The Company’s product portfolio consists of a comprehensive and highly customized suit of cooling products and accessories. Backed by five robust
business verticals — Cold Room, Commercial Refrigeration,
Industrial Refrigeration, Transport Refrigeration and
Ammonia Refrigeration, the Company caters to industries. like Dairy, Ice-cream, Food Processing, Agriculture,
Pharmaceuticals, Cold Chain, Logistics, Hospitals,
Hospitality and Retail, among others.
It has a strong customer base, both in terms of
domestic and overseas across 24 countries.
Business overview from Verticals:
-Cold Room: 50.1%
-Commercial Refrigeration: 22.6%
-Industrial Refrigeration: 4.9%
-Transport Refrigeration: 9.8%
-Ammonia Refrigeration: 12.5%
Financial Overview:
Revenue in 2022: 201 Cr vs. 132 Cr up by 65% in YoY.
EBITDA in 2022: 15.6 Cr Vs. 11.6 Cr up by 35% in YoY. Although EBITDA margin declined by 112 bps.
PAT in 2022: 8.1 Cr Vs. 4.5 Cr up by 80% in YoY. PAT margin 4.05% Vs. 3.39% in YoY.
ROE: 13%, Debt/Equity: 0.88, PE: 29
Pros/Key strength:
-Ensuring consistent growth at 25% to 30%
-Focusing on increasing top-line
-Implementing capacity-wise expansion through further capital expenditure
-Increasing Operating profit margin on QoQ and it's upward trend
-Specifically designed and installed over 60 freezers and cold rooms for a 10-Minutes delivery startup company, ‘KiranaKart’, for its Zepto brand outlets in India.
-The Company also executed multipurpose dairy processing plant at Kota, Rajasthan for milk, paneer, curd and butter milk with a milk handling capacity of 30,000 litres.
-The Company has expanded its footprints by delivering a complete milk processing plant with 1,000 LPH of capacity in Kenya
-Domestic & International Demand (Future Outlook)
-The Indian Cold Chain market was valued at INR 1.59 Trillion in 2020-21, and is anticipated to reach INR 3.67 Trillion by 2026-27, recording a CAGR of 15.33% between 2022-2027.
-The Government of APAC countries including India is increasing its investment for developing the infrastructure for cold chain logistics. There shall be a good growth in the Asia
Pacific countries (India, China, South Korea, Japan) owing to
the growing demand for different types of frozen items and dairy products. Also, increase in FDI will lead the growth in the market.
View: Share is also in a bullish zone and trading at an all time high. Since Summer 
season is coming up and growing in demand as well. Fundamentally Good. Promoter holding is also strong in the company and which is around 74.5% in the company. Those who want to add or hold put SL 270 to trade. Since this is small micro cap share so trade it accordingly.
Disclaimer: This is not buying/ selling recommendation. Please check with your financial advisor or do your own diligence to buy/sell the share.
