ICE Make Refrigeration Ltd.
•₹ 721.7-0.6%
2026-08-21
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
- Rich enterprise valuation - EV/EBITDA of 34.7x
* 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
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 | — | — | — | — | — | — | — | — | — | — | — | — | — |
| OPM % | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Income | 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 |
| 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 |
| 4 | 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
- 77
- 69
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 0
- Depreciation
- 1
- 7
- Tax %
- 25.13%
- Net Profit
- 6
- 4
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2023
- 76
- 68
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 1
- Depreciation
- 1
- 6
- Tax %
- 25.37%
- Net Profit
- 5
- 3
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2023
- 82
- 77
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 1
- Depreciation
- 1
- 3
- Tax %
- 25.50%
- Net Profit
- 2
- 1
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2024
- 135
- 115
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 0
- Depreciation
- 1
- 19
- Tax %
- 26.15%
- Net Profit
- 14
- 9
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2024
- 83
- 77
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 0
- Depreciation
- 1
- 5
- Tax %
- 23.91%
- Net Profit
- 4
- 2
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2024
- 101
- 93
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 1
- Depreciation
- 1
- 7
- Tax %
- 27.23%
- Net Profit
- 5
- 3
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2024
- 109
- 102
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 1
- Depreciation
- 2
- 4
- Tax %
- 22.31%
- Net Profit
- 3
- 2
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2025
- 179
- 158
- Operating Profit
- —
- OPM %
- —
- Other Income
- 1
- Interest
- 2
- Depreciation
- 4
- 16
- Tax %
- 27.29%
- 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
- 108
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 2
- Depreciation
- 4
- -2
- Tax %
- 22.35%
- Net Profit
- -1
- -1
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2025
- 149
- 140
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 3
- Depreciation
- 4
- 2
- Tax %
- 26.40%
- Net Profit
- 1
- 1
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2025
- 153
- 144
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 4
- Depreciation
- 4
- 2
- Tax %
- 25.83%
- Net Profit
- 1
- 1
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2026
- 254
- 233
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 4
- Depreciation
- 4
- 13
- Tax %
- 25.35%
- Net Profit
- 10
- 6
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2026
- 176
- 178
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 3
- Depreciation
- 2
- -2
- Tax %
- 26.19%
- Net Profit
- -1
- -0
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 16
- Reserves
- 0
- Promoter Pledge %
- 0.00%
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 | 13 | 14 | 15 | 12 | 15 | 33 | 41 | 43 | — |
| OPM % | 10 | 12 | 13 | 11 | 11 | 9 | 8 | 11 | 11 | 9 | — |
| Other Income | 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 |
