Ice Make Refrigeration Limited
NSE: ICEMAKEIndustrial Products
Share price
₹661.00
+0.11% close of 9 Oct 2026
Price-based ratios (P/B, dividend yield, EV/EBITDA) are as of 8 Oct 2026, the close above is 9 Oct 2026.
Business score
How strong the business is, in one number. The parts behind it are in Pro.
46
out of 100 · worked out 8 Oct 2026
Your ratios
The numbers you want to see first. Tap Edit to change them.
Market cap
₹1,200 Cr
P/E ratio
100.2
P/B ratio
7.8
ROCE
11.6%
ROE
9.5%
Dividend yield
0.3%
Price & valuation chart
How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.
Answers
Simple answers to the questions investors ask most, from the company's own numbers.
How fast it has been growing
Sales grew 45.4% over the past year, and 34.0% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales slipped from 7.9% to 5.8% over the last four years.
Whether it grew faster than its sector
It grew 34.0% a year against a sector median of 10.6% — 23.3 percentage points faster.
Room to re-rate, or risk of de-rating
At 100.2× earnings it costs 4.2× the market, which pays 23.9× across 2199 companies we can price. Its own industry sits at 87.4×, across 5 companies. It is against its own five-year median of 50.4×, the 88th percentile of its own range.
Whether growth justifies the valuation
Its earnings are falling, so growth cannot justify the price.
| Profit growth | Price per ₹1 profit | Per 1% growth | |
|---|---|---|---|
| Ice Make Refrigeration Limited — this one | -16%/yr | 100.2× | — |
| INDOMIM | 8%/yr | 101.1× | ₹12.6 |
| Aditya Infotech Limited | 48%/yr | 99.9× | ₹2.1 |
| Syrma SGS Technology Limited | 39%/yr | 87.4× | ₹2.2 |
| Honeywell Automation India Limited | 7%/yr | 52.9× | ₹7.6 |
| Jyoti CNC Automation Limited | 157%/yr | 70.3× | — |
Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
How it compares with its peers
Against companies the exchange files under the same label (Industrial Products), it ranks 46 of 75 on returns, 6 of 75 on growth, 63 of 75 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
What makes it hard to beat — and is that still true?
No durable advantage shows in the numbers: it earns 11.6% on capital, ahead of 39% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
Whether its growth pays for itself
No — Over the last five years it made ₹61 crore of cash from the business but spent ₹161 crore on plant and equipment, ₹100 crore more than it made; the gap was mostly borrowed — borrowings rose from ₹11 crore to ₹158 crore. And the profit is real: of every 100 rupees it reported over 10 years, about 73 arrived as cash. Its cash comes back faster than it used to: it went from being waiting 53 days for its cash to waiting 23 days for its cash.
Profit reality check
Is the profit real cash? Simple checks on the accounts. Facts only, not advice.
7 of 9 checks clear · 78%
Latest result · Q1 FY27
What the last results showed. Whether management kept its word is in Pro.
Revenue up 60% but the quarter ended in a ₹1.65 crore loss, and the full-year margin guidance was cut to 6-6.5%.
Announced 13 Aug 2026 · Consolidated · Unaudited
Revenue
₹179 Cr
Revenue vs last year
+59.7%
Revenue vs last quarter
-30.1%
Net profit
-₹2 Cr
Profit vs last quarter
-116.5%
Net margin
-0.9%
EPS
₹-1.04
Earnings call transcript · 18 Aug 2026
Checklist before you investPRO
Points for and against, in one list.
Key numbers & peers
The main numbers grouped by topic, and how the company compares with similar ones.
