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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 de...Read More
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. ...Read Less
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Market Cap ₹1259 Cr.
Stock P/E 55
P/B 10.3
Current Price ₹797.7
Book Value ₹ 77.7
Face Value 10
52W High ₹987
Dividend Yield 0.28%
52W Low ₹ 660.3
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 77 | 82 | 140 | 85 | 103 | 111 | 180 | 112 | 147 | 153 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 77 | 83 | 140 | 85 | 104 | 111 | 181 | 112 | 148 | 153 |
| Total Expenditure | 69 | 78 | 119 | 79 | 95 | 104 | 159 | 107 | 138 | 143 |
| Operating Profit | 8 | 4 | 21 | 6 | 9 | 7 | 22 | 5 | 10 | 10 |
| Interest | 1 | 1 | 1 | 0 | 1 | 1 | 2 | 2 | 3 | 4 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 2 | 4 | 4 | 4 | 4 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 6 | 3 | 19 | 5 | 7 | 4 | 16 | -2 | 3 | 2 |
| Provision for Tax | 2 | 1 | 5 | 1 | 2 | 1 | 4 | -0 | 1 | 0 |
| Profit After Tax | 4 | 2 | 14 | 4 | 5 | 3 | 12 | -1 | 2 | 1 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 5 | 2 | 14 | 4 | 5 | 3 | 12 | -1 | 2 | 1 |
| Adjusted Earnings Per Share | 2.9 | 1.3 | 9.1 | 2.4 | 3.1 | 1.8 | 7.4 | -0.9 | 1.3 | 0.9 |
| #(Fig in Cr.) | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 88 | 103 | 132 | 138 | 135 | 206 | 312 | 378 | 480 | 592 |
| Other Income | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Total Income | 88 | 103 | 132 | 138 | 136 | 207 | 313 | 379 | 480 | 594 |
| Total Expenditure | 78 | 90 | 118 | 124 | 124 | 192 | 280 | 338 | 437 | 547 |
| Operating Profit | 10 | 13 | 14 | 14 | 12 | 15 | 33 | 41 | 43 | 47 |
| Interest | 1 | 2 | 1 | 2 | 2 | 2 | 1 | 2 | 4 | 11 |
| Depreciation | 2 | 2 | 2 | 5 | 4 | 4 | 4 | 4 | 8 | 16 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 7 | 10 | 11 | 7 | 5 | 10 | 28 | 35 | 31 | 19 |
| Provision for Tax | 2 | 3 | 3 | 2 | 2 | 2 | 7 | 9 | 8 | 5 |
| Profit After Tax | 5 | 7 | 7 | 5 | 4 | 7 | 21 | 26 | 23 | 14 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 5 | 7 | 7 | 5 | 4 | 7 | 21 | 26 | 23 | 14 |
| Adjusted Earnings Per Share | 4.3 | 4.2 | 4.8 | 3.2 | 2.3 | 4.7 | 13.2 | 16.6 | 14.6 | 8.7 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 27% | 33% | 28% | 0% |
| Operating Profit CAGR | 5% | 42% | 25% | 0% |
| PAT CAGR | -12% | 49% | 36% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -17% | 33% | 63% | NA% |
| ROE Average | 20% | 26% | 19% | 20% |
| ROCE Average | 21% | 31% | 24% | 24% |
| #(Fig in Cr.) | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 16 | 45 | 50 | 53 | 56 | 62 | 81 | 104 | 124 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | -0 |
| Borrowings | 6 | 2 | 1 | 4 | 3 | 3 | 3 | 24 | 48 |
| Other Non-Current Liabilities | -0 | -0 | -0 | 2 | 1 | 1 | 1 | 1 | 5 |
| Total Current Liabilities | 34 | 35 | 31 | 45 | 46 | 58 | 73 | 81 | 190 |
| Total Liabilities | 55 | 81 | 82 | 104 | 107 | 124 | 158 | 210 | 366 |
| Fixed Assets | 11 | 13 | 23 | 31 | 30 | 32 | 32 | 50 | 133 |
| Other Non-Current Assets | 0 | 2 | 1 | 4 | 4 | 1 | 1 | 19 | 11 |
| Total Current Assets | 44 | 67 | 59 | 70 | 73 | 90 | 124 | 140 | 222 |
| Total Assets | 55 | 81 | 82 | 104 | 107 | 124 | 158 | 210 | 366 |
| #(Fig in Cr.) | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 3 | 7 | 17 | 2 | 1 | 0 | 0 | 1 | 5 |
| Cash Flow from Operating Activities | 7 | -2 | 8 | 0 | 12 | 8 | 24 | 10 | 30 |
| Cash Flow from Investing Activities | -4 | -4 | -11 | -7 | -3 | -5 | -14 | -23 | -83 |