| 4 | 7 | 10 | 11 | 9 | 6 | 11 | 28 | 36 | 31 | 15 | |
| Tax % | 34 | 32 | 32 | 29 | 26 | 31 | 26 | 26 | 26 | 26 | 25 |
| Net Profit | 3 | 5 | 7 | 8 | 7 | 4 | 8 | 21 | 27 | 23 | 11 |
| EPS | 0 | 0 | 0 | 0 | 0 | 3 | 5 | 13 | 17 | 15 | — |
| Dividend Payout % | 0 | 0 | 24 | 24 | 28 | 42 | 23 | 13 | 12 | 15 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 0 | 4 | 4 | 5 | 4 | 3 | 5 | 13 | 17 | 15 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 0 | 4 | 4 | 5 | 4 | 3 | 5 | 13 | 17 | 15 | — |
Mar 2016
- 72
- 65
- Operating Profit
- 7
- OPM %
- 10
- Other Income
- 0
- Interest
- 2
- Depreciation
- 2
- 4
- Tax %
- 34
- Net Profit
- 3
- EPS
- 0
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 0
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
- 101
- 89
- Operating Profit
- 13
- OPM %
- 13
- Other Income
- 1
- Interest
- 2
- Depreciation
- 1
- 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
- 129
- 115
- Operating Profit
- 14
- OPM %
- 11
- Other Income
- 0
- Interest
- 1
- Depreciation
- 2
- 11
- Tax %
- 29
- Net Profit
- 8
- EPS
- 0
- Dividend Payout %
- 24
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 5
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 5
Mar 2020
- 136
- 122
- Operating Profit
- 15
- OPM %
- 11
- Other Income
- 1
- Interest
- 2
- Depreciation
- 4
- 9
- Tax %
- 26
- Net Profit
- 7
- EPS
- 0
- Dividend Payout %
- 28
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 4
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 4
Mar 2021
- 131
- 121
- Operating Profit
- 12
- OPM %
- 9
- Other Income
- 1
- Interest
- 2
- Depreciation
- 4
- 6
- Tax %
- 31
- Net Profit
- 4
- EPS
- 3
- Dividend Payout %
- 42
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 3
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 3
Mar 2022
- 200
- 186
- Operating Profit
- 15
- OPM %
- 8
- Other Income
- 1
- Interest
- 2
- Depreciation
- 3
- 11
- Tax %
- 26
- Net Profit
- 8
- EPS
- 5
- Dividend Payout %
- 23
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 5
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 5
Mar 2023
- 303
- 271
- Operating Profit
- 33
- OPM %
- 11
- Other Income
- 2
- Interest
- 1
- Depreciation
- 3
- 28
- Tax %
- 26
- Net Profit
- 21
- EPS
- 13
- Dividend Payout %
- 13
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 13
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 13
Mar 2024
- 370
- 329
- Operating Profit
- 41
- OPM %
- 11
- Other Income
- 1
- Interest
- 2
- Depreciation
- 4
- 36
- Tax %
- 26
- Net Profit
- 27
- 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
- 472
- 430
- 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
- 732
- 695
- Operating Profit
- —
- OPM %
- —
- Other Income
- 1
- Interest
- 13
- Depreciation
- 15
- 15
- Tax %
- 25
- Net Profit
- 11
- 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:
- 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:
- 13%
- 1 Year:
- -1%
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 7 | 7 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 |
| 3 | 8 | 29 | 35 | 39 | 43 | 49 | 69 | 93 | 113 | |
| 8 | 9 | 8 | 2 | 10 | 5 | 5 | 0 | 0 | 25 | |
| Trade Payables | 9 | 16 | 17 | 20 | 21 | 25 | 32 | 49 | 52 | 108 |
