ICE Make Refrigeration Ltd.
•₹ 721.7-0.6%
2026-08-21
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
EDIT COLUMNS| S.No. | Name | CMP Rs. | P/E | Mar Cap Rs.Cr. | Div Yld % | NP Qtr Rs.Cr. | Qtr Profit Var % | Sales Qtr Rs.Cr. | Qtr Sales Var % | ROCE % | OPM % |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | BHEL | 414.00 | 59.26 | 144157.42 | 0.34 | 376.71 | 182.70 | 7697.72 | 40.29 | 9.24 | 6.69 |
| 2. | THERMAX | 4036.95 | 81.07 | 48102.80 | 0.50 | 21.79 | -85.61 | 2302.73 | 7.09 | 15.85 | 2.98 |
| 3. | INDOMIM | 918.35 | 85.11 | 45410.65 | 0.64 | 2401.22 | — | 12187.42 | — | 24.48 | 33.36 |
| 4. | KIRLOSENG | 2148.50 | 57.25 | 31264.94 | 0.33 | 111.06 | -20.05 | 1999.53 | 13.36 | 14.46 | 15.02 |
| 5. | JYOTICNC | 948.95 | 67.08 | 21581.31 | 0.00 | 57.14 | -19.99 | 508.47 | 23.97 | 23.88 | 21.40 |
| 6. | TRITURBINE | 580.20 | 54.85 | 18444.47 | 0.73 | 51.10 | -20.65 | 442.70 | 19.23 | 35.95 | 11.59 |
| 7. | AZAD | 2764.05 | 128.44 | 17850.72 | 0.00 | 35.16 | 19.46 | 172.60 | 25.90 | 12.28 | 37.29 |
| 8. | INOXINDIA | 1922.85 | 68.48 | 17452.46 | 0.10 | 580.72 | 850.16 | 3707.90 | 991.77 | 33.54 | 20.46 |
| 9. | LLOYDSENGG | 92.20 | 63.94 | 14300.58 | 0.27 | 68.23 | -77.28 | 527.15 | 142.92 | 17.99 | 15.04 |
| 10. | TEGA | 1776.30 | 631.59 | 13344.93 | 0.11 | -108.25 | -406.36 | 1723.44 | 383.99 | 18.56 | 3.27 |
| 11. | ELECON | 451.65 | 42.93 | 10135.02 | 0.44 | 70.35 | -59.90 | 520.56 | 6.11 | 22.27 | 20.96 |
| 12. | ICEMAKE | 726.05 | 95.66 | 1145.69 | 0.31 | -1.65 | -12.53 | 178.88 | 60.43 | 20.96 | 1.67 |
Detailed Comparison with:
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 79 | 77 | 82 | 140 | 85 | 103 | 111 | 180 | 112 | 147 | 153 | 256 | 179 | |
| 71 | 69 | 78 | 119 | 79 | 95 | 104 | 159 | 107 | 138 | 143 | 234 | 181 | |
| Operating Profit | — | — | — | — | — | — | — | — | — | — | — | — | — |
| OPM % | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest | 0 | 1 | 1 | 1 | 0 | 1 | 1 | 2 | 2 | 3 | 4 | 4 | 3 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 4 | 4 | 4 | 4 | 4 | 2 |
| 7 | 6 | 3 | 19 | 5 | 7 | 4 | 16 | -2 | 3 | 2 | 14 | -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 Profit | 0 | 0 | 0 | 0 | 4 | 5 | 3 | 12 | -1 | 2 | 1 | 10 | -2 |
| 3 | 3 | 1 | 9 | 2 | 3 | 2 | 7 | -1 | 1 | 1 | 6 | -0 | |
| Equity Capital | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Equity Capital | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Jun 2023
- 79
- 71
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 0
- Depreciation
- 1
- 7
- Tax %
- 25.14%
- Net Profit
- 0
- 3
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2023
- 77
- 69
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 1
- Depreciation
- 1
- 6
- Tax %
- 25.17%
- Net Profit
- 0
- 3
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2023
- 82
- 78
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 1
- Depreciation
- 1
- 3
- Tax %
- 25.46%
- Net Profit
- 0
- 1
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2024
- 140
- 119
