Ice Make Refrigeration
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 99.83× and P/B of 9.18×, against the Industrials sector median P/E of 19.26×.
Valuation
Profitability
Growth
Financial Health
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 financials: P&L, balance sheet, cash flow, ratios.
Twelve years of audited numbers for Ice Make Refrigeration Limited, switchable between annual and quarterly views, consolidated or standalone.
Ice Make Refrigeration Limited reports its full P&L, balance sheet, cash flow and ratios on this page — current market capitalisation of ₹1,217.41 Cr and reported EPS of ₹7.75.
| Period | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Revenue from Operations | 135 | 206 | 312 | 378 | 480 | 668 |
| Other Income | 1 | 1 | 1 | 1 | 1 | 1 |
| Total Income | 136 | 207 | 313 | 379 | 480 | 669 |
| Cost of Goods Sold (COGS) | 91 | 148 | 220 | 260 | 333 | 474 |
| Gross Profit | 44 | 58 | 93 | 119 | 146 | 194 |
| +Operating Expenses | 33 | 44 | 60 | 78 | 104 | 149 |
| EBITDA | 10 | 14 | 32 | 41 | 43 | 45 |
| +Non-Operating Expenses | 6 | 5 | 5 | 6 | 12 | 30 |
| Profit Before Tax (PBT) | 5 | 10 | 28 | 35 | 31 | 16 |
| +Tax Expense | 2 | 2 | 7 | 9 | 8 | 4 |
| Profit After Tax (PAT) | 4 | 7 | 21 | 26 | 23 | 12 |
| Earnings Per Share (EPS) | 2.31 | 4.66 | 13.18 | 16.64 | 14.65 | 7.73 |
| Diluted Shares Outstanding (Nos.) | 2 | 2 | 2 | 2 | 2 | 2 |
| +Additional Disclosures | 221 | 345 | 505 | 603 | 782 | 1,127 |
| Sales Growth % | — | 53.06 | 51.49 | 21.20 | 26.73 | 39.35 |
| YoY Sales Growth % | — | 53.06 | 51.49 | 21.20 | 26.73 | 39.35 |
| Material Cost % | 70 | 72 | 69 | 69 | 72 | 74 |
| Employee Cost % | 8 | 6 | 5 | 5 | 5 | 5 |
| Other Cost % | 17 | 15 | 15 | 15 | 16 | 17 |
| OPM % | 8 | 7 | 10 | 11 | 9 | 7 |
| Tax % | 32 | 25 | 26 | 26 | 26 | 26 |
| Profit Growth % | — | 102.62 | 184.16 | 25.64 | -12.36 | -47.05 |
| Gross Margin % | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA Margin % | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Interest Coverage Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Additional Fields | 6 | 11 | 28 | 37 | 34 | 28 |
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
Ice Make Refrigeration Limited investment thesis: bull case, bear case, and the flip lines.
Why someone would buy Ice Make Refrigeration Limited, why someone wouldn't, and the quantitative tripwires that would force the call to flip.
Ice Make Refrigeration Limited's investment case rests on 8 positive markers and 8 flagged concerns drawn from the latest reported filings.
What you're getting.
The company exhibits strong promoter confidence with a substantial holding of 74.4%, signaling management's long-term commitment and belief in the company's future trajectory.
The company demonstrates healthy operational efficiency with a Return on Capital Employed (ROCE) of 20.60% and Return on Equity (ROE) of 20.30%.
Latest quarterly sales show a significant growth of 30.80% to 112 Cr, indicating robust demand and expanding market reach for its products.
With a debt-to-equity ratio of 0.69, the company maintains a healthy financial structure, suggesting prudent leverage management and financial stability.
Operating in the 'Industrial Products' sector within 'Capital Goods,' the company can capitalize on broader industrial expansion and infrastructure development trends.
What can break it.
The latest quarter reported a net loss of -1.42 Cr, a sharp decline of -138.00% from the previous quarter, raising concerns about profitability consistency.
The stock trades at a high P/E ratio of 64.10, significantly above the sector P/E of 54.10, suggesting it might be overvalued compared to its industry peers.
The current price of 730.00 is considerably below its 52-week high of 1089.00, indicating significant price volatility and potential investor uncertainty.
