Ice Make Refrigeration Limited Share Price & Analysis
Price Chart
Fundamentals
Strengths
- Near 52-week low — potential value zone (₹602)
Concerns
- Premium to sector peers (P/E 94.6x vs industry 47.1x)
Peer Comparison
| Company | CMP | Mkt Cap | P/E | P/B | ROE % | ROCE % | D/E |
|---|---|---|---|---|---|---|---|
| HAL Hindustan Aeronautics Limited | ₹4,850 | ₹3.2L Cr | 33.9 | 7.9 | 24 | 32 | 0 |
| BEL Bharat Electronics Limited | ₹363 | ₹2.6L Cr | 43 | 11.08 | 27.4 | 36.4 | 0 |
| TMCV Tata Motors Limited | ₹— | ₹1.5L Cr | 20.4 | 10.71 | 34 | 35.9 | 0.44 |
| BHEL Bharat Heavy Electricals Limited | ₹405 | ₹1.3L Cr | 46.9 | 5.28 | 6.23 | 9.14 | 0.22 |
| ABB ABB India Limited | ₹6,490 | ₹1.3L Cr | 84.4 | 14.72 | 22.4 | 29.9 | 0.02 |
| ENRIN Siemens Energy India Limited | ₹2,840 | ₹1.3L Cr | 98.46 | 26.82 | — | — | 0.04 |
| CGPOWER CG Power and Industrial Solutions Limited | ₹832 | ₹1.3L Cr | 91.7 | 15 | 20.5 | 26.7 | 0.02 |
Showing 7 peers in the same sector · Sorted by market cap
Shareholding Pattern
ICEMAKE · as of Mar 2026
| Category | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Promoters | 74.49% | 74.49% | 74.49% | 74.49% | 74.49% | 74.41% |
| FII | 0.02% | — | 0.02% | — | — | 0.33% |
| DII | — | — | — | — | 0.58% | 0.87% |
| Public | 25.49% | 25.51% | 25.50% | 25.51% | 24.93% | 24.39% |
Corporate Events
To consider and approve the financial results for the period ended March 31, 2026 and dividend
Dividend - Rs 2.25 Per Share
Record: 19 Sept 2025
Annual General Meeting/Dividend - Rs 2 Per Share
Annual General Meeting/Dividend - Rs 1.80 Per Share
Latest News
All newsIce Make Refrigeration announces board meeting outcomes.
*Ice Make Refrigeration announces outcome of board meeting.* No major financial figures disclosed. Meeting likely discussed routine operational or governance matters. Further details await official disclosures. 📊 *STOCKS:* ICEMAKEREFRIG | 🏢 *SECTOR:* CapitalMarkets | #LOWIMPACT #BoardMeeting
Ice Make Refrigeration to hold shareholder meeting on Sep 30, 2026
*Ice Make Refrigeration to hold shareholder meeting on Sep 30, 2026.* The event is scheduled for discussions on corporate matters. No financial figures or strategic announcements disclosed. Likely routine in nature with no immediate trading implications. 📊 *STOCKS:* ICEMAKEREFRIG | 🏢 *SECTOR:* CapitalMarkets | #LOWIMPACT #ShareholdersMeeting
Ice Make Refrigeration shares see general updates
*Ice Make Refrigeration shares see general updates.* No specific financial or operational details were disclosed in the NSE filing. The update does not indicate any major corporate action or deviation from business-as-usual. Traders should monitor for further disclosures. 📊 *STOCKS:* ICEMAKEREFRIG | 🏢 *SECTOR:* CapitalMarkets | #LOWIMPACT #Corporate
Ice Make Refrigeration publishes mandatory newspaper notice
Ice Make Refrigeration Limited has published a mandatory newspaper notice as part of regulatory requirements. The filing contains no financial or operational update. Such notices are routine for listed companies under SEBI norms. No immediate market-moving information was disclosed. 📊 *STOCKS:* ICEMAKEREFRIG | 🏢 *SECTOR:* CapitalMarkets | #LOWIMPACT #CorporateFiling
Ice Make Refrigeration hosts analyst con-call
*Ice Make Refrigeration hosts analyst con-call* to discuss business updates and strategy. The session aimed at enhancing investor engagement and providing operational insights. No major financial announcements or guidance revisions were disclosed. Such meets typically result in marginal trading activity unless new catalysts emerge. 📊 *STOCKS:* ICEMAKEREFRIG | 🏢 *SECTOR:* CapitalMarkets | #LOWIMPACT #ConCall
Ice Make Refrigeration publishes newspaper notice for general meeting.
