Ice Make Refrigeration

What Ice Make Refrigeration does

Ice Make Refrigeration Limited is an Ahmedabad-headquartered, NSE-listed (ICEMAKE) manufacturer and supplier of commercial and industrial refrigeration equipment, founded in 1993 and serving customers across dairy, ice cream, food processing, agriculture, pharmaceuticals, cold chain logistics, healthcare, and hospitality. The company designs, engineers, manufactures, and commissions a broad product portfolio including modular cold rooms, PUF (polyurethane foam) insulated panels with cam-lock systems, refrigeration condensing units, solar-powered cold rooms (SOLOPerifresh) with thermal energy storage backup up to 30 hours, blast chillers and freezers, ripening chambers, complete dairy processing plants, ice cream plants, bulk milk coolers, mortuary chambers, vacuum freeze dryers, heat pump food dehydrators, transport refrigeration containers, and turnkey ammonia refrigeration systems. Manufacturing is conducted across four facilities in Gujarat (Dantali, Vamaj, and the new Bawla continuous PUF panel plant) and Tamil Nadu (Chennai), supported by a DSIR-certified in-house R&D laboratory and ISO 9001/14001/45001 certifications.

The company generates revenue primarily through one-time sales of custom-engineered refrigeration equipment and turnkey project services for large cold storage and ammonia installations, complemented by aftermarket parts and service through a pan-India network of over 60 dealers and 65+ business associates. Distribution combines direct enterprise field sales for major industrial projects with channel partner relationships for commercial equipment, plus international exports to 20+ countries. The company operates under the 'Ice Make', 'Bharat', and 'TransFreez' brands through its wholly-owned subsidiary Bharat Refrigerations Private Limited (acquired in 2016). FY26 consolidated revenue reached Rs 668.20 crore (up 39.3% YoY) with a 7-year revenue CAGR of 24% and net profit CAGR of 39%, and management has guided Rs 850 crore for FY27 with 25-30% annual growth backed by Rs 250 crore of committed capex.

Name

Ice Make Refrigeration

Legal name

Ice Make Refrigeration Limited

Website

https://icemakeindia.com

Company type

Public

Founded year

1993

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Ice Make Refrigeration is an NSE-listed Indian manufacturer of commercial and industrial refrigeration equipment, serving dairy, food processing, pharma, agriculture, and logistics customers with cold rooms, PUF panels, solar cold rooms, dairy processing plants, and turnkey ammonia refrigeration systems.

Ownership category

akta.pro rank

Product category

Commercial & Industrial Refrigeration Equipment

NAICS

Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing (33341), Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing (333415)

SIC

Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585), Refrigeration & Service Industry Machinery (3580)

akta.pro primary industry

Commercial & Industrial Refrigeration Systems (IMAHAKAA)

Keywords

• Commercial refrigeration equipment
• Cold storage solutions
• Dairy processing equipment
• Industrial cooling systems
• Transport refrigeration

Headquarters

HQ city

Ahmedabad

HQ country

India

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Refrigeration Equipment Manufacturing & Sales: Ice Make generates revenue primarily through manufacturing and selling custom refrigeration equipment including cold rooms, commercial refrigeration, industrial refrigeration, transport refrigeration, and ammonia systems. The company reported FY26 consolidated revenue of Rs 668.20 crore with Q4 FY26 revenue of Rs 255.85 crore.
2. Turnkey Project Services: Design, engineering, manufacturing, assembly, fabrication, installation, testing and commissioning services for large cold storage projects including ammonia-based systems.
3. Aftermarket Services & Parts: After-sales service network of over 60 dealers providing maintenance, spare parts, and support services across India.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Ice Make Refrigeration Limited manufactures and supplies commercial and industrial refrigeration equipment, including cold rooms, PUF insulated panels, refrigeration units, dairy and ice cream processing plants, transport refrigeration containers, and ammonia-based turnkey cold storage projects. The company designs, engineers, manufactures, installs, and commissions customized cooling solutions for dairy, food processing, pharmaceutical, agriculture, hospitality, and cold chain logistics customers. It also provides after-sales service, spare parts, and a pan-India distribution network of 60+ dealers, with exports to 20+ countries.

