Ice Make Refrigeration Latest Share Price (ICEMAKE)
TODAY IN ONE LINE
ICEMAKE slipped 0.6% on average volume, in line with Nifty's 0.1% move, supported by recent strong earnings.
With a market cap of ₹1,143.87 Cr., it trades at a P/E of 94.99. Track live valuations, technical indicators, and peers comparison below. Check delivery conviction and recent filings to build your view.
How good is this company?
Overall performance across 5 key dimensions.
Ice Make Refrigeration flags & news
Key strengths, potential risks, and recent updates.
Green Flags
- ●High Promoter HoldingPromoters hold 74.2% skin-in-the-game
- ●Zero Pledge RiskNo recent active promoter pledging found
Red Flags
- ●Earnings DeclineEPS (TTM) has contracted by 13.6% YoY
- ●Poor Capital ReturnsLow ROE of 9.5%
- ●Expensive ValuationTrading at a high P/E ratio of 99.0x
- ●Rising Receivables vs SalesReceivables grew 47.8% outpacing sales growth of 26.7%
Latest Ice Make Refrigeration News
What changed recently?
Recent events, corporate actions, and announcements.
Ice Make Refrigeration Limited valuation: P/E, P/B and sector benchmarks.
Twelve years of multiples investors have paid for Ice Make Refrigeration Limited, framed against the sector median so the premium or discount is obvious at a glance.
Ice Make Refrigeration Limited trades at a P/E of 94.99× and P/B of 8.54×.
Market-priced ratios use the latest available quote; accounting metrics use the latest reported filing. Compare values with matched peers and the company's own history.
Valuation
Profitability
Growth
Financial Health
Ice Make Refrigeration Limited technical analysis: indicators, pivots and CPR.
Latest RSI, MACD and moving-average signals plus the latest pivot and Central Pivot Range levels for Ice Make Refrigeration Limited — derived from the latest tape, not yesterday's close.
Ice Make Refrigeration Limited last traded at ₹721.7 with an intraday range of ₹709.1–₹733 — latest indicator, pivot and CPR signals below.
Pivot points
Standard pivot — most widely referenced.
Pivot levels · Classic
Last: ₹721.70| Level | Price (₹) | Distance | % Δ |
|---|---|---|---|
| R4 | 781.23 | +59.53 | +8.25% |
| R3 | 757.33 | +35.63 | +4.94% |
| R2 | 745.17 | +23.47 | +3.25% |
| R1 | 733.43 | +11.73 | +1.63% |
| PIVOT | 721.27 | -0.43 | -0.06% |
| CURRENT | 721.70 | — | — |
| S1 | 709.53 | -12.17 | -1.69% |
| S2 | 697.37 | -24.33 | -3.37% |
| S3 | 685.63 | -36.07 | -5.00% |
| S4 | 661.73 | -59.97 | -8.31% |
ICEMAKE is trading Above CPR, indicating Bullishness
CPR is Narrower, suggesting likely for trending moves
Day's range: ₹723.05–₹733
Trading Inside opening range
Ice Make Refrigeration Limited financials: P&L, balance sheet, cash flow, ratios.
Reported annual and quarterly results for Ice Make Refrigeration Limited — consolidated or standalone — with margins, YoY growth and key ratios inline.
Ice Make Refrigeration Limited reports its full P&L, balance sheet, cash flow and ratios on this page — current market capitalisation of ₹1,143.87 Cr. and reported EPS of ₹7.71.
