ICE Make Refrigeration Ltd.

•

icemakeindia.comBSE: -NSE: ICEMAKE

Market Cap₹ 1,167 Cr.

Current Price

High / Low₹ 920 / 660

Stock P/E107.2

Book Value₹ 85

Price to Book11.06

Dividend Yield0.30 %

ROCE20.9 %

ROE19.6 %

Face Value₹ 10

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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 28.3% CAGR over last 5 years
Company has a healthy return on capital (ROCE) of 30.9%
Company has a good return on equity (ROE) track record: 3 Years ROE 25.1%
Company has delivered good sales growth of 28.3% CAGR over last 5 years
Working capital cycle has improved - days down from 57 to 23
Company comfortably covers its interest (9.1x coverage)

CONS

Recent results are weak - TTM profit is down 46.7% versus prior year
Total debt has risen sharply - up 249.3% year on year
Stock is trading at 11.1x its book value
Expensive relative to growth - PEG of 2.5
Rich enterprise valuation - EV/EBITDA of 34.7x

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

Peer comparison

Capital GoodsCapital GoodsEngineering - Industrial Equipments

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BHEL	432.80	61.95	150703.70	0.32	376.71	182.70	7697.72	40.29	9.24	6.69
2.	INDOMIM	922.60	85.51	45620.81	0.64	2401.22	—	12187.42	—	24.48	33.36
3.	THERMAX	3729.70	74.90	44441.73	0.54	21.79	-85.61	2302.73	7.09	15.85	2.98
4.	KIRLOSENG	2267.40	60.41	32995.17	0.31	1110.60	699.45	19995.30	1034.94	14.46	15.02
5.	JYOTICNC	1026.55	72.57	23346.12	0.00	57.14	-19.99	508.47	23.97	23.88	21.40
6.	INOXINDIA	2180.15	77.65	19787.80	0.09	58.07	-4.98	370.79	9.18	33.54	20.46
7.	TRITURBINE	572.05	54.07	18185.38	0.74	51.10	-20.65	442.70	19.23	35.95	11.59
8.	AZAD	2765.75	128.52	17861.70	0.00	35.16	19.46	172.60	25.90	12.28	37.29
9.	LLOYDSENGG	84.88	58.86	13165.22	0.29	68.23	-77.28	527.15	142.92	17.99	15.04
10.	TEGA	1552.65	552.07	11664.70	0.13	-1082.52	-3163.59	17234.42	4739.88	8.37	3.27
11.	KENNAMET	4534.30	85.10	9965.59	0.00	31.50	11.31	267.30	12.55	18.99	17.51
12.	ICEMAKE	739.25	97.40	1166.52	0.30	-1.65	-12.53	178.88	60.43	20.96	1.67

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	77	76	82	135	83	101	109	179	112	149	153	254	176
	69	68	77	115	77	93	102	158	108	140	144	233	178
Operating Profit	8	7	4	20	6	8	7	21	4	9	9	21	-2
OPM %	10.65%	9.85%	5.26%	14.99%	7.31%	8.13%	6.09%	11.63%	3.75%	5.80%	6.03%	8.13%	-1.19%
	0	0	0	0	0	0	0	1	0	0	0	0	0
Interest	0	1	1	0	0	1	1	2	2	3	4	4	3
Depreciation	1	1	1	1	1	1	2	4	4	4	4	4	2
Profit before Tax	7	6	3	19	5	7	4	16	-2	2	2	13	-2
Tax %	25.13%	25.37%	25.50%	26.15%	23.91%	27.23%	22.31%	27.29%	22.35%	26.40%	25.83%	25.35%	26.19%
Net Profit	6	5	2	14	4	5	3	12	-1	1	1	10	-1
	3.53	2.91	1.40	9.02	2.44	3.10	1.88	7.30	-0.88	0.92	0.70	6.16	-0.89

