ICE Make's margin improved, but remains well below Industrials peers
Revenue growth outpaced expense growth sequentially, taking the company back to profit even as interest costs rose and the stock gained 4.22%.
Filed 05 Nov 2026, 15:20 IST · ICE Make Refrigeration Ltd (ICEMAKE)
Key takeaways
- Consolidated revenue rose 15.93% sequentially while expenses grew 12.71%, lifting operating margin by 2.73 percentage points to 4.40%.
- Net profit recovered to Rs 2.71 cr from a loss of Rs 1.65 cr, despite interest costs rising 11.01% and the tax rate increasing 1.46 percentage points.
- ICE Make's 4.40% operating margin was 7.10 percentage points below the 11.50% median for 178 reported Industrials peers.
Price around the results
Revenue growth restored quarterly profitability
In consolidated results, revenue grew 15.93% sequentially to Rs 207.38 cr, while expenses increased 12.71% to Rs 198.26 cr. That operating leverage lifted operating profit to Rs 9.12 cr from Rs 2.99 cr and moved profit before tax from a loss of Rs 2.23 cr to Rs 3.73 cr. Net profit consequently recovered from a loss of Rs 1.65 cr to Rs 2.71 cr, with EPS moving from negative Rs 1.04 to Rs 1.60.
Margin improved, but financing costs remained a drag
Because revenue grew faster than expenses, operating margin expanded 2.73 percentage points to 4.40%. Interest expense still rose 11.01% sequentially to Rs 3.63 cr, while depreciation increased 2.44% to Rs 2.10 cr. Other income accounted for 9.12% of profit before tax, and the tax rate increased 1.46 percentage points to 27.34%, so the profit recovery was not helped by a lower tax rate.
ICE Make remains below the sector margin benchmark
The 4.40% operating margin was 7.10 percentage points below the 11.50% median among 178 Industrials peers that had reported the quarter. ICE Make ranked 20th from the bottom on this measure. Sequentially, the available trend shows a sharp improvement from the 1.67% margin in Q1FY27, but the latest level remains low relative to peers.
Stock reaction was positive on the results
The stock rose 4.22% on the reaction date, including a 0.92% opening gap. Relative return was +1.81%, while traded volume was 3.28 times the reference level.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹207 cr | ₹179 cr | +15.93% |
| Other income | ₹0 cr | ₹0 cr | +209.09% |
| Expenses | ₹198 cr | ₹176 cr | +12.71% |
| Operating profit | ₹9 cr | ₹3 cr | +205.02% |
| Operating margin (%) | 4.40% | 1.67% | — |
| Interest | ₹4 cr | ₹3 cr | +11.01% |
| Depreciation | ₹2 cr | ₹2 cr | +2.44% |
| Profit before tax | ₹4 cr | ₹-2 cr | — |
| Tax | ₹1 cr | ₹-1 cr | — |
| Net profit | ₹3 cr | ₹-2 cr | — |
| EPS (₹) | ₹1.60 | ₹-1.04 | — |
Operating margin of 4.40% compares with a Industrials sector median of 11.50% across 178 peers that have reported Q2FY27.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | +4.22% | +1.81% |
Volume on the results session was 3.28× its 20-day average.
What to watch
- Whether operating margin holds above 4.40% after the 2.73-percentage-point sequential improvement.
- Whether expenses continue to grow more slowly than revenue after the 12.71% versus 15.93% sequential comparison.
- Whether interest cost moderates after its 11.01% sequential increase and the tax rate stays near 27.34%.