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ICE Make Refrigeration
Small Cap•300 Employees•IPO 2017
Current Price
₹709.15
25 (3.65%)Updated
Valuation vs Sector
P/E Ratio
95.87vs 21.08
P/B Ratio
10.89vs 5.50
Div Yield
0.22%vs 3.57%
Today's Range
670.1
₹709.15
713
52 Week Range
52W Low₹660.30
52W High₹1088.75
₹709.15
Downside7.40%
Upside53.53%
Price Chart
Compare with Peers
Historical Ratios
Track top 12 most important financial ratios
P/E Ratio: Price to Earnings - Most used valuation metric
Loading chart...
Analyzing Investment Quality
Processing 9 key metrics...
Key Metrics
Hover for details
Valuation
Market Cap
₹1,268.85 Cr
Market Cap
Total market value of companyP/E Ratio
83.58
P/E Ratio
Price to Earnings. Lower is generally better (<25 is good)P/B Ratio
9.64
P/B Ratio
Price to Book Value. <3 may indicate undervaluationEPS
₹9.61
EPS
Earnings Per Share. Higher and growing is positiveProfitability
ROE
11.20%
ROE
Return on Equity. >15% is good, >20% is excellentROCE
20.60%
ROCE
Return on Capital Employed. >15% is goodNet Margin
2.76%
Net Margin
Net profit as % of revenue. >10% is goodOperating Margin
-%
Operating Margin
Operating profit margin. >15% is goodGrowth
EPS Growth (5Y)
35.20%
EPS Growth (5Y)
5-year EPS growth. >15% is strongRevenue Growth (5Y)
40.40%
Revenue Growth (5Y)
5-year revenue growth. >10% is goodQtr Sales Growth
30.80%
Qtr Sales Growth
Quarter-over-quarter sales growthQtr Profit Growth
-138.00%
Qtr Profit Growth
Quarter-over-quarter profit growthFinancial Health
Debt/Equity
0.69
Debt/Equity
Financial leverage. <1 is good, <0.5 is excellentBook Value
₹78.60
Book Value
Net asset value per shareDividend Yield
0.22%
Dividend Yield
Annual dividend as % of price. >2% is goodPromoter Holding
74.40%
Promoter Holding
Promoter stake. >50% shows confidenceGood
Average
Needs Attention
SWOT Analysis
Strengths
4 points- •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%.
Weaknesses
4 points- •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.
Opportunities
4 points- •Operating in the 'Industrial Products' sector within 'Capital Goods,' the company can capitalize on broader industrial expansion and infrastructure development trends.
- •Given its product nature (refrigeration), there's potential to expand into new geographical markets or diversify product offerings to cater to emerging demands.
Threats
4 points- •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.
- •A general economic slowdown or reduced industrial activity could significantly impact demand for industrial refrigeration products, affecting sales and profitability.
Segment-wise Financial Analysis
Fetching Financials...
Fetching Balance Sheet...
Fetching Cash Flow...
Shareholding Pattern
Loading shareholding data...
