Ice Make Refrigeration Limited ICEMAKE NSEINFRA

Industrials · Specialty Industrial Machinery · India

https://www.icemakeindia.com

Ice Make Refrigeration Limited, together with its subsidiaries, manufactures and supplies refrigeration products and equipment under the Ice Make, Bharat, and TransFreez brands in India. The company offers cold storage products, including modular, combi, walk-in, custom-built, and solar cold rooms, as well as blast freezers and chillers, glass door display chillers, ripening chambers, cold room PUF panel and accessories, and cold room refrigeration units; and chest freezers and visi coolers. It also provides commercial refrigeration consisting of dairy processing plant solutions; curd incubation and mortuary chambers; ice cream plants; bulk milk chillers; batch pasteurizers; ageing vat; ice candy production machines; ice cream hardeners; mini blast freezers and chillers; heat pump food dehydrators; vacuum freeze dryers; and commercial, reach-in, and merchandising freezers. In addition, the company offers continuous sandwich PUF panels; industrial refrigeration products, including chilling plants and ice building tanks; transport refrigeration products comprising refrigerator, eutectic mobile, dry insulated, and MS corrugated refrigerated containers; and ammonia refrigeration products, such as turnkey projects for cold storages, and glycol and water chillers. It sells its products through dealers. The company exports its products to approximately 24 countries. It serves the dairy, agriculture, cold chain, food processing, retail, pharmaceutical, ice cream, hospitality, hospital, logistics, chemical, and e-commerce industries. Ice Make Refrigeration Limited was founded in 1989 and is headquartered in Gandhinagar, India.

Market & Price

Market Cap

₹1,317.84 Cr

Current Price

₹835.15

High / Low (52W)

₹885.95 / ₹665.40

Beta

-0.23

Valuation

Stock P/E

95.23

Industry PE

27.78

Forward P/E

PEG Ratio

Book Value

₹76.50

Price to Book

10.92

P/S

2.22

EV/EBITDA

37.69

Dividend Yield

0.27%

Profitability & Returns

ROCE

19.72%

ROE

ROA

Profit Margin

2.33%

Op Margin

3.67%

EPS (Latest Qtr)

₹0.93

EPS (TTM)

₹8.77

Balance Sheet & Liquidity

Debt/Equity

1.40

Quick Ratio

Current Ratio

Debt

₹168.71 Cr

Total Assets

₹367.72 Cr

Current Assets

₹221.81 Cr

Working Capital

₹32.03 Cr

Ownership

Promoter Holding

0.00%

Chg in Prom Hold

FII / Inst Holding

0.01%

Chg in FII Hold

Financial Snapshot

Enterprise Value

₹1,485.00 Cr

Total Revenue (TTM)

₹592.70 Cr

EBITDA

₹39.40 Cr

Free Cash Flow

Operating Cash Flow

Shares Outstanding

₹1.58 Cr

Gross Margin

29.92%

Payout Ratio

25.74%

Growth (CAGR)

Revenue 5Y

32.51%

Profit 5Y

46.70%

Revenue (YoY)

38.70%

Earnings (YoY)

-48.90%

PROS

Compounding revenue at 32.5% over 5 years.
Profit CAGR of 46.7% over 5 years.
In a confirmed uptrend (50-DMA above 200-DMA).

CONS

Trading at a high P/E of 95.2.

* The pros and cons are auto-generated from financial metrics.

Price Chart

NSE TradingView Screener.in

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Industrials).

#	Name	CMP ₹	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	ICEMAKE Ice Make Refrigeration Limited NSEINFRA	835.15	95.23	₹1,317.84 Cr	0.27%	19.72%	-	32.51%	46.70%
2	LT Larsen & Toubro Limited NIFTY50NSEAIINFRA	4,076.50	34.84	₹5.61 L Cr	0.93%	14.55%	16.95%	16.09%	15.38%
3	ADANIPORTS Adani Ports and Special Economic Zone Limited NIFTY50NSEINFRA	1,804.60	30.96	₹4.16 L Cr	0.42%	11.02%	15.59%	22.93%	34.11%
4	HAL Hindustan Aeronautics Limited NSEAIDEFENCEINFRAPSU	4,303.80	31.55	₹2.88 L Cr	1.16%	13.80%	23.98%	7.87%	16.08%
5	POWERINDIA Hitachi Energy India Limited NIFTY_MIDNSEINFRA	38,445.00	172.41	₹1.71 L Cr	0.02%	24.92%	21.04%	22.24%	119.12%
6	INDIGO InterGlobe Aviation Limited NSEINFRA	4,405.00	-	₹1.70 L Cr	0.24%	15.53%	-	44.12%	72.60%
7	CUMMINSIND Cummins India Limited NSEINFRA	5,881.00	68.97	₹1.63 L Cr	1.12%	34.95%	29.45%	16.07%	24.35%
8	CGPOWER CG Power and Industrial Solutions Limited NSEINFRA	917.45	118.99	₹1.44 L Cr	0.14%	19.35%	19.56%	21.67%	7.81%
9	POLYCAB Polycab India Limited NIFTY_MIDNSEAIINFRA	9,477.50	53.48	₹1.43 L Cr	0.37%	30.44%	24.58%	26.57%	28.11%

Quarterly Results

Figures in INR.