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 1
- Depreciation
- 1
- 19
- Tax %
- 26.23%
- Net Profit
- 0
- 9
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2024
- 85
- 79
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 0
- Depreciation
- 1
- 5
- Tax %
- 23.00%
- Net Profit
- 4
- 2
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2024
- 103
- 95
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 1
- Depreciation
- 1
- 7
- Tax %
- 27.75%
- Net Profit
- 5
- 3
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2024
- 111
- 104
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 1
- Depreciation
- 2
- 4
- Tax %
- 22.01%
- Net Profit
- 3
- 2
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2025
- 180
- 159
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 2
- Depreciation
- 4
- 16
- Tax %
- 27.40%
- Net Profit
- 12
- 7
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2025
- 112
- 107
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 2
- Depreciation
- 4
- -2
- Tax %
- 20.11%
- Net Profit
- -1
- -1
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2025
- 147
- 138
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 3
- Depreciation
- 4
- 3
- Tax %
- 27.08%
- Net Profit
- 2
- 1
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2025
- 153
- 143
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 4
- Depreciation
- 4
- 2
- Tax %
- 23.68%
- Net Profit
- 1
- 1
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2026
- 256
- 234
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 4
- Depreciation
- 4
- 14
- Tax %
- 25.29%
- Net Profit
- 10
- 6
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2026
- 179
- 181
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 3
- Depreciation
- 2
- -2
- Tax %
- 25.87%
- Net Profit
- -2
- -0
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| 88 | 103 | 132 | 138 | 135 | 206 | 312 | 378 | 480 | 736 | |
| 78 | 90 | 118 | 124 | 124 | 192 | 280 | 338 | 437 | 697 | |
| Operating Profit | 10 | 13 | 14 | 14 | 12 | 15 | 33 | 41 | 43 | — |
| OPM % | 12 | 13 | 11 | 10 | 9 | 7 | 11 | 11 | 9 | — |
| Other Income | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Interest | 1 | 2 | 1 | 2 | 2 | 2 | 1 | 2 | 4 | 14 |
| Depreciation | 2 | 2 | 2 | 5 | 4 | 4 | 4 | 4 | 8 | 15 |
| 7 | 10 | 11 | 7 | 5 | 10 | 28 | 35 | 31 | 16 | |
| Tax % | 32 | 32 | 29 | 27 | 32 | 25 | 26 | 26 | 26 | 25 |
| Net Profit | 5 | 7 | 7 | 5 | 4 | 7 | 21 | 26 | 23 | 12 |
| EPS | 0 | 0 | 0 | 0 | 2 | 5 | 13 | 17 | 15 | — |
| Dividend Payout % | 0 | 24 | 25 | 37 | 52 | 26 | 14 | 12 | 15 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 4 | 4 | 5 | 3 | 2 | 5 | 13 | 17 | 15 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 4 | 4 | 5 | 3 | 2 | 5 | 13 | 17 | 15 | — |
Mar 2017
- 88
- 78
- Operating Profit
- 10
- OPM %
- 12
- Other Income
- 0
- Interest
- 1
- Depreciation
- 2
- 7
- Tax %
- 32
- Net Profit
- 5
- EPS
- 0
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 4
