ICE Make Refrigeration Q3 FY26 – ₹153 Cr Revenue, Margins Frozen, Debt Heating Up 1. At a Glance – The Great Indian Cold Chain Drama Welcome to the company that literally sells cooling solutions… but currently looks like it’s struggling to keep its own margins from melting faster than an ice cream in May. ICE Make Refrigeration Ltd is doing ₹150+ crore quarterly revenue, has clients like Amul and Coca-Cola, is expanding aggressively, launching new products, opening plants… basically acting like a startup on Red Bull. And yet… Profit? ₹1.45 crore. Margins? Weak. Debt? Rising. Stock P/E? 76. Yes, you read that right. A company earning less than ₹2 crore in a quarter is trading like it just invented refrigeration itself. This is the kind of story where: • Revenue graph: 📈 • Profit graph: 📉 • Management confidence: 🚀 • Investor confusion: 🤯 It’s like ordering a premium ice cream sundae and getting just the cone…
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