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Ice Make Refrigeration Limited
NSE: ICEMAKE · Unclassified
₹689.55-1.90%06 Nov 2026
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Instant answers about Ice Make Refrigeration Limited — computed from its filings, no language modelMarket cap₹1,251 cr
Current price₹689.55
High / Low₹886 / ₹624
P/E98.9
P/B3.95
Book value₹174.6
ROE4.0%
ROCE7.0%
Debt / equity0.42
Dividend yield0.28%
EPS (TTM)₹6.97
Face value₹10
Price & valuation
split & bonus adjusted · pick a metric and rangeAnnual performance
annual · ₹ crore · line = operating margin| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Revenue | 134.7 | 206.1 | 312.2 | 378.4 | 479.5 | 668.2 |
| EBITDA | 10.3 | 14.5 | 32.1 | 40.8 | 42.5 | 45.3 |
| Operating margin | 7.7% | 7.0% | 10.3% | 10.8% | 8.9% | 6.8% |
| Interest | 1.9 | 1.7 | 1.2 | 2.1 | 4.1 | 12.6 |
| Depreciation | 4.4 | 3.6 | 3.9 | 4.1 | 8.3 | 17.1 |
| Profit before tax | 5.3 | 9.8 | 28.1 | 35.2 | 31.0 | 16.4 |
| Tax | 1.7 | 2.5 | 7.3 | 9.1 | 8.1 | 4.3 |
| Net profit | 0.0 | 0.0 | 0.0 | 26.2 | 23.1 | 12.2 |
| EPS ₹ | 2.31 | 4.66 | 13.19 | 16.56 | 14.65 | 7.73 |
| Operating cash flow | — | 8.3 | 24.4 | 12.0 | 30.0 | -10.6 |
| Capex | — | 4.0 | 3.8 | 19.7 | 82.3 | 39.9 |
| Dividend paid | — | 1.9 | 1.9 | 2.8 | 3.2 | 3.5 |
| Total assets | — | — | 159.0 | 211.4 | 367.7 | 507.9 |
| Equity | — | — | 81.1 | 104.2 | 124.0 | 133.0 |
Quarterly performance
last 25 quarters · ₹ crore| SEP '20 | DEC '20 | MAR '21 | JUN '21 | SEP '21 | DEC '21 | MAR '22 | JUN '22 | SEP '22 | DEC '22 | MAR '23 | JUN '23 | SEP '23 | DEC '23 | MAR '24 | JUN '24 | SEP '24 | DEC '24 | MAR '25 | JUN '25 | SEP '25 | DEC '25 | MAR '26 | JUN '26 | SEP '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 30.6 | 33.4 | 53.8 | 32.4 | 47.9 | 48.9 | 76.9 | 64.8 | 67.1 | 66.7 | 113.6 | 79.1 | 76.9 | 82.4 | 139.9 | 85.2 | 103.4 | 110.6 | 180.3 | 111.5 | 147.5 | 153.4 | 255.8 | 178.9 | 207.4 |
| Operating profit | 3.5 | 1.9 | 5.0 | -0.0 | 2.9 | 2.9 | 8.6 | 5.3 | 7.3 | 7.3 | 12.2 | 8.2 | 7.6 | 4.3 | 20.7 | 6.0 | 8.4 | 6.7 | 21.4 | 4.4 | 9.6 | 9.9 | 21.4 | 3.0 | 9.1 |
| Operating margin | 11.5% | 5.6% | 9.3% | -0.0% | 6.1% | 6.0% | 11.2% | 8.2% | 10.9% | 11.0% | 10.7% | 10.3% | 9.9% | 5.2% | 14.8% | 7.1% | 8.2% | 6.0% | 11.9% | 3.9% | 6.5% | 6.5% | 8.4% | 1.7% | 4.4% |
| Other income | 0.1 | 0.3 | 0.6 | 0.1 | 0.1 | 0.1 | 0.3 | 0.1 | 0.2 | 0.1 | 0.7 | 0.2 | 0.1 | 0.1 | 0.2 | 0.1 | 0.1 | 0.2 | 0.5 | 0.1 | 0.1 | 0.1 | 0.4 | 0.1 | 0.3 |
