Ice Make Refrigeration Ltd reported Q1 ended June 30, 2026 consolidated revenue of Rs 178.88 crore, up 60.4% year-on-year, but EBITDA fell to Rs 3.09 crore from Rs 4.53 crore with margin down to 1.7% from 4.1%, while loss before tax widened to Rs 2.23 crore and loss after tax to Rs 1.65 crore. The company, which had record FY26 revenue of Rs 668.20 crore, proposed a Rs 180 crore preferential issue to Japan-based Galilei Holdings Company Limited plus Rs 10 crore from other investors to fund expansion and a 60:40 joint venture with Galilei for commercial refrigeration.

Ice Make Refrigeration Limited said Japan-based Galilei Holdings will invest Rs 180 crore via a preferential issue of equity shares, with a further Rs 10 crore to be raised from other investors, and the two companies will form a 60:40 joint venture with Galilei Holdings holding 60% to manufacture, market and distribute commercial upright and table refrigerators and related products, with proceeds earmarked for capacity expansion, modernisation and debt repayment.