ICE Make Refrigeration Ltd

ICEMAKE

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Market Cap

₹ 1,218 Cr

P/E

80.25

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Investment Checklist

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Performance

MARKET LEADER

Valuation

OVERVALUED

Growth

EXCEPTIONAL

Profitability

MODERATE MARGIN

Technicals

Bullish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Ice Make Refrigeration Limited is a manufacturer of industrial and commercial refrigeration equipment, serving diverse sectors such as food processing, pharmaceuticals, and logistics.

The company has announced a target to achieve ₹1000 crores in revenue by FY'27-28, underscoring its growth ambitions and strategic market positioning.

Recent financial performance has shown significant growth with a 47% year-on-year increase in standalone revenues for Q2 FY'26, attributed to improved operational efficiencies and increased demand across its service verticals.

The firm recently onboarded a new CEO with substantial experience from Blue Star Limited, which is expected to bolster its self-service and cold room business segments.

Ice Make Refrigeration plans a potential ₹150 crore capacity expansion to enhance production capabilities in alignment with its long-term revenue goals.

Sector

Engineering

Industry

Machine Tools - Others

Market Cap

1,218 Cr

Volatility

High Risk

P/E Ratio

80.3

Industry P/E

48.8

PEG Ratio

1.9

P/B Ratio

10.1

52W High

1,088.75

52W Low

575.15

Sales CAGR

26.73%

33.08%

28.26%

10Y

—

Profit CAGR

-12.39%

42.06%

28.35%

10Y

—

ROE

TTM

12.53%

22.03%

18.70%

10Y

19.51%

ROCE

TTM

9.77%

25.69%

23.22%

10Y

24.78%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ICEMAKE	764.35	1,218 Cr	80.25	10.06	0.29	12.53	9.77	3.52
ETL	882.05	959 Cr	21.56	11.48	0.00	0.00	0.00	38.07
TOTEM	150.25	802 Cr	27.95	5.26	3.22	18.80	24.28	12.61
UNIDT	203.00	420 Cr	27.55	1.55	0.87	5.64	7.82	3.95
LOKESHMACH	165.40	344 Cr	—	1.53	0.00	-1.28	3.33	-0.63
BIRLAPREC	44.19	309 Cr	25.38	1.79	0.11	6.95	10.15	4.17
KPT	610.90	210 Cr	16.73	2.84	0.49	16.96	23.22	10.46

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	79	77	82	140	85	103	111	180	112	147
Expenses	71	69	78	119	79	95	104	159	107	138
Operating Profit	8.18	7.58	4.31	21	6.03	8.46	6.68	21	4.40	9.62
OPM %	10.34	9.86	5.23	14.79	7.07	8.18	6.04	11.85	3.95	6.52
Other Income	0.17	0.13	0.10	0.23	0.10	0.12	0.22	0.46	0.13	0.09
Interest	0.23	0.70	0.66	0.52	0.45	0.90	1.15	1.63	2.29	2.73
Depreciation	0.97	1.01	1.03	1.07	0.95	1.04	2.15	4.16	4.08	4.20
Profit Before Tax	7.15	6.00	2.71	19	4.74	6.63	3.59	16	-1.84	2.77
Tax %	25.17	25.17	25.46	26.23	23.00	27.75	21.73	27.40	20.11	27.08
Net Profit	5.36	4.49	2.02	14	3.64	4.79	2.81	12	-1.47	2.02
EPS in Rs	3.40	2.85	1.28	9.04	2.35	3.05	1.82	7.42	-0.90	1.28