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 4
Mar 2018
- 103
- 90
- Operating Profit
- 13
- OPM %
- 13
- Other Income
- 0
- Interest
- 2
- Depreciation
- 2
- 10
- Tax %
- 32
- Net Profit
- 7
- EPS
- 0
- Dividend Payout %
- 24
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 4
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 4
Mar 2019
- 132
- 118
- Operating Profit
- 14
- OPM %
- 11
- Other Income
- 0
- Interest
- 1
- Depreciation
- 2
- 11
- Tax %
- 29
- Net Profit
- 7
- EPS
- 0
- Dividend Payout %
- 25
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 5
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 5
Mar 2020
- 138
- 124
- Operating Profit
- 14
- OPM %
- 10
- Other Income
- 1
- Interest
- 2
- Depreciation
- 5
- 7
- Tax %
- 27
- Net Profit
- 5
- EPS
- 0
- Dividend Payout %
- 37
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 3
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 3
Mar 2021
- 135
- 124
- Operating Profit
- 12
- OPM %
- 9
- Other Income
- 1
- Interest
- 2
- Depreciation
- 4
- 5
- Tax %
- 32
- Net Profit
- 4
- EPS
- 2
- Dividend Payout %
- 52
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 2
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 2
Mar 2022
- 206
- 192
- Operating Profit
- 15
- OPM %
- 7
- Other Income
- 1
- Interest
- 2
- Depreciation
- 4
- 10
- Tax %
- 25
- Net Profit
- 7
- EPS
- 5
- Dividend Payout %
- 26
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 5
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 5
Mar 2023
- 312
- 280
- Operating Profit
- 33
- OPM %
- 11
- Other Income
- 1
- Interest
- 1
- Depreciation
- 4
- 28
- Tax %
- 26
- Net Profit
- 21
- EPS
- 13
- Dividend Payout %
- 14
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 13
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 13
Mar 2024
- 378
- 338
- Operating Profit
- 41
- OPM %
- 11
- Other Income
- 1
- Interest
- 2
- Depreciation
- 4
- 35
- Tax %
- 26
- Net Profit
- 26
- EPS
- 17
- Dividend Payout %
- 12
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 17
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 17
Mar 2025
- 480
- 437
- Operating Profit
- 43
- OPM %
- 9
- Other Income
- 1
- Interest
- 4
- Depreciation
- 8
- 31
- Tax %
- 26
- Net Profit
- 23
- EPS
- 15
- Dividend Payout %
- 15
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 15
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 15
TTM
- 736
- 697
- Operating Profit
- —
- OPM %
- —
- Other Income
- 1
- Interest
- 14
- Depreciation
- 15
- 16
- Tax %
- 25
- Net Profit
- 12
- EPS
- —
- Dividend Payout %
- —
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- —
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- —
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:
- 58%
- 3 Years:
- 13%
- 1 Year:
- -1%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 19%
- 3 Years:
- 26%
- Last Year:
- 20%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - |
| Equity Capital | 7 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 |