Price
- Market cap
- ₹1,200 Cr
- Prev close
- ₹661.00
- 52w High
- ₹920
- 52w Low
- ₹602
- Enterprise value
- ₹1,350 Cr
- Beta
- 0.9
- Price CAGR 1y
- -9.0%
- Price CAGR 3y
- 3.0%
- Price CAGR 5y
- 56.0%
- Price CAGR 10y
- —
Ratios
- Return on assets
- 2.4%
- PEG ratio
- -6.3
- P/E ratio
- 100.2
- P/B ratio
- 7.8
- EV / EBITDA
- 30.8
- Industry P/E
- 36.1
- ROCE
- 11.6%
- ROCE 5y average
- 24.2%
- ROE
- 9.5%
- Debt / Equity
- 1.2
- Interest coverage
- 2.2
- Dividend yield
- 0.3%
- ROE 3y average
- 18.0%
- ROE last year
- 9.0%
Annual P&L
- Annual revenue
- ₹668 Cr
- Annual profit
- ₹12 Cr
- Operating margin
- 7.0%
- Net profit margin
- 1.8%
- EBITDA margin
- 6.7%
- Sales growth 3y
- 28.9%
- Sales growth 5y
- 37.7%
- Profit growth 3y
- -16.0%
- Profit growth 5y
- 28.0%
- EPS
- ₹7.7
- Sales growth TTM
- 45.0%
- Profit growth TTM
- -33.0%
- Dividend payout
- 29.0%
Quarter P&L
- Sales latest quarter
- ₹179 Cr
- Profit latest quarter
- -₹2 Cr
- YoY quarterly sales growth
- 60.4%
- YoY quarterly profit growth
- —
- OPM latest quarter
- 1.7%
Balance Sheet
- Book Value
- ₹73.2
- Face Value
- ₹10.0
- Total debt
- ₹158 Cr
- Total cash
- ₹7 Cr
- Borrowings
- ₹158 Cr
- Reserves / Equity
- 7.3
Cash Flow
- Operating cash flow
- -₹11 Cr
- Free cash flow
- -₹50 Cr
- FCF yield
- -5.2%
- Net cash flow
- ₹1 Cr
Shareholding
- Promoter holding
- 64.5%
- FII holding
- 0.0%
- DII holding
- 0.9%
- Public holding
- 34.6%
Peer comparison
| Company | Price ₹ | P/E | Mkt cap ₹ Cr | Div yield % | Profit qtr ₹ Cr | Profit var % | Sales qtr ₹ Cr | Sales var % | ROCE % |
|---|---|---|---|---|---|---|---|---|---|
| Indo-MIM | 1,359.90 | 104.2 | 67,244 | 0.00 | 240.1 | 31.6 | 1,218.7 | 9.4 | 25.0 |
| Aditya Infotech | 4,064.90 | 104.4 | 49,847 | 0.04 | 142.2 | 332.5 | 1,402.4 | 89.5 | 28.6 |
| Syrma SGS Tech. | 1,746.70 | 90.7 | 33,682 | 0.09 | 105.7 | 101.2 | 1,588.6 | 68.3 | 16.8 |
| Honeywell Auto | 33,345.00 | 52.7 | 29,477 | 0.33 | 150.7 | 20.9 | 1,204.4 | 1.8 | 16.9 |
| Jyoti CNC Auto. | 1,071.00 | 75.7 | 24,357 | 0.00 | 57.1 | -20.0 | 508.5 | 24.0 | 21.3 |
| Kaynes Tech | 3,365.00 | 65.1 | 22,620 | 0.00 | 56.4 | -24.4 | 946.0 | 40.5 | 12.7 |
| LMW | 16,819.00 | 98.4 | 17,968 | 0.21 | 55.5 | 369.2 | 860.7 | 24.0 | 5.6 |
| ICE Make Refrig. | 673.35 | 102.1 | 1,222 | 0.33 | -1.7 | -15.5 | 178.9 | 60.4 | 11.6 |
| Median | 347.48 | 36.0 | 671 | 0.00 | 5.7 | 31.6 | 75.0 | 23.6 | 16.1 |
Competes with: Aditya Infotech Limited, Honeywell Automation India Limited, INDOMIM, Jyoti CNC Automation Limited, Kaynes Technology India Limited, LLOYDS ENGINEERING WORKS LIMITED, LMW Limited, Syrma SGS Technology Limited, Tega Industries Limited
Quarterly results
Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.
| Line item | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 79 | 77 | 82 | 140 | 85 | 103 | 111 | 180 | 112 | 147 | 153 | 256 | 179 |
| Expenses | 71 | 69 | 78 | 119 | 79 | 95 | 104 | 159 | 107 | 138 | 143 | 234 | 176 |
| Material Cost | 127 | 86 | 103 | 120 | 185 | 147 | |||||||
| Change in Inventories | -4.73 | -9.24 | 2.98 | -10 | -3.69 | -12 | |||||||
| Purchases of Stock-in-Trade | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
| Employee Cost | 7.57 | 7.88 | 7.95 | 8.39 | 12 | 10 | |||||||
| Other Expenses | 29 | 22 | 24 | 26 | 41 | 30 | |||||||
| Operating Profit | 8.18 | 7.58 | 4.30 | 21 | 6.04 | 8.45 | 6.67 | 21 | 4.40 | 9.61 | 9.90 | 21 | 2.98 |
| OPM % | 10 | 9.86 | 5.22 | 15 | 7.09 | 8.17 | 6.03 | 12 | 3.95 | 6.52 | 6.46 | 8.36 | 1.67 |
| Other Income | 0.17 | 0.13 | 0.10 | 0.23 | 0.10 | 0.12 | 0.22 | 0.46 | 0.13 | 0.09 | 0.13 | 0.38 | 0.11 |
| Exceptional items (within Other Income) | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
| Interest | 0.23 | 0.70 | 0.66 | 0.52 | 0.45 | 0.90 | 1.15 | 1.63 | 2.29 | 2.73 | 3.85 | 3.72 | 3.27 |
| Depreciation | 0.97 | 1.01 | 1.03 | 1.07 | 0.95 | 1.04 | 2.15 | 4.16 | 4.08 | 4.20 | 4.28 | 4.49 | 2.05 |
| Profit before tax | 7.15 | 6 | 2.71 | 19 | 4.74 | 6.63 | 3.59 | 16 | -1.84 | 2.77 | 1.90 | 14 | -2.23 |
| Tax % | 25 | 25 | 25 | 26 | 23 | 28 | 22 | 27 | -20 | 27 | 24 | 25 | -26 |
| Net Profit | 5.36 | 4.49 | 2.02 | 14 | 3.64 | 4.79 | 2.81 | 12 | -1.47 | 2.03 | 1.45 | 10 | -1.66 |
| EPS in Rs | 3.40 | 2.86 | 1.28 | 9.06 | 2.35 | 3.05 | 1.82 | 7.42 | -0.90 | 1.29 | 0.93 | 6.41 | -1.04 |
| Diluted EPS in Rs | 7.42 | -0.90 | 1.28 | 0.93 | 6.41 | -1.04 |
Profit & loss
Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.
