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Ice Make Refrigeration

ICEMAKE NSE
₹667.85 +14.95 (+2.29%)
P/E
96.93
View as Markdown
MCP
Close 4 Nov 2026 ₹667.85 −38.25 −5.42% 1Y
Start ₹706.10

Key Fundamentals

MicrocapIndustrial ManufacturingCapital Goods

Price-based figures as of · EPS basis: Standalone · TTM

ROCE
10.80%
Debt to Equity
1.15
EPS (TTM)
₹6.89
Book Value
₹177.98
Market Cap
—
P/E (TTM)
96.93
P/B
3.75
ROE
8.24%
Dividend Yield
0.34%
EBITDA
₹46.00 Cr
52W High
₹920.00
52W Low
₹602.00
Day Range
₹647.10 – ₹673.00
Volume
6,218

Peer Comparison

Industrials › Capital Goods › Industrial Products

Ice Make Refrigeration peer comparison
Indo-MIM
₹1,240.10106.91₹59,516 Cr18.470.55%23.40%25.00%₹3,482 Cr₹562 Cr
Aditya Infotech
₹3,999.8098.59₹46,234 Cr14.530.04%25.40%28.60%₹4,883 Cr₹477 Cr
Syrma SGS
₹1,512.6079.19₹28,543 Cr9.590.10%14.00%16.80%₹5,464 Cr₹401 Cr
Honeywell Automation
₹29,810.0047.82₹25,976 Cr5.650.38%12.60%17.00%₹4,703 Cr₹552 Cr
Jyoti CNC Automation
₹1,034.9573.19₹22,990 Cr11.010.00%18.20%21.30%₹2,191 Cr₹323 Cr
Kaynes Technology India
₹3,330.0064.57₹21,957 Cr4.710.00%8.69%12.70%₹3,899 Cr₹345 Cr
LMW
₹17,358.00106.09₹18,108 Cr6.100.21%4.05%5.58%₹3,374 Cr₹176 Cr
Ice Make Refrigeration (this company)
₹667.8596.93₹1,180 Cr3.750.34%8.24%10.80%₹732 Cr₹11 Cr
Median 8 companies₹2,421.3088.06₹24,483 Cr7.850.16%13.30%16.90%₹3,690 Cr₹373 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

30 Poor

Data confidence 100/100

Category scores

Quality
41
Weak
Returns, margins, earnings quality 22% weight
Valuation
27
Poor
Cheap vs sector & own history 24% weight
Growth
89
Strong
Sales & profit trajectory 9% weight
Financial Health
20
Poor
Solvency, leverage, coverage 9% weight
Momentum
24
Poor
Trend strength, vol-adjusted 12% weight
Ownership
3
Poor
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

4
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 19.9%
  • Company's median sales growth is 24.9% of last 10 years
  • Company's working capital requirements have reduced from 30.0 days to 21.7 days

Weaknesses

2
  • Stock is trading at 7.66 times its book value
  • Promoter holding has decreased over last quarter: -9.68%

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish766
OscillatorsBullish162
Moving AveragesStrong Bearish604

Key readings

RSI (14)
53.07
Neutral
MACD (12,26,9)
−7.44
Bullish
SMA (50)
680.67
Bearish
SMA (200)
755.09
Bearish

As of

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+24.93%
5Y+38.47%
3Y+30.09%
1Y+41.31%
TTM+46.17%

Net profit

Net profit growth by window
10Y+13.87%
5Y+22.42%
3Y−19.39%
1Y−52.17%
TTM−39.54%

Operating cash flow

Operating cash flow growth by window
10YTurned negative
5YTurned negative
3YTurned negative
1YTurned negative
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−3.27 pp
5Y−1.95 pp
3Y−3.78 pp
1Y−2.45 pp
TTM−2.26 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹88.00 Cr
Mar 2018₹101 Cr
Mar 2019₹129 Cr
Mar 2020₹136 Cr
Mar 2021₹131 Cr
Mar 2022₹200 Cr
Mar 2023₹303 Cr
Mar 2024₹370 Cr
Mar 2025₹472 Cr
Mar 2026₹667 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹5.00 Cr
Mar 2018₹7.00 Cr
Mar 2019₹8.00 Cr
Mar 2020₹7.00 Cr
Mar 2021₹4.00 Cr
Mar 2022₹8.00 Cr
Mar 2023₹21.00 Cr
Mar 2024₹27.00 Cr
Mar 2025₹23.00 Cr
Mar 2026₹11.00 Cr

Quarterly Results

₹ Cr
ICEMAKE quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
77.25
75.72
81.56
135
83.17
101
109
179
112
149
153
254
176
Expenses
69.01
68.25
77.28
115
77.09
93.14
102
158
108
140
144
233
173
Operating Profit
8.24
7.47
4.28
20.24
6.08
8.24
6.6
20.76
4.19
8.63
9.23
20.63
3.16
OPM %
10.67%
9.87%
5.25%
14.98%
7.31%
8.13%
6.08%
11.62%
3.75%
5.8%
6.02%
8.14%
1.79%
Other Income
0.24
0.21
0.2
0.32
0.22
0.27
0.34
0.61
0.26
0.15
0.27
0.38
0.18
Interest
0.22
0.68
0.6
0.35
0.41
0.87
1.11
1.5
2.26
2.72
3.82
3.6
3.26
Depreciation
0.82
0.85
0.9
0.94
0.83
0.92
2.03
4.04
3.98
4.09
4.18
4.39
1.99
PBT
7.44
6.15
2.98
19.27
5.06
6.72
3.8
15.83
−1.79
1.97
1.5
13.02
−1.9
Tax %
25.13%
25.37%
25.5%
26.15%
23.91%
27.23%
22.37%
27.29%
−22.35%
26.4%
26%
25.35%
−26.18%
Net Profit
5.58
4.59
2.22
14.23
3.85
4.89
2.96
11.52
−1.39
1.45
1.11
9.72
−1.41
EPS (₹)
3.54
2.91
1.41
9.02
2.44
3.1
1.88
7.3
−0.88
0.92
0.7
6.16
−0.89