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	72	88	101	129	136	131	200	303	370	472	732
	65	78	89	115	122	121	186	271	329	430	695
Operating Profit	7	10	12	14	14	11	14	31	40	42	36
OPM %	9.64%	11.33%	12.25%	10.66%	10.38%	8.00%	7.21%	10.35%	10.88%	8.84%	4.98%
	0	0	1	0	1	1	1	2	1	1	1
Interest	2	1	2	1	2	2	2	1	2	4	13
Depreciation	2	2	1	2	4	4	3	3	4	8	15
Profit before Tax	4	7	10	11	9	6	11	28	36	31	15
Tax %	33.96%	32.18%	31.88%	28.86%	26.41%	30.62%	25.56%	25.89%	25.74%	26.10%	25.43%
Net Profit	3	5	7	8	7	4	8	21	27	23	11
EPS	0.00	0.00	0.00	0.00	0.00	2.86	5.14	13.35	16.87	14.72	—
Dividend Payout %	0.00%	0.00%	23.63%	24.00%	28.20%	41.86%	23.26%	13.49%	11.86%	15.29%	—

COMPOUNDED SALES GROWTH

10 Years:: 25%
5 Years:: 28%
3 Years:: 33%

COMPOUNDED PROFIT GROWTH

10 Years:: 38%
5 Years:: 28%
3 Years:: 42%

STOCK PRICE CAGR

10 Years:: —
5 Years:: 58%
3 Years:: 12%
1 Year:: 0%

RETURN ON EQUITY

10 Years:: 22%
5 Years:: 19%
3 Years:: 25%
Last Year:: 20%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	7	7	16	16	16	16	16	16	16	16
	3	8	29	35	39	43	49	69	93	113
	14	14	8	2	13	8	9	3	23	76
Trade Payables	9	16	17	20	21	25	32	49	52	108
	5	9	9	8	12	15	18	21	26	53
Total Liabilities	39	55	78	81	102	107	123	158	209	365
	9	9	10	20	26	26	29	30	46	130
Capital Work in Progress	0	0	1	0	0	1	0	0	12	6
	0	2	3	3	3	3	3	8	3	3
	10	16	22	26	32	35	44	47	53	102
	0	0	0	0	0	0	0	0	68	95
Cash & Bank	4	7	16	4	2	1	2	9	8	4
	16	20	25	28	39	40	44	64	18	26
Total Assets	39	55	78	81	102	107	123	158	209	365

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	2	9	2	10	2	14	11	29	10	30
Cash from Investing	-2	-4	-4	-10	-7	-4	-5	-13	-22	-84
Cash from Financing	-0	-0	14	-9	6	-9	-3	-8	16	49
	-1	3	10	-12	-1	-0	0	1	4	-5

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	3.67	6.97	4.23	5.00	4.26	2.87	5.16	13.34	16.87	14.72
Book Value (₹)	14.43	21.67	28.47	32.18	35.09	37.60	41.46	53.87	68.72	81.37
Dividend per Share (₹)	0.00	0.00	1.00	1.20	1.20	1.20	1.20	1.80	2.00	2.25
Cash EPS (₹)	0.72	5.75	5.18	6.43	6.78	5.13	7.08	15.44	19.09	19.67
PROFITABILITY
Operating Margin %	8.94%	10.61%	10.78%	9.27%	10.97%	8.89%	7.73%	10.86%	10.88%	8.84%
Net Margin %	3.35%	5.18%	5.49%	5.12%	4.91%	3.42%	4.05%	6.95%	7.20%	4.92%
ROE %	29.18%	38.64%	22.04%	16.48%	12.65%	7.89%	13.06%	28.05%	27.52%	19.61%
ROCE %	24.31%	31.37%	27.75%	22.76%	18.20%	12.15%	18.00%	37.21%	34.66%	20.88%
	7.35%	10.74%	9.97%	9.85%	7.31%	4.31%	7.05%	14.98%	14.49%	8.09%
EFFICIENCY
Debtor Days	51	55	55	50	65	76	56	54	61	63
Inventory Days	45	49	58	57	78	93	72	55	49	60
Payable Days	68	84	91	78	85	94	71	68	72	88
	28	20	22	29	57	75	57	40	38	35
FINANCIAL HEALTH
Debt to Equity (x)	1.37x	0.97x	0.17x	0.04x	0.23x	0.12x	0.11x	0.02x	0.21x	0.61x
Interest Coverage (x)	3.63x	6.85x	6.47x	12.93x	5.76x	4.90x	7.94x	25.79x	20.33x	9.08x
	1.34x	1.25x	1.84x	1.77x	1.51x	1.57x	1.56x	1.72x	1.74x	1.16x
GROWTH
Revenue Growth %	42.00%	22.10%	15.44%	27.85%	5.21%	-3.28%	52.27%	51.22%	22.11%	27.65%
Operating Profit Growth %	72.31%	45.73%	26.69%	8.92%	5.25%	-21.67%	32.35%	112.49%	25.40%	4.67%
Net Profit Growth %	182.99%	89.83%	32.19%	18.11%	-14.88%	-32.62%	80.27%	159.88%	26.45%	-12.75%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	26.45%	-12.75%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	28.05x	61.17x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	6.89x	11.06x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.42%	0.25%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	18.47x	34.67x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.49	74.49	74.49	74.41	74.40	74.36	74.26	74.20	74.20
	0.02	0.00	0.00	0.33	0.01	0.01	0.12	0.22	0.31
	0.00	0.00	0.58	0.87	1.21	1.31	1.99	1.64	1.38
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	25.49	25.51	24.95	24.39	24.38	24.32	23.64	23.94	24.11

