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Ice Make Refrigeration Limited ICEMAKE NSEINFRA

Industrials · Specialty Industrial Machinery · India
https://www.icemakeindia.com
Company Profile ↓
₹738.60
+2.51% 1Y
Mkt Cap₹1,165.49 Cr
P/E50.42
P/B9.73
Div. Yield0.27%
52W High₹885.95
52W Low₹665.40
Book Value₹84.28
EPS (TTM)₹14.65

Company Overview

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.

Why Investors Should Care

Steady Revenue Expansion

Revenue has grown at a 28.9% CAGR over the past five years.

Recent Developments

  • Mar 2026 Revenue of ₹668.20 Cr (+39.3% YoY); net profit ₹12.19 Cr.
  • Trailing 12 Months Year-on-year growth — revenue +39.4%, earnings -47.2%.
  • 5-Year Trend Long-term compounding — revenue CAGR 28.9%, profit CAGR -16.3%.

Growth & Price Performance

Compounded Sales Growth

5 Years:28.88%
1 Year:39.35%

Compounded Profit Growth

5 Years:-16.31%
1 Year:-47.25%

Stock Price Performance

1 Year:+2.51%
6 Months:-11.88%
3 Months:-2.18%
1 Month:-10.81%

Highlights auto-generated from reported financials and price data; not investment advice. Verify with official filings before acting.

Technical Snapshot Bearish
52-Week Range 33% of range
₹665.40 ₹885.95
Trend Signals
  • Price vs 50-DMABelow
  • Price vs 200-DMABelow
  • RSI (14)40.97 · Neutral
Price Performance
1M-10.81%
3M-2.18%
6M-11.88%
1Y+2.51%
Valuation vs Sector

P/E of 50.42 is above the sector median of 28.90 — pricier than peers.

Auto-generated from price history and fundamentals; not investment advice.

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Price Chart

NSE TradingView

Fundamental Growth Charts

Interactive charts for Revenue, Net Income, EBITDA, Free Cash Flow, EPS, ROE, ROCE, Gross/Net/Operating Margin and more — switch metric and period using the dropdowns above. CAGR is computed across the displayed window (quarterly CAGR is annualised). Visual growth charts make it easy to spot multi-year compounding trends at a glance — far faster than reading raw numbers in a table.

PROS

  • Compounding revenue at 28.9% over 5 years.
  • In a confirmed uptrend (50-DMA above 200-DMA).

CONS

  • Trading at a high P/E of 50.4.
  • Earnings shrank at -16.3% CAGR over 5 years.

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

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Valuation

Stock P/E
50.42
Industry PE
28.90
Forward P/E est.
95.58
PEG Ratio
-
Book Value
₹84.28
Price to Book
9.73
P/S
1.94
EV/EBITDA
31.88
Dividend Yield
0.27%

Growth (CAGR)

Revenue 5Y
28.88%
Profit 5Y
-16.31%
Revenue (YoY)
39.35%
Earnings (YoY)
-47.25%

Profitability & Returns

ROCE
13.22%
ROE
9.17%
ROA
2.42%
Profit Margin
1.82%
Op Margin
4.23%
Gross Margin
29.07%
EPS (Latest Qtr)
₹6.41
EPS (TTM)
₹14.65

Balance Sheet & Liquidity

Debt/Equity
1.19
Quick Ratio
0.65
Current Ratio
1.17
Debt
₹158.41 Cr
Total Assets
₹503.60 Cr
Current Assets
₹333.27 Cr
Working Capital
₹48.94 Cr

Ownership

Promoter Holding
0.00%
Chg in Prom Hold
-
FII / Inst Holding
0.01%
Chg in FII Hold
-1.85%

Financial Snapshot

Enterprise Value
₹1,165.49 Cr
Total Revenue (TTM)
₹668.20 Cr
EBITDA
₹46.04 Cr
Free Cash Flow
₹-50.50 Cr
Operating Cash Flow
₹-10.57 Cr
Shares Outstanding
₹1.58 Cr
Gross Margin
29.07%
Payout Ratio
29.11%

Peer comparison

Peer companies in the same sector (Industrials).

