ICEMAKE

ICE Make Refrigeration Ltd.

NSE: ICEMAKE

Sector: Capital Goods

Industry Group: Industrial Manufacturing

Industry: Industrial Products

726.05+4.4 (+0.60%)

24 Aug, 12:00 AM

Overview

Analysis Statements Technicals Forecast Peers Resources News

Stock Scores

Quality Score

9.4 / 100

Value Score

27.2 / 100

Price Momentum Score

56.7 / 100

QVM Score

13.5 / 100

Key Metrics

Market Cap

1145.71

P/E (TTM)

95.79

P/B

8.62

P/S (TTM)

1.56

EV/EBITDA

29.58

CAPE (5Y)

64.15

ROE (TTM)

9.49

ROCE (TTM)

11.29

ROA (TTM)

2.80

Avg 3Y ROE

19.36

Earnings 3Y CAGR

-19.67

Sales 3Y CAGR

31.09

Sales 5Y CAGR

37.77

Debt/Equity

1.19

Consensus TP

Strong Buy %

Promoter Holding

74.20

Pledged %

8.03

Stock Analysis

Fundamental analysis overview of ICE Make Refrigeration Ltd. covering key investment insights, growth drivers, risk factors, and potential red flags.

Views

Red Flags

Positive

Strong revenue growth and above median growth of industry

The company delivered strong revenue growth of 45.43% for 12-month ended 30 Jun 2026 and the growth was 35.55 percentage points higher than median growth of industry

What is Sales growth (1Y)?

Median: 9.88

Value 45.43

-98.36774.95

Consistently pays dividend

The company has not missed dividend payments once in the last 8 financial years

What is Dividend streak?

Negative

Expensive and at a premium to industry median P/E

PE TTM of 95.79 indicates that the stock is expensive on a standalone basis and is at a 260.25% premium to industry median P/E

What is P/E Ratio?

Median: 26.59

Value 95.79

-7495.384224.7

Low and declining ROE

The company reported low ROE of 9.49% for 12-month ended 30 Jun 2026 and ROE declined by -1076 bps from 1 year ago

What is ROE (FY)?

Low and declining operating margin

The company reported low operating margin of 4.23% for 12-month ended 30 Jun 2026 and operating margin declined by -160 bps from 1 year ago

What is Operating profit margin?

Low EPS growth and lower than median growth of industry

The company delivered moderate EPS growth of -33.38% for 12-month ended 30 Jun 2026 and the growth was 36.64 percentage points lower than median growth of industry

What is EPS growth (1Y)?

Reasonable Debt to Equity, but increasing

The company has reasonable Debt to Equity of 1.19 as on 30 Jun 2026 but Debt to Equity increased by 0.5 in the last 1 year

What is Debt to Equity?

Company's earnings are of low quality

Earnings quality score of 18.5 indicates that the company's earnings are of low quality. Earnings quality is measured using combination of earnings persistence, probability of manipulation and earnings to cash conversion

What is Earnings quality score?

18.5 / 100

Low dividend yield

The company has a low dividend yield of 0.31%

What is Dividend yield?

Neutral

Not enough talking points with neutral stance

Financial Snapshot

See detailed analysis

Multi-year trends for ICE Make Refrigeration Ltd. covering revenue, net profit, ROE, and EBITDA for a quick view of financial health over time.

Net Revenue FY

Profit After Tax FY

ROE FY

EBITDA FY

ICE Make Refrigeration Ltd. Shareholding Pattern

Quarterly breakdown of ICE Make Refrigeration Ltd. ownership including promoter, FII, DII, mutual fund, and public holdings as disclosed to NSE/BSE.

	Sep 2019	Mar 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	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
Total Promoter	73.90	74.96	74.96	74.96	74.96	74.96	74.82	74.86	74.86	74.51	74.49	74.49	74.49	74.49	74.49	74.49	74.49	74.49	74.49	74.49	74.41	74.40	74.36	74.26	74.20	74.20
Indian Promoter	73.90	74.96	74.96	74.96	74.96	74.96	74.82	74.86	74.86	74.51	74.49	74.49	74.49	74.49	74.49	74.49	74.49	74.49	74.49	74.49	74.41	74.40	74.36	74.26	74.20	74.20
Foreign Promoter	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Institutions	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.05	0.05	0.05	0.05	0.05	0.02	0.00	0.02	0.00	0.58	1.20	1.22	1.32	2.10	1.86	1.69
Mutual Funds / UTI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
FI/Bank/Insurance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Govt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
FII	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.05	0.05	0.05	0.05	0.05	0.02	0.00	0.02	0.00	0.00	0.33	0.01	0.01	0.12	0.22	0.31
Other Institutions	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.58	0.87	1.21	1.31	1.99	1.64	1.38
Non-Institution	26.10	25.04	25.03	25.03	25.04	25.04	25.18	25.14	25.13	25.50	25.46	25.46	25.46	25.46	25.46	25.49	25.51	25.49	25.51	24.95	24.39	24.38	24.32	23.64	23.94	24.11
Bodies Corporate	2.91	1.67	3.18	2.61	2.19	2.14	1.55	1.56	0.50	0.42	0.79	0.50	0.51	0.56	0.88	0.82	0.80	0.88	0.76	0.97	1.01	1.05	1.09	1.12	1.14	1.14
Others (incl. Retail) No. of shareholders	23.19 859	23.37 846	21.85 815	22.42 2,144	22.85 2,832	22.90 3,404	23.63 3,964	23.58 4,372	24.63 4,309	25.08 3,873	24.67 5,550	24.96 8,424	24.95 10,006	24.90 11,526	24.58 14,424	24.67 19,232	24.71 22,616	24.61 23,152	24.75 24,474	23.98 24,672	23.38 24,522	23.33 25,545	23.23 25,078	22.52 24,138	22.80 25,446	22.97 23,518

Bulk, Block and Insider Trades

Recent bulk deals, block deals, and insider trading activity in ICE Make Refrigeration Ltd. shares as reported to NSE and BSE.

