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Ice Make Refrigeration Ltd says it is targeting annual revenue growth of 25-30% and expects profitability to improve over the next few years as recently commissioned capacities, new product categories and distribution investments begin contributing at scale.The company reported its highest-ever quarterly revenue of Rs 255.85 crore in Q4 FY26, taking full-year consolidated revenue to Rs 668.20 crore, up 39.3% from Rs 479.52 crore in FY25.According to the company, while revenue growth remained strong, FY26 profitability was impacted by strategic investments in capacity creation, dealer network expansion, warehousing, leadership hiring, brand-building initiatives and regulatory compliance costs. FY26 has been a year of transformation and strategic investment for Ice Make. We continued investing in manufacturing capability, product portfolio expansion, distribution networks, market development initiatives and leadership enhancement to position Ice Make as a comprehensive end-to-end refrigeration products and solutions company, said Chandrakant P. Patel, Chairman & Managing Director, Ice Make Refrigeration Limited.He added that higher depreciation from newly commissioned assets, increased finance costs and one-time expenses related to labour code implementation and energy-label transitions impacted profitability during the year, but management expects operating leverage to improve as utilization levels rise.Patel, however, was confident about sustaining strong growth despite a larger revenue base. The company now indicates a 25-30% growth trajectory, implying FY27 revenue could exceed Rs 850 crore, while reiterating its ambition of crossing the Rs 1,000 crore revenue milestone in the near term.Ice Make also said it has an order book of approximately Rs 237 crore, providing visibility for the coming quarters. Management stated that project orders typically have execution cycles ranging from six months to one year, while other businesses continue to receive recurring monthly orders.According to Srinivas Reddy, Chief Executive Officer, FY26 witnessed strong acceptance of newer product categories including Chest Freezers, Visi Coolers and Continuous Panels, which are becoming important growth drivers for the company. FY26 was a year of strong growth momentum, with record revenue performance during both the fourth quarter and the full financial year. All our businesses posted robust growth driven by healthy demand across food processing, cold chain infrastructure, pharmaceuticals, hospitality, retail and industrial refrigeration segments, Reddy said in a statement.Management disclosed that the newer businesses currently operate at roughly 55-60% capacity utilization, leaving significant room for growth without major incremental investments. Continuous Panels contributed approximately 14% of FY26 revenue, while Commercial Freezers accounted for 12%, demonstrating the rapid scaling of recently launched categories.The company added that debt repayment has already commenced and outstanding borrowings have been reduced from roughly Rs 48 crore to around Rs 36-37 crore. The company stated that it is not planning any significant increase in debt and intends to fund growth in a disciplined manner.While management acknowledged risks from geopolitical tensions and commodity-price volatility, particularly for imported refrigeration components and chemicals, it remains optimistic about domestic demand. India remains very strong on the consumption side. We do not see demand-side challenges at this point. The primary risks relate to supply-chain disruptions and inflationary pressures rather than end-market demand, Reddy said.