#NameCMP ₹P/E Mkt CapDiv Yld % ROCE %ROE % Rev CAGR 5Y %Profit CAGR 5Y %
1 ICEMAKE Ice Make Refrigeration Limited NSEINFRA 738.60 50.42 ₹1,165.49 Cr 0.27% 13.22% 9.17% 28.88% -16.31%
2 LT Larsen & Toubro Limited NIFTY50NSEAIINFRA 3,964.10 33.92 ₹5.45 L Cr 0.94% 14.55% 14.72% 16.09% 15.38%
3 ADANIPORTS Adani Ports and Special Economic Zone Limited NIFTY50NSEINFRA 1,707.30 29.32 ₹3.93 L Cr 0.44% 10.97% 13.32% 22.93% 34.11%
4 HAL Hindustan Aeronautics Limited NSEAIDEFENCEINFRAPSU 4,856.00 35.63 ₹3.25 L Cr 0.41% 13.80% 22.21% 7.87% 16.08%
5 BEL Bharat Electronics Limited NIFTY50NSEAIDEFENCEINFRAPSU 405.35 48.90 ₹2.96 L Cr 0.63% 31.88% 25.27% 15.47% 26.64%
6 INDIGO InterGlobe Aviation Limited NSEINFRA 4,977.00 -80.43 ₹1.92 L Cr 0.24% 4.02% -34.31% 15.55% -227.40%
7 ABB ABB India Limited NSEAIINFRA 7,410.00 94.12 ₹1.57 L Cr 0.51% 28.45% 21.29% 15.41% 17.97%
8 BHEL Bharat Heavy Electricals Limited NIFTY_MIDNSEAIINFRAPSU 431.10 93.72 ₹1.50 L Cr 0.34% 6.60% 6.12% 13.49% 35.91%
9 SIEMENS Siemens Limited NSEAIINFRA 3,977.00 51.47 ₹1.42 L Cr 0.46% 16.46% 19.90% 3.04% 10.90%
Financial Statements Quarterly Results · Profit & Loss · Balance Sheet · Cash Flows · Ratios

Quarterly Results

Figures in INR.

Metric Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Revenue 114.00 Cr79.00 Cr77.00 Cr82.00 Cr140.00 Cr85.00 Cr103.00 Cr111.00 Cr180.35 Cr111.50 Cr147.49 Cr153.36 Cr255.85 Cr
Cost of Revenue --------122.13 Cr76.98 Cr106.17 Cr109.42 Cr181.39 Cr
Gross Profit --------58.23 Cr34.52 Cr41.32 Cr43.94 Cr74.45 Cr
Operating Expenses 101.00 Cr71.00 Cr69.00 Cr78.00 Cr119.00 Cr79.00 Cr95.00 Cr104.00 Cr41.00 Cr34.20 Cr35.91 Cr38.32 Cr57.56 Cr
Operating Income 11.00 Cr7.00 Cr7.00 Cr3.00 Cr20.00 Cr5.00 Cr7.00 Cr5.00 Cr17.22 Cr31.98 L5.42 Cr5.63 Cr16.89 Cr
EBITDA 12.00 Cr8.00 Cr8.00 Cr4.00 Cr21.00 Cr6.00 Cr8.00 Cr7.00 Cr21.85 Cr4.53 Cr9.70 Cr10.04 Cr21.77 Cr
Interest Expense 001.00 Cr1.00 Cr1.00 Cr01.00 Cr1.00 Cr1.63 Cr2.29 Cr2.73 Cr3.85 Cr3.72 Cr
Pretax Income 12.00 Cr7.00 Cr6.00 Cr3.00 Cr19.00 Cr5.00 Cr7.00 Cr4.00 Cr16.06 Cr-1.84 Cr2.77 Cr1.90 Cr13.56 Cr
Tax Provision 3.12 Cr1.75 Cr1.50 Cr75.00 L4.94 Cr1.15 Cr1.96 Cr88.00 L4.40 Cr-37.00 L74.63 L45.06 L3.43 Cr
Net Income 9.00 Cr5.00 Cr4.00 Cr2.00 Cr14.00 Cr4.00 Cr5.00 Cr3.00 Cr11.71 Cr-1.42 Cr2.03 Cr1.47 Cr10.11 Cr
Diluted EPS 5.473.402.861.289.062.353.051.827.42-0.901.280.936.41

Profit & Loss (Annual)

Figures in INR.

Metric Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue 88.00 Cr103.00 Cr132.00 Cr138.00 Cr135.00 Cr-312.11 Cr378.25 Cr479.52 Cr668.20 Cr
Cost of Revenue ------224.53 Cr263.77 Cr333.13 Cr473.96 Cr
Gross Profit ------87.58 Cr114.47 Cr146.39 Cr194.24 Cr
Operating Expenses 78.00 Cr90.00 Cr118.00 Cr125.00 Cr124.00 Cr-58.32 Cr77.18 Cr112.15 Cr165.98 Cr
Operating Income 8.00 Cr11.00 Cr12.00 Cr10.00 Cr6.00 Cr-29.26 Cr37.29 Cr34.24 Cr28.26 Cr
EBITDA 10.00 Cr13.00 Cr14.00 Cr13.00 Cr10.00 Cr-32.85 Cr40.93 Cr43.44 Cr46.04 Cr
Interest Expense 1.00 Cr2.00 Cr1.00 Cr2.00 Cr2.00 Cr-86.69 L1.66 Cr4.12 Cr12.59 Cr
Pretax Income 7.00 Cr10.00 Cr11.00 Cr8.00 Cr5.00 Cr-28.08 Cr35.20 Cr31.02 Cr16.39 Cr
Tax Provision 2.24 Cr3.20 Cr3.19 Cr2.08 Cr1.60 Cr-7.28 Cr9.06 Cr8.11 Cr4.26 Cr
Net Income 5.00 Cr7.00 Cr7.00 Cr6.00 Cr4.00 Cr-20.80 Cr26.25 Cr23.11 Cr12.19 Cr
Diluted EPS 6.954.234.773.642.304.6513.1916.6414.65-

