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Bearish
5
Neutral
4
Bullish
5
Bearish
5
Neutral
4
Bullish
37
Bearish
0
Neutral
0
Bullish
32
Discovery themes featuring this stock
Ice Make Refrigeration Limited manufactures industrial and commercial refrigeration systems, supplying cold rooms, transport refrigeration, commercial freezers, continuous PUF panels, condenser and evaporator coils, and related cooling solutions to dairy, ice-cream, food processing, pharmaceutical, hospitality, retail and cold chain customers from facilities in Gujarat and through subsidiaries like Bharat Refrigerations.
Q3 FY26 consolidated revenue was ₹153.36 crore with a disclosed order book of ~₹180+ crore; two newly launched verticals—Continuous PUF Panels and Commercial Freezers—contributed approximately ₹43–45 crore in Q3 and management expects these lines to add ₹140–150 crore for the full year, materially accelerating Ice Make’s topline trajectory.
Margins are currently compressed due to expansion-related WDV depreciation and elevated finance costs from recent loan-funded capex; management targets FY26 EBITDA around 7.5–8% with a medium-term objective to normalize to a 9–10% EBITDA range as utilization and pricing improve and interest costs decline.
Ice Make sells through an extensive dealer network of over 1,120 distributors, has 16 exclusive brand shops, modest exports (~₹13–14 crore for nine months), and differentiates via refrigeration-focused product breadth, BIS certifications and in-house coil manufacturing, positioning the company to capture growth in India’s expanding cold chain and HoReCa segments.
Industrial Manufacturing
Industrial Products
1,366 Cr
Moderate Risk
112.0
46.5
-2.4
10.3
920.00
660.30
Sales CAGR
Profit CAGR
ROE
ROCE
Discovery themes featuring this stock
ICE Make Refrigeration Ltd (ICEMAKE) is currently trading at 865.70 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 industrial and commercial refrigeration systems, supplying cold rooms, transport refrigeration, commercial freezers, continuous PUF panels, condenser and evaporator coils, and related cooling solutions to dairy, ice-cream, food processing, pharmaceutical, hospitality, retail and cold chain customers from facilities in Gujarat and through subsidiaries like Bharat Refrigerations. Q3 FY26 consolidated revenue was ₹153.36 crore with a disclosed order book of ~₹180+ crore; two newly launched verticals—Continuous PUF Panels and Commercial Freezers—contributed approximately ₹43–45 crore in Q3 and management expects these lines to add ₹140–150 crore for the full year, materially accelerating Ice Make’s topline trajectory. Margins are currently compressed due to expansion-related WDV depreciation and elevated finance costs from recent loan-funded capex; management targets FY26 EBITDA around 7.5–8% with a medium-term objective to normalize to a 9–10% EBITDA range as utilization and pricing improve and interest costs decline. Ice Make sells through an extensive dealer network of over 1,120 distributors, has 16 exclusive brand shops, modest exports (~₹13–14 crore for nine months), and differentiates via refrigeration-focused product breadth, BIS certifications and in-house coil manufacturing, positioning the company to capture growth in India’s expanding cold chain and HoReCa segments.
Over the past 52 weeks, ICE Make Refrigeration Ltd has traded between a low of ₹660.30 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 1,366.05. 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 111.99 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 1,366.05 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 111.99. 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.
| Symbol | Watchlist | Price | Market Cap | P/E | P/B | Div Yield (%) | ROE (%) | ROCE (%) | ROA (%) |
585.05 | 1,512 Cr | 55.99 | 8.79 | 0.00 | 15.71 | 15.08 | 9.13 | ||
1153.10 | 1,466 Cr | 40.29 | 5.00 | 0.00 | 12.11 | 13.97 | 9.47 | ||
865.70 | 1,366 Cr | 111.99 | 10.27 | 0.26 | 9.17 | 9.90 | 2.41 | ||
1344.50 | 1,345 Cr | 39.71 | 7.68 | 0.11 | 19.33 | 26.62 | 12.76 | ||
377.20 | 1,319 Cr | — | 2.99 | 0.00 | -1.22 | 0.61 | -0.70 | ||
109.20 | 1,225 Cr | 8.33 | 0.87 | 0.64 | 10.49 | 10.20 | 7.74 | ||
| Median: 6 Co. | — | 725.38 | 1,356 Cr | 40.29 | 6.34 | 0.06 | 11.30 | 12.08 | 8.44 |
Regulatory/Compliance Filing
Ice Make Refrigeration Ltd submitted annual disclosure under Regulation 31(4) of SEBI (SAST) Regulations stating promoters and promoter group have not created any encumbrance during FY ended March 31, 2026.
Preferential Allotment/QIP
ICE Make Refrigeration Ltd: Board approved SSA, SHA and a JV with Galilei Holdings (Japan) to form Ice Make Horeca Pvt Ltd; approved preferential issue of 2,367,573 shares at INR 802.51 each (≈INR 1.900bn), subject to shareholder and regulatory approvals; AOA amendments.
Preferential Allotment/QIP
ICE Make Refrigeration Ltd to raise ~INR 1,800 million from Galilei and INR 100 million from other investors via preferential issue; shareholders' agreement and JV (Galilei 60% / Ice Make 40%) for commercial refrigeration. Subject to approvals.
Preferential Allotment/QIP
Ice Make Refrigeration Ltd approved a Share Subscription Agreement, Shareholders' Agreement and JV with Galilei (Japan) to form Ice Make Horeca Pvt Ltd, and a preferential issue of up to 2,367,573 shares at INR 802.51/share (~INR 1.9bn), subject to regulatory and shareholder approvals.
Preferential Allotment/QIP
ICE Make Refrigeration Ltd Board approved Share Subscription Agreement, SHA and JV with Galilei; proposed preferential issue of up to 2,367,573 shares at INR 802.51 each (≈INR 1.9bn); AOA amendments and formation of Ice Make Horeca Pvt Ltd; subject to shareholder/regulatory approvals.
Preferential Allotment/QIP
ICE Make Refrigeration Ltd approved SSA, SHA and JV agreements with Galilei; proposed preferential issue of 2,367,573 shares at INR 802.51 each (₹1,900,001,010) to Galilei and two non-promoters (13.05% post-issue); AOA amendments and formation of Ice Make Horeca Pvt Ltd.
