What we do Ice Make Refrigeration Ltd manufactures refrigeration equipment providing cooling solutions for industries like dairy, food processing, pharmaceuticals, logistics, and retail. |
Founded in 2,009 |
Market share A recognized player with a stable CARE A- rating, expanding manufacturing footprint and growing revenue consistently. |
Problem solved Offers reliable refrigeration solutions to preserve perishable goods and support cold chain logistics across multiple sectors. |
Top clients or who we serve Serves B2B customers in dairy, ice-cream, agriculture, pharmaceuticals, hospitals, hospitality, and retail industries. |
Key management Promoted by Mr. Chandrakant P. Patel, Mr. Rajendra P. Patel, and Mr. Vipul I. Patel with decades of industry experience. |
Our journey and innovations Started in 1993; went public in 2017; expanded manufacturing and launched solar cold rooms, heat pump dehydrators, and freeze dryers. |
Where we operate Primarily operates in India with manufacturing units in Gujarat and subsidiary presence in Chennai. |
Top products or what we offer Refrigeration equipment including commercial, industrial, transport refrigeration, solar cold rooms, PUF panels, and related accessories. |
Top brands Ice Make (core brand); Bharat and Trans Freez (subsidiary brands); SolarPerifresh20 - solar cold room brand. |
Raw materials needed Coils, PUF panels, refrigeration compressors, solar panels, and industrial metals. |
Raw materials supplier Supplied by regional manufacturers and vendors specialized in refrigeration components and panels. |
Recurring vs cyclical contribution Revenue mix includes recurring maintenance/services and cyclical equipment sales aligned with industry demand. |
Our industry position Growing market participant with improving operational metrics and expanding product portfolio in refrigeration sector. |
Financial highlights Standalone revenue of ₹473.22 crore (FY 2025), 27.7% YoY growth; PAT ₹23.11 crore; EBITDA ₹43.13 crore; EPS ₹14.72. |
Geographical revenue split - |
Order book - |
Whats driving growth Innovations like solar cold rooms, expanding manufacturing capability, and increased demand in cold chain across sectors. |
Our future plans Expanding production of PUR/PIR PUF panels, chest freezers, and visicoolers at new Gujarat facility. |
Our green promise Focus on solar-powered refrigeration and energy-efficient products to support sustainable agriculture and cold chain. |
Our people and values Employs 1249 people; emphasizes training, diversity, and a culture of ethical compliance and safety. |
Key challenges ahead Raw material price volatility, competition, and scaling manufacturing while maintaining quality and innovation. |
Interesting facts Pioneer in launching solar cold rooms for agriculture; acquired Bharat Refrigerations to enhance product range. |
Risks and strategy Manages operational and financial risks through prudent internal controls, policy adherence, and diversified product offerings. |