| Metric | Mar 2025 | Mar 2026 |
|---|---|---|
| Revenue from Operations | 480 | 668 ▲ 39.3% |
| Sales Growth YoY %Derived | 26.73% | 39.35% |
| Other Income | 1 | 1 ▼ 19.4% |
| Total Income | 480 | 669 ▲ 39.2% |
| 333 | 474 ▲ 42.3% | |
| Gross ProfitDerived | 146 | 194 ▲ 32.7% |
| Gross Margin %Derived | 30.53% | 29.07% |
| 104 | 149 ▲ 43.4% | |
| EBITDA (Operating Profit)Derived | 43 | 45 ▲ 6.5% |
| OPM %Derived | 8.87% | 6.78% |
| 12 | 30 ▲ 138.6% | |
| Profit Before Tax (PBT) | 31 | 16 ▼ 47.2% |
| 8 | 4 ▼ 47.5% | |
| Effective Tax %Derived | 26.16% | 25.99% |
| Total Profit for Period | 23 | 12 ▼ 47.0% |
| Less: Non-controlling Interests | -0 | -0 ▲ 69.9% |
| Net Profit (Owner's PAT)Derived | 23 | 12 ▼ 47.2% |
| Net Profit Margin %Derived | 4.82% | 1.82% |
| PAT Growth YoY %Derived | -11.97% | -47.25% |
| Earnings Per Share (EPS ₹) | 14.65 | 7.73 ▼ 47.2% |
| Diluted Shares Outstanding (Cr) | 2 | 2 ▲ 0.0% |
| Other Comprehensive Income (Net of Tax) | -0 | 0 ▲ 365.1% |
| Total Expenses (incl. D&A & Interest) | 449 | 653 ▲ 45.2% |
| Material Cost % of RevenueDerived | 71.72% | 73.99% |
| Employee Cost % of RevenueDerived | 5.40% | 5.48% |
| Other Cost % of RevenueDerived | 16.26% | 16.81% |
| Interest Coverage (x)Derived | 8.31x | 2.24x |
| Period | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Trend |
|---|---|---|---|---|---|---|---|
| Revenue from Operations | 135 | 206 ▲ 53.1% | 312 ▲ 51.5% | 378 ▲ 21.2% | 480 ▲ 26.7% | 668 ▲ 39.3% | |
| Sales Growth YoY %Derived | — | 53.06% | 51.49% | 21.20% | 26.73% | 39.35% | |
| Other Income | 1 | 1 ▼ 42.0% | 1 ▲ 58.2% | 1 ▼ 44.5% | 1 ▲ 44.6% | 1 ▼ 19.4% | |
| Total Income | 136 | 207 ▲ 52.2% | 313 ▲ 51.5% | 379 ▲ 21.0% | 480 ▲ 26.8% | 669 ▲ 39.2% | |
91 | 148 ▲ 62.9% | 220 ▲ 48.3% | 260 ▲ 18.2% | 333 ▲ 28.4% | 474 ▲ 42.3% | ||
| Gross ProfitDerived | 44 | 58 ▲ 32.5% | 93 ▲ 59.6% | 119 ▲ 28.3% | 146 ▲ 23.2% | 194 ▲ 32.7% | |
| Gross Margin %Derived | 32.51% | 28.15% | 29.66% | 31.41% | 30.53% | 29.07% | |
33 | 44 ▲ 30.2% | 60 ▲ 38.9% | 78 ▲ 29.1% | 104 ▲ 33.0% | 149 ▲ 43.4% | ||
| EBITDA (Operating Profit)Derived | 10 | 14 ▲ 40.1% | 32 ▲ 121.8% | 41 ▲ 26.9% | 43 ▲ 4.4% | 45 ▲ 6.5% | |
| OPM %Derived | 7.67% | 7.03% | 10.29% | 10.77% | 8.87% | 6.78% | |
6 | 5 ▼ 14.4% | 5 ▼ 3.9% | 6 ▲ 20.0% | 12 ▲ 100.7% | 30 ▲ 138.6% | ||
| Profit Before Tax (PBT) | 5 | 10 ▲ 85.9% | 28 ▲ 185.9% | 35 ▲ 25.4% | 31 ▼ 11.9% | 16 ▼ 47.2% | |
2 | 2 ▲ 49.7% | 7 ▲ 191.2% | 9 ▲ 24.5% | 8 ▼ 10.5% | 4 ▼ 47.5% | ||
| Effective Tax %Derived | 31.60% | 25.45% | 25.92% | 25.75% | 26.16% | 25.99% | |
| Total Profit for Period | 4 | 7 ▲ 102.6% | 21 ▲ 184.2% | 26 ▲ 25.6% | 23 ▼ 12.4% | 12 ▼ 47.0% | |
| Less: Non-controlling Interests | — | — | — | -0 | -0 ▼ 75.0% | -0 ▲ 69.9% | |
| Net Profit (Owner's PAT)Derived | 4 | 7 ▲ 102.6% | 21 ▲ 184.2% | 26 ▲ 26.2% | 23 ▼ 12.0% | 12 ▼ 47.2% | |
| Net Profit Margin %Derived | 2.68% | 3.55% | 6.66% | 6.94% | 4.82% | 1.82% | |
| PAT Growth YoY %Derived | — | 102.62% | 184.16% | 26.21% | -11.97% | -47.25% | |
| Earnings Per Share (EPS ₹) | 2.31 | 4.66 ▲ 101.7% | 13.18 ▲ 182.8% | 16.64 ▲ 26.3% | 14.65 ▼ 12.0% | 7.73 ▼ 47.2% | |
| Diluted Shares Outstanding (Cr) | 2 | 2 ▲ 0.2% | 2 ▲ 0.5% | 2 ▲ 0.0% | 2 ▲ 0.0% | 2 ▲ 0.0% | |
| Other Comprehensive Income (Net of Tax) | -0 | -0 ▼ 2026.5% | 0 ▲ 131.9% | -0 ▼ 485.4% | -0 ▲ 64.6% | 0 ▲ 365.1% | |
| Total Expenses (incl. D&A & Interest) | 131 | 197 ▲ 50.8% | 285 ▲ 44.8% | 344 ▲ 20.5% | 449 ▲ 30.7% | 653 ▲ 45.2% | |
| Material Cost % of RevenueDerived | 70.20% | 71.63% | 69.13% | 69.44% | 71.72% | 73.99% | |
| Employee Cost % of RevenueDerived | 8.23% | 6.34% | 4.87% | 5.17% | 5.40% | 5.48% | |
| Other Cost % of RevenueDerived | 16.61% | 14.78% | 14.50% | 15.47% | 16.26% | 16.81% | |
| Interest Coverage (x)Derived | 3.13x | 6.27x | 22.55x | 17.35x | 8.31x | 2.24x |
Ice Make Refrigeration segment analysis : revenue and profit mix.