| Cash Flow from Financing Activities | -0 | 16 | -10 | 5 | -9 | -3 | -9 | 17 | 49 |
| Net Cash Inflow / Outflow | 3 | 11 | -13 | -1 | -0 | 0 | 1 | 4 | -5 |
| Closing Cash & Cash Equivalent | 7 | 17 | 4 | 1 | 0 | 0 | 1 | 5 | 0 |
| # | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 4.34 | 4.23 | 4.77 | 3.22 | 2.31 | 4.66 | 13.18 | 16.64 | 14.65 |
| CEPS(Rs) | 5.77 | 5.29 | 6.37 | 6.29 | 5.09 | 6.98 | 15.66 | 19.15 | 19.78 |
| DPS(Rs) | 0 | 1 | 1.2 | 1.2 | 1.2 | 1.2 | 1.8 | 2 | 2.25 |
| Book NAV/Share(Rs) | 13.53 | 28.46 | 31.95 | 33.83 | 35.77 | 39.14 | 51.41 | 66.03 | 78.6 |
| Core EBITDA Margin(%) | 10.28 | 10.35 | 8.85 | 9.8 | 7.67 | 7.03 | 10.29 | 10.77 | 8.87 |
| EBIT Margin(%) | 8.92 | 9.4 | 7.49 | 6.67 | 5.34 | 5.6 | 9.39 | 9.86 | 7.33 |
| Pre Tax Margin(%) | 7.61 | 7.95 | 6.77 | 5 | 3.92 | 4.76 | 8.99 | 9.3 | 6.47 |
| PAT Margin (%) | 5.14 | 5.41 | 4.8 | 3.67 | 2.68 | 3.55 | 6.66 | 6.91 | 4.78 |
| Cash Profit Margin (%) | 6.83 | 6.76 | 6.4 | 7.16 | 5.93 | 5.32 | 7.91 | 7.98 | 6.51 |
| ROA(%) | 9.08 | 9.74 | 9.15 | 5.42 | 3.43 | 6.35 | 14.78 | 14.22 | 7.95 |
| ROE(%) | 32.11 | 22.05 | 15.8 | 9.8 | 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 |
| Receivable days | 59.67 | 56.26 | 50.96 | 63.01 | 68.95 | 51.88 | 50.98 | 57.17 | 60.49 |
| Inventory Days | 64.43 | 62 | 62.46 | 87.91 | 105.05 | 79.75 | 59.39 | 53.76 | 63.93 |
| Payable days | 109.27 | 93.27 | 78.96 | 88.09 | 96.02 | 73.1 | 70.14 | 73.8 | 90.07 |
| PER(x) | 0 | 21.31 | 16.77 | 10.32 | 28.96 | 20.83 | 19.89 | 28.44 | 61.47 |
| Price/Book(x) | 0 | 3.17 | 2.51 | 0.98 | 1.87 | 2.48 | 5.1 | 7.17 | 11.45 |
| Dividend Yield(%) | 0 | 1.11 | 1.5 | 3.61 | 1.8 | 1.24 | 0.69 | 0.42 | 0.25 |
| EV/Net Sales(x) | 0.17 | 1.3 | 0.95 | 0.47 | 0.83 | 0.77 | 1.3 | 2.02 | 3.12 |
| EV/Core EBITDA(x) | 1.42 | 10.16 | 8.79 | 4.59 | 9.63 | 10.46 | 12.24 | 18.44 | 34.48 |
| Net Sales Growth(%) | 0 | 16.9 | 28.09 | 4.57 | -2.18 | 53.06 | 51.49 | 21.2 | 26.73 |
| EBIT Growth(%) | 0 | 33.04 | 1.24 | -21.38 | -21.74 | 60.68 | 154 | 27.22 | -5.83 |
| PAT Growth(%) | 0 | 32.69 | 12.75 | -32.47 | -28.48 | 102.62 | 184.16 | 25.64 | -12.36 |
| EPS Growth(%) | 0 | -2.53 | 12.75 | -32.47 | -28.48 | 102.24 | 182.74 | 26.21 | -11.97 |
| Debt/Equity(x) | 0.97 | 0.22 | 0.06 | 0.26 | 0.14 | 0.14 | 0.04 | 0.24 | 0.66 |
| Current Ratio(x) | 1.29 | 1.93 | 1.87 | 1.53 | 1.58 | 1.56 | 1.7 | 1.72 | 1.17 |
| Quick Ratio(x) | 0.78 | 1.22 | 0.95 | 0.71 | 0.72 | 0.7 | 0.99 | 0.99 | 0.6 |
| Interest Cover(x) | 6.8 | 6.46 | 10.34 | 4 | 3.77 | 6.68 | 23.45 | 17.64 | 8.53 |
| Total Debt/Mcap(x) | 0 | 0.07 | 0.03 | 0.27 | 0.08 | 0.06 | 0.01 | 0.03 | 0.06 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 74.49 | 74.49 | 74.49 | 74.49 | 74.49 | 74.41 | 74.4 | 74.36 | 74.26 | 74.2 |
| FII | 0.02 | 0 | 0.02 | 0 | 0 | 0.33 | 0.01 | 0.01 | 0.11 | 0.22 |
| DII | 0 | 0 | 0 | 0 | 0.58 | 0.87 | 1.21 | 1.31 | 1.99 | 1.64 |
| Public | 25.49 | 25.51 | 25.5 | 25.51 | 24.93 | 24.39 | 24.38 | 24.32 | 23.64 | 23.94 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.18 | 1.18 | 1.18 | 1.18 | 1.18 | 1.17 | 1.17 | 1.17 | 1.17 | 1.17 |
| FII | 0 | 0 | 0 | 0 | 0 | 0.01 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0.01 | 0.01 | 0.02 | 0.02 | 0.03 | 0.03 |
| Public | 0.4 | 0.4 | 0.4 | 0.4 | 0.39 | 0.38 | 0.38 | 0.38 | 0.37 | 0.38 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.58 | 1.58 | 1.58 | 1.58 | 1.58 | 1.58 | 1.58 | 1.58 | 1.58 | 1.58 |
* The pros and cons are machine generated.
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