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ICE Make Refrigeration Ltd (ICEMAKE) is currently trading at 702.55 per share. Stock prices fluctuate during market hours on NSE and BSE based on demand, company updates, and overall market conditions. Refer to the live price chart above for the most recent price movement.
Ice Make Refrigeration Limited manufactures customized commercial, industrial and transport refrigeration equipment, cold rooms, ammonia systems, insulated panels, chest freezers and visi coolers for temperature-controlled applications. It serves dairy, ice cream, food processing, pharmaceuticals, agriculture, logistics, hospitality, retail and other industries through an integrated manufacturing and distribution platform. The company delivered standalone revenue of ₹668.41 crore in 2025-26, representing approximately 41% growth over the previous year. However, profitability weakened materially, with EBITDA margin declining to 6.54% from 9.11% and PAT margin declining to 1.63% from 4.91%, indicating that scale expansion has not yet translated into proportional earnings growth. Cold rooms remain the company’s largest business, contributing 42% of 2025-26 sales, while continuous PUR/PIR panels and commercial refrigeration each contributed 14%. The sharp increase in panel and commercial-freezer contribution, from 3% and 2% respectively in the prior year, demonstrates meaningful diversification beyond the historically dominant cold-room franchise. Ice Make has built a broad operating footprint comprising five manufacturing plants, more than 26,000 customers, over 65 business associates and presence across 21 countries. Nevertheless, sales remain concentrated in the West zone, which contributed 55% of revenue, while exports accounted for only 2%, leaving substantial geographic diversification potential. The company is targeting quick-commerce fulfilment, dark stores, organized retail, foodservice, pharmaceuticals and decentralized cooling. Its investments in automated panel manufacturing, solar cold rooms, energy-efficient products and digital monitoring could improve execution and service differentiation, although the presentation provides limited evidence regarding current adoption, recurring service revenue or profitability from these initiatives.
Over the past 52 weeks, ICE Make Refrigeration Ltd has traded between a low of ₹602.00 and a high of ₹920.00. The 52-week high and low indicate the stock’s price range over the last year and help investors understand its volatility and recent trading levels.
ICE Make Refrigeration Ltd has a market capitalization of approximately 1,211.97. Market capitalization represents the total value of a company’s outstanding shares and helps investors understand its size, stability, and relative risk compared to other listed companies.
ICE Make Refrigeration Ltd’s investment profile depends on its business fundamentals, valuation, and long-term outlook. The stock currently trades at a PE ratio of 101.51 and operates in the its sector sector. Investors typically assess financial performance, growth prospects, and individual risk tolerance before making investment decisions.
Based on its market capitalization of 1,211.97 Cr, ICE Make Refrigeration Ltd is classified as a Small Cap stock. Large-cap stocks are generally more stable, while mid-cap and small-cap stocks tend to offer higher growth potential along with higher price volatility.
ICE Make Refrigeration Ltd operates in the its sector sector. Sector classification matters because companies in the same sector are often affected by similar economic conditions, regulatory changes, and competitive dynamics, which can influence overall stock performance.
The Price-to-Earnings (PE) ratio of ICE Make Refrigeration Ltd is 101.51. The PE ratio compares a company’s share price to its earnings and is commonly used to assess valuation. Comparing the PE ratio with sector peers and historical levels provides better context.
Ice Make identifies customized chest freezers for dark stores and last-mile fulfilment locations. It also offers IMVC visi coolers for retail storage and display, plus continuous sandwich panels for insulated cold-chain and infrastructure projects.
ICE MAKE reported that Cold Rooms contributed 42% of sales in 2025-26. That was down from 51% in 2024-25, a decline of 9 percentage points. Cold Rooms nevertheless remained the largest listed vertical.
Ice Make reported standalone revenue of Rs 668.4073 crore in FY26. This was Rs 195.1849 crore higher than Rs 473.2224 crore in FY25, representing 41.25% growth.
Galilei Holdings will invest ₹180 crore in Ice Make through a preferential issue of equity shares.
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Ice Make Refrigeration Limited manufactures customized commercial, industrial and transport refrigeration equipment, cold rooms, ammonia systems, insulated panels, chest freezers and visi coolers for temperature-controlled applications. It serves dairy, ice cream, food processing, pharmaceuticals, agriculture, logistics, hospitality, retail and other industries through an integrated manufacturing and distribution platform.
The company delivered standalone revenue of ₹668.41 crore in 2025-26, representing approximately 41% growth over the previous year. However, profitability weakened materially, with EBITDA margin declining to 6.54% from 9.11% and PAT margin declining to 1.63% from 4.91%, indicating that scale expansion has not yet translated into proportional earnings growth.
Cold rooms remain the company’s largest business, contributing 42% of 2025-26 sales, while continuous PUR/PIR panels and commercial refrigeration each contributed 14%. The sharp increase in panel and commercial-freezer contribution, from 3% and 2% respectively in the prior year, demonstrates meaningful diversification beyond the historically dominant cold-room franchise.
Ice Make has built a broad operating footprint comprising five manufacturing plants, more than 26,000 customers, over 65 business associates and presence across 21 countries. Nevertheless, sales remain concentrated in the West zone, which contributed 55% of revenue, while exports accounted for only 2%, leaving substantial geographic diversification potential.
The company is targeting quick-commerce fulfilment, dark stores, organized retail, foodservice, pharmaceuticals and decentralized cooling. Its investments in automated panel manufacturing, solar cold rooms, energy-efficient products and digital monitoring could improve execution and service differentiation, although the presentation provides limited evidence regarding current adoption, recurring service revenue or profitability from these initiatives.
Industrial Manufacturing
Industrial Products
1,275 Cr
Low Risk
106.8
46.8
-2.4
3.8
920.00
602.00
Sales CAGR
Profit CAGR
ROE
ROCE
| Symbol | Watchlist | Price | Market Cap | P/E | P/B | Div Yield (%) | ROE (%) | ROCE (%) | ROA (%) |
2313.60 | 1,335 Cr | 34.63 | 2.73 | 0.17 | 8.62 | 11.31 | 7.51 | ||
185.35 | 1,261 Cr | 136.27 | 3.48 | 0.00 | 2.55 | 7.32 | 1.01 | ||
667.85 | 1,212 Cr | 101.51 | 3.75 | 0.29 | 9.17 | 9.90 | 2.37 | ||
105.21 | 1,181 Cr | 9.43 | 0.84 | 0.67 | 10.49 | 10.20 | 6.61 | ||
307.65 | 1,101 Cr | 41.02 | 5.10 | 0.00 | 12.02 | 13.77 | 8.65 | ||
455.55 | 1,092 Cr | 27.89 | 4.57 | 0.00 | 16.37 | 19.92 | 9.72 | ||
56.11 | 1,003 Cr | 22.45 | 2.74 | 0.27 | 11.76 | 15.75 | 5.87 | ||
| Median: 7 Co. | — | 307.65 | 1,181 Cr | 34.63 | 3.48 | 0.17 | 10.49 | 11.31 | 6.61 |