*Ice Make Refrigeration publishes newspaper notice for general meeting.* This is a routine compliance filing related to an upcoming shareholder meeting. No financial or operational updates were disclosed. Such publications are standard procedure under corporate regulations. 📊 *STOCKS:* $ICEMAKERE | 🏢 *SECTOR:* CapitalMarkets | #LOWIMPACT #CorporateFiling
Ice Make Refrigeration ties up with Japan’s Galilei for JV and investment
*Ice Make Refrigeration ties up with Japan’s Galilei for JV and investment.* The partnership includes a strategic investment by Galilei Holdings and the formation of a joint venture to expand cold chain and refrigeration solutions. The move aims to enhance technology transfer and scale operations in India and overseas. Financial terms were not fully disclosed. 📊 *STOCKS:* $ICEMAKERE | 🏢 *SECTOR:* CapitalMarkets | #MEDIUMIMPACT #JointVenture
Financials
Quarterly Results
| Metric | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | ₹153.36 Cr 4.0% | ₹147.49 Cr 32.3% | ₹111.5 Cr 38.2% | ₹180.35 Cr 63.1% | ₹110.56 Cr 6.9% | ₹103.39 Cr 21.3% | ₹85.23 Cr 39.1% | ₹139.92 Cr |
| Op. Profit | ₹9.9 Cr 3.0% | ₹9.61 Cr 118.4% | ₹4.4 Cr 79.4% | ₹21.39 Cr 220.7% | ₹6.67 Cr 21.1% | ₹8.45 Cr 39.9% | ₹6.04 Cr 70.8% | ₹20.69 Cr |
| OPM | 6.5% 0.9% | 6.5% 65.1% | 4.0% 66.7% | 11.9% 96.7% | 6.0% 26.2% | 8.2% 15.2% | 7.1% 52.1% | 14.8% |
| Net Profit | ₹1.45 Cr 28.6% | ₹2.03 Cr 238.1% | ₹-1.47 Cr 112.6% | ₹11.67 Cr 315.3% | ₹2.81 Cr 41.3% | ₹4.79 Cr 31.6% | ₹3.64 Cr 74.5% | ₹14.26 Cr |
| EPS (₹) | 0.93 27.9% | 1.29 243.3% | -0.9 112.1% | 7.42 307.7% | 1.82 40.3% | 3.05 29.8% | 2.35 74.1% | 9.06 |
Values in ₹ Cr · Source: Screener.in
Annual Profit & Loss
| Metric | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹480 Cr 27.0% | ₹378 Cr 21.2% | ₹312 Cr 51.5% | ₹206 Cr 52.6% | ₹135 Cr 2.2% | ₹138 Cr 4.5% | ₹132 Cr 28.2% | ₹103 Cr 17.0% | ₹88 Cr |
| Expenses | ₹437 Cr 29.3% | ₹338 Cr 20.7% | ₹280 Cr 45.8% | ₹192 Cr 54.8% | ₹124 Cr 0.8% | ₹125 Cr 5.9% | ₹118 Cr 31.1% | ₹90 Cr 15.4% | ₹78 Cr |
| Op. Profit | ₹43 Cr 4.9% | ₹41 Cr 28.1% | ₹32 Cr 128.6% | ₹14 Cr 40.0% | ₹10 Cr 23.1% | ₹13 Cr 7.1% | ₹14 Cr 7.7% | ₹13 Cr 30.0% | ₹10 Cr |
| OPM | 9.0% 18.2% | 11.0% 10.0% | 10.0% 42.9% | 7.0% 12.5% | 8.0% 11.1% | 9.0% 10.0% | 10.0% 16.7% | 12.0% 9.1% | 11.0% |
