---
title: "ICE Make Refrigeration Ltd (ICEMAKE) — Share Price, Financials & Analysis"
symbol: "ICEMAKE"
company: "ICE Make Refrigeration Ltd"
canonical: "https://tapetide.com/stocks/ICEMAKE"
isin: "INE520Y01019"
nse_symbol: "ICEMAKE"
sector: "Capital Goods"
industry: "Industrial Products"
market_cap_cr: 1140.72
generated_at: "2026-09-13T18:37:25.534Z"
---

# ICE Make Refrigeration Ltd (ICEMAKE)

Canonical page: https://tapetide.com/stocks/ICEMAKE

## Company

- **NSE Symbol:** ICEMAKE
- **ISIN:** INE520Y01019
- **Sector:** Capital Goods
- **Industry:** Industrial Products
- **Macro Sector:** Industrials
- **Stock Type:** EQUITY
- **Listed Since:** 2020-10-12
- **CEO:** Mr. Chandrakant Popatbhai Patel
- **Employees:** 432
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** icemakeindia.com

## About

Incorporated in 1993, ICE Make Refrigeration Ltd provides customized cooling solutions across a wide range of industries[1]

## Latest Price

- **Price:** ₹730.1
- **Change:** +2.2 (+0.3%)
- **Open:** ₹727
- **Day High:** ₹739
- **Day Low:** ₹721
- **Previous Close:** ₹727.9
- **Volume:** 11852
- **As Of:** 2026-09-11T09:59:49+00:00

## Key Fundamentals

Observed at 2026-09-11T04:52:35.982242Z.

- **Market Cap:** ₹1140.72 Cr
- **Classification:** Microcap
- **P/E (reported):** 96.2
- **P/E (TTM):** 105.97
- **EPS (TTM):** ₹6.89
- **EPS (reported):** ₹15.54
- **Book Value:** ₹84.28
- **Price to Book:** 8.64
- **Dividend Yield:** 0.31%
- **ROE:** 18.52%
- **ROCE:** 19.75%
- **Debt to Equity:** 1.15
- **Revenue (yearly):** ₹668.2 Cr
- **Net Income:** ₹11.92 Cr
- **EBITDA:** ₹45.32 Cr
- **52-Week High:** ₹920
- **52-Week Low:** ₹660.3
- **RSI (14):** 39.18

## Tapetide Score

- **Score:** 40 / 100
- **Score date:** 2026-09-04
- **Archetype:** Expensive and Under Pressure
- **What it means:** The multiple is demanding and the trend has turned against it, without the financial strength that would justify paying up. What matters is whether the de-rating stops at the multiple or starts showing up in the numbers.
- **Pillar profile:** Quality: Average · Valuation: Expensive · Momentum: Falling
- **Percentile:** 14.5 (of 4473 scored stocks)
- **Confidence:** 100%
- **Data coverage:** 100%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 20.13 | 9% |
| growth | 89.05 | 9% |
| momentum | 29.86 | 12% |
| ownership | 42.14 | 24% |
| quality | 55.14 | 22% |
| valuation | 19.03 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- 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

- Stock is trading at 8.47 times its book value
- Promoter holding has decreased over last quarter: -9.68%