| 11 | 14 | 9 | 8 | 15 | 18 | 21 | 24 | 48 | 104 | |
| Total Liabilities | 39 | 55 | 78 | 81 | 102 | 107 | 123 | 158 | 209 | 365 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 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 |
| Total Debt | 14 | 15 | 8 | 2 | 13 | 7 | 7 | 1 | 23 | 79 |
| Net Working Capital | 7 | 8 | 28 | 23 | 22 | 25 | 30 | 50 | 58 | 29 |
| Contingent Liabilities | 0 | 0 | 0 | 0 | 3 | 2 | 6 | 8 | 10 | 24 |
| Book Value per Share | 14.43 | 21.67 | 28.47 | 32.18 | 35.09 | 37.60 | 41.46 | 53.87 | 68.72 | 81.37 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
| Total Debt | 14 | 15 | 8 | 2 | 13 | 7 | 7 | 1 | 23 | 79 |
| Net Working Capital | 7 | 8 | 28 | 23 | 22 | 25 | 30 | 50 | 58 | 29 |
| Contingent Liabilities | 0 | 0 | 0 | 0 | 3 | 2 | 6 | 8 | 10 | 24 |
| Book Value per Share | 14.43 | 21.67 | 28.47 | 32.18 | 35.09 | 37.60 | 41.46 | 53.87 | 68.72 | 81.37 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
Mar 2016
- Equity Capital
- 7
- 3
- 8
- Trade Payables
- 9
- 11
- Total Liabilities
- 39
- 9
- Capital Work in Progress
- 0
- 0
- 10
- 0
- Cash & Bank
- 4
- 16
- Total Assets
- 39
- Total Debt
- 14
- Net Working Capital
- 7
- Contingent Liabilities
- 0
- Book Value per Share
- 14.43
- Face Value
- 10.00
- Total Debt
- 14
- Net Working Capital
- 7
- Contingent Liabilities
- 0
- Book Value per Share
- 14.43
- Face Value
- 10.00
Mar 2017
- Equity Capital
- 7
- 8
- 9
- Trade Payables
- 16
- 14
- Total Liabilities
- 55
- 9
- Capital Work in Progress
- 0
- 2
- 16
- 0
- Cash & Bank
- 7
- 20
- Total Assets
- 55
- Total Debt
- 15
- Net Working Capital
- 8
- Contingent Liabilities
- 0
- Book Value per Share
- 21.67
- Face Value
- 10.00
- Total Debt
- 15
- Net Working Capital
- 8
- Contingent Liabilities
- 0
- Book Value per Share
- 21.67
- Face Value
- 10.00
Mar 2018
- Equity Capital
- 16
- 29
- 8
- Trade Payables
- 17
- 9
- Total Liabilities
- 78
- 10
- Capital Work in Progress
- 1
- 3
- 22
- 0
- Cash & Bank
- 16
- 25
- Total Assets
- 78
- Total Debt
- 8
- Net Working Capital
- 28
- Contingent Liabilities
- 0
- Book Value per Share
- 28.47
- Face Value
- 10.00
- Total Debt
- 8
- Net Working Capital
- 28
- Contingent Liabilities
- 0
- Book Value per Share
- 28.47
- Face Value
- 10.00
Mar 2019
- Equity Capital
- 16
- 35
- 2
- Trade Payables
- 20
- 8
- Total Liabilities
- 81
- 20
- Capital Work in Progress
- 0
- 3
- 26
- 0
- Cash & Bank
- 4
- 28
- Total Assets
- 81
- Total Debt
- 2
- Net Working Capital
- 23
- Contingent Liabilities
- 0
- Book Value per Share
- 32.18
- Face Value
- 10.00
- Total Debt
- 2
- Net Working Capital
- 23
- Contingent Liabilities
- 0
- Book Value per Share
- 32.18
- Face Value
- 10.00
Mar 2020
- Equity Capital
- 16
- 39
- 10
- Trade Payables
- 21
- 15
- Total Liabilities
- 102
- 26
- Capital Work in Progress
- 0
- 3
- 32
- 0
- Cash & Bank
- 2
- 39
- Total Assets
- 102
- Total Debt
- 13
- Net Working Capital
- 22
- Contingent Liabilities
- 3
- Book Value per Share
- 35.09
- Face Value
- 10.00
- Total Debt
- 13
- Net Working Capital
- 22
- Contingent Liabilities
- 3
- Book Value per Share
- 35.09
- Face Value
- 10.00
Mar 2021
- Equity Capital
- 16
- 43
- 5
- Trade Payables
- 25
- 18
- Total Liabilities
- 107
- 26