Product overview

Ice Make Refrigeration Limited is a manufacturer and exporter of commercial and industrial refrigeration equipment serving diverse industries including dairy, ice cream, food processing, agriculture, pharmaceuticals, cold chain logistics, hospitality, and retail. The company operates under its own brand 'Ice Make' as well as sub-brands 'Bharat' and 'TransFreez' through its wholly-owned subsidiary Bharat Refrigerations Private Limited. The product portfolio spans five key business verticals: Cold Room & Storage (Cold Rooms, PUF Panels, Refrigeration Units, Solar Cold Rooms, Blast Chillers/Freezers, Display Chillers, Ripening Chambers), Commercial Refrigeration (Dairy Processing Plants, Curd Incubation Chambers, Ice Cream Plants, Bulk Milk Chillers, Batch Pasteurizers, Ageing Vats, Ice Candy Machines, Hardeners, Mortuary Chambers, Food Dehydrators, Freeze Dryers, Commercial Freezers), Industrial Refrigeration (Ice Building Tanks), Transport Refrigeration (Eutectic Containers, Dry Insulated Containers, MS Corrugated Containers), and Ammonia Refrigeration (Turnkey Cold Storage Projects, Glycol & Water Chillers). The company also produces Continuous Sandwich PUF Panels as an insulation solution for cold storage construction. Manufacturing facilities are located in Gujarat (Dantali and Vamaj) and Tamil Nadu (Chennai), with a pan-India distribution network of over 60 dealers serving 25,000+ clients.

Differentiator

Problem solved

Functional benefit

Brands

• SOLOPerifresh: Solar cold room brand launched in 2022 for off-grid refrigeration solutions targeting agriculture and pharmaceutical sectors
• Ice Make PUF Panel