| Line item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 88 | 103 | 132 | 138 | 135 | 206 | 312 | 378 | 480 | 668 | 736 |
| Expenses | 78 | 90 | 118 | 125 | 124 | 192 | 280 | 338 | 437 | 623 | 692 |
| Material Cost | 344 | 494 | |||||||||
| Change in Inventories | -11 | -20 | |||||||||
| Purchases of Stock-in-Trade | 0 | 0 | |||||||||
| Employee Cost | 26 | 37 | |||||||||
| Other Expenses | 78 | 112 | |||||||||
| Operating Profit | 10 | 13 | 14 | 13 | 10 | 14 | 32 | 41 | 43 | 45 | 44 |
| OPM % | 11 | 12 | 10 | 9 | 8 | 7 | 10 | 11 | 9 | 7 | 6 |
| Other Income | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Exceptional items (within Other Income) | 0 | 0 | |||||||||
| Interest | 1 | 2 | 1 | 2 | 2 | 2 | 1 | 2 | 4.12 | 13 | 14 |
| Depreciation | 2 | 2 | 2 | 3 | 4 | 4 | 4 | 4.08 | 8.31 | 17 | 15 |
| Profit before tax | 7 | 10 | 11 | 8 | 5 | 10 | 28 | 35 | 31 | 16 | 16 |
| Tax % | 32 | 32 | 29 | 26 | 32 | 25 | 26 | 26 | 26 | 26 | |
| Net Profit | 5 | 7 | 7 | 6 | 4 | 7 | 21 | 26 | 23 | 12 | 12 |
| EPS in Rs | 6.95 | 4.23 | 4.77 | 3.64 | 2.30 | 4.66 | 13 | 17 | 15 | 7.73 | 7.59 |
| Diluted EPS in Rs | 15 | 7.73 | |||||||||
| Dividend Payout % | 0 | 24 | 25 | 33 | 52 | 26 | 14 | 12 | 15 | 29 |
Compounded growth
Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.
Compounded sales growth
- 10 years
- —
- 5 years
- 38%
- 3 years
- 29%
- TTM
- 45%
Compounded profit growth
- 10 years
- —
- 5 years
- 28%
- 3 years
- -16%
- TTM
- -33%
Stock price CAGR
- 10 years
- —
- 5 years
- 56%
- 3 years
- 3%
- 1 year
- -9%
Return on equity
- 10 years
- 18%
- 5 years
- 19%
- 3 years
- 18%
- Last year
- 9%
Balance sheet
What the company owns and what it owes, at the end of each year. ₹ crore.
| Line item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 7 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 |
| Reserves | 8 | 29 | 34 | 38 | 41 | 46 | 65 | 88 | 108 | 117 |
| Borrowings | 15 | 10 | 3 | 17 | 10 | 11 | 5 | 27 | 86 | 158 |
| Other Liabilities | 25 | 27 | 29 | 34 | 42 | 52 | 73 | 80 | 158 | 212 |
| Minority Interest | -0.32 | -0.38 | ||||||||
| Total Liabilities | 55 | 81 | 83 | 105 | 108 | 125 | 159 | 211 | 368 | 504 |
| Fixed Assets | 11 | 13 | 23 | 27 | 30 | 32 | 32 | 50 | 133 | 140 |
| CWIP | 0 | 1 | 0 | 0 | 1 | 0 | 0 | 12 | 6 | 25 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 5 | 0 | 0 | 0 |
| Other Assets | 44 | 68 | 60 | 78 | 77 | 93 | 122 | 149 | 229 | 338 |
| Total Assets | 55 | 81 | 83 | 105 | 108 | 125 | 159 | 211 | 368 | 504 |
Cash flows
Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.