## Growth Rates

| Metric | QoQ | 1Y | 3Y | 5Y |
| --- | --- | --- | --- | --- |
| cash flow growth | — | 188.73% | 23.08% | 142.67% |
| ebitda margin growth | -85.78% | -25% | -37.91% | -7.63% |
| net income growth | -115.84% | -47.95% | -20% | 19% |
| revenue growth | -30.13% | 39.09% | 30% | 38% |
| roce | -93.98% | -31.14% | -41.95% | 22.26% |
| roe | -116.3% | -26.24% | 23.09% | 188.47% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 75.72 | 81.56 | 135.07 | 83.17 | 101.38 | 108.64 | 178.61 | 111.86 | 148.7 | 153.21 | 253.59 | 176.08 |
| Expenses | 68.25 | 77.28 | 114.83 | 77.09 | 93.14 | 102.04 | 157.85 | 107.67 | 140.07 | 143.98 | 232.96 | 172.92 |
| Operating Profit | 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 % | 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 | 0.21 | 0.2 | 0.32 | 0.22 | 0.27 | 0.34 | 0.61 | 0.26 | 0.15 | 0.27 | 0.38 | 0.18 |
| Interest | 0.68 | 0.6 | 0.35 | 0.41 | 0.87 | 1.11 | 1.5 | 2.26 | 2.72 | 3.82 | 3.6 | 3.26 |
| Depreciation | 0.85 | 0.9 | 0.94 | 0.83 | 0.92 | 2.03 | 4.04 | 3.98 | 4.09 | 4.18 | 4.39 | 1.99 |
| Profit before tax | 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 % | 25.37 | 25.5 | 26.15 | 23.91 | 27.23 | 22.37 | 27.29 | -22.35 | 26.4 | 26 | 25.35 | -26.18 |
| Net Profit | 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 | 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

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 101 | 129 | 136 | 131 | 200 | 303 | 370 | 472 | 667 | 732 |
| Expenses | 89 | 115 | 122 | 121 | 186 | 271 | 329 | 430 | 625 | 690 |
| Operating Profit | 12 | 14 | 14 | 11 | 14 | 31 | 40 | 42 | 43 | 42 |
| OPM % | 12 | 11 | 10 | 8 | 7 | 10 | 11 | 9 | 6 | 6 |
| Other Income | 1 | 0 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 1 |
| Interest | 2 | 1 | 2 | 2 | 2 | 1 | 2 | 4 | 12 | 13 |
| Depreciation | 1 | 2 | 4 | 4 | 3 | 3 | 4 | 8 | 17 | 15 |
| Profit before tax | 10 | 11 | 9 | 6 | 11 | 28 | 36 | 31 | 15 | 15 |
| Tax % | 32 | 29 | 26 | 31 | 26 | 26 | 26 | 26 | 26 | — |
| Net Profit | 7 | 8 | 7 | 4 | 8 | 21 | 27 | 23 | 11 | 11 |
| EPS in Rs | 4.23 | 5 | 4.26 | 2.86 | 5.16 | 13.34 | 16.87 | 14.72 | 6.9 | 6.89 |
| Dividend Payout % | 24 | 24 | 28 | 42 | 23 | 13 | 12 | 15 | 33 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

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

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 8 | 0 | 7 | -2 | 12 | 9 | 22 | 10 | 30 | -14 |
| Cash from Investing Activity | -4 | -4 | -10 | -7 | -4 | -5 | -13 | -22 | -84 | -39 |
| Cash from Financing Activity | 0 | 14 | -9 | 6 | -9 | -3 | -8 | 16 | 49 | 54 |
| Net Cash Flow | 3 | 10 | -12 | -2 | 0 | 0 | 1 | 4 | -5 | 1 |
| Free Cash Flow | 6 | -5 | -4 | -9 | 7 | 5 | 19 | -22 | -52 | -53 |
| CFO/OP | 96 | 20 | 76 | 6 | 134 | 77 | 93 | 47 | 94 | -15 |

### Ratios

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 65 | 76 | 58 | 74 | 76 | 63 | 66 | 68 | 73 | 85 |
| Inventory Days | 105 | 122 | 107 | 134 | 141 | 111 | 79 | 75 | 112 | 106 |
| Days Payable | 107 | 94 | 84 | 88 | 101 | 79 | 83 | 75 | 118 | 105 |
| Cash Conversion Cycle | 63 | 104 | 82 | 120 | 115 | 94 | 62 | 69 | 67 | 86 |
| Working Capital Days | 4 | 44 | 56 | 55 | 67 | 51 | 43 | 49 | 20 | 22 |
| ROCE % | 31 | 28 | 23 | 18 | 12 | 18 | 36 | 34 | 21 | 11 |