Products and services

• Cold Rooms Modular cold storage chambers with PUF insulated panels designed for preserving perishable goods at controlled temperatures. Used across dairy, ice cream, food processing, pharmaceuticals, and horticulture industries.
• Cold Room PUF Panel & Accessories Polyurethane foam insulated panels with cam-lock systems for cold room construction. Panels range from 60mm to 150mm thickness with various surface materials including pre-painted galvanized sheets and stainless steel.
• Cold Room Refrigeration Unit Air-cooled and water-cooled refrigeration condensing units, rack systems, control panels, and evaporator units for cold room applications. Designed for energy efficiency and high ambient conditions up to 55°C.
• Solar Cold Room (SOLOPerifresh) Hybrid solar-powered cold storage with thermal energy battery backup up to 30 hours. Features IOT-enabled predictive maintenance, grid/DG hybrid capability, and operates without batteries for refrigeration. Designed for off-grid areas to store fruits, vegetables, flowers, pharma, and dairy items.
• Blast Chiller & Freezer Blast freezing and chilling systems designed to extend shelf-life of food by instant chilling/freezing. Cold room type capacities from 200kg to 2000kg, mini type from 50-100kg. Freezer achieves -25°C to -38°C, chiller achieves 2°C to 8°C.
• Glass Door Display Chiller Glass door display chillers designed for retail supermarkets, food stores, and shops to preserve and display dairy items, beverages, chocolates, fruits, vegetables, and medicines. Temperature range 2°C to 8°C with customizable sizes.
• Ripening Chamber Advanced fruit ripening rooms using ethylene gas for uniform ripening of mango, banana, and papaya. Features force draft cooling system, precise gas monitoring, and controllable ripening cycles from 4 to 15 days.
• Dairy Processing Plant Solution Complete milk processing equipment including pasteurizers, milk silos, batch pasteurizers, ghee kettles, butter churns, paneer equipment, and CIP systems. Capacities range from 200 LPH to 20,000 LPH daily milk handling.
• Curd Incubation Chamber Fully automatic combo-type curd incubation chambers with heating and cooling capabilities in single unit. Walk-in type models available with incubation capacity from 360 to 4000+ liters. Room temperature heating 32°C to 45°C, cooling 2°C to 8°C.
• Ice Cream Plant Complete ice cream mix preparation equipment from 100 to 2000 liters capacity. Includes pasteurizers, homogenizers, ageing vats, continuous freezers, fruit feeders, tunnel hardeners, and control panels.
• Bulk Milk Chiller Industrial bulk milk coolers for cooling milk at 4°C to prevent bacterial growth. Range from 250 liters to 10,000 liters capacity. Features direct expansion cooling, AISI 304 SS tanks, and digital temperature control.
• Batch Pasteurizer Electronic pasteurizer for heating milk and ice cream mix from 100 to 1500 liters. Features jacketed stainless steel pan for uniform heating, agitator for constant mixing, and automatic precision control.
• Ageing Vat Ice cream mix ageing tanks from 100 to 2000 liters capacity. Elliptical cooling process with stirrer maintains temperature around 4°C and improves flavor, texture, and overrun of ice cream.
• Ice Candy Production Machine Ice candy production plants with coil-in-tank type systems. Capacities from 192 to 1920 candies per hour. Operating temperature -26°C to -30°C. Available in 4 to 40 mold configurations.
• Ice Cream Hardener Static and tunnel type hardening systems for ice cream, ice candy, and frozen food. Static type models IH-200 and IH-300 with -22°C to -26°C temperature. Tunnel type models H-10 to H-45 with capacities up to 45 molds.
• Mortuary Chamber Modular PUF insulated mortuary chambers for hospitals, railways, airports, and defense. Capacities of 1, 2, or 4 bodies. Maintains 0°C temperature with digital microprocessor-based controller and corrosion-resistant construction.
• Heat Pump Food Dehydrator Low temperature food dehydrator for fruits, vegetables, spices, herbs, and seafood. Combines heat pump and dehumidifier systems. Temperature control 30°C to 75°C with relative humidity below 25%. Energy-efficient with PLC-based controlling.
• Vacuum Freeze Dryer Low temperature dehydration freeze dryer that freezes product, lowers pressure, and removes ice by sublimation. Preserves original shape, color, taste, and nutritional value. Products can be stored 25+ years without refrigeration.
• Commercial Freezer Commercial refrigeration equipment including deep freezers (-18°C to -22°C), bottle coolers (8°C to -2°C), shrikhand freezers (-6°C), vertical coolers (8°C to -6°C), and under counter refrigeration. Designed for restaurants, hotels, and retail shops.
• Ice Building Tank (IBT) Energy storage system using ice formation for dairy industry quick processing. Available in freon and ammonia refrigerant versions. Storage tank capacity up to 100,000 Ltr with cooling energy storage up to 900 TR/Day.
• Eutectic Mobile Container Eutectic plate-based refrigerated containers for multi-delivery of ice cream, frozen foods, bakery products, and fruits. Frozen application at -24°C with 12-14 hour backup; chilled application at 0°C to +8°C with 4-5 hour backup.
• Dry Insulated Container PUF insulated dry containers for transporting bakery products, sweets, herbs, dairy products, and fast food. Features GRP/ply construction with higher strength and corrosion resistance compared to conventional containers.
• MS Corrugated Refrigerated Container Heavy-duty corrugated refrigerated containers for commercial vehicles. Designed for maximum impact resistance with robust construction, lightweight design, and uniform welding.
• Glycol & Water Chillers Factory-built skid-mounted package chillers for dairy, beverage, brewery, and pharma industries. Produces chilled glycol from 0°C to -6°C using reciprocating or screw compressors with plate and frame heat exchangers.
• Continuous Sandwich PUF Panel Fully automated continuous PUR/PIR panel production plant at Bawla location. Panels for building & construction, cold storage, and clean room applications. Thickness range 30mm to 150mm with aluminum or steel sheet facing materials.