Documents

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

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

2026-08-19

Amendment to AOA/MOA

2026-08-19 - Ice Make Refrigeration Limited has informed the Exchange regarding the Amendment to AOA/MOA of the company.

2026-08-19

Shareholders meeting

2026-08-19 - Ice Make Refrigeration Limited has submitted the Exchange a copy Srutinizers report of Extraordinary General Meeting held on August 19, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-19

General Updates

2026-08-19 - Ice Make Refrigeration Limited has informed the Exchange about General Updates

2026-08-19

Updates

2026-08-19 - Ice Make Refrigeration Limited has informed the Exchange regarding 'Clarification / Undertaking in relation to the Notice of Extra-Ordinary General Meeting held on August 19, 2026'.

2026-08-19

Shareholders meeting

2026-08-19 - Ice Make Refrigeration Limited has informed the Exchange regarding Proceedings of Extraordinary General Meeting held on August 19, 2026

2026-08-19

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-19 - Ice Make Refrigeration Limited has informed the Exchange about Link of Recording

News

Recent coverage and analyst commentary for ICEMAKE

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ICE Make Refrigeration Ltd.

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Free 5nance Account

Name

BHEL

432.80

61.95

150703.70

0.32

376.71

182.70

7697.72

40.29

9.24

6.69

INDOMIM

922.60

85.51

45620.81

0.64

2401.22

—

12187.42

—

24.48

33.36

THERMAX

3729.70

74.90

44441.73

0.54

21.79

-85.61

2302.73

7.09

15.85

2.98

KIRLOSENG

2267.40

60.41

32995.17

0.31

1110.60

699.45

19995.30

1034.94

14.46

15.02

JYOTICNC

1026.55

72.57

23346.12

0.00

57.14

-19.99

508.47

23.97

23.88

21.40

INOXINDIA

2180.15

77.65

19787.80

0.09

58.07

-4.98

370.79

9.18

33.54

20.46

TRITURBINE

572.05

54.07

18185.38

0.74

51.10

-20.65

442.70

19.23

35.95

11.59

AZAD

2765.75

128.52

17861.70

0.00

35.16

19.46

172.60

25.90

12.28

37.29

LLOYDSENGG

84.88

58.86

13165.22

0.29

68.23

-77.28

527.15

142.92

17.99

15.04

TEGA

1552.65

552.07

11664.70

0.13

-1082.52

-3163.59

17234.42

4739.88

8.37

3.27

KENNAMET

4534.30

85.10

9965.59

0.00

31.50

11.31

267.30

12.55

18.99

17.51

ICEMAKE

739.25

97.40

1166.52

0.30

-1.65

-12.53

178.88

60.43

20.96

1.67

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

135

101

109

179

112

149

153

254

176

115

102

158

108

140

144

233

178

Operating Profit

-2

OPM %

10.65%

9.85%

5.26%

14.99%

7.31%

8.13%

6.09%

11.63%

3.75%

5.80%

6.03%

8.13%

-1.19%

Interest

Depreciation

Profit before Tax

-2

Tax %

25.13%

25.37%

25.50%

26.15%

23.91%

27.23%

22.31%

27.29%

22.35%

26.40%

25.83%

25.35%

26.19%

Net Profit

-1

3.53

2.91

1.40

9.02

2.44

3.10

1.88

7.30

-0.88

0.92

0.70

6.16

-0.89

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

101

129

136

131

200

303

370

472

732

115

122