| Interest | 0.5 | 0.6 | 0.3 | 0.3 | 0.4 | 0.5 | 0.5 | 0.3 | 0.2 | 0.6 | 0.2 | 0.2 | 0.7 | 0.7 | 0.5 | 0.5 | 0.9 | 1.1 | 1.6 | 2.3 | 2.7 | 3.9 | 3.7 | 3.3 | 3.6 |
| Depreciation | 1.1 | 1.1 | 1.1 | 0.9 | 0.8 | 0.8 | 1.0 | 0.9 | 0.9 | 1.0 | 1.1 | 1.0 | 1.0 | 1.0 | 1.1 | 0.9 | 1.0 | 2.1 | 4.2 | 4.1 | 4.2 | 4.3 | 4.5 | 2.0 | 2.1 |
| Profit before tax | 2.1 | 0.5 | 4.2 | -1.1 | 1.8 | 1.7 | 7.4 | 4.2 | 6.4 | 5.9 | 11.6 | 7.2 | 6.0 | 2.7 | 19.3 | 4.7 | 6.6 | 3.6 | 16.1 | -1.8 | 2.8 | 1.9 | 13.6 | -2.2 | 3.7 |
| Tax | 0.3 | 0.3 | 1.2 | -0.3 | 0.4 | 0.4 | 1.9 | 1.1 | 1.8 | 1.4 | 3.0 | 1.8 | 1.5 | 0.7 | 5.1 | 1.1 | 1.8 | 0.8 | 4.4 | -0.4 | 0.8 | 0.5 | 3.4 | -0.6 | 1.0 |
| Net profit | 0.0 | 0.1 | 0.0 | 0.0 | 1.3 | 0.0 | 0.0 | 3.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 2.1 | 14.3 | 3.7 | 4.8 | 2.9 | 11.7 | -1.4 | 2.0 | 1.4 | 10.1 | -1.6 | 2.7 |
| EPS ₹ | 1.17 | 0.10 | 1.90 | -0.53 | 0.86 | 0.81 | 3.53 | 1.96 | 2.94 | 2.81 | 5.48 | 3.40 | 2.85 | 1.28 | 9.04 | 2.35 | 3.05 | 1.82 | 7.42 | -0.90 | 1.28 | 0.93 | 6.41 | -1.04 | 1.60 |
| Revenue YoY | — | — | — | — | 56.5% | 46.4% | 42.9% | 99.9% | 40.1% | 36.5% | 47.7% | 22.0% | 14.6% | 23.6% | 23.2% | 7.7% | 34.5% | 34.1% | 28.9% | 30.8% | 42.7% | 38.7% | 41.9% | 60.4% | 40.6% |
| Profit YoY | — | — | — | — | — | -100.0% | — | — | -100.0% | — | — | -100.0% | — | — | — | — | — | 38.6% | -18.1% | -138.3% | -57.9% | -49.5% | -13.7% | — | 34.5% |
Returns & margins
trailing-twelve-month, per quarter| JUN '21 | SEP '21 | DEC '21 | MAR '22 | JUN '22 | SEP '22 | DEC '22 | MAR '23 | JUN '23 | SEP '23 | DEC '23 | MAR '24 | JUN '24 | SEP '24 | DEC '24 | MAR '25 | JUN '25 | SEP '25 | DEC '25 | MAR '26 | JUN '26 | SEP '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | 4.6% | 4.6% | 3.8% | 0.0% | 0.0% | 2.3% | 15.7% | 19.3% | 22.7% | 23.5% | 18.6% | 14.5% | 12.5% | 11.4% | 9.2% | 9.0% | 4.0% |
| ROCE | — | — | — | — | — | 28.2% | 33.8% | 34.9% | 38.3% | 28.6% | 25.9% | 28.8% | 27.1% | 19.3% | 20.0% | 17.1% | 14.8% | 9.9% | 10.3% | 10.2% | 10.4% | 7.0% |
| Net margin | 0.1% | 0.9% | 0.7% | 0.7% | 1.9% | 1.2% | 1.1% | 1.0% | 0.0% | 0.0% | 0.6% | 4.3% | 5.2% | 6.1% | 5.9% | 4.8% | 3.6% | 2.8% | 2.3% | 1.8% | 1.6% | 1.6% |
| EBITDA margin | 6.9% | 5.9% | 5.9% | 7.0% | 8.3% | 9.4% | 10.4% | 10.3% | 10.7% | 10.5% | 9.2% | 10.8% | 10.0% | 9.6% | 9.5% | 8.9% | 8.1% | 7.7% | 7.6% | 6.8% | 6.0% | 5.5% |
| Debt / equity | — | — | — | — | — | 0.11 | 0.11 | 0.04 | 0.04 | 0.28 | 0.28 | 0.24 | 0.24 | 0.70 | 0.70 | 0.66 | 0.66 | 1.36 | 1.36 | 1.13 | 1.13 | 0.42 |