- Capital Work in Progress
- 1
- 3
- 35
- 0
- Cash & Bank
- 1
- 40
- Total Assets
- 107
- Total Debt
- 7
- Net Working Capital
- 25
- Contingent Liabilities
- 2
- Book Value per Share
- 37.60
- Face Value
- 10.00
- Total Debt
- 7
- Net Working Capital
- 25
- Contingent Liabilities
- 2
- Book Value per Share
- 37.60
- Face Value
- 10.00
Mar 2022
- Equity Capital
- 16
- 49
- 5
- Trade Payables
- 32
- 21
- Total Liabilities
- 123
- 29
- Capital Work in Progress
- 0
- 3
- 44
- 0
- Cash & Bank
- 2
- 44
- Total Assets
- 123
- Total Debt
- 7
- Net Working Capital
- 30
- Contingent Liabilities
- 6
- Book Value per Share
- 41.46
- Face Value
- 10.00
- Total Debt
- 7
- Net Working Capital
- 30
- Contingent Liabilities
- 6
- Book Value per Share
- 41.46
- Face Value
- 10.00
Mar 2023
- Equity Capital
- 16
- 69
- 0
- Trade Payables
- 49
- 24
- Total Liabilities
- 158
- 30
- Capital Work in Progress
- 0
- 8
- 47
- 0
- Cash & Bank
- 9
- 64
- Total Assets
- 158
- Total Debt
- 1
- Net Working Capital
- 50
- Contingent Liabilities
- 8
- Book Value per Share
- 53.87
- Face Value
- 10.00
- Total Debt
- 1
- Net Working Capital
- 50
- Contingent Liabilities
- 8
- Book Value per Share
- 53.87
- Face Value
- 10.00
Mar 2024
- Equity Capital
- 16
- 93
- 0
- Trade Payables
- 52
- 48
- Total Liabilities
- 209
- 46
- Capital Work in Progress
- 12
- 3
- 53
- 68
- Cash & Bank
- 8
- 18
- Total Assets
- 209
- Total Debt
- 23
- Net Working Capital
- 58
- Contingent Liabilities
- 10
- Book Value per Share
- 68.72
- Face Value
- 10.00
- Total Debt
- 23
- Net Working Capital
- 58
- Contingent Liabilities
- 10
- Book Value per Share
- 68.72
- Face Value
- 10.00
Mar 2025
- Equity Capital
- 16
- 113
- 25
- Trade Payables
- 108
- 104
- Total Liabilities
- 365
- 130
- Capital Work in Progress
- 6
- 3
- 102
- 95
- Cash & Bank
- 4
- 26
- Total Assets
- 365
- Total Debt
- 79
- Net Working Capital
- 29
- Contingent Liabilities
- 24
- Book Value per Share
- 81.37
- Face Value
- 10.00
- Total Debt
- 79
- Net Working Capital
- 29
- Contingent Liabilities
- 24
- Book Value per Share
- 81.37
- Face Value
- 10.00
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 8 | -0 | 7 | -1 | 12 | 9 | 22 | 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 | |
| Free Cash Flow | -1 | 6 | -4 | -4 | -10 | 8 | 4 | 19 | -21 | -53 |
| OCF / Net Profit | 0.21 | 1.50 | -0.07 | 0.84 | -0.08 | 2.68 | 1.07 | 1.06 | 0.37 | 1.31 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | -13 | -5 | -7 | 17 | -0 | -43 |
| OCF / Net Profit | 0.21 | 1.50 | -0.07 | 0.84 | -0.08 | 2.68 | 1.07 | 1.06 | 0.37 | 1.31 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | -13 | -5 | -7 | 17 | -0 | -43 |
Mar 2016
- 1
- Cash from Investing
- -2
- Cash from Financing
- -0
- -1
- Free Cash Flow
- -1
- OCF / Net Profit
- 0.21
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 0.21
- Cumulative 5-Year FCF
- 0
Mar 2017
- 8
- Cash from Investing
- -4
- Cash from Financing
- -0
- 3
- Free Cash Flow
- 6
- OCF / Net Profit
- 1.50
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 1.50
- Cumulative 5-Year FCF
- 0
Mar 2018
- -0
- Cash from Investing
- -4
- Cash from Financing
- 14
- 10
- Free Cash Flow
- -4
- OCF / Net Profit
- -0.07
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -0.07