| 8 | 29 | 34 | 37 | 40 | 46 | 65 | 88 | 108 | |
| 9 | 8 | 2 | 10 | 5 | 5 | 0 | 0 | 25 | |
| Trade Payables | 16 | 18 | 20 | 22 | 26 | 34 | 51 | 54 | 110 |
| 14 | 11 | 10 | 19 | 21 | 23 | 26 | 51 | 107 | |
| Total Liabilities | 55 | 81 | 82 | 104 | 107 | 124 | 158 | 210 | 366 |
| ASSETS | - | - | - | - | - | - | - | - | - |
| 11 | 13 | 23 | 31 | 30 | 32 | 32 | 50 | 133 | |
| Capital Work in Progress | 0 | 1 | 0 | 0 | 1 | 0 | 0 | 12 | 6 |
| 0 | 0 | 0 | 0 | 0 | 0 | 5 | 0 | 0 | |
| 17 | 25 | 29 | 37 | 40 | 50 | 52 | 60 | 108 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 65 | 94 | |
| Cash & Bank | 8 | 17 | 4 | 2 | 1 | 2 | 10 | 9 | 4 |
| 19 | 25 | 27 | 34 | 35 | 39 | 59 | 14 | 21 | |
| Total Assets | 55 | 81 | 82 | 104 | 107 | 124 | 158 | 210 | 366 |
| Total Debt | 15 | 10 | 3 | 14 | 8 | 9 | 3 | 25 | 82 |
| Net Working Capital | 10 | 32 | 27 | 24 | 27 | 33 | 51 | 59 | 32 |
| Contingent Liabilities | 0 | 0 | 0 | 3 | 2 | 6 | 8 | 10 | 24 |
| Book Value per Share | 21.64 | 28.46 | 31.95 | 33.83 | 35.77 | 39.14 | 51.41 | 66.03 | 78.60 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
| Total Debt | 15 | 10 | 3 | 14 | 8 | 9 | 3 | 25 | 82 |
| Net Working Capital | 10 | 32 | 27 | 24 | 27 | 33 | 51 | 59 | 32 |
| Contingent Liabilities | 0 | 0 | 0 | 3 | 2 | 6 | 8 | 10 | 24 |
| Book Value per Share | 21.64 | 28.46 | 31.95 | 33.83 | 35.77 | 39.14 | 51.41 | 66.03 | 78.60 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
Mar 2017
- Equity Capital
- 7
- 8
- 9
- Trade Payables
- 16
- 14
- Total Liabilities
- 55
- 11
- Capital Work in Progress
- 0
- 0
- 17
- 0
- Cash & Bank
- 8
- 19
- Total Assets
- 55
- Total Debt
- 15
- Net Working Capital
- 10
- Contingent Liabilities
- 0
- Book Value per Share
- 21.64
- Face Value
- 10.00
- Total Debt
- 15
- Net Working Capital
- 10
- Contingent Liabilities
- 0
- Book Value per Share
- 21.64
- Face Value
- 10.00
Mar 2018
- Equity Capital
- 16
- 29
- 8
- Trade Payables
- 18
- 11
- Total Liabilities
- 81
- 13
- Capital Work in Progress
- 1
- 0
- 25
- 0
- Cash & Bank
- 17
- 25
- Total Assets
- 81
- Total Debt
- 10
- Net Working Capital
- 32
- Contingent Liabilities
- 0
- Book Value per Share
- 28.46
- Face Value
- 10.00
- Total Debt
- 10
- Net Working Capital
- 32
- Contingent Liabilities
- 0
- Book Value per Share
- 28.46
- Face Value
- 10.00
Mar 2019
- Equity Capital
- 16
- 34
- 2
- Trade Payables
- 20
- 10
- Total Liabilities
- 82
- 23
- Capital Work in Progress
- 0
- 0
- 29
- 0
- Cash & Bank
- 4
- 27
- Total Assets
- 82
- Total Debt
- 3
- Net Working Capital
- 27
- Contingent Liabilities
- 0
- Book Value per Share
- 31.95
- Face Value
- 10.00
- Total Debt
- 3
- Net Working Capital
- 27
- Contingent Liabilities
- 0
- Book Value per Share
- 31.95
- Face Value
- 10.00
Mar 2020
- Equity Capital
- 16
- 37
- 10
- Trade Payables
- 22
- 19
- Total Liabilities
- 104
- 31
- Capital Work in Progress
- 0
- 0
- 37
- 0
- Cash & Bank
- 2
- 34
- Total Assets
- 104
- Total Debt
- 14
- Net Working Capital
- 24
- Contingent Liabilities