| Other Income | ₹1 Cr 0.0% | ₹1 Cr 0.0% | ₹1 Cr 0.0% | ₹1 Cr 0.0% | ₹1 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Interest | ₹4 Cr 100.0% | ₹2 Cr 100.0% | ₹1 Cr 50.0% | ₹2 Cr 0.0% | ₹2 Cr 0.0% | ₹2 Cr 100.0% | ₹1 Cr 50.0% | ₹2 Cr 100.0% | ₹1 Cr |
| Depreciation | ₹8 Cr 100.0% | ₹4 Cr 0.0% | ₹4 Cr 0.0% | ₹4 Cr 0.0% | ₹4 Cr 33.3% | ₹3 Cr 50.0% | ₹2 Cr 0.0% | ₹2 Cr 0.0% | ₹2 Cr |
| PBT | ₹31 Cr 11.4% | ₹35 Cr 25.0% | ₹28 Cr 180.0% | ₹10 Cr 100.0% | ₹5 Cr 37.5% | ₹8 Cr 27.3% | ₹11 Cr 10.0% | ₹10 Cr 42.9% | ₹7 Cr |
| Tax % | 26.0% 0.0% | 26.0% 0.0% | 26.0% 4.0% | 25.0% 21.9% | 32.0% 23.1% | 26.0% 10.3% | 29.0% 9.4% | 32.0% 0.0% | 32.0% |
| Net Profit | ₹23 Cr 11.5% | ₹26 Cr 23.8% | ₹21 Cr 200.0% | ₹7 Cr 75.0% | ₹4 Cr 33.3% | ₹6 Cr 14.3% | ₹7 Cr 0.0% | ₹7 Cr 40.0% | ₹5 Cr |
| EPS (₹) | 14.65 12.0% | 16.64 26.3% | 13.18 182.8% | 4.66 102.6% | 2.3 36.8% | 3.64 23.7% | 4.77 12.8% | 4.23 39.1% | 6.95 |
| Div Payout | 15.0% 25.0% | 12.0% 14.3% | 14.0% 46.2% | 26.0% 50.0% | 52.0% 57.6% | 33.0% 32.0% | 25.0% 4.2% | 24.0% | 0.0% |
Values in ₹ Cr · Source: Screener.in
Balance Sheet
| Item | Sep 2025 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
Liabilities | ||||||||||
| Equity Capital | ₹16 Cr 0.0% | ₹16 Cr 0.0% | ₹16 Cr 0.0% | ₹16 Cr 0.0% | ₹16 Cr 0.0% | ₹16 Cr 0.0% | ₹16 Cr 0.0% | ₹16 Cr 0.0% | ₹16 Cr 128.6% | ₹7 Cr |
| Reserves | ₹105 Cr 2.8% | ₹108 Cr 22.7% | ₹88 Cr 35.4% | ₹65 Cr 41.3% | ₹46 Cr 12.2% | ₹41 Cr 7.9% | ₹38 Cr 11.8% | ₹34 Cr 17.2% | ₹29 Cr 262.5% | ₹8 Cr |
| Borrowings | ₹169 Cr 96.5% | ₹86 Cr 218.5% | ₹27 Cr 440.0% | ₹5 Cr 54.5% | ₹11 Cr 10.0% | ₹10 Cr 41.2% | ₹17 Cr 466.7% | ₹3 Cr 70.0% | ₹10 Cr 33.3% | ₹15 Cr |
| Other Liabilities | ₹137 Cr 13.3% | ₹158 Cr 97.5% | ₹80 Cr 9.6% | ₹73 Cr 40.4% | ₹52 Cr 23.8% | ₹42 Cr 23.5% | ₹34 Cr 17.2% | ₹29 Cr 7.4% | ₹27 Cr 8.0% | ₹25 Cr |
| Total Liabilities | ₹426 Cr 15.8% | ₹368 Cr 74.4% | ₹211 Cr 32.7% | ₹159 Cr 27.2% | ₹125 Cr 15.7% | ₹108 Cr 2.9% | ₹105 Cr 26.5% | ₹83 Cr 2.5% | ₹81 Cr 47.3% | ₹55 Cr |
Assets | ||||||||||
| Fixed Assets | ₹141 Cr 6.0% | ₹133 Cr 166.0% | ₹50 Cr 56.3% | ₹32 Cr 0.0% | ₹32 Cr 6.7% | ₹30 Cr 11.1% | ₹27 Cr 17.4% | ₹23 Cr 76.9% | ₹13 Cr 18.2% | ₹11 Cr |