| Interest coverage | 4.30 | 4.30 | 5.36 | 6.68 | 9.52 | 13.80 | 15.92 | 23.46 | 27.56 | 19.14 | 16.44 | 17.68 | 15.07 | 14.21 | 12.35 | 8.51 | 5.09 | 3.64 | 2.80 | 2.30 | 2.18 | 2.17 |
| Asset turnover | — | — | — | — | — | 1.87 | 2.00 | 1.96 | 2.05 | 1.82 | 1.90 | 1.79 | 1.82 | 1.45 | 1.54 | 1.30 | 1.38 | 1.29 | 1.39 | 1.32 | 1.45 | 1.20 |
Balance sheet
equity vs borrowings over time · ₹ crore| SEP '22 | MAR '23 | SEP '23 | MAR '24 | SEP '24 | MAR '25 | SEP '25 | MAR '26 | SEP '26 | |
|---|---|---|---|---|---|---|---|---|---|
| Share capital | 15.8 | 15.8 | 15.8 | 15.8 | 15.8 | 15.8 | 15.8 | 15.8 | 18.1 |
| Other equity / reserves | 52.2 | 65.3 | 72.3 | 88.4 | 93.8 | 108.2 | 105.4 | 117.2 | 298.8 |
| Total equity | 68.0 | 81.1 | 88.1 | 104.2 | 109.5 | 124.0 | 121.1 | 133.0 | 316.9 |
| Borrowings | 7.3 | 3.0 | 24.9 | 25.3 | 76.9 | 81.7 | 164.8 | 150.9 | 132.2 |
| Current liabilities | 64.3 | 72.9 | 85.4 | 81.3 | 124.4 | 189.8 | 228.5 | 288.7 | 269.9 |
| Non-current liabilities | 5.4 | 5.0 | 11.4 | 26.0 | 50.6 | 54.2 | 77.2 | 86.7 | 75.3 |
| Total assets | 137.6 | 159.0 | 184.9 | 211.4 | 284.3 | 367.7 | 426.4 | 507.9 | 661.7 |
| Property, plant & equipment | 28.5 | 29.1 | 46.6 | 46.9 | 46.9 | 127.5 | 135.6 | 131.6 | 149.2 |
| Capital work-in-progress | 0.0 | 0.1 | 0.7 | 11.9 | 52.0 | 5.7 | 11.7 | 25.3 | 19.2 |
| Investments | 0.0 | 4.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 35.3 |
| Inventories | 48.7 | 51.6 | 62.2 | 59.9 | 64.0 | 108.1 | 118.7 | 148.1 | 173.1 |
| Receivables | 43.5 | 53.6 | 50.6 | 65.0 | 87.5 | 94.0 | 118.9 | 157.3 | 148.8 |
| Cash & equivalents | 0.9 | 1.3 | 0.4 | 5.1 | 1.1 | 0.4 | 3.6 | 1.8 | 78.1 |
Cash flow
annual · ₹ crore · line = free cash flow| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | 8.3 | 24.4 | 12.0 | 30.0 | -10.6 |
| Cash from investing | -4.8 | -14.3 | -8.6 | -83.3 | -40.5 |
| Cash from financing | -3.4 | -9.3 | 17.7 | 48.7 | 52.4 |
| Capex | 4.0 | 3.8 | 19.7 | 82.3 | 39.9 |
| Free cash flow | 4.3 | 20.6 | -7.6 | -52.4 | -50.5 |
| Dividends paid | 1.9 | 1.9 | 2.8 | 3.2 | 3.5 |
Where the assets sit
Sep '26 · ₹ croreFixed assets (PPE)₹149.2 cr23%
CWIP₹19.2 cr3%
Investments₹35.3 cr5%
Inventories₹173.1 cr26%
Receivables₹148.8 cr22%
Cash & equivalents₹78.1 cr12%
Other assets₹58.0 cr9%
Peer comparison
largest in Unclassified · this company in bold| Company | Market cap ₹cr | Price | P/E | P/B | ROE |
|---|---|---|---|---|---|
| Avantel Limited | 36,86,04,549 | 138.69 | — | 1059360.68 | 0.0% |
| Ducol Organics And Colours Limited | 19,55,275 | 120.00 | — | 20089.13 | 0.0% |