- 3
- Book Value per Share
- 33.83
- Face Value
- 10.00
- Total Debt
- 14
- Net Working Capital
- 24
- Contingent Liabilities
- 3
- Book Value per Share
- 33.83
- Face Value
- 10.00
Mar 2021
- Equity Capital
- 16
- 40
- 5
- Trade Payables
- 26
- 21
- Total Liabilities
- 107
- 30
- Capital Work in Progress
- 1
- 0
- 40
- 0
- Cash & Bank
- 1
- 35
- Total Assets
- 107
- Total Debt
- 8
- Net Working Capital
- 27
- Contingent Liabilities
- 2
- Book Value per Share
- 35.77
- Face Value
- 10.00
- Total Debt
- 8
- Net Working Capital
- 27
- Contingent Liabilities
- 2
- Book Value per Share
- 35.77
- Face Value
- 10.00
Mar 2022
- Equity Capital
- 16
- 46
- 5
- Trade Payables
- 34
- 23
- Total Liabilities
- 124
- 32
- Capital Work in Progress
- 0
- 0
- 50
- 0
- Cash & Bank
- 2
- 39
- Total Assets
- 124
- Total Debt
- 9
- Net Working Capital
- 33
- Contingent Liabilities
- 6
- Book Value per Share
- 39.14
- Face Value
- 10.00
- Total Debt
- 9
- Net Working Capital
- 33
- Contingent Liabilities
- 6
- Book Value per Share
- 39.14
- Face Value
- 10.00
Mar 2023
- Equity Capital
- 16
- 65
- 0
- Trade Payables
- 51
- 26
- Total Liabilities
- 158
- 32
- Capital Work in Progress
- 0
- 5
- 52
- 0
- Cash & Bank
- 10
- 59
- Total Assets
- 158
- Total Debt
- 3
- Net Working Capital
- 51
- Contingent Liabilities
- 8
- Book Value per Share
- 51.41
- Face Value
- 10.00
- Total Debt
- 3
- Net Working Capital
- 51
- Contingent Liabilities
- 8
- Book Value per Share
- 51.41
- Face Value
- 10.00
Mar 2024
- Equity Capital
- 16
- 88
- 0
- Trade Payables
- 54
- 51
- Total Liabilities
- 210
- 50
- Capital Work in Progress
- 12
- 0
- 60
- 65
- Cash & Bank
- 9
- 14
- Total Assets
- 210
- Total Debt
- 25
- Net Working Capital
- 59
- Contingent Liabilities
- 10
- Book Value per Share
- 66.03
- Face Value
- 10.00
- Total Debt
- 25
- Net Working Capital
- 59
- Contingent Liabilities
- 10
- Book Value per Share
- 66.03
- Face Value
- 10.00
Mar 2025
- Equity Capital
- 16
- 108
- 25
- Trade Payables
- 110
- 107
- Total Liabilities
- 366
- 133
- Capital Work in Progress
- 6
- 0
- 108
- 94
- Cash & Bank
- 4
- 21
- Total Assets
- 366
- Total Debt
- 82
- Net Working Capital
- 32
- Contingent Liabilities
- 24
- Book Value per Share
- 78.60
- Face Value
- 10.00
- Total Debt
- 82
- Net Working Capital
- 32
- Contingent Liabilities
- 24
- Book Value per Share
- 78.60
- Face Value
- 10.00
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| 7 | -2 | 8 | 0 | 12 | 8 | 24 | 10 | 30 | |
| Cash from Investing | -4 | -4 | -11 | -7 | -3 | -5 | -14 | -23 | -83 |
| Cash from Financing | -0 | 16 | -10 | 5 | -9 | -3 | -9 | 17 | 49 |
| 3 | 11 | -13 | -1 | -0 | 0 | 1 | 4 | -5 | |
| Free Cash Flow | 7 | -7 | -3 | -11 | 9 | 3 | 21 | -23 | -53 |
| OCF / Net Profit | 1.50 | -0.31 | 1.10 | 0.00 | 3.42 | 1.14 | 1.17 | 0.40 | 1.31 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 0 | -8 | 20 | -0 | -42 |
| OCF / Net Profit | 1.50 | -0.31 | 1.10 | 0.00 | 3.42 | 1.14 | 1.17 | 0.40 | 1.31 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 0 | -8 | 20 | -0 | -42 |