| CWIP | ₹12 Cr 100.0% | ₹6 Cr 50.0% | ₹12 Cr | ₹0 Cr | ₹0 Cr 100.0% | ₹1 Cr | ₹0 Cr | ₹0 Cr 100.0% | ₹1 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr 100.0% | ₹5 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other Assets | ₹274 Cr 19.7% | ₹229 Cr 53.7% | ₹149 Cr 22.1% | ₹122 Cr 31.2% | ₹93 Cr 20.8% | ₹77 Cr 1.3% | ₹78 Cr 30.0% | ₹60 Cr 11.8% | ₹68 Cr 54.5% | ₹44 Cr |
| Total Assets | ₹426 Cr 15.8% | ₹368 Cr 74.4% | ₹211 Cr 32.7% | ₹159 Cr 27.2% | ₹125 Cr 15.7% | ₹108 Cr 2.9% | ₹105 Cr 26.5% | ₹83 Cr 2.5% | ₹81 Cr 47.3% | ₹55 Cr |
Values in ₹ Cr · Source: Screener.in
Cash Flow Statement
| Item | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF | ₹30 Cr 200.0% | ₹10 Cr 58.3% | ₹24 Cr 200.0% | ₹8 Cr 33.3% | ₹12 Cr 1300.0% | ₹-1 Cr 112.5% | ₹8 Cr 500.0% | ₹-2 Cr 125.0% | ₹8 Cr |
| Investing CF | ₹-83 Cr 260.9% | ₹-23 Cr 64.3% | ₹-14 Cr 180.0% | ₹-5 Cr 66.7% | ₹-3 Cr 57.1% | ₹-7 Cr 41.7% | ₹-12 Cr 200.0% | ₹-4 Cr 0.0% | ₹-4 Cr |
| Financing CF | ₹49 Cr 188.2% | ₹17 Cr 288.9% | ₹-9 Cr 200.0% | ₹-3 Cr 66.7% | ₹-9 Cr 250.0% | ₹6 Cr 160.0% | ₹-10 Cr 162.5% | ₹16 Cr | ₹0 Cr |
| Net Cash Flow | ₹-5 Cr 225.0% | ₹4 Cr 300.0% | ₹1 Cr | ₹0 Cr | ₹0 Cr 100.0% | ₹-2 Cr 84.6% | ₹-13 Cr 218.2% | ₹11 Cr 266.7% | ₹3 Cr |
| Free Cash Flow | ₹-52 Cr 126.1% | ₹-23 Cr 209.5% | ₹21 Cr 425.0% | ₹4 Cr 42.9% | ₹7 Cr 177.8% | ₹-9 Cr 200.0% | ₹-3 Cr 57.1% | ₹-7 Cr 275.0% | ₹4 Cr |
Values in ₹ Cr · Source: Screener.in
Key Ratios History
| Metric | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 72d 14.3% | 63d 0.0% | 63d 5.0% | 60d 11.8% | 68d 1.4% | 69d 15.0% | 60d 23.1% | 78d 18.2% | 66d |
| Inventory Days | 118d 40.5% | 84d 2.3% | 86d 30.1% | 123d 23.6% | 161d 3.2% | 156d 28.9% | 121d 10.4% | 135d 18.4% | 114d |
| Days Payable | 121d 59.2% | 76d 9.5% | 84d 1.2% | 83d 19.4% | 103d 12.0% | 92d 8.2% | 85d 11.5% | 96d 11.9% | 109d |
| Cash Conv. Cycle | 69d 2.8% | 71d 10.9% | 64d 36.0% | 100d 20.0% | 125d 5.3% | 132d 37.5% | 96d 17.2% | 116d 63.4% | 71d |
| Working Capital Days | 21d 56.3% | 48d 11.6% | 43d 18.9% | 53d 23.2% | 69d 11.3% | 62d 3.1% | 64d 23.1% | 52d 477.8% | 9d |
| ROCE | 21.0% 38.2% | 34.0% 8.1% | 37.0% 117.6% | 17.0% 70.0% | 10.0% 33.3% | 15.0% 31.8% | 22.0% 18.5% | 27.0% | — |
Source: Screener.in · Lower days = better efficiency
About Ice Make Refrigeration Limited
Incorporated in 1993, ICE Make Refrigeration Ltd provides customized cooling solutions across a wide range of industries[1]
Capital GoodsIndustrial Manufacturing