## Shareholding Pattern

### Quarterly

| Category | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 74.49% | 74.49% | 74.49% | 74.49% | 74.49% | 74.49% | 74.41% | 74.4% | 74.36% | 74.26% | 74.2% | 74.2% |
| FIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.11% | 0.22% | 0.31% |
| DIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 1.99% | 1.64% | 1.38% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 22.92% | 22.93% | 22.88% | 22.56% | 22.87% | 22.11% | 21.54% | 21.49% | 21.46% | 20.79% | 21.16% | 21.37% |
| Others | 2.59% | 2.58% | 2.63% | 2.95% | 2.64% | 3.4% | 4.04% | 4.11% | 4.18% | 2.84% | 2.78% | 2.75% |
| No. of Shareholders | 14481 | 19285 | 22668 | 23225 | 24543 | 24776 | 24632 | 25656 | 25194 | 24249 | 25551 | 23616 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 1 / 7 / 11

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 733.91 | Sell |
| EMA (10) | 732.89 | Sell |
| SMA (20) | 732.11 | Sell |
| EMA (20) | 743.19 | Sell |
| SMA (50) | 779.56 | Sell |
| EMA (50) | 764.3 | Sell |
| SMA (100) | 781.01 | Sell |
| EMA (100) | 772.48 | Sell |
| SMA (200) | 771.91 | Sell |
| EMA (200) | 775.83 | Sell |

### Oscillators — summary: **Neutral**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 40.37 | Neutral |
| MACD (12,26,9) | -14.72 | Buy |
| Stochastic (14,3,3) | 32.07 | Neutral |
| ADX (14) | 18.32 | Neutral |
| Williams %R (14) | -69.53 | Neutral |
| ATR (14) | 23.82 | High Volatility |
| ROC (12) | -0.53 | Sell |
| Stoch RSI (14) | 71.63 | Neutral |
| UO (7,14,28) | 41.8 | Neutral |

## Filings & Documents

### Exchange Filings & Announcements

| Date | Document |
| --- | --- |
| 2026-09-10 | [General Updates](https://nsearchives.nseindia.com/corporate/ICEMAKE_10092026164522_NSEAuditorCertificate10092026.pdf) |
| 2026-09-10 | [Allotment of Securities](https://nsearchives.nseindia.com/corporate/ICEMAKE_10092026122953_NSEOutcome10092026.pdf) |
| 2026-09-10 | [General Updates](https://nsearchives.nseindia.com/corporate/ICEMAKE_10092026123207_NSEOutcome10092026.pdf) |
| 2026-09-09 | [Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/ICEMAKE_09092026122534_NSELetterforNewspaper.pdf) |
| 2026-09-08 | [Shareholders meeting](https://nsearchives.nseindia.com/corporate/ICEMAKE_08092026170153_Letter_to_NSE_Annual_Report_SIGNED.pdf) |
| 2026-08-22 | [Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/ICEMAKE_22082026160542_LetterToNSEPreAdv.pdf) |
| 2026-08-21 | [Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/ICEMAKE_21082026105344_NSEIntimation21082026.pdf) |
| 2026-08-19 | [Amendment to AOA/MOA](https://nsearchives.nseindia.com/corporate/ICEMAKE_19082026181348_4_Amendments_to_AOA.pdf) |
| 2026-08-19 | [Updates](https://nsearchives.nseindia.com/corporate/ICEMAKE_19082026123946_Announcement_under_Reg_30.pdf) |
| 2026-08-19 | [Shareholders meeting](https://nsearchives.nseindia.com/corporate/ICEMAKE_19082026165539_Letter_to_NSE_Results_Outcome.pdf) |

### Results & Financial Statements

| Date | Document |
| --- | --- |
| 2026-09-10 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/ICEMAKE_10092026122722_NSEOutcome10092026.pdf) |
| 2026-08-13 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/ICEMAKE_13082026173316_Outcome.pdf) |
| 2026-08-13 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/ICEMAKE_13082026172819_Outcome.pdf) |
| 2026-07-24 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/ICEMAKE_24072026123829_Outcome_of_Board_Meeting_final_2.pdf) |
| 2026-05-29 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/ICEMAKE_29052026200000_OutcomeofBM.pdf) |
| 2026-05-29 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/ICEMAKE_29052026193032_Outcome29052026.pdf) |
| 2026-02-14 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/ICEMAKE_14022026135505_Outcome.pdf) |
| 2025-11-11 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/ICEMAKE_11112025124302_Outcome_of_Board_Meeting.pdf) |