Company Insider Trading Activity
Recent Insider Transactions
| Insider Name | Transaction Date | Filing Date | Total Shares | Change | Price | Action |
|---|---|---|---|---|---|---|
RAMILABEN CHANDRAKANTBHAI PATEL | 21 Mar 2025 | 24 Mar 2025 | 65,000 | 9,000 | ₹917.22 | SELL |
RAMILABEN CHANDRAKANTBHAI PATEL | 24 Mar 2025 | 25 Mar 2025 | 64,349 | 651 | ₹915.98 | SELL |
RAMILABEN CHANDRAKANTBHAI PATEL | 26 Mar 2025 | 27 Mar 2025 | 62,149 | 2,200 | ₹873.75 | SELL |
POPATBHAI LALJIBHAI PATEL | 09 Jun 2025 | 11 Jun 2025 | 2.56 L | 1,500 | ₹828.17 | SELL |
Corporate Action
Company Announcements
Technical Analysis & Indicators
Standard pivot points - most widely used
Pivot Points (CLASSIC)
| Level | Price | Distance | % Change |
|---|---|---|---|
| R4 | ₹810.53 | +₹101.38 | +14.30% |
| R3 | ₹767.63 | +₹58.48 | +8.25% |
| R2 | ₹740.32 | +₹31.17 | +4.39% |
| R1 | ₹724.73 | +₹15.58 | +2.20% |
| PIVOT | ₹697.42 | -11.73 | -1.65% |
| CURRENT | ₹709.15 | - | - |
| S1 | ₹596.03 | -₹113.12 | -15.95% |
| S2 | ₹638.93 | -₹70.22 | -9.90% |
| S3 | ₹654.52 | -₹54.63 | -7.70% |
| S4 | ₹681.83 | -₹27.32 | -3.85% |
CPR Levels
Support
Resistance
S4
N/A
S3
N/A
S2
N/A
S1
N/A
| CPR |
BC: N/AP: N/ATC: N/A
R1
N/A
R2
N/A
R3
N/A
R4
N/A
LTP: N/A
PDH: N/A
PDL: N/A
● Market Sentiment
is trading CPR, indicating
● CPR Width
CPR is
● Opening Range
Day's range: ~
● Price Position
Trading Inside opening range
Delivery Volume Analysis & Trading Activity
Latest Volume-20.3% vs avg
0.35L
(02 Apr 2026)Delivery %-9.0% vs avg
41.1%
(02 Apr 2026)Avg Volume (20D)20-day average
0.44L
(04 Mar - 02 Apr)Avg Delivery %Trend ↑
50.1%
(04 Mar - 02 Apr)Delivery % indicates the percentage of traded volume that resulted in actual delivery. Higher delivery % (>50%) suggests genuine buying interest and stronger hands.
Peer Comparison & Industry Benchmarking
Quick Compare
Largest by Market Cap
Schaeffler India Ltd
59,147.65 ₹ Cr
Best Profit Growth
Mamata Machinery Ltd
1105.00 %
Highest Dividend Yield
Ador Welding Ltd
1.91 %
Peer Comparison
| Company Name |
|---|
 Ador Welding Ltd |
 AIA Engineering Ltd |
 Concord Enviro Systems Ltd |
 Confidence Petroleum India Ltd |
 DEE Development Engineers Ltd |
 Diffusion Engineers Ltd |
 Gala Precision Engineering Ltd |
 JNK India Ltd |
 Macpower CNC Machines Ltd |
 Mamata Machinery Ltd |
 Roto Pumps Ltd |
 Schaeffler India Ltd |
 Thejo Engineering Ltd |
 Walchandnagar Industries Ltd |
 Wendt India Ltd |
 Yuken India Ltd |
About
ICE Make Refrigeration Ltd
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.
COMPANY FACTS - ICEMAKE
Registered Address
226, Dantali Industrial Estate, Gota-Vadsar Road,, AT Dantali, Tal. Kalol, District, Gandhinagar
Ahmedabad
GUJARAT
IN
Tel: 918048764213
Website:https://www.icemakeindia.co.in/
Investor Relations:http://www.icemakeindia.com/financials.html
Company Details
Group: Capital Goods
Sector: Industrials
Industry: Machinery
Exchange: NATIONAL STOCK EXCHANGE OF INDIA
Employees: 300
IPO Date: 08/12/2017
MANAGEMENT - ICEMAKE
Mr. Chandrakant Patel
Chairman of the Board, Managing Director
Mr. Ankit Patel
Chief Financial Officer
Mr. Mandar Desai
Compliance Officer, Company Secretary
Mr. Rajendra Patel
Joint Managing Director, Whole Time Director
Mr. Vipul Patel
Joint Managing Director, Whole Time Director
Mrs. Darsha Kikani
Non-Executive Independent Director
Mr. Harshadrai Pandya
Non-Executive Independent Director
Dr. Hasmukh Patel
Non-Executive Independent Director
Mr. Krishnakant Patel
Non-Executive Independent Director
Investor Questions Answered
ICE Make Refrigeration Ltd (ICEMAKE) Stock FAQs
Get answers to the most common questions about ICE Make Refrigeration Ltd stock price, fundamentals, financial metrics, and investment analysis
The current share price of ICE Make Refrigeration Ltd (ICEMAKE) is ₹709.15. Today, the stock has gained by ₹25.00 (3.65%), trading in a range of ₹670.1 to ₹713. The stock opened at ₹670.1 with a trading volume of 35,360 shares.
