ICE Make Refrigeration Ltd

ICE Make Refrig. Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

ICE Make Refrigeration Ltd

₹ 768 -1.47%
04 Jun - close price
icemakeindia.com NSE: ICEMAKE
About

Incorporated in 1993, ICE Make Refrigeration Ltd provides customized cooling solutions across a wide range of industries[1]

Key Points

Business Overview:[1][2]
ICEMRL offers total cold chain and food processing solutions with energy-saving & eco-friendly products and after-sales services. The company provides refrigeration solutions, including cooling, pre-cooling, mobile pre-cooling, blast chilling, blast freezing, storage, and display.

Website NSE
  • Market Cap ₹ 1,212 Cr.
  • Current Price ₹ 768
  • High / Low ₹ 920 / 660
  • Stock P/E 111
  • Book Value ₹ 86.2
  • Dividend Yield 0.29 %
  • ROCE 10.8 %
  • ROE 8.24 %
  • Face Value ₹ 10.0
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Pros

  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 19.9%
  • Company's median sales growth is 24.9% of last 10 years
  • Company's working capital requirements have reduced from 30.0 days to 21.7 days

Cons

  • Stock is trading at 8.91 times its book value

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Capital Goods Industrial Manufacturing Industrial Products

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
110.60 77.25 75.72 81.56 135.07 83.17 101.38 108.64 178.61 111.86 148.70 153.21 253.59
98.69 69.01 68.25 77.28 114.83 77.09 93.14 102.04 157.85 107.67 140.07 143.98 232.96
Operating Profit 11.91 8.24 7.47 4.28 20.24 6.08 8.24 6.60 20.76 4.19 8.63 9.23 20.63
OPM % 10.77% 10.67% 9.87% 5.25% 14.98% 7.31% 8.13% 6.08% 11.62% 3.75% 5.80% 6.02% 8.14%
0.73 0.24 0.21 0.20 0.32 0.22 0.27 0.34 0.61 0.26 0.15 0.27 0.38
Interest 0.12 0.22 0.68 0.60 0.35 0.41 0.87 1.11 1.50 2.26 2.72 3.82 3.60
Depreciation 0.91 0.82 0.85 0.90 0.94 0.83 0.92 2.03 4.04 3.98 4.09 4.18 4.39
Profit before tax 11.61 7.44 6.15 2.98 19.27 5.06 6.72 3.80 15.83 -1.79 1.97 1.50 13.02
Tax % 25.75% 25.13% 25.37% 25.50% 26.15% 23.91% 27.23% 22.37% 27.29% -22.35% 26.40% 26.00% 25.35%
8.63 5.58 4.59 2.22 14.23 3.85 4.89 2.96 11.52 -1.39 1.45 1.11 9.72
EPS in Rs 5.47 3.54 2.91 1.41 9.02 2.44 3.10 1.88 7.30 -0.88 0.92 0.70 6.16
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
50 72 88 101 129 136 131 200 303 370 472 667
47 65 78 89 115 122 121 186 271 329 430 625
Operating Profit 4 7 10 12 14 14 11 14 31 40 42 43
OPM % 8% 10% 11% 12% 11% 10% 8% 7% 10% 11% 9% 6%
0 0 0 1 0 1 1 1 2 1 1 1
Interest 1 2 1 2 1 2 2 2 1 2 4 12
Depreciation 1 2 2 1 2 4 4 3 3 4 8 17
Profit before tax 1 4 7 10 11 9 6 11 28 36 31 15
Tax % 34% 34% 32% 32% 29% 26% 31% 26% 26% 26% 26% 26%
1 3 5 7 8 7 4 8 21 27 23 11
EPS in Rs 6.46 3.67 6.98 4.23 5.00 4.26 2.86 5.16 13.34 16.87 14.72 6.90
Dividend Payout % 0% 0% 0% 24% 24% 28% 42% 23% 13% 12% 15% 33%
Compounded Sales Growth
10 Years: 25%
5 Years: 38%
3 Years: 30%
TTM: 41%
Compounded Profit Growth
10 Years: 15%
5 Years: 19%
3 Years: -20%
TTM: -53%
Stock Price CAGR
10 Years: %
5 Years: 57%
3 Years: 26%
1 Year: -9%
Return on Equity
10 Years: 18%
5 Years: 19%
3 Years: 17%
Last Year: 8%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 1 7 7 16 16 16 16 16 16 16 16 16
Reserves 6 3 8 29 35 40 44 50 69 93 113 120
13 14 15 8 2 14 8 9 3 24 83 156
13 14 24 26 29 33 40 49 70 77 154 209
Total Liabilities 33 39 55 79 81 102 107 123 158 209 365 501
9 9 9 10 20 26 26 29 30 46 130 137
CWIP 0 0 0 1 0 0 1 0 0 12 6 25
Investments 0 0 2 3 3 3 3 3 8 3 3 3
24 30 44 64 58 73 76 90 120 148 227 335
Total Assets 33 39 55 79 81 102 107 123 158 209 365 501

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
5 1 8 -0 7 -2 12 9 22 10 30 -14
-2 -2 -4 -4 -10 -7 -4 -5 -13 -22 -84 -39
1 -0 -0 14 -9 6 -9 -3 -8 16 49 54
Net Cash Flow 3 -1 3 10 -12 -2 -0 0 1 4 -5 1
Free Cash Flow 2 -1 6 -5 -4 -9 7 5 19 -22 -52 -53
CFO/OP 126% 25% 96% 20% 76% 6% 134% 77% 93% 47% 94% -15%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 61 69 65 76 58 74 76 63 66 68 73 85
Inventory Days 96 75 105 122 107 134 141 111 79 75 112 106
Days Payable 90 70 107 94 84 88 101 79 83 75 118 105
Cash Conversion Cycle 67 73 63 104 82 120 115 94 62 69 67 86
Working Capital Days 53 16 4 44 56 55 67 51 43 49 20 22
ROCE % 24% 31% 28% 23% 18% 12% 18% 36% 34% 21% 11%

Insights

In beta
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Revenue Share - Commercial Refrigeration
%

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Revenue Share - Industrial Refrigeration
%
Revenue Share - Transport Refrigeration
%
Export Presence (Number of Countries)
Numbers
Number of Dealers
Numbers
Total Customer Base
Numbers
Revenue Share - Cold Room
%
Revenue Share - Cold Room
Source

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

2 Recently
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
74.49% 74.49% 74.49% 74.49% 74.49% 74.49% 74.49% 74.41% 74.40% 74.36% 74.26% 74.20%
0.05% 0.05% 0.02% 0.00% 0.02% 0.00% 0.00% 0.33% 0.01% 0.01% 0.11% 0.22%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.58% 0.87% 1.21% 1.31% 1.99% 1.64%
25.46% 25.46% 25.49% 25.51% 25.50% 25.51% 24.93% 24.39% 24.38% 24.32% 23.64% 23.94%
No. of Shareholders 11,56614,48119,28522,66823,22524,54324,77624,63325,65625,19424,24925,551

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

Documents

Announcements

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DRHP

Credit ratings

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