| Line item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 8 | -2 | 8 | -1 | 12 | 8 | 24 | 10 | 30 | -11 |
| Cash from Investing Activity | -4 | -4 | -12 | -7 | -3 | -5 | -14 | -23 | -83 | -40 |
| Cash from Financing Activity | -0 | 16 | -10 | 6 | -9 | -3 | -9 | 17 | 49 | 52 |
| Net Cash Flow | 3 | 11 | -13 | -2 | -0 | 0 | 1 | 4 | -5 | 1 |
| Free Cash Flow | 4 | -7 | -3 | -9 | 7 | 4 | 21 | -23 | -52 | -50 |
Ratios
How fast customers pay, how long stock sits, and how well capital earns — year by year.
| Line item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 66 | 78 | 60 | 69 | 68 | 60 | 63 | 63 | 72 | 84 |
| Inventory Days | 114 | 135 | 121 | 156 | 161 | 123 | 86 | 84 | 118 | 114 |
| Days Payable | 109 | 96 | 85 | 92 | 103 | 83 | 84 | 76 | 121 | 108 |
| Cash Conversion Cycle | 71 | 116 | 96 | 132 | 125 | 100 | 64 | 71 | 69 | 89 |
| Working Capital Days | 9 | 52 | 64 | 62 | 69 | 53 | 43 | 48 | 21 | 23 |
| ROCE % | 27 | 22 | 15 | 10 | 17 | 37 | 34 | 21 | 12 |
Price trend
The price as a Renko brick chart: small moves drop out so the bigger path stands out.
Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.
Open interestPRO
Where option traders are positioned on this stock.
Industry numbers
The numbers that matter most in this industry, from the company's own filings.
1 when an audit qualification is filed as repetitive
0.00flag
2026-03-31
the company's own unlisted debt securities in default at period end
0.00cr
2026-06-30
the company's own loans / revolving facilities in default at period end (standalone filing)
0.00cr
2026-06-30
net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash
151inr_cr
2026-03-31
guarantees / comfort given for promoter, promoter group, directors and KMP
0.00cr
2026-03-31
loans outstanding to promoter, promoter group, directors and KMP (governance filing)
0.00cr
2026-03-31
security given for the borrowing of promoter, promoter group, directors and KMP
0.00cr
2026-03-31
News
News and filings about Ice Make Refrigeration Limited. Open one to see why it matters.
10 Sept, 18:05 IST · Company event · high impact
Ice Make Refrigeration Limited — allotment of 2367573 securities pursuant to Preferential Issue at its meeting held on September 10, 2026
Supply chain
Who it buys from, sells to and competes with — as recorded in our map of company links.
Competes with
Uses as raw material
- PU / MDI foam (polyurethane, PUR/PIR insulation)
- copper tubes
- galvanized / GI steel sheets
- refrigerant gases (R-134a / R-404a / Ammonia)
Depends on the price of
- copper
- steel
Sells to
- Cold chain & logistics · cold rooms, transport (reefer) refrigeration units, PUF insulated panels
- Dairy & Ice-cream · cold rooms, bulk milk coolers, blast chillers/freezers, deep freezers, ice-cream/dairy equ…
- Food processing · cold rooms, blast freezing, cold-chain / food-processing equipment
- Quick commerce & retail · commercial freezers, chest freezers, visi coolers, deep freezers
About
What the company is, from our own records: where it sits, where it makes things, and what it is made of.
- Sector
- Capital Goods
- Industry
- Industrial Products
- Classification
- Capital Goods › Industrial Products
- ISIN
- INE520Y01019
Plants
- Bavla continuous panel plant (greenfield)
- Chennai plant (Bharat Refrigeration subsidiary)
- Dantali plant (HQ)
- East India plant (Ice Best subsidiary)
- Vamaj plant
News impact
Big market events that reach Ice Make Refrigeration Limited, and how the effect spreads.
No recent market events reach this company.
Dividends, splits & big trades
Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.
Dividends
| 23 Sep 2026 | unspecified | ₹2.25 |
|---|---|---|
| 19 Sep 2025 | unspecified | ₹2.25 |
| 20 Sep 2024 | unspecified | ₹2 |
| 15 Sep 2023 | unspecified | ₹1.8 |
| 16 Sep 2021 | unspecified | ₹1.2 |
Splits, bonuses & buybacks
- daily-prices repair: 17 rows from NSE's archive (replace 10, delete 1, insert 6), 2018-01-11..2026-02-01 (docs/flat_day_repair.md)1× · 11 Jan 2018
Documents
Annual reports, results presentations and earnings calls, straight from the source.
- Earnings call19 Aug 2026
- Earnings call · Q1FY2718 Aug 2026
- Earnings call · Q4FY264 Jun 2026
- Annual report · 2024-256 Sep 2025
Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.