Balance Sheet (Annual)

Figures in INR.

Metric Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Total Assets 55.00 Cr81.00 Cr83.00 Cr105.00 Cr108.00 Cr-159.02 Cr211.38 Cr367.72 Cr503.60 Cr
Current Assets ------123.89 Cr140.13 Cr221.81 Cr333.27 Cr
Cash & Equivalents ------1.28 Cr5.08 Cr37.80 L1.77 Cr
Inventory ------51.56 Cr59.91 Cr108.08 Cr148.06 Cr
Receivables ------53.56 Cr64.98 Cr93.96 Cr152.94 Cr
Total Liabilities ------77.90 Cr107.30 Cr244.02 Cr370.99 Cr
Current Liabilities ------72.82 Cr81.30 Cr189.78 Cr284.33 Cr
Long Term Debt ------2.54 Cr23.56 Cr47.82 Cr79.04 Cr
Total Debt 15.00 Cr10.00 Cr3.00 Cr17.00 Cr10.00 Cr-4.86 Cr27.25 Cr85.93 Cr158.41 Cr
Total Equity 15.00 Cr45.00 Cr50.00 Cr54.00 Cr57.00 Cr-81.13 Cr104.19 Cr124.03 Cr132.99 Cr
Shares Outstanding ------1.58 Cr1.58 Cr1.58 Cr1.58 Cr

Cash Flows (Annual)

Figures in INR.

Metric Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow 8.00 Cr-2.00 Cr8.00 Cr-1.00 Cr12.00 Cr-24.35 Cr10.38 Cr29.97 Cr-10.57 Cr
Investing Cash Flow -4.00 Cr-4.00 Cr-12.00 Cr-7.00 Cr-3.00 Cr--14.29 Cr-23.30 Cr-83.35 Cr-40.45 Cr
Financing Cash Flow -016.00 Cr-10.00 Cr6.00 Cr-9.00 Cr--9.27 Cr16.72 Cr48.67 Cr52.42 Cr
Capital Expenditure -4.00 Cr-5.00 Cr-11.00 Cr-8.00 Cr-5.00 Cr--3.77 Cr-33.03 Cr-82.33 Cr-39.92 Cr
Free Cash Flow 4.00 Cr-7.00 Cr-3.00 Cr-9.00 Cr7.00 Cr-20.57 Cr-22.65 Cr-52.35 Cr-50.50 Cr
Net Change in Cash 3.00 Cr11.00 Cr-13.00 Cr-2.00 Cr-0-79.07 L3.80 Cr-4.70 Cr1.40 Cr

Ratios (Annual)

Figures in %.

Metric Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Gross Margin % ------28.1%30.3%30.5%29.1%
Operating Margin % 9.1%10.7%9.1%7.2%4.4%-9.4%9.9%7.1%4.2%
Net Margin % 5.7%6.8%5.3%4.3%3.0%-6.7%6.9%4.8%1.8%
ROE % 33.3%15.6%14.0%11.1%7.0%-25.6%25.2%18.6%9.2%
ROCE % ------33.9%28.7%19.2%12.9%

Shareholding Pattern

Insiders
0.00%
Institutions
0.01%
Public Float
0.01%

Analyst View

Loading analyst coverage…

Latest News

Recent headlines for ICEMAKE

Google News hu, 13 Aug 2026

Ice Make Refrigeration Number of Employees 2026 | Employee Count & Headcount Data - Revelio Labs

<a href="https://news.google.com/rss/articles/CBMiekFVX3lxTFBUcEEwWXg0MFR1VzdDVDVUTmxfY29kRmhMMV9vVlJISzg2RjNGMkFjaWdWTTgxcXhZSDl3Yi1YaUphcUFwVnhDcFNfbFlRc2FvZnZic0VZaU1HMUZpT1lfeEdQQzhweFF4Y3lPeTY5WjdCVlotRW40UTVB?oc=5" target="_blank">Ice…