- Cumulative 5-Year FCF
- 0
Mar 2019
- 7
- Cash from Investing
- -10
- Cash from Financing
- -9
- -12
- Free Cash Flow
- -4
- OCF / Net Profit
- 0.84
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 0.84
- Cumulative 5-Year FCF
- 0
Mar 2020
- -1
- Cash from Investing
- -7
- Cash from Financing
- 6
- -1
- Free Cash Flow
- -10
- OCF / Net Profit
- -0.08
- Cumulative 5-Year FCF
- -13
- OCF / Net Profit
- -0.08
- Cumulative 5-Year FCF
- -13
Mar 2021
- 12
- Cash from Investing
- -4
- Cash from Financing
- -9
- -0
- Free Cash Flow
- 8
- OCF / Net Profit
- 2.68
- Cumulative 5-Year FCF
- -5
- OCF / Net Profit
- 2.68
- Cumulative 5-Year FCF
- -5
Mar 2022
- 9
- Cash from Investing
- -5
- Cash from Financing
- -3
- 0
- Free Cash Flow
- 4
- OCF / Net Profit
- 1.07
- Cumulative 5-Year FCF
- -7
- OCF / Net Profit
- 1.07
- Cumulative 5-Year FCF
- -7
Mar 2023
- 22
- Cash from Investing
- -13
- Cash from Financing
- -8
- 1
- Free Cash Flow
- 19
- OCF / Net Profit
- 1.06
- Cumulative 5-Year FCF
- 17
- OCF / Net Profit
- 1.06
- Cumulative 5-Year FCF
- 17
Mar 2024
- 10
- Cash from Investing
- -22
- Cash from Financing
- 16
- 4
- Free Cash Flow
- -21
- OCF / Net Profit
- 0.37
- Cumulative 5-Year FCF
- -0
- OCF / Net Profit
- 0.37
- Cumulative 5-Year FCF
- -0
Mar 2025
- 30
- Cash from Investing
- -84
- Cash from Financing
- 49
- -5
- Free Cash Flow
- -53
- OCF / Net Profit
- 1.31
- Cumulative 5-Year FCF
- -43
- OCF / Net Profit
- 1.31
- Cumulative 5-Year FCF
- -43
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 |
Mar 2016
- EPS (₹)
- 3.67
- Book Value (₹)
- 14.43
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 0.72
- Operating Margin %
- 8.94%
- Net Margin %
- 3.35%
- ROE %
- 29.18%
- ROCE %
- 24.31%
- 7.35%
- Debtor Days
- 51
- Inventory Days
- 45
- Payable Days
- 68
- 28
- Debt to Equity (x)
- 1.37x
- Interest Coverage (x)
- 3.63x
- 1.34x
- Revenue Growth %
- 42.00%
- Operating Profit Growth %
- 72.31%
- Net Profit Growth %
- 182.99%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2017
- EPS (₹)
- 6.97
- Book Value (₹)
- 21.67
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 5.75
- Operating Margin %
- 10.61%
- Net Margin %
- 5.18%
- ROE %
- 38.64%
- ROCE %
- 31.37%
- 10.74%
- Debtor Days
- 55
- Inventory Days
- 49
- Payable Days
- 84
- 20
- Debt to Equity (x)
- 0.97x
- Interest Coverage (x)
- 6.85x
- 1.25x
- Revenue Growth %
- 22.10%
- Operating Profit Growth %
- 45.73%
- Net Profit Growth %
- 89.83%
- 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 (₹)
- 28.47
- Dividend per Share (₹)
- 1.00
- Cash EPS (₹)
- 5.18
- Operating Margin %
- 10.78%
- Net Margin %
- 5.49%
- ROE %
- 22.04%
- ROCE %
- 27.75%
- 9.97%
- Debtor Days
- 55
- Inventory Days
- 58
- Payable Days
- 91
- 22
- Debt to Equity (x)
- 0.17x
- Interest Coverage (x)
- 6.47x
- 1.84x
- Revenue Growth %
- 15.44%
- Operating Profit Growth %
- 26.69%
- Net Profit Growth %
- 32.19%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2019
- EPS (₹)
- 5.00
- Book Value (₹)
- 32.18
- Dividend per Share (₹)
- 1.20
- Cash EPS (₹)
- 6.43
- Operating Margin %
- 9.27%
- Net Margin %
- 5.12%
- ROE %
- 16.48%
- ROCE %
- 22.76%
- 9.85%
- Debtor Days
- 50
- Inventory Days
- 57
- Payable Days
- 78
