ICE MakeRefrigeratio

₹555.8 -2.6 | 0.5%

WEBSITE BSE:0 NSE : 18 May, 12:48

Market Cap ₹877 Cr.

Stock P/E 42.6

P/B 9.4

Current Price ₹555.8

Book Value ₹ 58.9

Face Value 10

52W High ₹747.5

Dividend Yield 0.32%

52W Low ₹ 320

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ICE MakeRefrigeratio Research see more...

Overview Inc. Year: 2009Industry: Electronics - Components

ICE Make Refrigeration Ltd is an Indian-based company that specializes in the manufacturing and distribution of a wide range of commercial refrigeration equipment and solutions. With over two decades of experience in the industry, ICE Make Refrigeration Ltd has established itself as a leading player in the Indian market, offering products such as cold rooms, refrigeration units, and other refrigeration solutions for various industries, including hospitality, pharmaceuticals, and food processing. The company has a strong focus on research and development, with a dedicated team of engineers and technicians constantly working to innovate and improve their products. Additionally, ICE Make Refrigeration Ltd has a strong network of dealers and distributors across India and exports its products to various countries around the world.

ICE MakeRefrigeratio Share Price

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Peer Comparison

ICE MakeRefrigeratio Quarterly Results

#(Fig in Cr.)	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Net Sales	48	49	77	65	67	67	114	79	77	82
Other Income	0	0	0	0	0	0	1	0	0	0
Total Income	48	49	77	65	67	67	114	79	77	83
Total Expenditure	45	46	68	60	60	59	101	71	69	78
Operating Profit	3	3	9	5	8	7	13	8	8	4
Interest	0	1	1	0	0	1	0	0	1	1
Depreciation	1	1	1	1	1	1	1	1	1	1
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	2	2	7	4	6	6	12	7	6	3
Provision for Tax	0	0	2	1	2	1	3	2	2	1
Profit After Tax	1	1	6	3	5	4	9	5	4	2
Adjustments	-0	-0	-0	0	0	0	0	0	0	0
Profit After Adjustments	1	1	6	3	5	4	9	5	5	2
Adjusted Earnings Per Share	0.9	0.8	3.5	2	2.9	2.8	5.5	3.4	2.9	1.3

ICE MakeRefrigeratio Profit & Loss

#(Fig in Cr.)	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	88	103	132	138	135	206	312	352
Other Income	0	0	0	1	1	1	1	1
Total Income	88	103	132	138	136	207	313	353
Total Expenditure	78	90	118	124	124	192	280	319
Operating Profit	10	13	14	14	12	15	33	33
Interest	1	2	1	2	2	2	1	2
Depreciation	2	2	2	5	4	4	4	4
Exceptional Income / Expenses	0	0	0	0	0	0	0	0
Profit Before Tax	7	10	11	7	5	10	28	28
Provision for Tax	2	3	3	2	2	2	7	8
Profit After Tax	5	7	7	5	4	7	21	20
Adjustments	0	0	0	0	0	0	0	0
Profit After Adjustments	5	7	7	5	4	7	21	21
Adjusted Earnings Per Share	4.3	4.2	4.8	3.2	2.3	4.7	13.2	13.1

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	51%	31%	25%	0%
Operating Profit CAGR	120%	33%	20%	0%
PAT CAGR	200%	61%	25%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	68%	100%	48%	NA%
ROE Average	29%	16%	15%	18%
ROCE Average	38%	22%	21%	23%

ICE MakeRefrigeratio Balance Sheet

#(Fig in Cr.)	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	16	45	50	53	56	62	81
Minority's Interest	0	0	0	0	0	0	0
Borrowings	6	2	1	4	3	3	3
Other Non-Current Liabilities	-0	-0	-0	2	1	1	1
Total Current Liabilities	34	35	31	45	46	58	73
Total Liabilities	55	81	82	104	107	124	158
Fixed Assets	11	13	23	31	30	32	32
Other Non-Current Assets	0	2	1	4	4	1	1
Total Current Assets	44	67	59	70	73	90	124
Total Assets	55	81	82	104	107	124	158