Metric	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Revenue	-	110.56 Cr	180.20 Cr	111.50 Cr	147.49 Cr	153.36 Cr
Cost of Revenue	-	78.61 Cr	127.86 Cr	76.98 Cr	106.17 Cr	109.42 Cr
Gross Profit	-	31.94 Cr	52.34 Cr	34.52 Cr	41.32 Cr	43.94 Cr
Operating Expenses	-	27.42 Cr	34.39 Cr	34.20 Cr	35.91 Cr	38.32 Cr
Operating Income	-	4.52 Cr	17.95 Cr	31.98 L	5.42 Cr	5.63 Cr
EBITDA	-	6.89 Cr	21.80 Cr	4.53 Cr	9.70 Cr	10.04 Cr
Interest Expense	-	1.15 Cr	1.58 Cr	2.29 Cr	2.73 Cr	3.85 Cr
Pretax Income	-	3.59 Cr	16.06 Cr	-1.84 Cr	2.77 Cr	1.90 Cr
Tax Provision	-	78.46 L	4.40 Cr	-37.00 L	74.63 L	45.06 L
Net Income	-	2.87 Cr	11.71 Cr	-1.42 Cr	2.03 Cr	1.47 Cr
Diluted EPS	3.05	1.82	-	-0.90	1.28	0.93

Profit & Loss (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Revenue	206.00 Cr	312.11 Cr	378.25 Cr	479.37 Cr
Cost of Revenue	150.83 Cr	224.53 Cr	263.77 Cr	338.86 Cr
Gross Profit	55.17 Cr	87.58 Cr	114.47 Cr	140.50 Cr
Operating Expenses	43.34 Cr	58.32 Cr	77.18 Cr	105.54 Cr
Operating Income	11.84 Cr	29.26 Cr	37.29 Cr	34.96 Cr
EBITDA	14.81 Cr	32.85 Cr	40.93 Cr	43.39 Cr
Interest Expense	1.35 Cr	86.69 L	1.66 Cr	4.07 Cr
Pretax Income	9.82 Cr	28.08 Cr	35.20 Cr	31.02 Cr
Tax Provision	2.50 Cr	7.28 Cr	9.06 Cr	8.11 Cr
Net Income	7.32 Cr	20.80 Cr	26.25 Cr	23.11 Cr
Diluted EPS	4.65	13.19	16.64	14.65

Compounded Sales Growth

5 Years:	32.51%
1 Year:	38.70%

Compounded Profit Growth

5 Years:	46.70%
1 Year:	-48.90%

Stock Price Performance

1 Year:	-1.77%
6 Months:	+22.67%
3 Months:	+1.64%
1 Month:	+4.11%

Balance Sheet (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Total Assets	125.05 Cr	159.02 Cr	211.38 Cr	367.72 Cr
Current Assets	90.32 Cr	123.89 Cr	140.13 Cr	221.81 Cr
Cash & Equivalents	49.23 L	1.28 Cr	5.08 Cr	37.80 L
Inventory	50.05 Cr	51.56 Cr	59.91 Cr	108.08 Cr
Receivables	33.66 Cr	53.56 Cr	64.98 Cr	93.96 Cr
Total Liabilities	63.36 Cr	77.90 Cr	107.30 Cr	244.02 Cr
Current Liabilities	57.79 Cr	72.82 Cr	81.30 Cr	189.78 Cr
Long Term Debt	3.21 Cr	2.54 Cr	23.56 Cr	47.82 Cr
Total Debt	11.02 Cr	4.86 Cr	27.25 Cr	85.93 Cr
Total Equity	61.68 Cr	81.13 Cr	104.19 Cr	124.03 Cr
Shares Outstanding	1.57 Cr	1.58 Cr	1.58 Cr	1.58 Cr

Cash Flows (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Operating Cash Flow	8.31 Cr	24.35 Cr	10.38 Cr	29.97 Cr
Investing Cash Flow	-4.82 Cr	-14.29 Cr	-23.30 Cr	-83.35 Cr
Financing Cash Flow	-3.42 Cr	-9.27 Cr	16.72 Cr	48.67 Cr
Capital Expenditure	-4.03 Cr	-3.77 Cr	-33.03 Cr	-82.33 Cr
Free Cash Flow	4.28 Cr	20.57 Cr	-22.65 Cr	-52.35 Cr
Net Change in Cash	7.18 L	79.07 L	3.80 Cr	-4.70 Cr

Ratios (Annual)

Figures in %.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Gross Margin %	26.8%	28.1%	30.3%	29.3%
Operating Margin %	5.7%	9.4%	9.9%	7.3%
Net Margin %	3.6%	6.7%	6.9%	4.8%
ROE %	11.9%	25.6%	25.2%	18.6%
ROCE %	17.6%	33.9%	28.7%	19.6%

Shareholding Pattern

Insiders

0.00%

Institutions

0.01%

Public Float

0.01%

Analyst View

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ICEMAKE · Industrials