- 29
- Debt to Equity (x)
- 0.04x
- Interest Coverage (x)
- 12.93x
- 1.77x
- Revenue Growth %
- 27.85%
- Operating Profit Growth %
- 8.92%
- Net Profit Growth %
- 18.11%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2020
- EPS (₹)
- 4.26
- Book Value (₹)
- 35.09
- Dividend per Share (₹)
- 1.20
- Cash EPS (₹)
- 6.78
- Operating Margin %
- 10.97%
- Net Margin %
- 4.91%
- ROE %
- 12.65%
- ROCE %
- 18.20%
- 7.31%
- Debtor Days
- 65
- Inventory Days
- 78
- Payable Days
- 85
- 57
- Debt to Equity (x)
- 0.23x
- Interest Coverage (x)
- 5.76x
- 1.51x
- Revenue Growth %
- 5.21%
- Operating Profit Growth %
- 5.25%
- Net Profit Growth %
- -14.88%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2021
- EPS (₹)
- 2.87
- Book Value (₹)
- 37.60
- Dividend per Share (₹)
- 1.20
- Cash EPS (₹)
- 5.13
- Operating Margin %
- 8.89%
- Net Margin %
- 3.42%
- ROE %
- 7.89%
- ROCE %
- 12.15%
- 4.31%
- Debtor Days
- 76
- Inventory Days
- 93
- Payable Days
- 94
- 75
- Debt to Equity (x)
- 0.12x
- Interest Coverage (x)
- 4.90x
- 1.57x
- Revenue Growth %
- -3.28%
- Operating Profit Growth %
- -21.67%
- Net Profit Growth %
- -32.62%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2022
- EPS (₹)
- 5.16
- Book Value (₹)
- 41.46
- Dividend per Share (₹)
- 1.20
- Cash EPS (₹)
- 7.08
- Operating Margin %
- 7.73%
- Net Margin %
- 4.05%
- ROE %
- 13.06%
- ROCE %
- 18.00%
- 7.05%
- Debtor Days
- 56
- Inventory Days
- 72
- Payable Days
- 71
- 57
- Debt to Equity (x)
- 0.11x
- Interest Coverage (x)
- 7.94x
- 1.56x
- Revenue Growth %
- 52.27%
- Operating Profit Growth %
- 32.35%
- Net Profit Growth %
- 80.27%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2023
- EPS (₹)
- 13.34
- Book Value (₹)
- 53.87
- Dividend per Share (₹)
- 1.80
- Cash EPS (₹)
- 15.44
- Operating Margin %
- 10.86%
- Net Margin %
- 6.95%
- ROE %
- 28.05%
- ROCE %
- 37.21%
- 14.98%
- Debtor Days
- 54
- Inventory Days
- 55
- Payable Days
- 68
- 40
- Debt to Equity (x)
- 0.02x
- Interest Coverage (x)
- 25.79x
- 1.72x
- Revenue Growth %
- 51.22%
- Operating Profit Growth %
- 112.49%
- Net Profit Growth %
- 159.88%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2024
- EPS (₹)
- 16.87
- Book Value (₹)
- 68.72
- Dividend per Share (₹)
- 2.00
- Cash EPS (₹)
- 19.09
- Operating Margin %
- 10.88%
- Net Margin %
- 7.20%
- ROE %
- 27.52%
- ROCE %
- 34.66%
- 14.49%
- Debtor Days
- 61
- Inventory Days
- 49
- Payable Days
- 72
- 38
- Debt to Equity (x)
- 0.21x
- Interest Coverage (x)
- 20.33x
- 1.74x
- Revenue Growth %
- 22.11%
- Operating Profit Growth %
- 25.40%
- Net Profit Growth %
- 26.45%
- 26.45%
- P/E (x)
- 28.05x
- P/B (x)
- 6.89x
- Dividend Yield %
- 0.42%
- 18.47x
Mar 2025
- EPS (₹)
- 14.72
- Book Value (₹)
- 81.37
- Dividend per Share (₹)
- 2.25
- Cash EPS (₹)
- 19.67
- Operating Margin %
- 8.84%
- Net Margin %
- 4.92%
- ROE %
- 19.61%
- ROCE %
- 20.88%
- 8.09%
- Debtor Days
- 63
- Inventory Days
- 60
- Payable Days
- 88
- 35
- Debt to Equity (x)
- 0.61x
- Interest Coverage (x)
- 9.08x
- 1.16x
- Revenue Growth %
- 27.65%
- Operating Profit Growth %
- 4.67%
- Net Profit Growth %
- -12.75%
- -12.75%
- P/E (x)
- 61.17x
- P/B (x)
- 11.06x
- Dividend Yield %
- 0.25%
- 34.67x
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