Quantifiable outcome

• 39.3% revenue growth from Rs 479.52 crore (FY25) to Rs 668.20 crore (FY26)
• +4 more outcomes

Named customers7 records

Segments8 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

One partnership is on record.

• Bharat Refrigerations Private LimitedcoreOEM/ Whitelabel/ Licensing PartnerWholly owned subsidiary company of Ice Make Refrigeration. Operates under brand names 'Bharat' and 'TransFreez' for refrigeration products. Enables Ice Make to serve additional market segments and expand product distribution under different brand names.

Scale indicators15 records

Recent moves11 records

Expansion highlights6 records

Broad incumbents

• Voltas: Voltas is Tata-group-affiliated Indian leader in air-conditioning, commercial refrigeration, and cooling solutions. It is the largest Indian competitor in HVAC&R, with broader product portfolio, deeper distribution, and consumer brand power Ice Make lacks, but only a partial overlap in industrial/turnkey cold storage where Ice Make competes.
• Blue Star: Blue Star is a leading Indian HVAC&R player with deep commercial refrigeration expertise (display chillers, cold rooms, ice machines) and a multi-decade installer/dealer base. Like Voltas, it is a broad incumbent; Ice Make differentiates with industrial ammonia turnkey projects and dairy/ice cream plant specialization.
• Carrier Air-Conditioning & Refrigeration: Carrier is a global refrigeration giant (via Carrier Refrigeration India operations) covering commercial refrigeration, transport refrigeration, and industrial cold chain. It competes most directly with Ice Make on container refrigeration (TransFreez vs Carrier) and is the enterprise-incumbent alternative for large projects.
• GEA Group: GEA is a global leader in industrial refrigeration, compressors, and dairy/food processing equipment. It directly overlaps with Ice Make's ammonia refrigeration turnkey projects and dairy processing plant solutions for large enterprise customers, particularly in dairy and food processing verticals.
• Mayekawa (Mycom): Mayekawa is a Japanese industrial refrigeration specialist with strong ammonia and CO2 refrigeration technology serving food, dairy, and cold storage industries globally. It is a direct comparable to Ice Make's industrial refrigeration and ammonia turnkey business, though primarily serving larger, multinational projects.

Others

• BITZER: BITZER is a German global leader in refrigeration compressors, condensing units, and components. While not a direct competitor for turnkey projects, BITZER is a key supplier/category-mate; its India commercial expansion shapes the competitive landscape Ice Make operates in.
• Danfoss: Danfoss is a global leader in refrigeration controls, compressors, and HVAC components. It supplies technology into many of the same solutions Ice Make builds (their condensing units and controls often use Danfoss components) and represents an enabling/competitor relationship.

Emerging players

• Snowman Logistics: Snowman is an Indian temperature-controlled logistics operator that procures cold-chain equipment and is a downstream customer/partner to Ice Make-style manufacturers. While not a direct refrigeration equipment competitor, its procurement patterns signal demand for industrial-grade cold storage and transport refrigeration in India.

Direct peers

• Huurre Industries: Huurre is a European industrial refrigeration equipment manufacturer specializing in ammonia and CO2 systems for cold storage and food processing plants. It is highly comparable to Ice Make's ammonia turnkey and industrial refrigeration offerings, even though it does not directly compete in India today.
• Western Refrigeration: Western Refrigeration is an Indian manufacturer of commercial and industrial refrigeration equipment, including cold rooms and dairy/ice cream equipment. It is one of the closest competitors to Ice Make within India on HVAC&R, PUF panels, and dairy plant solutions.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/icemakeref
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• LinkedInin.linkedin.com/company/ice_make_refrigeration_ltd
• Instagraminstagram.com/ice_make_refrigeration

Compliance11 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ice Make Refrigeration