Mar 2017
- 7
- Cash from Investing
- -4
- Cash from Financing
- -0
- 3
- Free Cash Flow
- 7
- OCF / Net Profit
- 1.50
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 1.50
- Cumulative 5-Year FCF
- 0
Mar 2018
- -2
- Cash from Investing
- -4
- Cash from Financing
- 16
- 11
- Free Cash Flow
- -7
- OCF / Net Profit
- -0.31
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -0.31
- Cumulative 5-Year FCF
- 0
Mar 2019
- 8
- Cash from Investing
- -11
- Cash from Financing
- -10
- -13
- Free Cash Flow
- -3
- OCF / Net Profit
- 1.10
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 1.10
- Cumulative 5-Year FCF
- 0
Mar 2020
- 0
- Cash from Investing
- -7
- Cash from Financing
- 5
- -1
- Free Cash Flow
- -11
- OCF / Net Profit
- 0.00
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 0.00
- Cumulative 5-Year FCF
- 0
Mar 2021
- 12
- Cash from Investing
- -3
- Cash from Financing
- -9
- -0
- Free Cash Flow
- 9
- OCF / Net Profit
- 3.42
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 3.42
- Cumulative 5-Year FCF
- 0
Mar 2022
- 8
- Cash from Investing
- -5
- Cash from Financing
- -3
- 0
- Free Cash Flow
- 3
- OCF / Net Profit
- 1.14
- Cumulative 5-Year FCF
- -8
- OCF / Net Profit
- 1.14
- Cumulative 5-Year FCF
- -8
Mar 2023
- 24
- Cash from Investing
- -14
- Cash from Financing
- -9
- 1
- Free Cash Flow
- 21
- OCF / Net Profit
- 1.17
- Cumulative 5-Year FCF
- 20
- OCF / Net Profit
- 1.17
- Cumulative 5-Year FCF
- 20
Mar 2024
- 10
- Cash from Investing
- -23
- Cash from Financing
- 17
- 4
- Free Cash Flow
- -23
- OCF / Net Profit
- 0.40
- Cumulative 5-Year FCF
- -0
- OCF / Net Profit
- 0.40
- Cumulative 5-Year FCF
- -0
Mar 2025
- 30
- Cash from Investing
- -83
- Cash from Financing
- 49
- -5
- Free Cash Flow
- -53
- OCF / Net Profit
- 1.31
- Cumulative 5-Year FCF
- -42
- OCF / Net Profit
- 1.31
- Cumulative 5-Year FCF
- -42
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | - | - | - | - | - | - | - | - | - |
| EPS (₹) | 6.95 | 4.23 | 4.77 | 3.22 | 2.31 | 4.66 | 13.18 | 16.64 | 14.65 |
| Book Value (₹) | 21.64 | 28.46 | 31.95 | 33.83 | 35.77 | 39.14 | 51.41 | 66.03 | 78.60 |
| Dividend per Share (₹) | 0.00 | 1.00 | 1.20 | 1.20 | 1.20 | 1.20 | 1.80 | 2.00 | 2.25 |
| Cash EPS (₹) | 5.77 | 5.29 | 6.37 | 6.29 | 5.09 | 6.98 | 15.66 | 19.15 | 19.78 |
| PROFITABILITY | - | - | - | - | - | - | - | - | - |
| Operating Margin % | 10.61% | 10.75% | 9.10% | 10.16% | 8.58% | 7.37% | 10.65% | 10.77% | 8.87% |
| Net Margin % | 5.14% | 5.41% | 4.80% | 3.67% | 2.68% | 3.55% | 6.66% | 6.91% | 4.78% |
| ROE % | 32.11% | 22.05% | 15.80% | 9.80% | 6.62% | 12.46% | 29.18% | 28.21% | 20.07% |
| ROCE % | 28.32% | 27.09% | 21.66% | 15.25% | 10.92% | 17.11% | 37.94% | 34.94% | 20.96% |
| 9.08% | 9.74% | 9.15% | 5.42% | 3.43% | 6.35% | 14.78% | 14.22% | 7.95% | |
| EFFICIENCY | - | - | - | - | - | - | - | - | - |
| Debtor Days | 60 | 56 | 51 | 63 | 69 | 52 | 51 | 57 | 60 |
| Inventory Days | 64 | 62 | 62 | 88 | 105 | 80 | 59 | 54 | 64 |