| Jio Platforms Limited | 12,57,181 | 1,406.40 | — | 3.57 | — |
| SBI Funds Management Limited | 1,01,750 | 499.55 | — | — | — |
| Tamilnadu Telecommunication Limited | 91,314 | 9.93 | — | — | — |
| Manipal Health Enterprises Limited | 76,294 | 646.70 | — | — | — |
| INDO-MIM Limited | 59,042 | 1,219.50 | — | — | — |
| AvenuesAI Limited | 45,138 | 129.25 | 153.6 | 9.51 | 6.2% |
| Dhoot Transmission Limited | 32,761 | 1,601.60 | — | 8.11 | — |
| 3M India Limited | 31,071 | 27,570.00 | 53.8 | 17.57 | 32.7% |
| Ice Make Refrigeration Limited | 1,251 | 689.55 | 98.9 | 3.95 | 4.0% |
StoxGud checklist: Neutral setup · 4/10
- Price above 50-day average
- Price above 200-day average
- 50-day average above 200-day (uptrend)
- RSI in healthy 40–70 zone
- Positive 1-year return
- Return on equity above 15%
- Debt to equity below 1
- Revenue growing year on year
- Net profit margin above 10%
- P/E below industry median
A rules-based screen of trend, momentum, quality and valuation. Educational only — not a buy or sell recommendation.
Returns & technicals
1 month+2.4%
6 months-13.1%
1 year-5.6%
3Y CAGR+1.4%
5Y CAGR+59.6%
10Y CAGR—
50-day avg₹679.47
200-day avg₹754.71
RSI (14)57
FAQs
What is the share price of Ice Make Refrigeration Limited?
Ice Make Refrigeration Limited (ICEMAKE) closed at ₹689.55 on NSE on 06 Nov 2026.
What is the market cap of Ice Make Refrigeration Limited?
₹1,251 crore at the latest close.
What is the P/E ratio of Ice Make Refrigeration Limited?
98.9, on trailing-twelve-month earnings from its filings.
How fast is Ice Make Refrigeration Limited growing?
Ice Make Refrigeration Limited: revenue has compounded at 28.9% a year over three years. Latest-quarter revenue is up 40.6% year on year, profit up 34.5%.
How profitable is Ice Make Refrigeration Limited?
On a trailing-twelve-month basis return on equity is 4.0%, return on capital employed 7.0%, operating margin 5.5%, net margin 1.6%.
How much debt does Ice Make Refrigeration Limited have?
Ice Make Refrigeration Limited is lightly geared: debt to equity is 0.42 with borrowings of ₹132 cr against cash of ₹78 cr (balance sheet of 2026-09-30). Operating profit covers interest 2.2 times.
Financials parsed from Ice Make Refrigeration Limited's own XBRL filings to NSE (consolidated), ₹ crore unless marked. Quarterly from SEP '20, annual from FY21, balance sheet from Sep '22. * = derived (full year or half year minus earlier quarters). Information only, not investment advice.
Ice Make Refrigeration Limited · advanced chart