A low dividend yield of 0.31% might not appeal to income-focused investors, potentially limiting its attractiveness compared to higher-yielding alternatives.
The capital goods sector is highly competitive, with peers like Kaynes Tech and Honeywell Auto, posing a constant challenge to market share and pricing power.
What would change my mind.
Trim if P/E re-rates above 130 (~6.7× the sector multiple of 19.3). The valuation cushion thins from there.
Reassess if quarterly profit growth prints below 0% for two consecutive quarters. The bull case relies on compounding earnings.
Watch interest coverage if debt-to-equity climbs above 119.96. Balance sheet risk re-prices growth multiples fast.
Exit if ROE slips below 8%. The operating engine is no longer compounding capital efficiently.
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
Ice Make Refrigeration Limited technical analysis: indicators, pivots and CPR.
Live RSI, MACD and moving-average signals plus today's pivot and Central Pivot Range levels for Ice Make Refrigeration Limited — derived from the live tape, not yesterday's close.
Ice Make Refrigeration Limited last traded at ₹773.7 with an intraday range of ₹760–₹782 — live indicator, pivot and CPR signals below.
Pivot points
Standard pivot — most widely referenced.
Pivot levels · Classic
Live: ₹773.70| Level | Price (₹) | Distance | % Δ |
|---|---|---|---|
| R4 | 827.80 | +54.10 | +6.99% |
| R3 | 805.80 | +32.10 | +4.15% |
| R2 | 793.90 | +20.20 | +2.61% |
| R1 | 783.80 | +10.10 | +1.31% |
| PIVOT | 771.90 | -1.80 | -0.23% |
| CURRENT | 773.70 | — | — |
| S1 | 717.80 | -55.90 | -7.23% |
| S2 | 739.80 | -33.90 | -4.38% |
| S3 | 749.90 | -23.80 | -3.08% |
| S4 | 761.80 | -11.90 | -1.54% |
ICEMAKE is trading Above CPR, indicating Bullishness
CPR is Average
Day's range: 760 ~ 770
Trading Above opening range, showing Bullishness
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 41.3% of traded volume, against a 20-day average of 50.0%.
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 50 documents below.
Analysts/Institutional Investor Meet/Con. Call Updates
Ice Make Refrigeration Limited has informed the Exchange about Transcript
Copy of Newspaper Publication
Ice Make Refrigeration Limited has informed the Exchange about Copy of Newspaper Publication
General Updates
Ice Make Refrigeration Limited has informed the Exchange about Investor Update for the Fourth Quarter and Financial Year ended March 31, 2026
Certificate under SEBI (Depositories and Participants) Regulations, 2018
Ice Make Refrigeration Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
Trading Window
Ice Make Refrigeration Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading)…
Investor decks & rating reports.
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 |
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.
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 Industrials, 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.
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 ₹773.7. Today, the stock has gained by ₹21.60 (2.87%), trading in a range of ₹760 to ₹782. The stock opened at ₹769.8 with a trading volume of 36,084 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 ₹1,217.41 crores, P/E ratio of 99.83, ROE of 9.46%, and ROCE of 20.60%. The dividend yield stands at 0.30%. 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, while the 52-week low is ₹660.3. Currently trading at ₹773.7, the stock is 43.7% away from its 52-week low and 15.9% 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 ₹773.7 depends on multiple factors. The stock is currently trading with a P/E ratio of 99.83 and P/B ratio of 9.18. Today's performance shows a gain of 2.87%. 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 0.30%, which means for every ₹100 invested at the current price of ₹773.7, you can expect to receive approximately ₹0.30 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: 99.83, P/B Ratio: 9.18, ROE: 9.46%, ROCE: 20.60%, Dividend Yield: 0.30%, EPS: ₹7.75, Book Value: ₹84.3, and Debt-to-Equity: 119.46. The company's market cap stands at ₹1,217.41 crores. 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 ₹769.8 and is currently trading at ₹773.7, showing a gain of ₹21.60 (2.87%). The intraday high is ₹782 and low is ₹760. The trading volume stands at 36,084 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 99.83, which means investors are willing to pay ₹99.83 for every ₹1 of earnings. With an EPS of ₹7.75, 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.
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