 crore in one-time costs and strategic growth investments.
Management guided for FY27 revenue of ₹830-850 crore and an improved EBITDA margin of 8.0-8.5%.
The company maintains a strong order book of ₹237 crore and recommended a final dividend of ₹2.25 per share.
Price increases of 10-11% have been implemented across multiple product lines to drive margin recovery in FY27.
👀 What to Watch
Investors should monitor the margin recovery in FY27 as price hikes take effect and one-time costs subside. The company's clear roadmap to ₹1,000 crore revenue by FY28 offers a strong growth narrative for long-term holders.
Ice Make Reports Record FY26 Revenue of ₹668 Cr (Up 39%); Recommends ₹2.25 Dividend
Ice Make Refrigeration Limited achieved record-breaking financial performance in FY26, with consolidated revenue surging 39.3% YoY to ₹668.20 crore. Despite the top-line growth, full-year Profit After Tax (PAT) declined to ₹12.13 crore from ₹22.90 crore in FY25, primarily due to strategic investments in capacity expansion, leadership hiring, and regulatory compliance costs. The company reported its highest-ever quarterly revenue of ₹255.85 crore in Q4 FY26, and the Board has recommended a final dividend of ₹2.25 per share.
Key Highlights
Consolidated revenue for FY26 grew 39.3% YoY to ₹668.20 crore, driven by strong demand in cold chain and new product segments.
Q4 FY26 revenue hit a record ₹255.85 crore, representing a 41.8% YoY and 66.8% sequential growth.
Full-year EBITDA margin moderated to 6.9% from 9.1% in FY25 due to higher depreciation, finance costs, and one-time growth investments.
Consolidated PAT for FY26 stood at ₹12.13 crore compared to ₹22.90 crore in the previous fiscal year.
The Board recommended a final dividend of ₹2.25 per equity share (22.5% of face value).
👀 What to Watch
Investors should monitor the company's ability to restore margins in FY27 as newly commissioned assets and expanded capacities begin to yield operating leverage. While the revenue growth is robust, the significant drop in profitability warrants a cautious watch on execution and cost management.
ICEMAKE FY26 Revenue Up 39% to ₹668 Cr; Declares ₹2.25 Dividend Amid 47% Profit Drop
Ice Make Refrigeration Limited reported a robust 39.3% YoY growth in consolidated revenue to ₹66,819.59 Lakhs for FY26. However, Profit After Tax (PAT) saw a sharp decline of 47%, falling to ₹1,212.88 Lakhs from ₹2,290.40 Lakhs in the previous year. This margin compression was largely driven by a significant spike in finance costs, which tripled to ₹1,259.15 Lakhs, and a doubling of depreciation expenses. Despite the profit dip, the board has recommended a final dividend of ₹2.25 per share.
Key Highlights
Consolidated Revenue for FY26 grew 39.3% YoY to ₹66,819.59 Lakhs compared to ₹47,952.19 Lakhs in FY25.
Net Profit (PAT) for the full year decreased by 47% to ₹1,212.88 Lakhs.
Finance costs surged by 205% to ₹1,259.15 Lakhs, indicating increased debt servicing requirements.
Board recommended a final dividend of ₹2.25 per equity share (22.5% of face value).
Net cash flow from operating activities turned negative at ₹(1,057.41) Lakhs versus a positive ₹2,997.46 Lakhs in the prior year.
👀 What to Watch
Investors should exercise caution as the company's aggressive top-line growth is currently being offset by rising interest burdens and operating expenses. It is advisable to wait for management's clarification on the negative operating cash flow and debt levels before increasing positions.
ICEMAKE FY26 Revenue Jumps 39% to ₹668 Cr; Net Profit Declines 47% to ₹12.1 Cr
Ice Make Refrigeration Limited reported a strong 39.3% year-on-year growth in consolidated revenue for FY26, reaching ₹66,819.59 Lakhs. However, the company's bottom line faced significant pressure, with consolidated net profit falling 47% to ₹1,212.88 Lakhs from ₹2,290.40 Lakhs in FY25. This decline was primarily driven by a 205% surge in finance costs and a 105% increase in depreciation expenses. Despite the profit dip, the board recommended a final dividend of ₹2.25 per share.
Key Highlights
Annual consolidated revenue from operations grew by 39.3% YoY to ₹66,819.59 Lakhs.
Consolidated Net Profit for FY26 decreased significantly to ₹1,212.88 Lakhs from ₹2,290.40 Lakhs in FY25.
Finance costs surged to ₹1,259.15 Lakhs in FY26 compared to ₹411.95 Lakhs in the previous year.
Total borrowings increased substantially to approximately ₹15,088.9 Lakhs from ₹8,173.9 Lakhs YoY.
The Board recommended a final dividend of ₹2.25 (22.5%) per equity share of ₹10 each.
👀 What to Watch
Investors should exercise caution as the company's aggressive revenue growth is currently being undermined by rising debt levels and interest costs. It is advisable to wait for signs of margin stabilization and improved debt management before increasing exposure.
Ice Make FY26 Revenue Jumps 39% to ₹668 Cr; PAT Declines 47% Amid Higher Finance Costs
Ice Make Refrigeration reported a strong 39.3% YoY growth in consolidated revenue for FY26, reaching ₹668.20 crore. However, Profit After Tax (PAT) fell sharply by 47% to ₹12.13 crore compared to ₹22.90 crore in FY25, primarily due to a tripling of finance costs and a doubling of depreciation expenses. The company recommended a final dividend of ₹2.25 per share. Despite the bottom-line pressure, Q4 revenue showed robust growth of 41.8% YoY, though Q4 PAT also saw a 13.2% decline.
