Ice Make Refrigeration logo

Ice Make Refrigeration

ICEMAKE NSE

Key Fundamentals

MicrocapIndustrial ProductsCapital Goods
Market Cap
₹1,141 Cr
Volatility
Moderate
P/E Ratio
105.97
EBITDA
₹45.32 Cr
Return on Equity
18.52%
Debt to Equity
1.15
Book Value
₹84.28
EPS
₹15.54
52W High
₹920
52W Low
₹660.3

Tapetide Score

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

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 8.47 times its book value
  • Promoter holding has decreased over last quarter: -9.68%

Growth Rate

Revenue Growth
39.09% higher than 3Y
Net Income Growth
-47.95% lower than 3Y
Cash Flow Change
189% higher than 3Y
ROE
-26.24% lower than 3Y
ROCE
-31.14% higher than 3Y
EBITDA Margin (Avg.)
-25% higher than 3Y

Quarterly Results

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
-1.91
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 in Rs
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
Figures in ₹ Crores

Profit & Loss

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 in Rs
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%
—
Figures in ₹ Crores

Balance Sheet

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
Figures in ₹ Crores

Cash Flow

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
Figures in ₹ Crores

Ratios

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

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Shareholding Pattern

FIIs0.31%Promot.74.20%DIIs1.38%Others2.75%Public21.37%As ofJun 2026
8.03% of promoter holding pledged as of Jun 2026

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[1]
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 market capitalisation of ICE Make Refrigeration Ltd?
ICE Make Refrigeration Ltd has a market capitalisation of ₹1,141 Cr, which places it in the Small Cap band.
What is the PE ratio of ICE Make Refrigeration Ltd?
ICE Make Refrigeration Ltd trades at a PE ratio of 105.97, on earnings per share of ₹15.54, against a book value of ₹84.28 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 ₹660.3 and ₹920.
Does ICE Make Refrigeration Ltd pay dividends?
ICE Make Refrigeration Ltd has a dividend yield of 0.31%.
What is the Return on Equity (ROE) of ICE Make Refrigeration Ltd?
ICE Make Refrigeration Ltd reported a return on equity of 18.52%. 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[1]

Website icemakeindia.com
CEO Mr. Chandrakant Popatbhai Patel
Employees 432
Listed 2020-10-12
Face Value ₹ 10
Issued Size 1,57,79,735

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