Disclosed business segments at Ice Make Refrigeration with their share of revenue and profit, switchable between consolidated and standalone reporting.
Ice Make Refrigeration discloses revenue and profit across multiple business segments — toggle between consolidated and standalone views to see the mix.
Segment-wise Financial Analysis
The Bull, Bear, and Flip case for Ice Make Refrigeration Limited.
Our AI distills the core fundamental drivers supporting Ice Make Refrigeration Limited, the risks that threaten it, and the quantitative conditions that could weaken the thesis.
Ice Make Refrigeration Limited's investment case rests on 10 positive markers and 10 flagged concerns drawn from the latest reported filings.
What you're getting.
TTM revenue growth 41.9% significantly outpaces peer median 12.6%, demonstrating strong market demand.
ROCE 11.60% exceeds peer median 8.09%, showing superior capital efficiency in operations.
Promoter holding 74.20% signals strong long-term commitment and founder alignment with shareholders.
Diversified customer base across dairy, pharma, retail, logistics reduces concentration risk substantially.
Operating margin 4.23% improved from prior quarters, indicating operational traction and cost management.
Key Risks.
Latest quarterly EPS declined 13.6% YoY despite revenue growth momentum, signaling margin compression.
Operating cash flow per share negative ₹6.70, indicating severe cash conversion and working capital stress.
Net profit margin 1.82% TTM remains compressed relative to peer benchmarks, profitability severely constrained.
ROE 9.49% lags peer median 11.82%, suboptimal shareholder value creation despite capital deployment.
Total debt ₹158 Cr nearly doubled YoY; D/E ratio rising, leverage burden increasing unsustainably.
Flip Conditions.
Valuation risk. a P/E above 123 would leave less room for earnings disappointment.
Reassess if quarterly profit growth turns negative for two consecutive quarters. The bull case relies on compounding earnings.
Watch interest coverage if debt-to-equity climbs above 1.69. Balance sheet risk re-prices growth multiples fast.
Return-quality risk. ROE below 8% would indicate weaker capital compounding.
Ice Make Refrigeration Limited peer comparison — same-sector benchmarks.
Same-sector listed peers ranked on P/E, market cap, dividend yield and growth — Ice Make Refrigeration Limited is highlighted for quick read-across.
Quick Compare
Peer Comparison
| Company Name |
|---|
Ice Make Refrigeration Limited chart patterns: breakouts, tops and bottoms.
Auto-detected classical chart patterns for Ice Make Refrigeration Limited — Double Top/Bottom, Head & Shoulders, Triple Bottom and more — with break levels, targets and quality scores across Intraday, Daily and Weekly timeframes.
Ice Make Refrigeration Limited delivery volume — last 20 sessions of conviction.
Daily traded volume and delivery percentage for Ice Make Refrigeration Limited over 20 sessions — the gap between intraday flipping and genuine accumulation.
Latest session delivery in Ice Make Refrigeration Limited stood at 63.5% of traded volume, against a 20-day average of 58.1%.
Ice Make Refrigeration announcements: results, concalls, ratings, M&A.
Filings Ice Make Refrigeration sent to the exchanges, sequenced as they hit the tape — concall transcripts, results, credit ratings and presentations.