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	97	123	156	138	135	206	312	378	480	506
Expenses	78	90	118	124	124	192	280	338	437	465
Operating Profit	19	33	38	13	10	14	32	41	43	41
OPM %	19.83	26.60	24.40	9.80	7.67	7.03	10.29	10.77	8.87	8.09
Other Income	0.32	0.50	0.37	0.50	1.22	0.71	1.12	0.62	0.90	0.93
Interest	1.27	1.79	1.13	2.29	1.90	1.73	1.25	2.12	4.12	5.97
Depreciation	1.64	1.66	2.50	4.80	4.37	3.64	3.91	4.08	8.31	11
Profit Before Tax	7.40	9.75	11	6.89	5.28	9.82	28	35	31	24
Tax %	32.40	31.96	29.10	26.67	31.60	25.45	25.91	25.75	26.16	27.21
Net Profit	5.00	6.63	7.48	5.05	3.61	7.32	21	26	23	18
EPS in Rs	—	—	—	—	2.28	4.62	13.19	16.57	14.64	9.62
Dividend Payout %	0.00	19.31	25.21	37.27	52.17	25.81	13.44	12.02	15.36	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	7.20	16	16	16	16	16	16	16	16
Reserves	8.38	29	34	38	41	46	65	88	108
Borrowings	14	9.89	3.19	17	9.87	11	4.86	27	86
Other Liabilities	25	27	30	35	42	52	73	80	158
Total Liabilities	55	81	83	105	108	125	159	211	368
Fixed Assets	11	13	23	31	30	32	32	50	133
CWIP	0.00	1.28	0.00	0.00	0.97	0.00	0.14	12	5.69
Investments	0.00	0.00	0.00	0.00	0.00	0.00	4.65	0.01	0.01
Other Assets	44	68	60	74	77	93	122	149	229
Total Assets	55	81	83	105	108	125	159	211	368

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	7.50	-2.03	8.20	0.01	12	8.31	24	10	30
Cash from Investing Activity	-3.85	-3.74	-11	-6.57	-3.32	-4.82	-14	-23	-83
Cash from Financing Activity	-0.38	16	-9.83	5.16	-9.24	-3.42	-9.27	17	49
Net Cash Flow	3.27	11	-13	-1.40	-0.20	0.07	0.79	3.80	-4.70

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	74.49%	74.49%	74.49%	74.49%	74.49%	74.49%	74.49%	74.49%	74.49%	74.41%	74.40%	74.36%
FIIs	0.05%	0.05%	0.05%	0.05%	0.02%	0.00%	0.02%	0.00%	0.00%	0.33%	0.01%	0.01%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.58%	0.87%	1.21%	1.31%
Public	25.46%	25.46%	25.46%	25.46%	25.49%	25.51%	25.50%	25.51%	24.93%	24.39%	24.38%	24.32%
Total Shareholders	8,462	10,042	11,566	14,481	19,285	22,668	23,225	24,543	24,776	24,632	25,656	25,194

Projection

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	79	77	82	140	85	103	111	180	112	147
Expenses	71	69	78	119	79	95	104	159	107	138
Operating Profit	8.18	7.58	4.31	21	6.03	8.46	6.68	21	4.40	9.62
OPM %	10.34	9.86	5.23	14.79	7.07	8.18	6.04	11.85	3.95	6.52
Other Income	0.17	0.13	0.10	0.23	0.10	0.12	0.22	0.46	0.13	0.09
Interest	0.23	0.70	0.66	0.52	0.45	0.90	1.15	1.63	2.29	2.73
Depreciation	0.97	1.01	1.03	1.07	0.95	1.04	2.15	4.16	4.08	4.20
Profit Before Tax	7.15	6.00	2.71	19	4.74	6.63	3.59	16	-1.84	2.77
Tax %	25.17	25.17	25.46	26.23	23.00	27.75	21.73	27.40	20.11	27.08
Net Profit	5.36	4.49	2.02	14	3.64	4.79	2.81	12	-1.47	2.02
EPS in Rs	3.40	2.85	1.28	9.04	2.35	3.05	1.82	7.42	-0.90	1.28

