1. India Stocks

  2. •

    Producer manufacturing

  3. •

    Industrial machinery
Ice Make Refrigeration Ltd.

Ice Make Refrigeration Ltd.

NNSE:ICEMAKE
625.65
INR
-7.05
(-1.11%)
7.56EPS
104.97P/E
12.56BMarket Cap
Ice Make Refrigeration Ltd.
NSE:ICEMAKE
(National Stock Exchange of India)

Recent

price

625.65

P/E

ratio

104.97

div

yld

- -

ROIC.AI

2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
INR
25.8
24.99
32.21
45.74
56.08
80.21
83.98
87.79
85.89
131.26
197.97
239.7
303.79
423.35
465.64
Revenue per Share
0.53
0.57
0.6
1.69
3.19
5.18
4.77
3.22
2.31
4.66
13.19
16.64
14.65
7.73
7.58
Basic EPS, GAAP
1.07
-2.04
1.42
-0.5
2.33
-5.49
-1.94
-4.9
4.76
2.73
13.05
-14.35
-33.18
-32
- -
Free Cash Flow per Basic Share
- -
- -
- -
- -
- -
- -
1.21
1.45
0.36
1.2
1.2
1.8
2
2.25
- -
Dividend per Share
2.95
4.34
4.94
6.62
9.94
28.46
31.87
33.99
35.93
39.28
51.41
66.03
78.6
84.28
- -
Book Value per Share
2.89
4.28
4.92
6.58
8.9
27.4
30.86
33
34.84
38.27
50.43
65.06
77.48
83.22
- -
Tangible Book Value per Share
16
16
16
16
16
13
16
16
16
16
16
16
16
16
16
Basic Weighted Avg Shares
404
392
505
717
879
1,028
1,316
1,376
1,346
2,060
3,121
3,782
4,794
6,680
7,356
Sales/Revenue/Turnover
5.14
6.17
5.26
7.65
10.48
10.78
8.63
6.39
5.26
5.75
9.37
9.86
7.29
4.42
3.92
Operating Margin (%)
7
8
14
15
16
17
25
48
44
36
39
41
83
171
150
Depreciation Expense
8
9
9
26
50
66
75
51
36
73
208
263
231
122
120
Net Income, GAAP
31.72
30.09
33.82
33.96
32.4
31.96
29.1
26.67
31.6
25.45
25.91
25.75
26.16
25.99
25.33
Effective Tax Rate (%)
2.05
2.27
1.85
3.69
5.69
6.46
5.68
3.67
2.68
3.55
6.66
6.94
4.82
1.82
1.63
Profit Margin (%)
18
41
50
75
98
320
267
241
270
325
511
588
320
489
- -
Working Capital
30
44
57
55
56
23
40
58
42
47
39
251
515
853
- -
LT Debt
46
68
77
104
156
446
499
533
563
617
811
1,041
1,237
1,326
- -
Total Equity
- -
11.14
9.14
15.95
21.09
18.03
14.52
10.21
6.48
11.95
26.57
25.13
14.93
8.64
- -
Return on Invested Capital (%)
- -
10.38
9.17
15.76
20.96
18.18
14.83
10.56
7.06
11.99
27.03
25.41
15.44
8.19
- -
Return on Capital (%)
- -
15.59
12.85
29.18
38.53
22.05
15.82
9.79
6.59
12.41
29.13
28.33
20.25
9.49
- -
Return on Common Equity (%)

Capital Structure

INR

•

in mil. unless spec.
Dec'26
Mar'26
Jun'27
ST Debt
- -
731
- -
LT Borrowings
- -
790
- -
LT Finance Leases
- -
63
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
16
16
16
Market Capitalization
12,776
10,500
12,559

Working Capital

INR

•

in mil. unless spec.
Dec'26
Mar'26
Jun'27
Total Current Assets
- -
3,333
- -
Cash, Cash Equivalents & STI
- -
109
- -
Accounts Receivable, Net
- -
1,529
- -
Inventories
- -
1,481
- -
Total Current Liabilities
- -
2,843
- -
Payables & Accruals
- -
- -
- -
ST Debt
- -
731
- -
Deferred Revenue
- -
- -
- -

Growth Rates

INR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
35.62%
19.08%
7.2%
Free Cash Flow
-70.49%
51.17%
-3.54%
Net Income, GAAP
32.74%
50.75%
-47.25%
Sales/Revenue/Turnover
26.18%
38.37%
39.36%
Total Cash Common Dividend
- -
61.59%
12.38%

Quarterly Revenue

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
852
1,034
1,106
1,804
4,794
2026
1,115
1,475
1,534
2,558
6,680
2027
1,789
- -
- -
- -
- -

Quarterly Earnings Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
2.35
3.05
1.82
7.42
14.65
2026
-0.9
1.28
0.93
6.41
7.73
2027
-1.04
- -
- -
- -
- -

Quarterly Dividends Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
- -
- -
- -
- -
2
2026
- -
- -
- -
- -
2.25
2027
- -
- -
- -
- -
- -
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Business
Ice Make Refrigeration Limited, founded in 1993 and headquartered in Gandhinagar, Gujarat, manufactures and supplies customized cooling solutions and refrigeration equipment for industries including dairy, food processing, pharmaceuticals, logistics, hospitality, and agriculture; its core products encompass cold room solutions such as modular cold rooms, walk-in cold rooms, PUF panels, doors, condensing units, evaporators, blast chillers, and freezers; commercial refrigeration including deep freezers, vertical freezers, bulk milk chillers, ice cream hardeners, and visi coolers; industrial refrigeration comprising water chilling plants, brine chilling plants, oil chilling plants, and ice building tanks; transport refrigeration units; ammonia-based refrigeration systems; and specialized offerings like solar cold rooms (SOLOPerifresh), heat pump food dehydrators, and freeze dryers, marketed under the Ice Make, Bharat, and TransFreez brands. The company operates manufacturing facilities in Dantali and Bavla (Gujarat), Vamaj (Mehsana), Chennai (Tamil Nadu via wholly-owned subsidiary Bharat Refrigeration Private Limited), and Howrah (West Bengal via 60%-owned subsidiary Ice Best Private Limited), with exports to over 24 countries including the USA, UAE, Nepal, and Kenya, and a domestic network spanning multiple regions through branches, dealers, and associates. Recent developments include the completion of a ₹72 crore capex for a continuous PUF panel plant in Bavla (operations commenced November 2024) and a ₹15 crore commercial refrigeration plant for chest freezers and visi coolers (operations starting December 2025), as part of a broader ₹200 crore expansion plan with ₹100 crore already deployed; a ₹65.48 crore contract from West Bengal Livestock Development Corporation; a ₹170 crore order book as of December 2024; revenue growth to ₹379 crore in FY24 (up 21% YoY) with EBITDA margins at 10.79%; and credit rating upgrades to CARE A-; Stable in December 2024.