MarketFriction

ICE Make Refrigeration Ltd

NSE ICEMAKE · Industrial Products
₹623.65 -0.94%
NSE close2026-10-01
52 week range623.00 - 920.00
Market cap₹1,000 Cr.
P/E92.0
IPO 2017 · +994% since Price band 20% Delivery 48.9%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Standalone, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales75.7281.56135.0783.17101.38108.64178.61111.86148.70153.21253.59176.08
Expenses68.2577.28114.8377.0993.14102.04157.85107.67140.07143.98232.96172.92
Operating Profit7.474.2820.246.088.246.6020.764.198.639.2320.633.16
OPM %9.87%5.25%14.98%7.31%8.13%6.08%11.62%3.75%5.80%6.02%8.14%1.79%
Other Income0.210.200.320.220.270.340.610.260.150.270.380.18
Interest0.680.600.350.410.871.111.502.262.723.823.603.26
Depreciation0.850.900.940.830.922.034.043.984.094.184.391.99
Profit before tax6.152.9819.275.066.723.8015.83-1.791.971.5013.02-1.91
Tax %25.37%25.50%26.15%23.91%27.23%22.37%27.29%-22.35%26.40%26.00%25.35%-26.18%
Net Profit4.592.2214.233.854.892.9611.52-1.391.451.119.72-1.41
EPS in Rs2.911.419.022.443.101.887.30-0.880.920.706.16-0.89
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales7288101129136131200303370472667732
Expenses657889115122121186271329430625690
Operating Profit71012141411143140424342
OPM %10%11%12%11%10%8%7%10%11%9%6%6%
Other Income001011121111
Interest21212221241213
Depreciation22124433481715
Profit before tax47101196112836311515
Tax %34%32%32%29%26%31%26%26%26%26%26%
Net Profit35787482127231111
EPS in Rs3.676.984.235.004.262.865.1613.3416.8714.726.906.89
Dividend Payout %0%0%24%24%28%42%23%13%12%15%33%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth25%38%30%46%
Compounded Profit Growth15%19%-20%-40%
Stock Price CAGR%54%5%-15%
Return on Equity18%19%17%8%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital177161616161616161616
Reserves63829354044506993113120
Borrowings13141582148932483156
Other Liabilities13142426293340497077154209
Total Liabilities3339557981102107123158209365501
Fixed Assets99910202626293046130137
CWIP00010010012625
Investments002333338333
Other Assets2430446458737690120148227335
Total Assets3339557981102107123158209365501
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity518-07-2129221030-14
Cash from Investing Activity-2-2-4-4-10-7-4-5-13-22-84-39
Cash from Financing Activity1-0-014-96-9-3-8164954
Net Cash Flow3-1310-12-2-0014-51
Free Cash Flow2-16-5-4-97519-22-52-53
CFO/OP126%25%96%20%76%6%134%77%93%47%94%-15%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days616965765874766366687385
Inventory Days96751051221071341411117975112106
Days Payable9070107948488101798375118105
Cash Conversion Cycle677363104821201159462696786
Working Capital Days53164445655675143492022
ROCE %24%31%28%23%18%12%18%36%34%21%11%
Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters74.49%74.49%74.49%74.49%74.49%74.41%74.40%74.36%74.26%74.20%74.20%64.52%
FIIs0.02%0.00%0.02%0.00%0.00%0.33%0.01%0.01%0.11%0.22%0.31%0.01%
DIIs0.00%0.00%0.00%0.00%0.58%0.87%1.21%1.31%1.99%1.64%1.38%0.88%
Public25.49%25.51%25.50%25.51%24.93%24.39%24.38%24.32%23.64%23.94%24.11%34.60%
No. of Shareholders19,28522,66823,22524,54324,77624,63325,65625,19424,24925,55123,61622,581