Name	Date	Type	Price	Qty.	Value
GRAVITON RESEARCH CAPITAL LLP	13 Jun 2024	buy	₹ 890.77	81.89 k	₹ 7.29 cr
GRAVITON RESEARCH CAPITAL LLP	13 Jun 2024	sell	₹ 890.53	81.89 k	₹ 7.29 cr
GRAVITON RESEARCH CAPITAL LLP	30 May 2024	buy	₹ 713.91	1.20 lac	₹ 8.54 cr
GRAVITON RESEARCH CAPITAL LLP	30 May 2024	sell	₹ 714.80	1.20 lac	₹ 8.55 cr

Corporate Actions

History of ICE Make Refrigeration Ltd. dividends, bonus issues, stock splits, rights issues, and other corporate events.

Dividend₹ 2.25/share
Record date: 23rd Sep 2026Ex-date: 23rd Sep 2026
Announced on: 29th May 2026
Dividend₹ 2.25/share
Record date: 20th Sep 2025Ex-date: 19th Sep 2025
Announced on: 17th May 2025
Dividend₹ 2/share
Record date: 21st Sep 2024Ex-date: 20th Sep 2024
Announced on: 29th May 2024
Dividend₹ 1.80/share
Record date: 16th Sep 2023Ex-date: 15th Sep 2023
Announced on: 30th May 2023
Dividend₹ 1.20/share
Record date: 10th Sep 2022Ex-date: 8th Sep 2022
Announced on: 24th May 2022

Company Profile

Overview of ICE Make Refrigeration Ltd. covering business description, industry classification, key management, financial ratios, and listed exchange details.

Ice Make Refrigeration Limited is an India-based commercial & industrial refrigeration equipment manufacturer. It is engaged in the business of providing customized cooling solutions to various clients across a wide range of industries by manufacturing and supplying refrigeration products and equipm...

Key personnel

Mr. Ankit Patel

Chief Financial Officer

Mr. Mandar Desai

Compliance Officer, Company Secretary

Mr. Chandrakant P. PatelD

Chairman of the Board, Managing Director

Mr. Rajendra P. PatelD

Joint Managing Director, Whole Time Director

Mr. Vipul I. PatelD

Joint Managing Director, Whole Time Director

Mrs. Darsha Premshanker KikaniD

Non-Executive Independent Director

Mr. Harshadrai Premshanker PandyaD

Non-Executive Independent Director

Dr. Hasmukh B. PatelD

Non-Executive Independent Director

View all

Incorporated on

31 Mar 2009

Last Annual

31 Mar 2026

Last Interim

30 Jun 2026

No. of Employees

IPO date

08 Dec 2017

Free Float

1,57,79,735

Website

https://www.icemakeindia.co.in/

Phone no.

+917927540630

Address

226, Dantali Industrial Estate, Gota-Vadsar Road,, AT Dantali, Tal. Kalol, District, , 382721, India

Frequently Asked Questions

What is the current share price of ICE Make Refrigeration Ltd.?

The current share price of ICE Make Refrigeration Ltd. is ₹ 726.05 as of 24 Aug 2026.

What is the market capitalisation of ICE Make Refrigeration Ltd.?

The market capitalisation of ICE Make Refrigeration Ltd. stands at ₹ 1,145.71 Cr.

What is the PE ratio of ICE Make Refrigeration Ltd.?

The Price-to-Earnings (PE) ratio of ICE Make Refrigeration Ltd. is 95.79 as of the latest trailing twelve months data.

What is the ROE and ROCE of ICE Make Refrigeration Ltd.?

ICE Make Refrigeration Ltd. has a Return on Equity (ROE) of 9.49% and a Return on Capital Employed (ROCE) of 11.29% as per the latest financial reports.

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

The 52-week high of ICE Make Refrigeration Ltd. is - and the 52-week low is -.

What is the dividend yield of ICE Make Refrigeration Ltd.?

The dividend yield of ICE Make Refrigeration Ltd. is 0.31% based on the current market price.

What is the FII and DII holding in ICE Make Refrigeration Ltd.?

Foreign Institutional Investors (FII) hold 0.31%, Domestic Institutional Investors (DII) hold 0.00% and retail/public investors hold 22.97% of ICE Make Refrigeration Ltd. shares.

What sector does ICE Make Refrigeration Ltd. belong to?

ICE Make Refrigeration Ltd. operates in the Capital Goods sector.

What is the beta of ICE Make Refrigeration Ltd.?

The beta of ICE Make Refrigeration Ltd. is 0.78, indicating its price volatility relative to the broader market. Over the past 1 year, ICE Make Refrigeration Ltd. has delivered an absolute return of 0.49%.

What is the RSI of ICE Make Refrigeration Ltd.?

The 14-day Relative Strength Index (RSI) of ICE Make Refrigeration Ltd. is 33.11, placing it approaching oversold territory. An RSI above 70 is considered overbought and below 30 is considered oversold.

ICE Make Refrigeration Ltd.

Stock Scores

Key Metrics

Share Price

Stock Analysis

Financial Snapshot

ICE Make Refrigeration Ltd. Shareholding Pattern

Bulk, Block and Insider Trades

Corporate Actions

Company Profile

Frequently Asked Questions

Stock Analysis

Corporate Actions

Company Profile