121

186

271

329

430

695

Operating Profit

OPM %

9.64%

11.33%

12.25%

10.66%

10.38%

8.00%

7.21%

10.35%

10.88%

8.84%

4.98%

Interest

Depreciation

Profit before Tax

Tax %

33.96%

32.18%

31.88%

28.86%

26.41%

30.62%

25.56%

25.89%

25.74%

26.10%

25.43%

Net Profit

EPS

0.00

2.86

5.14

13.35

16.87

14.72

—

Dividend Payout %

0.00%

23.63%

24.00%

28.20%

41.86%

23.26%

13.49%

11.86%

15.29%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

113

Trade Payables

108

Total Liabilities

102

107

123

158

209

365

130

Capital Work in Progress

102

Cash & Bank

Total Assets

102

107

123

158

209

365

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Cash from Investing

-2

-4

-10

-7

-4

-5

-13

-22

-84

Cash from Financing

-0

-9

-3

-8

-1

-12

-1

-0

-5

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

PER SHARE

EPS (₹)

3.67

6.97

4.23

5.00

4.26

2.87

5.16

13.34

16.87

14.72

Book Value (₹)

14.43

21.67

28.47

32.18

35.09

37.60

41.46

53.87

68.72

81.37

Dividend per Share (₹)

0.00

1.00

1.20

1.80

2.00

2.25

Cash EPS (₹)

0.72

5.75

5.18

6.43

6.78

5.13

7.08

15.44

19.09

19.67

PROFITABILITY

Operating Margin %

8.94%

10.61%

10.78%

9.27%

10.97%

8.89%

7.73%

10.86%

10.88%

8.84%

Net Margin %

3.35%

5.18%

5.49%

5.12%

4.91%

3.42%

4.05%

6.95%

7.20%

4.92%

ROE %

29.18%

38.64%

22.04%

16.48%

12.65%

7.89%

13.06%

28.05%

27.52%

19.61%

ROCE %

24.31%

31.37%

27.75%

22.76%

18.20%

12.15%

18.00%

37.21%

34.66%

20.88%

7.35%

10.74%

9.97%

9.85%

7.31%

4.31%

7.05%

14.98%

14.49%

8.09%

EFFICIENCY

Debtor Days

Inventory Days

Payable Days

FINANCIAL HEALTH

Debt to Equity (x)

1.37x

0.97x

0.17x

0.04x

0.23x

0.12x

0.11x

0.02x

0.21x

0.61x

Interest Coverage (x)

3.63x

6.85x

6.47x

12.93x

5.76x

4.90x

7.94x

25.79x

20.33x

9.08x

1.34x

1.25x

1.84x

1.77x

1.51x

1.57x

1.56x

1.72x

1.74x

1.16x

GROWTH

Revenue Growth %

42.00%

22.10%

15.44%

27.85%

5.21%

-3.28%

52.27%

51.22%

22.11%

27.65%

Operating Profit Growth %

72.31%

45.73%

26.69%

8.92%

5.25%

-21.67%

32.35%

112.49%

25.40%

4.67%

Net Profit Growth %

182.99%

89.83%

32.19%

18.11%

-14.88%

-32.62%

80.27%

159.88%

26.45%

-12.75%

0.00%

26.45%

-12.75%

VALUATION

P/E (x)

0.00x

28.05x

61.17x

P/B (x)

0.00x

6.89x

11.06x

Dividend Yield %

0.00%

0.42%

0.25%

0.00x

18.47x

34.67x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

74.49

74.41

74.40

74.36

74.26

74.20

0.02

0.00

0.33

0.01

0.12

0.22

0.31

0.00

0.58

0.87

1.21

1.31

1.99

1.64

1.38

Government

0.00

25.49

25.51

24.95

24.39

24.38

24.32

23.64

23.94

24.11

ICE Make Refrigeration Ltd.

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Quarterly Results

Profit & Loss

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Documents

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ICE Make Refrigeration Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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