ICE Make Refrigeration Ltd can be considered for long-term investment based on several factors. The company has a market capitalization of ₹1,268.85 crores, P/E ratio of 83.58, ROE of 11.20%, and ROCE of 20.60%. The dividend yield stands at 0.22%. 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.
The 52-week high price of ICE Make Refrigeration Ltd (ICEMAKE) is ₹1,088.75, while the 52-week low is ₹660.3. Currently trading at ₹709.15, the stock is 11.4% away from its 52-week low and 34.9% below its 52-week high. These levels help investors understand the stock's price volatility and trading range over the past year.
Whether to buy ICE Make Refrigeration Ltd stock at ₹709.15 depends on multiple factors. The stock is currently trading with a P/E ratio of 83.58 and P/B ratio of N/A. Today's performance shows a gain of 3.65%. 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.
ICE Make Refrigeration Ltd offers a dividend yield of 0.22%, which means for every ₹100 invested at the current price of ₹709.15, you can expect to receive approximately ₹0.22 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.
ICE Make Refrigeration Ltd's key financial metrics include: P/E Ratio: 83.58, P/B Ratio: N/A, ROE: 11.20%, ROCE: 20.60%, Dividend Yield: 0.22%, EPS: ₹9.61, Book Value: ₹78.6, Debt-to-Equity: 0.69, and Current Ratio: N/A. The company's market cap stands at ₹1,268.85 crores. These metrics help evaluate the company's valuation, profitability, and financial health.
ICE Make Refrigeration Ltd stock opened at ₹670.1 and is currently trading at ₹709.15, showing a gain of ₹25.00 (3.65%). The intraday high is ₹713 and low is ₹670.1. The trading volume stands at 35,360 shares, indicating moderate market participation today.
ICE Make Refrigeration Ltd has a Price-to-Earnings (P/E) ratio of 83.58, which means investors are willing to pay ₹83.58 for every ₹1 of earnings. With an EPS of ₹9.61, 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.
ICE Make Refrigeration Ltd has a market capitalization of ₹1,268.85 crores, making it a small-cap company. Market cap is calculated by multiplying the current stock price (₹709.15) by the total number of outstanding shares. This metric helps investors understand the company's size, stability, and investment risk profile.
ICE Make Refrigeration Ltd has a book value of ₹78.6 per share and a Price-to-Book (P/B) ratio of N/A. The current market price is ₹709.15, which is 802.2% above the book value. A P/B ratio below 1 may indicate undervaluation or asset quality concerns.
ICE Make Refrigeration Ltd has a Return on Equity (ROE) of 11.20% and Return on Capital Employed (ROCE) of 20.60%. ROE measures how efficiently the company generates profits from shareholders' equity, while ROCE indicates how well the company uses its capital to generate profits. These are moderate returns, suggesting decent operational efficiency. Higher percentages generally indicate better financial performance.
ICE Make Refrigeration Ltd operates in the diversified sector and belongs to the general industry. The company competes with other players in this space and its performance is influenced by sector-specific trends, regulatory changes, and market dynamics. Understanding the sector helps investors assess growth potential, cyclical patterns, and industry-specific risks that may impact the stock's performance.
ICE Make Refrigeration Ltd has a debt-to-equity ratio of 0.69, which measures the company's financial leverage by comparing total debt to shareholders' equity. This moderate ratio indicates balanced use of debt and equity. Lower ratios generally indicate lower financial risk, but optimal levels vary by industry.
ICE Make Refrigeration Ltd has an Earnings Per Share (EPS) of ₹9.61, which represents the company's profit allocated to each outstanding share. With a current stock price of ₹709.15 and P/E ratio of 83.58, investors are paying 83.58 times the annual earnings per share. The company may need to improve its earnings performance. Track EPS growth over quarters to assess earnings momentum.
