From the Desk of Chairman
Ice Make Refrigeration Limited
ICE Make Refrigeration Limited Enters INR 1000 CR Market Capitalization Club
Dear Stakeholders,
I am delighted to share with you a momentous development that promises to ensure robust growth for our company. Our market valuation has experienced significant growth in the past three years, with our market capitalization now surpassing the Rs 1000 crore mark. This achievement firmly establishes ICE Make as one of India’s fastest growing companies in the refrigeration industry.
Throughout our remarkable 33-year journey, ICE Make has consistently achieved noteworthy milestones. Notably, during our maiden IPO valued at INR 23.71 CR, the company garnered an extraordinary SME IPO subscription exceeding 261 times,
translating to a remarkable value of over 6100 Crores. It is truly heartening to witness the tangible outcomes stemming from the company’s unwavering vision, effective strategic execution, and the dedicated efforts of our workforce. These factors have collectively contributed to our significant achievement, crossing the INR 1000 CR market capitalization threshold within our segment.
ICE Make has firmly established itself as an innovative brand with a steadily expanding market presence. Our strong Compound Annual Growth Rate (CAGR) of nearly 50% over the past two years is indicative of our steadfast dedication to providing state-ofthe-art solutions. Even in the face of global economic challenges marked by inflationary pressures, the company achieved a notable milestone with its annual net profit surging into double digits for the first time. Furthermore, our consolidated revenue has crossed the significant threshold of Rs 300 cr in FY2023.
ICE Make recently unveiled its ambitious growth plans during our 14th Annual General Meeting.
Over the past 33 years, ICE Make has remained steadfast in its commitment to Enable Significant Growth through Innovative Cooling & Refrigeration Solutions. Our mission is to Shape the Future, Create Value, and Build Trust.
In today’s fast-paced, technology-driven world, refrigeration and cooling systems have become indispensable, touching countless aspects of our lives and various industries. From preserving food to optimizing manufacturing processes in chemical and processing industries, refrigeration has assumed a pivotal role. With India’s burgeoning population and increasing consumption, the demand for innovative cooling and refrigeration solutions continues to soar.
ICE Make proudly serves a diverse range of industries, including Dairy, Ice-cream, Food Processing, Horticulture, Agriculture, Pharmaceuticals, Cold Chain, Logistics, Hospitals, Hospitality, and Retail, among others. Our robust product portfolio comprises over 50 cutting-edge refrigeration and cooling solutions.
We maintain a strong presence across various refrigeration segments, including Cold Room Storage, Ammonia Refrigeration, Industrial Refrigeration, Commercial Refrigeration, and Transport Refrigeration, positioning us to capitalize on the growing demand for innovative cooling and cold chain storage solutions.
Now, let me share some key highlights from the recent past.
ICE Make has achieved a significant milestone with its largest work order to date from the West Bengal Livestock Development Corporation Limited (WBLDCL), valued at Rs 65.48 Crore. This accomplishment reflects our capabilities and the trust placed in ICE Make.
Our status as a leading Refrigeration Solution Provider and Innovative Machinery Manufacturer in India has been further reinforced with the commissioning of our stateof-the-art manufacturing facility, ‘ICEBEST,’ in West Bengal. This development enhances our production capacity and competitive advantage.
Now, let’s look ahead to the coming years:
India’s dynamic growth landscape continues to drive demand for our products. As the nation places increased emphasis on the manufacturing sector, we are well-positioned to leverage these opportunities for sustainable growth.
Our primary focus is to successfully launch the first line of our Greenfield project for continuous panel production on or before June 2024. Decisions regarding additional lines of continuous panel production in the coming years will be based on the success of the first line.
We aspire to achieve a business turnover of Rs. 500 Crore in 2024-25 and reach Rs.1000 Crore by 2027-28. To achieve these performance targets:
We anticipate a contribution of Rs. 100 Crore plus to our top line from Dehydration Products within the next five years.
By 2024-2025, we aim to achieve a business of Rs. 100 Crore in Ammonia-related products.
By 2026-2027, we plan to achieve a business of Rs. 100 Crore in Continuous Panel products.
For all these endeavours, our Capex Plan for the next three years is set at Rs. 200 Crore + with a contingency margin of 10 to 15%. Additionally, we are exploring opportunities for geographical expansion through new units or warehouses. We are also open to acquisitions or technical collaborations with similar units. The development of more automation products is a key focus for our future plans, with a strong emphasis on automation in the commercial vertical.
ICE Make is currently listed on the NSE main board, and we are in the process of listing on the BSE Main Board within the next 1 or 2 months. This move to multiple exchanges will benefit a wider range of investors and draw the interest of institutional investors.
In conclusion, I want to assure you all that ICE Make is dedicated to pushing the boundaries of innovation, delivering excellence, and driving sustainable growth. My heartfelt gratitude goes out to our dedicated team, supportive partners, and esteemed customers who have played pivotal roles in our achievements.
On behalf of the Board and personally, I extend my sincere thanks to all our valued shareholders for your unwavering support over the many years.
Thank you once again for being a part of our journey.
Best regards
Chandrakant P. Patel
Chairman and Managing Director
