Ice Make Refrigeration Ltd

1. ₹180 crore strategic investment by Japan’s Galilei Holdings:

has entered into a strategic partnership with Japan-based Galilei Holdings, which will invest ₹180 crore through a preferential issue of equity shares. Ice Make will additionally raise ₹10 crore from other investors, taking the proposed total preferential fundraise to ₹190 crore. The capital will be deployed towards capacity expansion, modernisation, investment in the proposed JV, repayment/prepayment of borrowings and selective inorganic growth opportunities. The investment comes at a time when Ice Make is witnessing strong business growth, with Q1 FY27 revenue rising 60.4% YoY to ₹178.88 crore. 2. 60:40 JV to combine Japanese technology with Ice Make’s Indian presence: The two companies have proposed a 60:40 joint venture, with Galilei Holdings owning 60% and Ice Make holding 40%. The JV will initially focus on manufacturing, marketing and distribution of commercial upright refrigerators, commercial table refrigerators and related refrigeration products, with the broader partnership aimed at bringing Galilei’s technology and product expertise into Ice Make’s Indian operations. The deal could strengthen Ice Make’s manufacturing capabilities, product portfolio and access to the growing commercial refrigeration/HORECA market. However, near-term profitability remains a key monitorable, as Q1 FY27 EBITDA margin declined to 1.7% from 4.1% and net loss widened to ₹1.65 crore.