Frick India Limited, incorporated in 1962 in collaboration with Frick Company USA, has grown into one of India’s largest equipment manufacturers and turnkey solution providers for industrial refrigeration and air-conditioning. With over 50 years of expertise, the company offers energy-efficient refrigeration systems, exports to 45+ countries, and operates from a 22-acre complex in Faridabad (Haryana). Its portfolio includes compressors, condensers, air handling units, ice-making equipment, blast freezers, chillers, and PUF panels. Additionally, Frick India provides single-source turnkey responsibility for refrigeration and air-conditioning projects and offers advanced solutions like the Frick India Energy Management System (FEMS).
Revenue saw a significant decline from ₹136 Cr in Q4 FY25 to ₹75 Cr in Q1 FY26, reflecting seasonality and softer demand in the opening quarter.
EBITDA dropped sharply to ₹5 Cr (7% margin) compared to ₹18 Cr (13% margin) in the previous quarter, largely due to lower absorption of fixed costs on reduced revenues.
Profitability took a hit with PAT at just ₹3 Cr vs ₹12 Cr in Q4, pushing margins down to 3% from 9%. EPS also fell from ₹20.22 to ₹4.19.
The company posted ₹437 Cr revenue in FY25, with an EBITDA of ₹52 Cr (12% margin) and PAT of ₹35 Cr (8% margin).
The Q1 FY26 performance, though weak, represents a softer start but may stabilize in subsequent quarters given the seasonal nature of refrigeration and project-based revenue cycles.
Seasonal Business Impact – Q1 generally tends to be weaker for capital goods and refrigeration players, with stronger traction expected in upcoming quarters.
Profitability Pressure – EBITDA and PAT margins have compressed sharply due to lower volumes, highlighting sensitivity to revenue fluctuations.
Exports & Turnkey Projects – With 45+ countries in its portfolio, international orders can be a key driver of growth in FY26.
Strong Legacy & Diversification – Despite quarterly volatility, Frick India maintains a strong product portfolio with long-term demand visibility in industrial refrigeration and cold-chain infrastructure.
UnlistedZone View
Frick India’s Q1 FY26 results reflect a weak start with margin compression and declining profitability. However, considering the company’s long-standing industry leadership, strong order book potential, and diversified presence across domestic and international markets, medium-to-long-term prospects remain intact. Investors in unlisted shares should closely monitor the upcoming quarters to see if the company regains profitability momentum and sustains healthy margins as seen in FY25.
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