#### **Overview** ICE Make Refrigeration Limited, established in **1993** and headquartered in Ahmedabad, Gujarat, is a leading Indian manufacturer of **customized, energy-efficient, and sustainable refrigeration solutions**. Operating under the brand names **Ice Make**, **Bharat**, and **TransFreez**, the company serves diverse industrial and commercial sectors across India and **24 international markets**, including the USA, Japan, Canada, Australia, and several nations in Africa and the Middle East. Listed on **NSE Emerge** in December 2017, it achieved a record-breaking SME IPO subscription of **261 times**, raising over **₹6,100 crores**, and transitioned into a Public Limited Company in 2017 to strengthen its corporate governance and scalability. --- #### **Core Business Verticals** Ice Make operates across **five key verticals**: 1. **Cold Rooms** 2. **Commercial Refrigeration** 3. **Industrial Refrigeration** 4. **Transport Refrigeration** 5. **Ammonia Refrigeration** These solutions are widely used in: - **Dairy & Ice Cream** (30–40% of revenue) - **Food Processing & Hospitality** (15–20%) - **Pharmaceuticals & Chemicals** (15–20%) - **E-commerce & Quick Commerce** - **Agriculture, Logistics, Healthcare, and Retail** The company offers more than **50 specialized refrigeration products**, including cold rooms, chest freezers, chillers, visi coolers, transport refrigeration units, and industrial ammonia systems. --- #### **Market Position & Growth Drivers** - **Cold Rooms** remain the **primary revenue driver**, accounting for **over 50%** of total revenue (50.17% in FY25), driven by demand from dairy, pharma, food processing, and e-commerce warehousing. - Strong growth in **emerging sectors** such as **quick commerce (dark stores)**, **pharmaceuticals**, **healthcare**, and **agricultural value chains** contributed **21% of H1 FY26 revenue**. - The company supplies to major players like **Flipkart, Zepto, Blinkit, BigBasket, Swiggy, and Zomato**, and estimates it serves **over 50% of India’s e-commerce dark store refrigeration needs**. - **Government initiatives** such as the **PM Kisan Sampada Yojana** and subsidies (up to 60%) for cold chain infrastructure in agriculture are accelerating demand. --- #### **Manufacturing & Operational Strength** - Operates **five manufacturing units**: - **Dantali, Vamaj, Bavla** (Ahmedabad, Gujarat) - **Chennai, Tamil Nadu** - **Kolkata, West Bengal** (via subsidiary IceBest Private Limited) - Employs over **1,200 people** and maintains a pan-India logistics and service network. - Annual manufacturing capacity: **1.25 lakh refrigeration units**, with current utilization at **~80%**. - Engages in **backward integration** for core components and **white-label manufacturing** (15% of discontinuous panel capacity). --- #### **Product Innovation & Diversification** - Launched new verticals: **Continuous PUF Panels** and **Commercial Freezers & Visi Coolers**, expected to contribute **₹150 crore** to FY26 revenue. - Introduced **energy-efficient, IoT-enabled smart solutions**: - **Solar-powered cold rooms** (SOLO Perifresh): plug-and-play, with **30-hour thermal backup**, targeting rural farmers and FPOs. - **IoT-based remote monitoring systems** for predictive maintenance and real-time temperature control. - **AR-assisted diagnostics** and **IoT-enabled temperature control systems**. - New product pipeline includes **freeze dryers**, **heat pump dehydration units**, and **custom chillers for dark stores**, serving as import substitutes from China/EU. - **Visi Coolers (IMVC Series)**: 4 models (300–1100), operating at 2°C–8°C, used in retail and QSRs for beverage and dairy display. --- #### **Strategic Expansion & Capacity Development** - **Capital Expenditure**: - **₹200 crore** CAPEX plan underway since FY24, with **₹100 crore** already invested. - **₹150 crore** further CAPEX planned for 2025–2026 for automation, technology upgrades, and geographic expansion. - Investment focus: **automation, continuous PUF panels, chest freezers, visi coolers, and Chennai plant relocation/expansion**. - **New Facilities**: - **Bavla, Gujarat**: Dedicated facility for continuous PUF panels and commercial freezers (operational since Jan 2025). - **Chennai plant relocation**: Expected by **December 2025**, to enhance capacity and service in South India. - Expansion of **Kolkata (IceBest) unit** to increase regional penetration in East India and reduce logistics costs. --- #### **Sustainability & Technology** - Operates **iMGreen Plant** with a **50 kW solar power system**, reducing electricity consumption by **30%**. - Committed to **ISO 14001 standards**, **rainwater harvesting**, and eco-friendly refrigerants. - Focus on **low-GWP (Global Warming Potential)** refrigerants and **energy-efficient designs** to meet evolving environmental norms. - **Green initiatives** include **solar cold rooms** and **PUF panels** repurposed for **building insulation** in PEBs, warehouses, and public infrastructure. --- #### **Geographic & Export Strategy** - **Domestic Revenue Mix**: - **West**: 51% - **East**: 18% - **South**: 14% - **North**: 11% - Actively expanding in **Tier 2/3 cities** and **Eastern India** via regional manufacturing and stock points. - **Export Footprint**: 24 countries; key markets: **Nepal, UAE, USA, Canada, Nigeria, Australia, South Africa**. - **Export Revenue Target**: ₹25 crore for FY26, with ₹6 crore already in order book and potential deals worth ₹7–8 crore in discussion. - Secured **US certification (LN)** for select models to boost North American market entry. --- #### **Competitive Advantages** - **Solution-based, not catalog-based**, with a **30–35 year track record**. - **Repeat business/strong brand loyalty**: ~50% from repeat customers or referrals. - **No full-line competitor**: Unique integration of **cold rooms, industrial, commercial, transport, and ammonia refrigeration**. - **Strong R&D focus**: Invests annually in innovation (e.g., freeze dryers, IoT, solar tech). --- #### **Strategic Initiatives (Q2 FY26 and Beyond)** 1. **Capacity Expansion**: Increase existing capacity from ₹600 crore to ₹700 crore through incremental upgrades. 2. **Technology Integration**: Expand use of **IoT, AR, and AI-based monitoring** in cold chain operations. 3. **New Vertical Growth**: - **PUF Panels**: 2nd largest Indian manufacturer; targeting **building insulation** as a larger-than-cold-room market. - **Commercial Freezers**: 120,000 units/year capacity; growing through B2B partnerships and OEM models. 4. **Export Growth**: Focus on **MENA and African markets** with compact, durable units. 5. **After-Sales & Service**: Strengthening **EMC (Energy Management Contracting)** and service network to boost recovery revenue. --- #### **Key Projects & Orders (Recent)** - ₹65.48 crore order from **West Bengal Livestock Development Corporation**. - ₹39 crore pending dispatch from **Haringhata Project**. - Jammu & Kashmir Horticulture Dept: ₹28.5 crore cold storage project. - West Bengal Govt: ₹42 crore project order. - Punjab National Bank Dairy: ₹15 crores for butter cold storage. - Supply of **1,200 custom freezers** to **BigBasket**. ---