Ice Make Refrigeration files concall transcripts, results, credit ratings and corporate-action notices on the NSE and BSE exchange portals — latest 82 documents below.
Copy of Newspaper Publication
Ice Make Refrigeration Limited has informed the Exchange about Copy of Newspaper Publication
Analysts/Institutional Investor Meet/Con. Call Updates
Ice Make Refrigeration Limited has informed the Exchange about Schedule of meet and Presentation
Amendment to AOA/MOA
Ice Make Refrigeration Limited has informed the Exchange regarding the Amendment to AOA/MOA of the company.
Shareholders meeting
Ice Make Refrigeration Limited has submitted the Exchange a copy Srutinizers report of Extraordinary General Meeting held on August 19, 2026.…
General Updates
Ice Make Refrigeration Limited has informed the Exchange about General Updates
Investor decks & rating reports.
Ice Make Refrigeration dividend history, splits and bonus issues.
Every dividend, stock split and bonus issue Ice Make Refrigeration has declared, sequenced by announce and record date.
Ice Make Refrigeration corporate-action history below covers all declared dividends, stock splits and bonus issues recorded with NSE and BSE.
Ice Make Refrigeration insider trading: promoter and management activity.
Promoter, director and designated-employee transactions in Ice Make Refrigeration as reported to SEBI — buying and selling signals from the people who know the business best.
Ice Make Refrigeration insider activity below tracks 6 reported promoter, director and designated-employee transactions under SEBI Regulation 7(2).
| Insider | Category | Txn Date | Action | Quantity | Value (₹) | Price |
|---|---|---|---|---|---|---|
| POPATBHAI LALJIBHAI PATEL | Insider | 05 Mar 2026 | buy | +2.4 K | ₹20.01 L | ₹828.79 |
| POPATBHAI LALJIBHAI PATEL | Insider | 04 Mar 2026 | buy | +7.5 K | ₹60.55 L | ₹811.33 |
| POPATBHAI LALJIBHAI PATEL | Insider | 09 Jun 2025 | sell | −1.5 K | ₹12.42 L | ₹828.17 |
| RAMILABEN CHANDRAKANTBHAI PATEL | Insider | 26 Mar 2025 | sell | −2.2 K | ₹19.22 L | ₹873.75 |
| RAMILABEN CHANDRAKANTBHAI PATEL | Insider | 24 Mar 2025 | sell | −651 | ₹5.96 L | ₹915.98 |
| RAMILABEN CHANDRAKANTBHAI PATEL | Insider | 21 Mar 2025 | sell | −9.0 K | ₹82.55 L | ₹917.22 |
About Ice Make Refrigeration Limited: business, sector, key facts.
What Ice Make Refrigeration Limited does, where it operates, the people running it, and the numbers that describe the entity behind the ticker.
Ice Make Refrigeration Limited operates in the Industrial Products industry under the Capital Goods sector, listed as NSE: ICEMAKE.
Ice Make Refrigeration Limited is a prominent Indian manufacturer and supplier of a wide range of refrigeration products and equipment. Their business model centers on providing comprehensive cooling solutions tailored to diverse industrial needs. They cater to a substantial market segment, serving clients across various sectors, indicating a robust and diversified business strategy.
The company's product portfolio is extensive and spans multiple categories, ensuring they can meet a broad spectrum of refrigeration requirements. This includes cold rooms and storage solutions, crucial for preserving perishable goods; commercial refrigeration units for businesses like restaurants and supermarkets; and industrial refrigeration systems for large-scale operations.
Beyond these core offerings, Ice Make also provides transport refrigeration, a vital component for maintaining the cold chain during product transportation, and specialized ammonia refrigeration products. This demonstrates a commitment to technological advancement and meeting the diverse needs of different clients and applications.
Ice Make's customer base is incredibly diverse, showcasing the adaptability and wide-ranging applicability of their products. They cater to industries as varied as dairy and ice cream production, food processing, agriculture, pharmaceuticals, cold chain logistics, hospitals, hospitality, and retail. This broad customer base significantly reduces their reliance on any single sector, mitigating risk and promoting stable growth.
The company's commitment to customization is a key differentiator. By providing tailored cooling solutions, Ice Make ensures its products precisely meet the specific needs of each client, thereby enhancing customer satisfaction and loyalty. This approach allows them to compete effectively in a potentially crowded marketplace.
Ice Make operates under multiple brand names, including Ice Make, Bharat, and TransFreez, potentially signifying a targeted approach to different market segments or product lines. Furthermore, their export activities underscore their ambitions to expand their market reach beyond India's borders, showcasing a proactive internationalization strategy.
