Greetings,

We are pleased to share Ice Make reported its strongest financial and operational performance for the fourth quarter and full financial year ended March 31, 2025.

Q4 FY25 Highlights
Revenue from Operations: ₹180.82 crore
▸ +64% QoQ | +26.8% YoY (vs ₹140.14 crore in Q4 FY24)

EBITDA: ₹21.85 crore (vs ₹20.93 crore in Q4 FY24)

EBITDA Margin: 12.08% (vs 14.93% in Q4 FY24), impacted by higher input costs

Profit After Tax (PAT): ₹11.66 crore
▸ Significant rebound from ₹2.81 crore in Q3 FY25 (+407.5% QoQ)
▸ YoY decline from ₹14.27 crore in Q4 FY24

Earnings Per Share (EPS): ₹7.42 (vs ₹9.04 in Q4 FY24, ₹1.82 in Q3 FY25)

FY25 Full-Year Performance
Total Revenue: ₹480.42 crore (vs ₹379.00 crore in FY24)
▸ +26.8% YoY growth

EBITDA: ₹43.44 crore (vs ₹41.39 crore in FY24)

EBITDA Margin: 9.04% (vs 10.92% in FY24), affected by cost pressures and strategic investments

Net Profit: ₹22.90 crore (vs ₹26.14 crore in FY24)

EPS: ₹14.65 (vs ₹16.64 in FY24)

Business & Segmental Overview
Cold Room segment: ~50% of total revenue

Other Key Verticals:
▸ Commercial Refrigeration: 15.7%
▸ Ammonia & Industrial: ~12.4%
▸ Transport & Projects: >15%

Geographic Performance
East Zone: Share rose from 14% to 18%

South Zone: Increased from 12% to 14%

West Zone: Remains dominant at 51%

Exports: Stable at 3% of total revenue

FY25 has been a year of strong revenue growth, particularly driven by solid performance in Q4. Despite the margin impact due to input cost inflation and order execution delays earlier in the year, we ensured operational stability and focused execution.

As we look ahead, we remain confident that our efforts in capacity expansion, product innovation, and sectoral diversification will reinforce our growth trajectory and create long-term value.

Thank you for your continued trust and support.

Warm regards,
Ankit Patel
Chief Financial Officer
Ice Make Refrigeration Ltd.