Fundamentals

Market Cap₹ 1,000 Cr.
Current Price₹ 634
Stock P/E92.0
Book Value₹ 86.2
ROCE10.8 %
ROE8.24 %
Dividend Yield0.35 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)46%
Compounded Profit Growth (TTM)-40%
Standalone figures.
Valuation
Market capRs 984 Cr
Enterprise valueRs 1,134 Cr
P/E (TTM)90.53x
Price to book7.23x
Price to sales1.35x
EV / EBITDA26.60x
EV / EBIT40.53x
EV / sales1.55x
Earnings yield1.10%
Dividend yield0.36%
P/E, 3-year average61.88x
P/B, 3-year average8.56x
P/E, 5-year average44.83x
P/B, 5-year average6.57x
Profitability
Operating margin (excl. other income)6.39%
Operating margin (incl. other income)6.55%
EBITDA margin5.83%
Pre-tax margin1.99%
Net profit margin1.49%
Net margin, latest quarter-0.80%
ROE8.24%
ROCE10.77%
ROA2.51%
ROE, 3-year average18.45%
ROCE, 3-year average21.84%
ROA, 3-year average8.36%
ROE, 5-year average19.28%
ROCE, 5-year average23.94%
ROA, 5-year average9.42%
ROIC (approx.)7.25%
Tax rate25.90%
Other income / net worth0.78%
Growth
Sales growth (latest year)41.45%
Profit growth (latest year)-53.10%
Sales CAGR, 3 years30.15%
Sales CAGR, 5 years38.39%
Profit CAGR, 3 years-19.72%
Profit CAGR, 5 years19.39%
Sales growth QoQ-30.57%
Profit growth QoQ-114.51%
Sales growth YoY (latest quarter)57.41%
Per share
EPS (TTM)Rs 6.89
EPS (latest year)Rs 6.90
EPS (latest quarter)Rs -0.89
EPS, 3-year averageRs 12.83
EPS, 5-year averageRs 11.40
Book value per shareRs 86.22
Sales per shareRs 463.62
Cash flow per shareRs -8.58
Free cash flow per shareRs -33.59
Dividend per share (latest year)Rs 2.25
Dividend per share, 3-year averageRs 2.17
Dividend per share, 5-year averageRs 1.90
Dividends
Dividend payout32.60%
Dividend payout, 3-year average19.92%
Dividend payout, 5-year average19.29%
Efficiency
Asset turnover1.33x
Fixed asset turnover4.87x
Inventory turnover3.87x
Inventory days94 days
Debtor days85 days
Debtors turnover4.30x
Creditor days105 days
Cash conversion cycle86 days
Working capital days22 days
Leverage
Total debtRs 156 Cr
Cash and bankRs 6 Cr
Net debtRs 150 Cr
Debt to equity1.15x
Net debt / EBITDA3.52x
Interest coverage2.09x
Current ratio (filing 2026-03-31)1.16x
Quick ratio (filing 2026-03-31)0.66x
Trade payables (filing 2026-03-31)Rs 138 Cr
Owners' fund to total sources27.15%
Debt to assets31.20%
Cash flow
Cash from Operating Activity (latest year)Rs -14 Cr
Cash from Investing Activity (latest year)Rs -39 Cr
Cash from Financing Activity (latest year)Rs 54 Cr
Net Cash Flow (latest year)Rs 1 Cr
Free cash flow (latest year)Rs -53 Cr
FCFE (approx.: FCF + change in debt)Rs 21 Cr
Cash from ops / profit, 5 years0.63x
Statement figures
Net sales (TTM)Rs 732 Cr
Net sales (latest year)Rs 667 Cr
Sales (latest quarter)Rs 176 Cr
Operating profit excl. other income (latest year)Rs 43 Cr
Operating profit (latest quarter)Rs 3 Cr
Other income (TTM)Rs 1 Cr
EBITDA (TTM)Rs 43 Cr
PBDT (TTM)Rs 29 Cr
Profit before tax (TTM)Rs 15 Cr
Tax (latest year)Rs 4 Cr
Net profit (TTM)Rs 11 Cr
Net profit (latest year)Rs 11 Cr
Net profit (latest quarter)Rs -1 Cr
Depreciation (TTM)Rs 15 Cr
Depreciation (latest quarter)Rs 2 Cr
Interest (TTM)Rs 13 Cr
Cost of goods sold (latest year)Rs 543 Cr
Total expenditure (latest year)Rs 625 Cr
Total income (latest year)Rs 668 Cr
Share capitalRs 16 Cr
ReservesRs 120 Cr
Shareholders' fundsRs 136 Cr
Total assetsRs 501 Cr
Net blockRs 137 Cr
Capital work in progressRs 25 Cr
InvestmentsRs 3 Cr
ReceivablesRs 155 Cr
InventoryRs 140 Cr
Other liabilitiesRs 209 Cr
Shares outstanding (crore)1.58
Ownership
Promoter holding64.52% (-9.84 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 90.5 is at the 93th percentile of its own 8.9-year range (median 34.1, low 6.7, high 121.0).
P/B 7.23 is at the 54th percentile (median 6.31).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodICEMAKENifty 50Difference
1 week-7.9%-2.8% -5.1 pts
1 month-15.0%-6.8% -8.2 pts
3 months-20.3%-7.6% -12.7 pts
6 months-6.3%+0.4% -6.7 pts
1 year-17.6%-9.9% -7.7 pts
2 years-14.1%-13.6% -0.6 pts
3 years+12.6%+14.2% -1.6 pts
5 years+753.1%+27.9% +725.3 pts

