Ice Make Refrigeration Limited Share Price & Analysis
₹838.7▲ +0.16%Updated 21 Jul 2026, 05:01 pm IST
LTP
₹838.7
+0.16%
Open
₹—
High
₹845.5
Low
₹823
Close
₹838.7
52W High
₹920
52W Low
₹660
Volume
37K
Lot Size
1
Sector
Capital Goods
Market Cap
₹1K Cr
Face Value
₹10
Small Cap
Price Chart
Fundamentals
P/E
104
Sector P/E
52.7
P/B
9.95
EPS
₹8.74
ROE
9.49%
ROCE
11.6%
D/E Ratio
1.4
Div Yield
0.28%
Book Value
₹84.3
−
Concerns
- ✗Premium to sector peers (P/E 104x vs industry 52.7x)
- ✗High premium to book value (P/B 9.9x)
Peer Comparison
| Company | CMP | Mkt Cap | P/E | P/B | ROE % | ROCE % | D/E |
|---|---|---|---|---|---|---|---|
| HAL Hindustan Aeronautics Limited | ₹4,568 | ₹3.0L Cr | 33 | 7.44 | 24 | 32 | 0 |
| BEL Bharat Electronics Limited | ₹407 | ₹3.0L Cr | 49.4 | 12.41 | 27.6 | 36.5 | 0 |
| ABB ABB India Limited | ₹7,530 | ₹1.6L Cr | 104 | 20.35 | 22.4 | 29.9 | 0.01 |
| TMCV Tata Motors Limited | ₹412 +0.59% | ₹1.5L Cr | 38.6 | 10.71 | 34 | 35.9 | 0.44 |
| CUMMINSIND Cummins India Limited | ₹5,590 | ₹1.5L Cr | 62.3 | 18.27 | 30.2 | 39.5 | 0 |
| BHEL Bharat Heavy Electricals Limited | ₹417 | ₹1.5L Cr | 60.4 | 5.55 | 6.23 | 9.14 | 0.45 |
| CGPOWER CG Power and Industrial Solutions Limited | ₹912 | ₹1.4L Cr | 118 | 18.02 | 20.5 | 26.7 | 0.02 |
Showing 7 peers in the same sector · Sorted by market cap
Shareholding Pattern
ICEMAKE · as of Mar 2026
Promoters74.41%▼0.08
FII0.33%
DII0.87%▲0.29
Public24.39%▼0.54
| 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
Dividend28 May 2026
Dividend - Rs 2.25 Per Share
Record: 19 Sept 2025
Dividend18 Sept 2025
Annual General Meeting/Dividend - Rs 2 Per Share
Dividend19 Sept 2024
Annual General Meeting/Dividend - Rs 1.80 Per Share
Dividend14 Sept 2023
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 Goods · Industrial Manufacturing
Related Analysis
Frequently Asked Questions
What is Ice Make Refrigeration Limited share price today?▾
Ice Make Refrigeration Limited (ICEMAKE) is currently trading at ₹838.7 on NSE, up 0.16% as of the last market session. Prices update daily after market close on MarketNetra.
Is Ice Make Refrigeration Limited available in F&O (Futures & Options)?▾
Yes, Ice Make Refrigeration Limited (ICEMAKE) is part of the NSE F&O segment with a lot size of 1 shares. Options are available with monthly expiry contracts. You can track the full option chain and OI analysis on MarketNetra.
What is Ice Make Refrigeration Limited 52-week high and low?▾
Ice Make Refrigeration Limited's 52-week high is ₹920 and the 52-week low is ₹660. The current price of ₹838.7 is 8.8% below the 52W high.
What is Ice Make Refrigeration Limited P/E ratio?▾
Ice Make Refrigeration Limited's current P/E ratio is 104. This indicates the market is paying ₹104 for every ₹1 of earnings. Compare this to the sector average to assess relative valuation.
How to trade Ice Make Refrigeration Limited options?▾
Ice Make Refrigeration Limited options are traded on NSE with monthly expiry contracts (lot size: 1 shares). To trade ICEMAKE options: select your expiry on the option chain page, identify key OI strikes, check the PCR and buildup type on OI analysis, and review FII/DII flows for institutional sentiment before taking a position.