### Earnings Call Transcripts

| Date | Document |
| --- | --- |
| 2026-08-24 | [Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/ICEMAKE_24082026173929_NSEConcallTranscript240826.pdf) |
| 2026-06-10 | [Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/ICEMAKE_10062026155756_NSETranscript100626.pdf) |
| 2026-02-19 | [Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/ICEMAKE_19022026110713_NSETranscript.pdf) |

### Earnings Call Recordings

| Date | Document |
| --- | --- |
| 2026-08-19 | [Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/ICEMAKE_19082026114641_NSEAudio.pdf) |
| 2026-06-04 | [Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/ICEMAKE_04062026194329_NSEAudio04062026.pdf) |
| 2026-02-16 | [Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/ICEMAKE_16022026234940_NSEAudio.pdf) |
| 2025-11-18 | [Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/ICEMAKE_18112025180652_NSE_Concall_Audio.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Sep 2022 | [Concall - Sep 2022](https://archives.nseindia.com/corporate/ICEMAKE_22082022165200_IntimationofConferenceCallTranscripttoNSE.pdf) |
| Sep 2022 | [Concall - Sep 2022](https://archives.nseindia.com/corporate/ICEMAKE_28092022151048_IceMakeInvestorPresentation.pdf) |
| Oct 2024 | [Concall - Oct 2024](https://nsearchives.nseindia.com/corporate/ICEMAKE_01102024160644_NSEPPT.pdf) |
| Oct 2023 | [Concall - Oct 2023](https://nsearchives.nseindia.com/corporate/ICEMAKE_10102023102957_IceMaketoNSEPresentation.pdf) |
| Oct 2021 | [Concall - Oct 2021](https://archives.nseindia.com/corporate/ICEMAKE_02102021160327_IceMaketoNSE.pdf) |
| Oct 2021 | [Concall - Oct 2021](https://archives.nseindia.com/corporate/ICEMAKE_02102021151236_IceMaketoNSE.pdf) |
| Oct 2021 | [Concall - Oct 2021](https://archives.nseindia.com/corporate/ICEMAKE_02102021160439_IceMaketoNSE.pdf) |
| Oct 2020 | [Concall - Oct 2020](https://archives.nseindia.com/corporate/ICEMAKE_10102020124447_IceMaketoNSE.pdf) |
| Nov 2025 | [Concall - Nov 2025](https://nsearchives.nseindia.com/corporate/ICEMAKE_20112025144006_NSE_Transcript.pdf) |
| Nov 2024 | [Concall - Nov 2024](https://nsearchives.nseindia.com/corporate/ICEMAKE_22112024145354_TranscriptNSE22112024.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/AR_31878_ICEMAKE_2025_2026_A_8183364_08092026165929.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/AR_28760_ICEMAKE_2024_2025_A_11130624_06092025161550.pdf) |
| from nse | [Annual Report 2024 from nse](https://archives.nseindia.com/annual_reports/AR_25833_ICEMAKE_2023_2024_050920241786.pdf) |
| from nse | [Annual Report 2023 from nse](https://archives.nseindia.com/annual_reports/AR_23000_ICEMAKE_2022_2023_28082023172442_08282023180021.zip) |
| from nse | [Annual Report 2022 from nse](https://archives.nseindia.com/annual_reports/AR_20849_ICEMAKE_2021_2022_25082022191615_08252022200005.zip) |
| from nse | [Annual Report 2021 from nse](https://archives.nseindia.com/annual_reports/AR_18944_ICEMAKE_2020_2021_27082021122104_08272021193558.zip) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:37:25.534Z.