| Payable Days | 109 | 93 | 79 | 88 | 96 | 73 | 70 | 74 | 90 |
| 15 | 25 | 34 | 63 | 78 | 59 | 40 | 37 | 34 | |
| FINANCIAL HEALTH | - | - | - | - | - | - | - | - | - |
| Debt to Equity (x) | 0.97x | 0.22x | 0.06x | 0.26x | 0.14x | 0.14x | 0.04x | 0.24x | 0.66x |
| Interest Coverage (x) | 6.80x | 6.46x | 10.34x | 4.00x | 3.77x | 6.68x | 23.45x | 17.64x | 8.53x |
| 1.29x | 1.93x | 1.87x | 1.53x | 1.58x | 1.56x | 1.70x | 1.72x | 1.17x | |
| GROWTH | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | 0.00% | 16.90% | 28.09% | 4.57% | -2.18% | 53.06% | 51.49% | 21.20% | 26.73% |
| Operating Profit Growth % | 0.00% | 27.96% | 7.42% | -1.34% | -17.40% | 31.46% | 118.85% | 24.53% | 4.97% |
| Net Profit Growth % | 0.00% | 32.69% | 12.75% | -32.47% | -28.48% | 102.62% | 184.16% | 25.64% | -12.36% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 26.21% | -11.97% | |
| VALUATION | - | - | - | - | - | - | - | - | - |
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 28.44x | 61.47x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 7.17x | 11.45x |
| Dividend Yield % | 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 | 18.44x | 34.48x |
Mar 2017
- EPS (₹)
- 6.95
- Book Value (₹)
- 21.64
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 5.77
- Operating Margin %
- 10.61%
- Net Margin %
- 5.14%
- ROE %
- 32.11%
- ROCE %
- 28.32%
- 9.08%
- Debtor Days
- 60
- Inventory Days
- 64
- Payable Days
- 109
- 15
- Debt to Equity (x)
- 0.97x
- Interest Coverage (x)
- 6.80x
- 1.29x
- Revenue Growth %
- 0.00%
- Operating Profit Growth %
- 0.00%
- Net Profit Growth %
- 0.00%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2018
- EPS (₹)
- 4.23
- Book Value (₹)
- 28.46
- Dividend per Share (₹)
- 1.00
- Cash EPS (₹)
- 5.29
- Operating Margin %
- 10.75%
- Net Margin %
- 5.41%
- ROE %
- 22.05%
- ROCE %
- 27.09%
- 9.74%
- Debtor Days
- 56
- Inventory Days
- 62
- Payable Days
- 93
- 25
- Debt to Equity (x)
- 0.22x
- Interest Coverage (x)
- 6.46x
- 1.93x
- Revenue Growth %
- 16.90%
- Operating Profit Growth %
- 27.96%
- Net Profit Growth %
- 32.69%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2019
- EPS (₹)
- 4.77
- Book Value (₹)
- 31.95
- Dividend per Share (₹)
- 1.20
- Cash EPS (₹)
- 6.37
- Operating Margin %
- 9.10%
- Net Margin %
- 4.80%
- ROE %
- 15.80%
- ROCE %
- 21.66%
- 9.15%
- Debtor Days
- 51
- Inventory Days
- 62
- Payable Days
- 79
- 34
- Debt to Equity (x)
- 0.06x
- Interest Coverage (x)
- 10.34x
- 1.87x
- Revenue Growth %
- 28.09%
- Operating Profit Growth %
- 7.42%
- Net Profit Growth %
- 12.75%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2020
- EPS (₹)
- 3.22
- Book Value (₹)
- 33.83
- Dividend per Share (₹)
- 1.20
- Cash EPS (₹)
- 6.29
- Operating Margin %
- 10.16%
- Net Margin %
- 3.67%
- ROE %
- 9.80%
- ROCE %
- 15.25%
- 5.42%
- Debtor Days
- 63
- Inventory Days
- 88
- Payable Days
- 88
- 63
- Debt to Equity (x)
- 0.26x
- Interest Coverage (x)
- 4.00x
- 1.53x
- Revenue Growth %
- 4.57%