Google News Fri, 24 Jul 2026

Ice Make Refrigeration Approves 23,67,573 Share Preferential Issue at ₹802.51 Per Share - Sahi

<a href="https://news.google.com/rss/articles/CBMiwwFBVV95cUxQODQyWXk3OUJIWnl3TE1mSzROcUZXX21MR1RkekN5N2dTYWt4TzFhWlhZRzEtSjV0NTRpd241ekNxMERDcEVENl91X3BpWTZBRVVXSnIxZHF6ZFdMTHh1TldLYlJ5Um5JRjloblNSSWdhT2laajFsWXJERDVLTzdyVlB3N0pZMDQ2VXk2bD…

Google News Sun, 26 Jul 2026

Ice Make signs JV deal with Galilei for ₹1,800 cr raise - scanx.trade

<a href="https://news.google.com/rss/articles/CBMilAJBVV95cUxOcFJGeFpua0ZQZDlqVE5iUkdlOGZTMXVBOXVXR0d3aE5ZOXptNTdELUw1dVl5U2pyZHNKR3J2bW43OWx5a1I4RTBuc2hIVC1rWmhocWRsRHdkbVcxWnFNTmVKVWlCWlpaQ1pQR0lXZjF4RGRnVk0zQUxCb0hvQUVCbjEybG9xZ1RxTHQzYz…

Google News Fri, 14 Aug 2026

ICE Make Refrigeration reports consolidated net loss of Rs 1.64 crore in the June 2026 quarter - Business Standard

<a href="https://news.google.com/rss/articles/CBMihwJBVV95cUxOU2tzNDMya1RZNnJrVVZYZ1BiSUhQR3I3T1lHR0JIWVREejNHYmdVb1FNMmF2X2ZBWVpnd2VHZjdTQXpNYmRjNFMycWdoOTMyNjZITTJKcm5yY1NKMXBvT21OVE5fenh5NHlaaXpEYi15YTlEenB0SVVjanBmQmUxZGVfVmo4czdIQ2lqZD…

Google News Wed, 08 Jul 2026

Ice Make Refrigeration (ICEMAKE) Narrows to ₹764; Support and Resistance Define Near-Term Range - Volume Rate Change - vinanet.vn

<a href="https://news.google.com/rss/articles/CBMizAFBVV95cUxQdHNNVHhHMWlOckVubndlTUtJbVZIcTFONC0zNGZ3Xzktc0xJNm42RERUSUNVQjU2a2p5ajBER29ySkJfV0Q3eFU2ajdMTTFZQUdSLWNoZVZ3SGZYM0MtNUlRSjZyQkZtQ08wc2xyajFPenhJS0VyRWwxVGN6R1VSc2JoT2RsV2dEbFduV0…

Google News Sat, 08 Aug 2026

Ice Make Refrigeration raises ₹190 cr via preferential issue - BusinessLine

<a href="https://news.google.com/rss/articles/CBMixAFBVV95cUxOZFp3dnpXQUMwQVYzbTI0c29qVlAwY2Q1MXJLbEMxRFZ1MVlQQ2g2ZzYtbVJrN1JxckVsSlZDRVlpeFRrSVY4NndpWk1CckRjX2Zub2JsNzVQOHVtZGl3SU9Jcm5iUTB3RUJicU1zbkdFUERWMWU1blhZYkpUOU5KQkRwMDd1UXJxc0xLNl…

ICEMAKE — Frequently Asked Questions

What is the current share price of Ice Make Refrigeration Limited (ICEMAKE)?

As of 2026-09-08 04:53 IST, Ice Make Refrigeration Limited (ICEMAKE) trades at ₹738.60 on NSE. Its 52-week range is ₹665.40 to ₹885.95.

What is the market capitalisation of ICEMAKE?

Ice Make Refrigeration Limited (ICEMAKE) has a market capitalisation of ₹1,165.49 Cr on NSE.

What is the P/E ratio of ICEMAKE?

ICEMAKE trades at a trailing price-to-earnings (P/E) ratio of 50.42. The industry average P/E is 28.90. Its price-to-book (P/B) ratio is 9.73.

Does ICEMAKE pay a dividend?

Ice Make Refrigeration Limited (ICEMAKE) currently offers a dividend yield of 0.27%.

What is the return on equity (ROE) of ICEMAKE?

ICEMAKE has a return on equity (ROE) of 9.17%. Its return on capital employed (ROCE) is 13.22%.

Is ICEMAKE a good stock to buy?

This page provides a data-driven analysis of Ice Make Refrigeration Limited (ICEMAKE), including valuation ratios, profitability, growth trends, auto-generated pros and cons, peer comparison and AI exposure. Review these fundamentals alongside your own research and risk tolerance. This is informational content, not investment advice.

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