Key Highlights
Consolidated Revenue for FY26 grew 39.3% YoY to ₹668.20 crore from ₹479.52 crore.
Net Profit for FY26 declined 47% YoY to ₹12.13 crore from ₹22.90 crore in the previous year.
Finance costs surged by 205% to ₹12.59 crore, while depreciation doubled to ₹17.06 crore in FY26.
Total borrowings (Current + Non-current) increased significantly to ₹150.89 crore from ₹102.06 crore YoY.
The Board recommended a final dividend of ₹2.25 per equity share (22.5% of face value).
👀 What to Watch
Investors should be cautious as the sharp decline in profitability and rising debt levels overshadow the strong top-line growth. Monitor the company's ability to manage its increased leverage and operational expenses to restore margins.
Ice Make Refrigeration Targets ₹1,000 Cr Revenue by FY28; Q3 FY26 Revenue at ₹153.36 Cr
Ice Make Refrigeration reported a consolidated revenue of ₹153.36 crore for Q3 FY26, with a PAT of ₹1.45 crore. The company is aggressively scaling its new verticals, Continuous Panels and Commercial Freezers, which contributed ₹56 crore and ₹34 crore respectively in the first nine months of FY26. Management has provided a clear growth roadmap, targeting ₹650 crore revenue for the current fiscal and reaching ₹1,000 crore by FY28. While margins are currently under pressure due to high finance costs and entry-level pricing strategies, the company expects EBITDA to stabilize around 9-10% as volumes scale.
Key Highlights
Consolidated revenue for Q3 FY26 reached ₹153.36 crore with a PAT of ₹1.45 crore.
Management maintains a robust revenue guidance of ₹650 crore for FY26 and ₹1,000 crore for FY28.
Current order book stands strong at ₹180+ crore as of February 2026.
New verticals (Continuous Panels and Commercial Freezers) are expected to contribute ₹140-150 crore in FY26.
Breakeven for Continuous Panels is estimated at ₹80-82 crore and for Commercial Freezers at ₹50-55 crore.
👀 What to Watch
Investors should focus on the company's ability to achieve breakeven in its new high-growth verticals to unlock margin expansion. While the topline growth trajectory is strong, the current low net profit margins require monitoring of operational efficiency and interest cost reductions.
ICEMAKE Q3 FY26: Revenue Surges 39% YoY to ₹153.4 Cr, but PAT Declines 48% to ₹1.45 Cr
Ice Make Refrigeration reported a robust 39% YoY revenue growth in Q3 FY26, reaching ₹153.36 crore, driven by sustained demand in industrial and commercial cooling segments. However, consolidated Net Profit (PAT) fell significantly to ₹1.45 crore from ₹2.81 crore in the previous year's quarter. This decline is primarily attributed to elevated finance costs, expansion-led depreciation, and lower initial margins in two newly launched business verticals. For the nine-month period (9M FY26), the company achieved a total revenue of ₹412.35 crore with a PAT of ₹2.01 crore.
Key Highlights
Consolidated Revenue from Operations grew 39% YoY to ₹153.36 crore in Q3 FY26.
Consolidated PAT decreased by 48.4% YoY to ₹1.45 crore compared to ₹2.81 crore in Q3 FY25.
9M FY26 consolidated revenue reached ₹412.35 crore with a total PAT of ₹2.01 crore.
Profitability was impacted by higher finance costs and depreciation following recent capacity expansions.
Management launched two new verticals where margins are currently calibrated for market entry and volume scaling.
👀 What to Watch
Investors should monitor the company's ability to scale its new verticals and improve operating margins, which are currently under pressure from expansion costs. While top-line growth is strong, the stock's performance will likely depend on the recovery of the bottom line as operating efficiencies kick in.
Ice Make Refrigeration Q3 Revenue Up 38.7% YoY to ₹153 Cr, PAT Drops 48% to ₹1.45 Cr
Ice Make Refrigeration reported a strong top-line growth of 38.7% YoY, with consolidated revenue reaching ₹153.36 crore in Q3 FY26. However, net profit significantly declined by 48.3% YoY to ₹1.45 crore, primarily due to a sharp rise in operational and financial costs. Finance costs surged by 235% YoY to ₹3.85 crore, and depreciation doubled to ₹4.28 crore, severely impacting the bottom line. The company's subsidiary, Icebest Private Limited, continues to report losses and has a negative net worth, requiring ongoing support from the parent.
Key Highlights
Consolidated Revenue from operations grew 38.7% YoY to ₹153.36 crore.
Profit After Tax (PAT) fell sharply by 48.3% YoY to ₹1.45 crore from ₹2.81 crore in the previous year.
Finance costs witnessed a massive spike of 235% YoY, rising to ₹3.85 crore from ₹1.15 crore.
Depreciation and amortization expenses doubled YoY to ₹4.28 crore compared to ₹2.15 crore.
Nine-month PAT for FY26 stands at ₹2.00 crore, a significant drop from ₹11.24 crore in the same period last year.
👀 What to Watch
Investors should exercise caution as the company is struggling to translate high revenue growth into profits due to rising debt costs and operational overheads. It is critical to monitor the management's strategy for debt reduction and the turnaround of loss-making subsidiaries.
