5nance5nance
5nance5nance
HomeScreens
LOGINGET FREE ACCOUNT

ICE Make Refrigeration Ltd.

•
icemakeindia.comBSE: -NSE: ICEMAKE
Market Cap₹ 1,152 Cr.
Current Price
High / Low₹ 920 / 660
Stock P/E96.2
Book Value₹ 83
Price to Book11.45
Dividend Yield0.31 %
ROCE21.0 %
ROE20.1 %
Face Value₹ 10

Add ratio to table

ABOUT

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence
72%
View full sector analysis →

PROS

  • Company has delivered good profit growth of 35.3% CAGR over last 5 years
  • Company has a healthy return on capital (ROCE) of 31.3%
  • Company has a good return on equity (ROE) track record: 3 Years ROE 25.8%
  • Company has delivered good sales growth of 28.4% CAGR over last 5 years
  • Company has consistently been profitable over the last 5 years
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 0.93x)

CONS

  • Recent results are weak - TTM profit is down 41.4% versus prior year
  • Receivables are growing faster than sales - a possible quality concern
  • Total debt has risen sharply - up 223.2% year on year
  • Stock is trading at 11.5x its book value
  • Expensive relative to growth - PEG of 2.1

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsEngineering - Industrial Equipments
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.BHEL430.6061.64149937.650.33376.71182.707697.7240.299.246.69
2.INDOMIM1018.9094.4350382.660.582401.22—12187.42—24.4833.36
3.THERMAX3680.2573.9143852.500.5421.79-85.612302.737.0915.852.98
4.HONAUT34514.0555.3730515.680.32150.7020.951204.401.8017.0414.32
5.JYOTICNC987.9569.8422468.260.0057.14-19.99508.4723.9721.3421.40
6.INOXINDIA2245.7580.1220418.910.0958.07-4.98370.799.1833.5420.46
7.AZAD2846.00132.2518379.960.0035.1619.46172.6025.9012.0437.29
8.TRITURBINE569.1053.8018091.600.7551.10-20.65442.7019.2335.9511.59
9.TEGA1731.10615.5213005.360.12-108.25-406.361723.44383.998.373.27
10.LLOYDSENGG82.7257.3612830.190.3068.23-77.28527.15142.9217.9915.04
11.KRN1595.75107.7510445.540.0032.90164.84252.32118.8716.0619.44
12.ICEMAKE730.1096.191152.080.31-16.53-1025.261788.841504.3320.961.67
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
79778214085103111180112147153256179
7169781197995104159107138143234181
Operating Profit88421687214101021-2
OPM %10.32%9.86%5.23%14.79%7.09%8.18%6.04%11.86%3.95%6.52%6.46%8.36%-1.31%
0000000000000
Interest0111011223443
Depreciation1111112444442
Profit before Tax7631957416-23214-2
Tax %25.14%25.17%25.46%26.23%23.00%27.75%22.01%27.40%20.11%27.08%23.68%25.29%25.87%
Net Profit000045312-12110-2
3.402.851.289.062.353.051.827.42-0.901.280.936.41-1.04

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
88103132138135206312378480736
7890118124124192280338437697
Operating Profit10131413101432414339
OPM %11.36%12.36%10.48%9.80%7.67%7.03%10.29%10.77%8.87%5.25%
0001111111
Interest12122212414
Depreciation22254444815
Profit before Tax71011751028353116
Tax %32.40%31.96%29.10%26.67%31.60%25.45%25.92%25.75%26.16%25.33%
Net Profit57754721262312
EPS0.000.000.000.002.304.6513.1916.6414.65—
Dividend Payout %0.00%23.62%25.14%37.23%52.05%25.74%13.65%12.02%15.36%—

COMPOUNDED SALES GROWTH

10 Years:
—
5 Years:
28%
3 Years:
33%

COMPOUNDED PROFIT GROWTH

10 Years:
—
5 Years:
34%
3 Years:
47%

STOCK PRICE CAGR

10 Years:
—
5 Years:
56%
3 Years:
14%
1 Year:
-4%

RETURN ON EQUITY

10 Years:
—
5 Years:
19%
3 Years:
26%
Last Year:
20%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2025

Sep 19

₹ 0.22

2024

Sep 20

₹ 0.20

2023

Sep 15

₹ 0.18

2022

Sep 8

₹ 0.12

2021

Sep 16

₹ 0.12

2019

Sep 5

₹ 0.12

2018

Aug 14

₹ 0.10

2026

May 29

₹ 0.22

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Equity Capital71616161616161616
829343740466588108
1410316101152679
Trade Payables1618202226345154110
999131518212553
Total Liabilities558182104107124158210366
1113233130323250133
Capital Work in Progress0100100126
000000500
1725293740505260108
00000006594
Cash & Bank81742121094
192527343539591421
Total Assets558182104107124158210366

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
921221411311030
Cash from Investing-4-4-11-7-3-5-14-23-83
Cash from Financing-016-105-9-3-91749
311-13-1-0014-5

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
74.4974.4974.4974.4174.4074.3674.2674.2074.20
0.020.000.000.330.010.010.120.220.31
0.000.000.580.871.211.311.991.641.38
Government0.000.000.000.000.000.000.000.000.00
25.4925.5124.9524.3924.3824.3223.6423.9424.11

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-10
General Updates

2026-09-10 - Ice Make Refrigeration Limited has informed the Exchange about General Updates

2026-09-10
General Updates

2026-09-10 - Ice Make Refrigeration Limited has informed the Exchange about General Updates

2026-09-10
Allotment of Securities

2026-09-10 - Ice Make Refrigeration Limited has informed the Exchange regarding allotment of 2367573 securities pursuant to Preferential Issue at its meeting held on September 10, 2026

2026-09-10
Outcome of Board Meeting

2026-09-10 - Ice Make Refrigeration Limited has informed the Exchange regarding Outcome of Board Meeting held on September 10, 2026.

2026-09-09
Copy of Newspaper Publication

2026-09-09 - Ice Make Refrigeration Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-08
Shareholders meeting

2026-09-08 - Ice Make Refrigeration Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 30, 2026

2026-08-24
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-24 - Ice Make Refrigeration Limited has informed the Exchange about Transcript

2026-08-22
Copy of Newspaper Publication

2026-08-22 - Ice Make Refrigeration Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-21
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-21 - Ice Make Refrigeration Limited has informed the Exchange about Schedule of meet and Presentation

News

Recent coverage and analyst commentary for ICEMAKE

Loading news…

🤖

AI Stock Analyst

ICE Make Refrigeration Ltd.

🔒

Sign in to Chat with AI

Log in with your 5nance account to ask institutional questions about performance, financials, and outlook.

✨ Sign In to Chat

Free 5nance Account

5nance5nance

Stock analysis and screening tool

5nanceAI © 2020-2026

Made with ❤️ in India.

Data provided by Accord Fintech

Terms & Privacy.

Product

PremiumWhat's new?Learn

Team

About usSupport

Theme

5nance5nance

Product

PremiumWhat's new?Learn

Team

About usSupport

Theme

5nanceAI © 2020-2026

Data provided by Accord Fintech

Made with ❤️ in India.

HomeScreens
Login