ICE MakeRefrigeratio Cash Flow

#(Fig in Cr.)	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	3	7	17	2	1	0	0
Cash Flow from Operating Activities	7	-2	8	0	12	8	24
Cash Flow from Investing Activities	-4	-4	-11	-7	-3	-5	-14
Cash Flow from Financing Activities	-0	16	-10	5	-9	-3	-9
Net Cash Inflow / Outflow	3	11	-13	-1	-0	0	1
Closing Cash & Cash Equivalent	7	17	4	1	0	0	1

ICE MakeRefrigeratio Ratios

#	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	4.34	4.23	4.77	3.22	2.31	4.66	13.18
CEPS(Rs)	5.77	5.29	6.37	6.29	5.09	6.98	15.66
DPS(Rs)	0	1	1.2	1.2	1.2	1.2	1.8
Book NAV/Share(Rs)	13.53	28.46	31.95	33.83	35.77	39.14	51.41
Core EBITDA Margin(%)	10.28	10.35	8.85	9.8	7.67	7.03	10.29
EBIT Margin(%)	8.92	9.4	7.49	6.67	5.34	5.6	9.39
Pre Tax Margin(%)	7.61	7.95	6.77	5	3.92	4.76	8.99
PAT Margin (%)	5.14	5.41	4.8	3.67	2.68	3.55	6.66
Cash Profit Margin (%)	6.83	6.76	6.4	7.16	5.93	5.32	7.91
ROA(%)	9.08	9.74	9.15	5.42	3.43	6.35	14.78
ROE(%)	32.11	22.05	15.8	9.8	6.62	12.46	29.18
ROCE(%)	28.32	27.09	21.66	15.25	10.92	17.11	37.94
Receivable days	59.67	56.26	50.96	63.01	68.95	51.88	50.98
Inventory Days	64.43	62	62.46	87.91	105.05	79.75	59.39
Payable days	109.27	93.27	78.96	88.09	96.02	73.1	70.14
PER(x)	0	21.31	16.77	10.32	28.96	20.83	19.89
Price/Book(x)	0	3.17	2.51	0.98	1.87	2.48	5.1
Dividend Yield(%)	0	1.11	1.5	3.61	1.8	1.24	0.69
EV/Net Sales(x)	0.17	1.3	0.95	0.47	0.83	0.77	1.3
EV/Core EBITDA(x)	1.42	10.16	8.79	4.59	9.63	10.46	12.24
Net Sales Growth(%)	0	16.9	28.09	4.57	-2.18	53.06	51.49
EBIT Growth(%)	0	33.04	1.24	-21.38	-21.74	60.68	154
PAT Growth(%)	0	32.69	12.75	-32.47	-28.48	102.62	184.16
EPS Growth(%)	0	-2.53	12.75	-32.47	-28.48	102.24	182.74
Debt/Equity(x)	0.97	0.22	0.06	0.26	0.14	0.14	0.04
Current Ratio(x)	1.29	1.93	1.87	1.53	1.58	1.56	1.7
Quick Ratio(x)	0.78	1.22	0.95	0.71	0.72	0.7	0.99
Interest Cover(x)	6.8	6.46	10.34	4	3.77	6.68	23.45
Total Debt/Mcap(x)	0	0.07	0.03	0.27	0.08	0.06	0.01

ICE MakeRefrigeratio Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	74.86	74.86	74.51	74.49	74.49	74.49	74.49	74.49	74.49	74.49
FII	0	0	0	0.05	0.05	0.05	0.05	0.05	0.02	0
DII	0	0	0	0	0	0	0	0	0	0
Public	25.14	25.14	25.49	25.46	25.46	25.46	25.46	25.46	25.49	25.51
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	1.18	1.18	1.18	1.18	1.18	1.18	1.18	1.18	1.18	1.18
FII	0	0	0	0	0	0	0	0	0	0
DII	0	0	0	0	0	0	0	0	0	0
Public	0.39	0.39	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
Others	0	0	0	0	0	0	0	0	0	0
Total	1.57	1.57	1.58	1.58	1.58	1.58	1.58	1.58	1.58	1.58

Pros

Company has delivered good profit growth of 24% CAGR over last 5 years
Debtor days have improved from 73.1 to 70.14days.
Company is almost debt free.

Cons

Stock is trading at 9.4 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.