Analysts/Institutional Investor Meet/Con. Call Updates

August 24, 2026 National Stock Exchange of India Limited Exchange Plaza, Plot No. C / 1, G Block, BandraKurla Complex – Bandra (E) Mumbai – 400051 NSE Symbol: ICEMAKE Sub: Intimation under Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the 'listing Regulations') - Earnings Call Transcript for the quarter ended June 30, 2026 We are enclosing herewith the Earnings Call Transcript of investor conference concall held on August 18, 2026, Tuesday, pertaining to the Unaudited Financial Results for the quarter ended June 30, 2026 of the Company. Please take note of the same. Thanking you, Yours faithfully, For Ice Make Refrigeration Limited Mandar Desai Company Secretary & Compliance Officer Encl: As above ICE MAKE REFRIGERATION LTD. AN ISO 9001 : 2015, ISO 14001 : 2015 & ISO 45001 : 2018 CERTIFIED COMPANY Commercial & Industrial Refrigeration Equipment Manufacturer Office : B/1, Vasupujya Chambers, Income Tax Cross Road, Ashram Road, Ahmedabad – 380014. Phone: +91-79 - 2754 0630 Telefax : +91-79-2754 0620 Factory: 226, Dantali Industrial Estate, Gota-Vadsar Road, At: Dantali, Ta: Kalol, Dist: Gandhinagar - 382721 (Gujarat) Phone: +91 9879107881 / 84 Fax: +91-2764-248376 Email: info@icemakeindia.com, Website : www.icemakeindia.com C.I.NO: L29220GJ2009PLC056482 TRANSCRIPT: ICE MAKE REFRIGERATION LTD Q1 FY27 EARNINGS CONFERENCE CALL 18 AUGUST 2026 Good evening, ladies, and gentlemen. I am Rana Aryan, and I will be your moderator for today’s conference call. A warm welcome to Ice Make Refrigeration Limited’s Q1 FY27 Earnings and Investor Interaction for the quarter ended June 30, 2026. We are pleased to have with us investors, analysts, shareholders, lenders, business associates, media representatives, and other stakeholders. Ice Make is an established provider of industrial and commercial refrigeration and cold-chain solutions, with offerings across cold rooms, commercial and industrial refrigeration, transport refrigeration, ammonia systems, PUF panels, cold storage infrastructure, and allied Solutions. The Company serves sectors including food processing, agriculture, pharmaceuticals, healthcare, hospitality, retail, dairy, seafood, and logistics. The Company has also created significant value for shareholders over the years, with the stock delivering over 3,000% in return over the past five years. The Company enters this phase with strong revenue momentum and an important strategic development: the proposed ₹180 crore investment by Japan’s Galilei Holdings Co. Ltd (formerly known as Galilei Co. Ltd) (formerly known as Galilei Co. Ltd) (formerly known as Galilei Co. Ltd) and the proposed strategic joint venture. Before we begin, please note that certain statements made during this interaction may be forward- looking and are subject to risks, uncertainties, and assumptions. Actual results may differ. Participants are advised to refer to the Company’s regulatory filings for detailed information. So, we have our management team with us. Mr. Chandrakant P. Patel, Chairman and Managing Director Mr. M. Srinivas Reddy, Chief Executive Officer, Mr. Nikhil Bhatt, Vice President Strategy, Mr. Ankit Patel, Chief Financial Officer and Mr. Mandar Desai, Company Secretary and Compliance Officer. The format for today's session is the management will cover Q1 FY27 performance, financial priorities and business strategy followed by an interactive Q & A and closing remarks. So,, in the opening we will have our CEO Mr. M Srinivas Reddy followed by financial performance by our CFO Mr. Ankit Patel, business and strategy update by our VP Mr. Nikhil Bhatt, then will have Investor and Analyst Q & A session. And finally, we will have closing remarks by our CMD Mr. Chandrakant P. Patel. This conference call is being recorded. Questions are welcome in Hindi or English with reference to Hindi. We prefer that you ask questions in Hindi. For verbal questions please use the microphone icon which is seventh from the left. written questions may submit through the question icon which is if you see the question icon fifth from the right if you look at it. Please keep your questions concise and limited. Limit yourself to two initially so that more participants can be accommodated, with that said, let us begin. I invite Mr. M. Srinivas Reddy; Chief Executive Officer of Ice Make Refrigeration Limited to share his opening remarks. Over to you, Mr. Reddy Opening Remarks – Mr. M. Srinivas Reddy, Chief Executive Officer Thank you, Aryan. Good evening, ladies and gentlemen. Thank you for Ice Make Refrigeration Q1FY27 earnings interaction. Q1FY27 began with a strong revenue momentum. Consolidated revenue from operations increased about 60% year on year basis to Rs 178.88 crores from Rs 111.50 crores in Q1FY26. This builds on FY26 total revenue of Rs. 668.20 crores which is the company's highest annual revenue to date. Growth was supported by healthy demand across refrigeration and cold chain segments. With newer categories such as chest freezers and continuous panels gaining excellent market acceptance. The key issue for us now is profitability. Higher commodity and raw material costs together with investments made to build future capacity and capabilities impacted margins in the quarter. Our immediate focus is therefore on capacity utilization, operating efficiency, product mix and cost management. As the assets and capabilities built over recent quarters are utilized more efficiently and effectively. We expect operating leverage to improve going forward. A significant development is a proposed Rs 180 crores strategic investment by Galilei Holdings Co. Ltd (formerly known as Galilei Co. Ltd) (formerly known as Galilei Co. Ltd). We view this as a strategic partnership that can combine Galilei’s excellent technology and global expertise with Ice Make's manufacturing capabilities and Indian market presence and of course execution strength. The proposed 60:40 joint venture with Galilei holding 60% and Ice Make holding forty will initially focus on commercial refrigeration products such as the commercial upright and table refrigerators. The proposed capital will also support capacity expansion and modernisation, the JV, completion of the Corporate Office, Centre of Excellence and Development & Testing Laboratory, balance- sheet strengthening and selected growth opportunities. Our approach remains disciplined. The objective is profitable, sustainable and scalable growth, supported by strong execution, better utilisation, improved margins and careful capital allocation. With that now I am handing over to our CFO Mr. Ankit Patel for a detailed financial review. Thank you. Financial Performance Review – Mr. Ankit Patel, Chief Financial Officer Thank you, Reddy sir. Good evening, everyone. I will focus on key financial numbers of Q1FY27 and company's financial priorities. Consolidated revenue from operations for the quarter was 178.88 crore by 60.4% year on year from 111.50 crore, profitability, however, we remain under pressure. EBITDA was rupees 3.09 crore versus Rs 4.53 crore in Q1FY20 with EBITDA margin at 1.7% compared to 4.1%. profit before tax were a loss of 2.23 crore versus 1.84 crore loss previously, while profit after tax was a loss of 1.65 crore versus 1.47 crore in corresponding period. The main margin pressure was elevated due to commodity and raw material prices and the cost related to investment in capability and organizational capability. Financially, our priority is to convert the strong top line momentum into a healthier profitability. We are working on capacity utilization, cost discipline, product mix and operating efficiencies with high utilization expected to support operating leverage. Our proposed Galilei transaction, Rs. 180 crores investment is proposed through a preferential issue with an additional Rs. 10 crores proposed to be raised from other investors. The funds are intended for capacity expansion [Showing first 8,000 characters — download PDF for full document]