Red flags

F-score 3 of 8
explainWeak cash conversion Cash from operations was 44% of net profit over the last 3 years
explainDebt up, profit down Borrowings up 89% while net profit fell in 2026
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹176 Cr +57.4% vs Jun 2025. Net loss ₹1 Cr.
Against our estimate for Jun 2026: sales +11.2%, profit -204.8% miss. Our estimate for Sep 2026: sales Rs 223 Cr, profit Rs 2 Cr (how).

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-09-23Dividend - Rs 2.25 Per Share
2025-09-19Dividend - Rs 2.25 Per Share
2024-09-20Annual General Meeting/Dividend - Rs 2 Per Share
2023-09-15Annual General Meeting/Dividend - Rs 1.80 Per Share
2022-09-08Annual General Meetingdividend - Rs 1.20 Per Share
2021-09-16 Annual General Meeting/Dividend - Rs 1.20 Per Share
DateTypeWhat it says
2026-09-30AppointmentAppointment of Vipul Patel as Managing Director of the company w.e.f. September 05, 2026.
2026-09-30AppointmentAppointment of Rajendra Patel as Managing Director of the company w.e.f. September 05, 2026.
2026-09-30AppointmentAppointment of Chandrakant Patel as Managing Director of the company w.e.f. September 05, 2026.
2026-09-30Shareholder meetingVoting results.
2026-09-30Shareholder meetingProceedings of Annual General Meeting held on September 30, 2026
2026-09-10General UpdatesGeneral Updates
2026-09-10General UpdatesGeneral Updates
2026-09-10AllotmentAllotment of 2367573 securities pursuant to Preferential Issue at its meeting held on September 10, 2026
2026-09-10Board meeting outcomeOutcome of Board Meeting held on September 10, 2026.
2026-09-08Shareholder meetingNotice of Annual General Meeting to be held on September 30, 2026
2026-08-24Concall / analyst meetTranscript
2026-08-21Concall / analyst meetSchedule of meet and Presentation
2026-08-19Amendment to AOA/MOAThe Amendment to AOA/MOA of the company.
2026-08-19Shareholder meetingVoting results.
2026-08-19General UpdatesGeneral Updates
2026-08-19UpdatesClarification / Undertaking in relation to the Notice of Extra-Ordinary General Meeting held on August 19, 2026.
2026-08-19Shareholder meetingProceedings of Extraordinary General Meeting held on August 19, 2026
2026-08-19Concall / analyst meetLink of Recording
2026-08-14UpdatesInvestor Update for the Quarter ended June 30, 2026.
2026-08-13Concall / analyst meetSchedule of meet
2026-08-13AppointmentAppointment of Ms. M I Prajapati & Associates LLP as Cost Auditor of the company w.e.f. April 01, 2026.
2026-08-13Record DateRecord date for the purpose of Dividend is 23-Sep-2026.
2026-08-13AppointmentAppointment of Mr Vipul I. Patel as Managing Director of the company w.e.f. September 05, 2026.
2026-08-13AppointmentAppointment of Mr Rajendra P. Patel as Managing Director of the company w.e.f. September 05, 2026.
2026-08-13AppointmentAppointment of Mr Chandrakant P. Patel as Chairman & Managing Director of the company w.e.f. September 05, 2026.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Scrip PE is greater than 50 (4 trailing quarters)

Quick answers

What is the market cap of ICE Make Refrigeration Ltd?

ICE Make Refrigeration Ltd (ICEMAKE) has a market capitalisation of Rs 1,000 Cr. at the 2026-10-01 close.

What is the P/E ratio of ICE Make Refrigeration Ltd?

ICE Make Refrigeration Ltd trades at a P/E of 92.0 on trailing twelve-month profit, at the 2026-10-01 close.

What were ICE Make Refrigeration Ltd's latest quarterly results?

In the Jun 2026 quarter, ICE Make Refrigeration Ltd sales was Rs 176 Cr (+57.4% vs Jun 2025) with a net loss of Rs 1 Cr.

What is the 52-week high and low of ICE Make Refrigeration Ltd?

The 52-week high is Rs 920.00 and the 52-week low is Rs 623.00.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03