India’s rapidly evolving cold chain sector is gaining traction like never before. As we explore this fascinating space, one name that keeps popping up is Ice Make Share—a company that has quietly carved its niche and is now shaping the future of temperature-controlled logistics.
❄️ The Cold Chain Conundrum in India
India, despite being an agricultural powerhouse, faces severe losses due to inefficiencies in cold chain infrastructure. From dairy and seafood to pharmaceuticals and fresh produce, much of our perishable stock is wasted before reaching consumers. Why? Because over 90% of the cold storage facilities in the country are privately owned and focus on just one commodity—mainly potatoes!
⚡ Power outages, 🚚 transportation gaps, and 🧱 poor infrastructure only add to the challenge. And let’s not forget the regional imbalance—while states like Gujarat, Punjab, and Uttar Pradesh are well-covered, many parts of South and Central India remain underserved.
That’s where Ice Make Refrigeration Ltd. steps in.
🏭 A Cool Beginning: The Ice Make ShareStory
Founded in 1993 in Ahmedabad by Mr. Chandrakant Patel, Ice Make began its journey with a humble vision—to provide India with reliable, energy-efficient cooling solutions. Fast forward three decades, and the company now operates five manufacturing facilities across India and exports to 24 countries worldwide.
With over 25,000 clients and a presence in almost every state, Ice Make Share has become synonymous with trust, reliability, and innovation in refrigeration.
📦 The Power of Product Diversity of Ice Make
One of Ice Make’s greatest strengths is its wide product portfolio, each tailored for a specific industry or need:
- Cold Room Storage: Essential for storing perishables like dairy, fruits, vegetables, and pharmaceuticals.
- Commercial Refrigeration: Used in restaurants, hotels, and supermarkets.
- Industrial Refrigeration: Perfect for high-volume operations in sectors like plastics and chemicals.
- Transport Refrigeration: Ensuring that freshness travels with temperature-controlled trucks and vans.
- Ammonia Refrigeration: A sustainable solution gaining momentum due to its energy efficiency and zero ozone-depleting potential.
Each product line brings in a healthy revenue stream with solid EBITDA margins, helping the company scale smartly without compromising quality.
🚀 From Ice to Innovation: Embracing the Future
Ice Make Share isn’t just a traditional refrigeration company. It’s a visionary force that believes in innovation-driven growth. In recent years, the company has introduced:
🧱 Continuous PUF Panels – Advanced insulation panels for better energy efficiency in warehouses and logistics.
🧊 Chest Freezers & Visi Coolers – Deep freezing storage systems tailored for India’s growing frozen food market.
These additions have expanded Ice Make’s total addressable market (TAM) from ₹6,000 crores to a staggering ₹15,000 crores, opening the door to new revenue avenues.
💼Ice Make Management That Feels Like Family
Behind Ice Make Share’s success is a passionate, first-generation promoter family:
- Chandrakant Patel – CMD with 33+ years of refrigeration experience.
- Rajendra Patel – A leader in manufacturing and quality control.
- Vipul Patel – Heads purchase, finance, and HR with over two decades of expertise.
Together, they’ve cultivated a team that values service, quality, and customer satisfaction—ingredients essential for long-term success.
💰 Solid Financials with a Clear Roadmap of Ice Make Share
From FY21 to FY24, Ice Make’s revenue has grown at a CAGR of 41%, supported by smart capital allocation and consistent operating cash flows.
📈 Key metrics include:
- EBITDA margins between 9.5% to 10.5%
- 25% RoCE (Return on Capital Employed)
- Zero equity dilution since IPO
- Dividend payouts to reward long-term shareholders
Most importantly, over 70% of its capital expenditure (capex) has been funded through internal accruals, a rare feat that speaks volumes about the company’s financial discipline.
🌱 Ice Make: Cooling with a Conscience
As the world shifts toward environmentally friendly solutions, Ice Make is leading the charge in India. Its Ammonia Refrigeration segment, which now contributes 17% to total revenue (up from 7% in FY21), is a shining example of green innovation.
Ammonia, unlike conventional refrigerants, has zero global warming potential (GWP) and is highly energy-efficient. With rising ESG awareness and stricter environmental norms, this segment holds enormous promise for the future.
🏬 Ice Make Share:Tapping the Dark Store Opportunity
With the rise of quick-commerce platforms like Blinkit and Zepto, demand for micro-warehouses and “dark stores” is exploding. These require fast, reliable refrigeration—and Ice Make is already riding this wave.
The company currently earns around ₹45 crores from this segment and is aiming to grow it to ₹200 crores in the next few years. As e-commerce expands, Ice Make’s relevance in the retail supply chain will only deepen.
📊 Margin Levers and Automation Edge
Ice Make isn’t just expanding—it’s becoming more efficient. Its recent investment in automated PUF panel manufacturing has streamlined production, reduced wastage, and improved profit margins. With high fixed costs, every rupee of revenue now brings in more profit, thanks to operating leverage.
Backward integration means the company controls quality from start to finish, especially in cold room construction. This gives them a unique edge in bidding for large-scale government and private contracts.
🧊 Ice Make Share and the Road Ahead
Ice Make Refrigeration Ltd. is more than just a company—it’s a symbol of India’s potential to build world-class infrastructure that supports agriculture, food security, healthcare, and economic growth.
As demand for cold chain services grows, driven by rising incomes, changing lifestyles, and increased digital penetration, companies like Ice Make will be instrumental in delivering freshness to our doorsteps.
Their target? ₹1,000 crores in revenue by FY28.
With ambitious goals, innovative solutions, and a trustworthy team, Ice Make Share appears to be crafting a story of sustainable growth in a sector that touches every Indian’s life—whether we realize it or not.
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