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	97	123	156	138	135	206	312	378	480	506
Expenses	78	90	118	124	124	192	280	338	437	465
Operating Profit	19	33	38	13	10	14	32	41	43	41
OPM %	19.83	26.60	24.40	9.80	7.67	7.03	10.29	10.77	8.87	8.09
Other Income	0.32	0.50	0.37	0.50	1.22	0.71	1.12	0.62	0.90	0.93
Interest	1.27	1.79	1.13	2.29	1.90	1.73	1.25	2.12	4.12	5.97
Depreciation	1.64	1.66	2.50	4.80	4.37	3.64	3.91	4.08	8.31	11
Profit Before Tax	7.40	9.75	11	6.89	5.28	9.82	28	35	31	24
Tax %	32.40	31.96	29.10	26.67	31.60	25.45	25.91	25.75	26.16	27.21
Net Profit	5.00	6.63	7.48	5.05	3.61	7.32	21	26	23	18
EPS in Rs	—	—	—	—	2.28	4.62	13.19	16.57	14.64	9.62
Dividend Payout %	0.00	19.31	25.21	37.27	52.17	25.81	13.44	12.02	15.36	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	7.20	16	16	16	16	16	16	16	16
Reserves	8.38	29	34	38	41	46	65	88	108
Borrowings	14	9.89	3.19	17	9.87	11	4.86	27	86
Other Liabilities	25	27	30	35	42	52	73	80	158
Total Liabilities	55	81	83	105	108	125	159	211	368
Fixed Assets	11	13	23	31	30	32	32	50	133
CWIP	0.00	1.28	0.00	0.00	0.97	0.00	0.14	12	5.69
Investments	0.00	0.00	0.00	0.00	0.00	0.00	4.65	0.01	0.01
Other Assets	44	68	60	74	77	93	122	149	229
Total Assets	55	81	83	105	108	125	159	211	368

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	7.50	-2.03	8.20	0.01	12	8.31	24	10	30
Cash from Investing Activity	-3.85	-3.74	-11	-6.57	-3.32	-4.82	-14	-23	-83
Cash from Financing Activity	-0.38	16	-9.83	5.16	-9.24	-3.42	-9.27	17	49
Net Cash Flow	3.27	11	-13	-1.40	-0.20	0.07	0.79	3.80	-4.70

Oscillators

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Neutral

Bullish

Overall

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Neutral

Bullish

Moving Averages

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Overall

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Neutral

Bullish

Overview

Detailed Summary

Ice Make Refrigeration Limited is a manufacturer of industrial and commercial refrigeration equipment, serving diverse sectors such as food processing, pharmaceuticals, and logistics.

The company has announced a target to achieve ₹1000 crores in revenue by FY'27-28, underscoring its growth ambitions and strategic market positioning.

The firm recently onboarded a new CEO with substantial experience from Blue Star Limited, which is expected to bolster its self-service and cold room business segments.

Ice Make Refrigeration plans a potential ₹150 crore capacity expansion to enhance production capabilities in alignment with its long-term revenue goals.

Sector

Engineering

Industry

Machine Tools - Others

Market Cap

1,218 Cr

Volatility

High Risk

P/E Ratio

80.3

Industry P/E

48.8

PEG Ratio

1.9

P/B Ratio

10.1

52W High

1,088.75

52W Low

575.15

Sales CAGR

26.73%

33.08%

28.26%

10Y

—

Profit CAGR

-12.39%

42.06%

28.35%

10Y

—

ROE

TTM

12.53%

22.03%

18.70%

10Y

19.51%

ROCE

TTM

9.77%

25.69%

23.22%

10Y

24.78%

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ICEMAKE	764.35	1,218 Cr	80.25	10.06	0.29	12.53	9.77	3.52
ETL	882.05	959 Cr	21.56	11.48	0.00	0.00	0.00	38.07
TOTEM	150.25	802 Cr	27.95	5.26	3.22	18.80	24.28	12.61
UNIDT	203.00	420 Cr	27.55	1.55	0.87	5.64	7.82	3.95
LOKESHMACH	165.40	344 Cr	—	1.53	0.00	-1.28	3.33	-0.63
BIRLAPREC	44.19	309 Cr	25.38	1.79	0.11	6.95	10.15	4.17
KPT	610.90	210 Cr	16.73	2.84	0.49	16.96	23.22	10.46