ICE Make Refrigeration Ltd has reported a sales growth of N/A% and profit growth of N/A%. The company may be facing growth challenges or operating in a mature market. Consistent growth over multiple quarters is a positive indicator for long-term investors. Compare these growth rates with industry peers for better perspective.
ICE Make Refrigeration Ltd has a current ratio of N/A, which measures the company's ability to pay short-term obligations with current assets. A ratio below 1 may indicate potential liquidity concerns. This metric is crucial for assessing the company's working capital management and financial safety.
To analyze ICE Make Refrigeration Ltd stock, consider: 1) Fundamental Analysis - Review P/E (83.58), ROE (11.20%), debt-to-equity (0.69), and growth rates. 2) Technical Analysis - Check 52-week range (₹660.30 - ₹1088.75), moving averages, and chart patterns. 3) Valuation - Compare current price (₹709.15) with book value (₹78.60) and industry peers. 4) Financial Health - Assess current ratio (N/A) and cash flows. 5) Growth Prospects - Evaluate sales growth (N/A%) and profit growth (N/A%). Always diversify and consult a financial advisor.
The face value (or par value) of ICE Make Refrigeration Ltd share is ₹10.00. Face value is the nominal value of a share as stated in the company's charter and is used for accounting purposes and calculating dividends. The current market price of ₹709.15 is 6991x the face value. Face value remains constant unless the company undergoes a stock split or bonus issue, while market price fluctuates based on demand and supply.
Investing in ICE Make Refrigeration Ltd carries several risks: 1) Market Risk - Stock price volatility (52-week range: ₹660.30 - ₹1088.75). 2) Business Risk - Industry-specific challenges in the sector. 3) Financial Risk - Debt-to-equity ratio of 0.69 indicates leverage. 4) Liquidity Risk - Based on trading volume of 35,360 shares. 5) Valuation Risk - P/E of 83.58 may indicate over/undervaluation. 6) Economic Risk - Macroeconomic factors affecting the industry. Diversify your portfolio and invest only what you can afford to lose.
ICE Make Refrigeration Ltd operates in the industry with key metrics: P/E ratio of 83.58, ROE of 11.20%, market cap of ₹1,268.85 crores, and dividend yield of 0.22%. To make an informed comparison, analyze these metrics against industry peers considering factors like revenue growth (N/A%), profit margins, debt levels (D/E: 0.69), and market position. Use our peer comparison tool on this page to see detailed side-by-side analysis with competitors.
Target prices for ICE Make Refrigeration Ltd vary among analysts and depend on multiple factors including earnings projections, industry trends, and market conditions. The stock is currently trading at ₹709.15, with a 52-week range of ₹660.30 to ₹1088.75. Based on fundamentals like P/E (83.58), ROE (11.20%), and growth rates, analysts may have different target prices. Always refer to recent research reports from reputed brokerages and make decisions based on your own analysis and risk appetite.
Consider selling ICE Make Refrigeration Ltd stock when: 1) Target Price Achieved - If the stock reaches your predetermined target from current ₹709.15. 2) Fundamental Deterioration - Declining ROE (currently 11.20%), increasing debt (D/E: 0.69), or falling growth rates. 3) Better Opportunities - Finding stocks with superior risk-reward ratios. 4) Portfolio Rebalancing - When the stock becomes overweight in your portfolio. 5) Changed Investment Thesis - If reasons for buying no longer hold. 6) Stop Loss - If price falls below your risk threshold. Always base decisions on thorough analysis rather than emotions.
Tax implications for ICE Make Refrigeration Ltd stock investments: 1) Short-term Capital Gains (STCG) - If sold within 1 year, gains taxed at 15% plus cess. 2) Long-term Capital Gains (LTCG) - If held over 1 year, gains above ₹1 lakh taxed at 10% without indexation. 3) Dividend Income - Dividends (current yield: 0.22%) are taxable as per your income tax slab. 4) Securities Transaction Tax (STT) - Applicable on both buy and sell transactions. 5) Intraday Trading - Treated as speculative income, taxed as per slab. Tax laws change periodically, so consult a tax advisor for personalized guidance and latest regulations.
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