Founded in 1989 and headquartered in Gandhinagar, India, Ice Make Refrigeration Limited has a long history in the industry, suggesting significant experience and established expertise in refrigeration technology and market understanding. Their continued success demonstrates a strong track record and a resilient business model within a competitive market.
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Questions investors ask about Ice Make Refrigeration Limited (ICEMAKE).
Quick answers grounded in this page's data — price action, fundamentals, ratios and ownership.
01What is the current share price of Ice Make Refrigeration Limited (ICEMAKE)?
The current share price of Ice Make Refrigeration Limited (ICEMAKE) is ₹721.70. Today, the stock has declined by ₹4.35 (0.6%), trading in a range of ₹709.10 to ₹733.00. The stock opened at ₹725.00 with a trading volume of 28,779 shares.
02Is Ice Make Refrigeration Limited stock a good investment for long-term?
Ice Make Refrigeration Limited can be considered for long-term investment based on several factors. The company has a market capitalization of ₹1,143.87 Cr., P/E ratio of 94.99, ROE of 9.49%, and ROCE of 11.6%. The dividend yield stands at 0.27%. However, investment decisions should be based on your financial goals, risk appetite, and thorough research. It's recommended to consult with a SEBI-registered financial advisor before making investment decisions.
03What is the 52-week high and low price of Ice Make Refrigeration Limited stock?
The 52-week high price of Ice Make Refrigeration Limited (ICEMAKE) is ₹920.00, while the 52-week low is ₹660.30. Currently trading at ₹721.70, the stock is 9.3% above its 52-week low and 21.55% below its 52-week high. These levels help investors understand the stock's price volatility and trading range over the past year.
04Should I buy Ice Make Refrigeration Limited stock at the current price?
Whether to buy Ice Make Refrigeration Limited stock at ₹721.70 depends on multiple factors. The stock is currently trading with a P/E ratio of 94.99 and P/B ratio of 8.54. Today's performance shows a loss of 0.6%. Consider analyzing the company's fundamentals, technical indicators, industry trends, and your investment horizon. Compare these metrics with industry peers and consult a financial advisor for personalized advice.
05What is the dividend yield of Ice Make Refrigeration Limited and when is the next dividend?
Ice Make Refrigeration Limited offers a dividend yield of 0.27%, which means for every ₹100 invested at the current price of ₹721.70, you can expect to receive approximately ₹0.27 annually as dividends. The face value of the stock is ₹10.00. For information about the next dividend announcement and ex-dividend date, please check the company's official announcements or visit the BSE/NSE websites.
06What are the key financial ratios and metrics of Ice Make Refrigeration Limited?
Ice Make Refrigeration Limited's key financial metrics include: P/E Ratio: 94.99, P/B Ratio: 8.54, ROE: 9.49%, ROCE: 11.6%, Dividend Yield: 0.27%, EPS: ₹7.71, Book Value: ₹84.30, and Debt-to-Equity: 1.19. The company's market cap stands at ₹1,143.87 Cr.. These metrics help evaluate the company's valuation, profitability, and financial health.
07How is Ice Make Refrigeration Limited stock performing today in the market?
Ice Make Refrigeration Limited stock opened at ₹725.00 and is currently trading at ₹721.70, showing a decline of ₹4.35 (0.6%). The intraday high is ₹733.00 and low is ₹709.10. The trading volume stands at 28,779 shares, indicating moderate market participation today.
08What is the P/E ratio of Ice Make Refrigeration Limited and what does it indicate?
Ice Make Refrigeration Limited has a Price-to-Earnings (P/E) ratio of 94.99, which means investors are willing to pay 94.99 for every ₹1 of earnings. With an EPS of ₹7.71, this P/E ratio suggests the stock may be trading at a premium, possibly due to high growth expectations. Compare this with industry peers and historical P/E ratios for better context.
The data, ratios and commentary about Ice Make Refrigeration Limited (ICEMAKE) on this page are published for educational and informational purposes only and are not investment, legal or tax advice. StockeZee is not a SEBI-registered investment adviser, research analyst or portfolio manager, and no content here should be construed as a recommendation to buy, hold or sell any security. Live and historical market data may be delayed, revised by the exchanges, or contain errors; figures sourced from third-party feeds and corporate disclosures may not always be current. Past performance is not indicative of future results, and equity investments carry the risk of capital loss. Before acting on anything you read here, please consult a SEBI-registered financial advisor and read all scheme-related documents carefully.