ICE Make Refrigeration Ltd.

₹684.15

18.8 (2.8%)

ICEMAKE Share Price

Industrial Manufacturing

As on April 1, 2026

SectorCapital Goods

IndustryIndustrial Manufacturing

Basic IndustryIndustrial Products

Market Cap₹ 1,077 Cr

P/E Ratio46.71

Dividend Yield0.03 %

Trendline Performance

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T&C*

Technicals

Indicators	Value	Signal
5-DMA	697.08	Bearish
10-DMA	735.93	Bearish
20-DMA	778.13	Bearish
50-DMA	767.1	Bearish
100-DMA	753.17	Bearish
200-DMA	756.5	Bearish

Historical Performance

1 Year

-21.2%

3 Years

160.9%

5 Years

913.6%

10 Years

N/A

Shareholding Pattern

Values Analysis

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Profit & Loss

Below figures are in Rs. Crores

Particulars	Mar-2025	Mar-2024	Mar-2023	Mar-2022	Mar-2021
Net Sales	4,795	3,784	3,122	2,061	1,346
Total Expenditure	4,370	3,376	2,801	1,916	1,243
Other Income	9	6	11	7	12
Operating Profit	434	414	332	152	116
Interest	41	21	13	17	19
Depreciation	83	41	39	36	44
Profit Before Tax	310	352	281	98	53
Consolidated Net Profit	231	263	208	73	36
Adjusted EPS	15	17	13	5	2

Compounded Sales Growth

10 Years:40.4

5 Years:28.4

3 Years:18.4

TTM:4.9

Compounded Profit Growth

10 Years:35.8

5 Years:34

3 Years:25.9

TTM:-2.5

Stock Price CAGR

10 Years:N/A

5 Years:58.9

3 Years:37.7

TTM:-19.4

Return on Equity

10 Years:N/A

5 Years:2.3

3 Years:13.2

last year:14.6

Quarterly Results

Below figures are in Rs. Crores

Particulars	Sep-2024	Dec-2024	Mar-2025	Jul-2025	Sep-2025
Sales	1,70,754	1,35,936	1,28,552	1,22,189	1,05,161
Expenses	63,042	56,557	52,457	45,459	34,856
Operating Profit	1,07,712	79,379	76,096	76,730	70,304
OPM %	63%	58%	59%	63%	67%
Other Income	33,912	31,759	27,333	24,879	18,947
Interest	77,780	58,584	59,248	62,137	53,713
Depreciation	2,345	1,681	1,385	1,277	1,221
Profit Before Tax	61,498	50,873	42,796	38,195	34,318
Tax %	25%	25%	26%	29%	35%
Net Profit	46,149	38,151	31,857	27,296	22,446
EPS in Rs	83	69	58	50	42

Balance Sheet

Below figures are in Rs. Crores

Particulars	Mar-2025	Mar-2024	Mar-2023	Mar-2022	Mar-2021
Share Capital	158	158	158	157	157
Total Reserves	1,082	884	653	458	404
Long-Term Borrowings	---	---	---	---	---
Total Non-Current Liabilities	527	244	38	42	42
Other Current Liabilities	530	251	213	184	159
Short Term Borrowings	251	---	---	52	45
Total Liabilities	3,662	2,098	1,577	1,237	1,068
Capital Work in Progress	57	120	1	---	10
Long Term Loans & Advances	40	69	10	10	28
Currents Investments	---	---	47	---	---
Short Term Loans and Advances	142	63	39	40	65
Total Current Assets	2,218	1,401	1,239	903	732
Total Assets	3,662	2,098	1,577	1,237	1,068
Adjusted Book Value	79	66	51	39	36

Positive

(80 to 100)

Neutral

(60 to 79)

Negative

(0 to 59)

The stock has a high PE of 46.71, indicating expensive valuation or elevated growth expectations.
Over the last three years, the stock delivered a strong 3-year price CAGR of 33.4%, indicating sustained price appreciation.
The stock carries a beta of 1.2, indicating volatility broadly in line with the market.
In the last financial year, the company reported an EBITDA of ₹434 million, reflecting positive operating performance.
In the previous financial year, the company generated revenue of ₹4795 million, suggesting a mid-sized operation.

Investment Calculator

Investment Amount:

₹

Investment Amount: ₹ 1000000

Current Value: ₹ 806542.9

No. of Shares: 1179 (Approx)

Performance:-19.3%

P/L: ₹-193457.1

NIFTY Performance: -2.8%

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