Japanese firm Galilei Holdings has announced a significant investment of ₹180 crore in ICE Make Refrigeration to fund capacity expansion and modernisation projects. According to the latest company statement, Galilei will invest through a preferential issue of equity shares, while ICE Make will raise an additional ₹10 crore from other investors. The partnership extends beyond investment, with the two companies proposing a 60:40 joint venture, where Galilei will hold 60% and ICE Make will hold 40%. The joint venture will initially focus on manufacturing, marketing and distribution of commercial upright refrigerators, commercial table refrigerators and related refrigeration products.
According to reports from Business Standard, ICE Make Refrigeration reported a consolidated net loss of ₹1.64 crore in the quarter ended June 2026, compared to a net loss of ₹1.42 crore during the corresponding quarter of the previous financial year. The company has also announced its unaudited financial results for Q1 FY2027, providing comprehensive financial disclosure to stakeholders. The latest results show mixed performance with significant revenue growth offset by operational challenges, with the change in depreciation method contributing to the improved loss position despite not affecting actual cash flow generation.
As reported by Business Standard, the company's sales rose 60.43% to ₹178.88 crore in the quarter ended June 2026, compared to ₹111.50 crore during the same period in the previous financial year. This substantial revenue growth indicates strong market demand and business expansion during the quarter, demonstrating the company's ability to capitalize on favorable market conditions despite operational headwinds. The change in depreciation method has not affected this strong revenue performance, which remains the primary driver of the company's financial results.
According to the financial data reported by Business Standard, the company's operating profit margin (OPM) improved to 1.67% in the June 2026 quarter, compared to 3.95% in the corresponding quarter of the previous year. Additionally, PBDT turned negative at ₹0.18 crore compared to a positive ₹2.24 crore in the previous year, indicating deteriorating operational performance despite revenue growth. The change in depreciation method has not impacted these operational metrics, which continue to reflect the underlying business performance during the quarter.
The proposed fund raise is expected to be used for capacity expansion and modernisation, investment in the proposed joint venture, repayment or prepayment of certain borrowings, selective inorganic growth opportunities and other strategic objectives. As reported by Moneycontrol, ICE Make has reported a strong start to FY27 with consolidated revenue from operations rising 60.4% year-on-year to ₹178.88 crore in the quarter ended June 30, 2026. The company's profit before tax (PBT) declined 21% to ₹2.23 crore in the June 2026 quarter from ₹1.84 crore in the previous year, while the net loss increased by 15% compared to the previous year, suggesting that while revenue growth was strong, operational efficiency challenges impacted overall profitability during the quarter.
