ICE MAKE sales mix broadens as panels reach 14% in 2025-26

ICE MAKE’s 2025-26 sales mix became less dependent on Cold Rooms, whose share fell to 42% from 51% in 2024-25, while Continuous PUR/PIR Sandwich Panels rose to 14% from 3% and Commercial Freezers reached 12% from 2%. The presentation shows sales spread across seven cooling verticals.

How did ICE MAKE’s vertical sales mix change in 2025-26?

ICE MAKE shifted 21 percentage points of sales share away from Cold Rooms, Commercial Refrigeration, Industrial Refrigeration, Transport Refrigeration, and Ammonia Refrigeration and Projects in 2025-26, while Continuous PUR/PIR Sandwich Panels and Commercial Freezers together gained 21 percentage points. The seven categories total 100% in both 2024-25 and 2025-26, showing a change in relative sales composition rather than a stated change in total sales.

Cold Rooms remained the largest vertical at 42% in 2025-26, but its 9-percentage-point decline from 51% was the largest reduction among the listed categories. Continuous PUR/PIR Sandwich Panels recorded the largest increase, rising 11 percentage points to 14%, followed by Commercial Freezers, which added 10 percentage points to 12%. The presentation does not disclose revenue in rupees, unit volumes, margins or reasons for the changes by category.

The two expanding categories accounted for 26% of 2025-26 sales, compared with 5% a year earlier. Their combined share rose by 21 percentage points, although the presentation provides no absolute sales base from which to calculate growth in rupees. Cold Rooms, Panels and Commercial Freezers together represented 68% of the 2025-26 mix, compared with 56% in 2024-25.

Are Cold Rooms still ICE MAKE’s biggest sales vertical?

Yes. ICE MAKE’s Cold Rooms vertical remained its largest category in 2025-26 at 42% of sales, ahead of Commercial Refrigeration and Continuous PUR/PIR Sandwich Panels, each at 14%, and Commercial Freezers at 12%. Despite declining from 51% in 2024-25, Cold Rooms were three times the size of either 14% category on the reported sales-share measure.

Cold Rooms at 42% accounted for only slightly more sales than Commercial Refrigeration, Panels and Commercial Freezers combined at 40%. In 2024-25, Cold Rooms at 51% exceeded those same three categories, then totalling 21%, by 30 percentage points. That gap narrowed to 2 percentage points in 2025-26.

ICE MAKE describes Solar Cold Rooms, commenced in 2018, as cold storage powered by renewable energy that operates at 4°C and higher. The offering uses thermal energy battery and Internet of Things, or IoT, enabled technology for agriculture and horticulture applications, but the presentation does not separately disclose its sales share within the 42% Cold Rooms category.

Which ICE MAKE verticals gained and lost sales share?

Continuous PUR/PIR Sandwich Panels and Commercial Freezers were ICE MAKE’s two largest gainers in 2025-26. Panels rose from 3% to 14%, while Commercial Freezers rose from 2% to 12%; together, their 21-percentage-point increase matched the combined reduction in the other five reported categories.

Ammonia Refrigeration and Projects had the second-largest decline, falling 8 percentage points to 9% in 2025-26 from 17% in 2024-25. ICE MAKE describes Ammonia Refrigeration, commenced in 2018, as serving food, dairy, ice cream and beverage applications across a 10°C to -22°C temperature range. The sales chart combines ammonia refrigeration with projects, so it does not identify the separate contribution of either activity to the 9% share.

Commercial Refrigeration declined to 14% from 16%, and Transport Refrigeration fell to 6% from 8%, each a 2-percentage-point change. Industrial Refrigeration was unchanged at 3% in both periods. Transport Refrigeration, commenced in 2012, is described as maintaining temperature control during transportation at 15°C to -25°C for pharmaceuticals, dairy, frozen foods and bakery applications.

The presentation does not state whether the gains in Panels and Commercial Freezers arose from capacity, pricing, customer additions, cross-selling or lower sales in other categories. It also does not provide operating profit, order book or capital-expenditure figures for the 14% Panels and 12% Commercial Freezers verticals. The disclosed evidence supports a sales-mix shift, not a conclusion about profitability or durability.

How did ICE MAKE’s regional sales mix move alongside the vertical shift?

ICE MAKE’s sales remained led by the West zone, whose share increased to 55% in 2025-26 from 51% in 2024-25. The North zone also rose to 15% from 11%, while East declined to 13% from 18%, South edged down to 13% from 14%, and National Dealers and Export each fell to 2% from 3%.

West and North together accounted for 70% of 2025-26 sales, compared with 62% in 2024-25. East and South together accounted for 26%, down from 32%. These zone percentages and vertical percentages are separate views of total sales; the presentation does not connect Panels at 14% or Commercial Freezers at 12% to a specific zone.

Exports represented 2% of ICE MAKE’s 2025-26 sales and National Dealers also represented 2%, with both categories down from 3% in 2024-25. The presentation provides no vertical-by-zone breakdown, so it does not show whether the 4-percentage-point increase in West sales was linked to any of the seven cooling categories.

Conclusion

ICE MAKE’s 2025-26 mix shows Cold Rooms retaining leadership at 42% while becoming less concentrated than in 2024-25, when the category represented 51%. The main offsets were Continuous PUR/PIR Sandwich Panels at 14% and Commercial Freezers at 12%, compared with 3% and 2% respectively a year earlier, while Ammonia Refrigeration and Projects fell from 17% to 9%.

The next disclosure to watch is whether ICE MAKE identifies the drivers, absolute sales, margins, orders or capacity behind its 14% Panels and 12% Commercial Freezers shares, which remain unresolved in the presentation. Management also discloses installation of a 50 kilowatt solar photovoltaic system at the iMGreen Plant, with potential electricity-cost savings of up to 30% per month, but gives no commissioning date or project cost.