- Operating Profit Growth %
- -1.34%
- Net Profit Growth %
- -32.47%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2021
- EPS (₹)
- 2.31
- Book Value (₹)
- 35.77
- Dividend per Share (₹)
- 1.20
- Cash EPS (₹)
- 5.09
- Operating Margin %
- 8.58%
- Net Margin %
- 2.68%
- ROE %
- 6.62%
- ROCE %
- 10.92%
- 3.43%
- Debtor Days
- 69
- Inventory Days
- 105
- Payable Days
- 96
- 78
- Debt to Equity (x)
- 0.14x
- Interest Coverage (x)
- 3.77x
- 1.58x
- Revenue Growth %
- -2.18%
- Operating Profit Growth %
- -17.40%
- Net Profit Growth %
- -28.48%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2022
- EPS (₹)
- 4.66
- Book Value (₹)
- 39.14
- Dividend per Share (₹)
- 1.20
- Cash EPS (₹)
- 6.98
- Operating Margin %
- 7.37%
- Net Margin %
- 3.55%
- ROE %
- 12.46%
- ROCE %
- 17.11%
- 6.35%
- Debtor Days
- 52
- Inventory Days
- 80
- Payable Days
- 73
- 59
- Debt to Equity (x)
- 0.14x
- Interest Coverage (x)
- 6.68x
- 1.56x
- Revenue Growth %
- 53.06%
- Operating Profit Growth %
- 31.46%
- Net Profit Growth %
- 102.62%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2023
- EPS (₹)
- 13.18
- Book Value (₹)
- 51.41
- Dividend per Share (₹)
- 1.80
- Cash EPS (₹)
- 15.66
- Operating Margin %
- 10.65%
- Net Margin %
- 6.66%
- ROE %
- 29.18%
- ROCE %
- 37.94%
- 14.78%
- Debtor Days
- 51
- Inventory Days
- 59
- Payable Days
- 70
- 40
- Debt to Equity (x)
- 0.04x
- Interest Coverage (x)
- 23.45x
- 1.70x
- Revenue Growth %
- 51.49%
- Operating Profit Growth %
- 118.85%
- Net Profit Growth %
- 184.16%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2024
- EPS (₹)
- 16.64
- Book Value (₹)
- 66.03
- Dividend per Share (₹)
- 2.00
- Cash EPS (₹)
- 19.15
- Operating Margin %
- 10.77%
- Net Margin %
- 6.91%
- ROE %
- 28.21%
- ROCE %
- 34.94%
- 14.22%
- Debtor Days
- 57
- Inventory Days
- 54
- Payable Days
- 74
- 37
- Debt to Equity (x)
- 0.24x
- Interest Coverage (x)
- 17.64x
- 1.72x
- Revenue Growth %
- 21.20%
- Operating Profit Growth %
- 24.53%
- Net Profit Growth %
- 25.64%
- 26.21%
- P/E (x)
- 28.44x
- P/B (x)
- 7.17x
- Dividend Yield %
- 0.42%
- 18.44x
Mar 2025
- EPS (₹)
- 14.65
- Book Value (₹)
- 78.60
- Dividend per Share (₹)
- 2.25
- Cash EPS (₹)
- 19.78
- Operating Margin %
- 8.87%
- Net Margin %
- 4.78%
- ROE %
- 20.07%
- ROCE %
- 20.96%
- 7.95%
- Debtor Days
- 60
- Inventory Days
- 64
- Payable Days
- 90
- 34
- Debt to Equity (x)
- 0.66x
- Interest Coverage (x)
- 8.53x
- 1.17x
- Revenue Growth %
- 26.73%
- Operating Profit Growth %
- 4.97%
- Net Profit Growth %
- -12.36%
- -11.97%
- P/E (x)
- 61.47x
- P/B (x)
- 11.45x
- Dividend Yield %
- 0.25%
- 34.48x
Documents
Announcements
- Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-21 - Ice Make Refrigeration Limited has informed the Exchange about Schedule of meet and Presentation
- Amendment to AOA/MOA
2026-08-19 - Ice Make Refrigeration Limited has informed the Exchange regarding the Amendment to AOA/MOA of the company.
Annual Reports
Credit Ratings
Nothing filed yet.
Concalls
Jun 2026
Mar 2026
Nov 2025