Profit & Loss

₹ Cr
ICEMAKE profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
50
72
88
101
129
136
131
200
303
370
472
667
732
Expenses
47
65
78
89
115
122
121
186
271
329
430
625
690
Operating Profit
4
7
10
12
14
14
11
14
31
40
42
43
42
OPM %
8%
10%
11%
12%
11%
10%
8%
7%
10%
11%
9%
6%
6%
Other Income
0
0
0
1
0
1
1
1
2
1
1
1
1
Interest
1
2
1
2
1
2
2
2
1
2
4
12
13
Depreciation
1
2
2
1
2
4
4
3
3
4
8
17
15
PBT
1
4
7
10
11
9
6
11
28
36
31
15
15
Tax %
34%
34%
32%
32%
29%
26%
31%
26%
26%
26%
26%
26%
—
Net Profit
1
3
5
7
8
7
4
8
21
27
23
11
11
EPS (₹)
6.46
3.67
6.98
4.23
5
4.26
2.86
5.16
13.34
16.87
14.72
6.9
6.89
Div. Payout %
0%
0%
0%
24%
24%
28%
42%
23%
13%
12%
15%
33%
—

Balance Sheet

₹ Cr
ICEMAKE balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
1
7
7
16
16
16
16
16
16
16
16
16
Reserves
6
3
8
29
35
40
44
50
69
93
113
120
Borrowings
13
14
15
8
2
14
8
9
3
24
83
156
Other Liabilities
13
14
24
26
29
33
40
49
70
77
154
209
Total Liabilities
33
39
55
79
81
102
107
123
158
209
365
501
Fixed Assets
9
9
9
10
20
26
26
29
30
46
130
137
CWIP
0
0
0
1
0
0
1
0
0
12
6
25
Investments
0
0
2
3
3
3
3
3
8
3
3
3
Other Assets
24
30
44
64
58
73
76
90
120
148
227
335
Total Assets
33
39
55
79
81
102
107
123
158
209
365
501

Cash Flow

₹ Cr
ICEMAKE cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
5
1
8
0
7
−2
12
9
22
10
30
−14
Investing
−2
−2
−4
−4
−10
−7
−4
−5
−13
−22
−84
−39
Financing
1
0
0
14
−9
6
−9
−3
−8
16
49
54
Net Cash Flow
3
−1
3
10
−12
−2
0
0
1
4
−5
1
Free Cash Flow
2
−1
6
−5
−4
−9
7
5
19
−22
−52
−53
CFO/OP
126
25
96
20
76
6
134
77
93
47
94
−15

Ratios

ICEMAKE financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
61
69
65
76
58
74
76
63
66
68
73
85
Inventory Days
96
75
105
122
107
134
141
111
79
75
112
106
Days Payable
90
70
107
94
84
88
101
79
83
75
118
105
Cash Conversion Cycle
67
73
63
104
82
120
115
94
62
69
67
86
Working Capital Days
53
16
4
44
56
55
67
51
43
49
20
22
ROCE %
—
24%
31%
28%
23%
18%
12%
18%
36%
34%
21%
11%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Ice Make Refrigeration insights

65 extracted metrics across FY15–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 64.52%
  • Public 20.23%
  • Others 14.98%
  • DIIs 0.25%
  • FIIs 0.03%

8.21% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Documents

Frequently Asked Questions about Ice Make Refrigeration

What does ICE Make Refrigeration Ltd do?
Incorporated in 1993, ICE Make Refrigeration Ltd provides customized cooling solutions across a wide range of industries
Where is ICE Make Refrigeration Ltd (ICEMAKE) listed?
ICE Make Refrigeration Ltd trades as ICEMAKE on the NSE.
Which sector does ICE Make Refrigeration Ltd belong to?
ICE Make Refrigeration Ltd is classified under the Capital Goods sector, in the Industrial Products industry.
What is the PE ratio of ICE Make Refrigeration Ltd?
ICE Make Refrigeration Ltd trades at a PE ratio of 96.93 as of 4 Nov 2026, on earnings per share of ₹6.89, against a book value of ₹177.98 per share.
What is the 52-week high and low of ICE Make Refrigeration Ltd?
Over the last 52 weeks ICE Make Refrigeration Ltd has traded between ₹602 and ₹920 as of 4 Nov 2026.
Does ICE Make Refrigeration Ltd pay dividends?
ICE Make Refrigeration Ltd has a dividend yield of 0.34%.
What is the Return on Equity (ROE) of ICE Make Refrigeration Ltd?
ICE Make Refrigeration Ltd reported a return on equity of 8.24%. Its debt-to-equity ratio is 1.15.

Company Information

Incorporated in 1993, ICE Make Refrigeration Ltd provides customized cooling solutions across a wide range of industries

Website icemakeindia.com
CEO Mr. Chandrakant Popatbhai Patel
Employees 432
Listed 12 Oct 2020
Face Value ₹10

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