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

₹ 708 2.61%
19 Nov - 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 ₹ 1,117 Cr.
  • Current Price ₹ 708
  • High / Low ₹ 1,089 / 575
  • Stock P/E 73.5
  • Book Value ₹ 76.8
  • Dividend Yield 0.32 %
  • ROCE 20.6 %
  • ROE 20.3 %
  • Face Value ₹ 10.0
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Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 35.7% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 25.2%
  • Company's working capital requirements have reduced from 37.4 days to 21.0 days

Cons

  • Stock is trading at 9.22 times its book value
  • Company might be capitalizing the interest cost

* 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

Consolidated Figures in Rs. Crores / View Standalone

Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025
67.12 66.68 113.56 79.14 76.89 82.43 139.92 85.23 103.39 110.56 180.35 111.50 147.49
59.78 59.37 101.41 70.96 69.31 78.13 119.23 79.19 94.94 103.89 158.96 107.10 137.88
Operating Profit 7.34 7.31 12.15 8.18 7.58 4.30 20.69 6.04 8.45 6.67 21.39 4.40 9.61
OPM % 10.94% 10.96% 10.70% 10.34% 9.86% 5.22% 14.79% 7.09% 8.17% 6.03% 11.86% 3.95% 6.52%
0.19 0.14 0.73 0.17 0.13 0.10 0.23 0.10 0.12 0.22 0.46 0.13 0.09
Interest 0.18 0.57 0.19 0.23 0.70 0.66 0.52 0.45 0.90 1.15 1.63 2.29 2.73
Depreciation 0.94 1.00 1.06 0.97 1.01 1.03 1.07 0.95 1.04 2.15 4.16 4.08 4.20
Profit before tax 6.41 5.88 11.63 7.15 6.00 2.71 19.33 4.74 6.63 3.59 16.06 -1.84 2.77
Tax % 27.61% 24.66% 25.80% 25.17% 25.17% 25.46% 26.23% 23.00% 27.75% 22.01% 27.40% -20.11% 27.08%
4.64 4.43 8.63 5.36 4.49 2.02 14.26 3.64 4.79 2.81 11.67 -1.47 2.03
EPS in Rs 2.94 2.81 5.47 3.40 2.86 1.28 9.06 2.35 3.05 1.82 7.42 -0.90 1.29
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
88 103 132 138 135 206 312 378 480 550
78 90 118 124 124 192 280 338 437 508
Operating Profit 10 13 14 13 10 14 32 41 43 42
OPM % 11% 12% 10% 10% 8% 7% 10% 11% 9% 8%
0 0 0 0 1 1 1 1 1 1
Interest 1 2 1 2 2 2 1 2 4 8
Depreciation 2 2 2 5 4 4 4 4 8 15
Profit before tax 7 10 11 7 5 10 28 35 31 21
Tax % 32% 32% 29% 27% 32% 25% 26% 26% 26%
5 7 7 5 4 7 21 26 23 15
EPS in Rs 6.95 4.23 4.77 3.22 2.30 4.66 13.18 16.64 14.65 9.63
Dividend Payout % 0% 24% 25% 37% 52% 26% 14% 12% 15%
Compounded Sales Growth
10 Years: %
5 Years: 28%
3 Years: 33%
TTM: 34%
Compounded Profit Growth
10 Years: %
5 Years: 36%
3 Years: 47%
TTM: -39%
Stock Price CAGR
10 Years: %
5 Years: 53%
3 Years: 35%
1 Year: -12%
Return on Equity
10 Years: %
5 Years: 21%
3 Years: 25%
Last Year: 20%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Sep 2025
Equity Capital 7 16 16 16 16 16 16 16 16 16
Reserves 8 29 34 38 41 46 65 88 108 105
15 10 3 17 10 11 5 27 86 169
25 27 29 34 42 52 73 80 158 137
Total Liabilities 55 81 83 105 108 125 159 211 368 426
11 13 23 31 30 32 32 50 133 141
CWIP 0 1 0 0 1 0 0 12 6 12
Investments 0 0 0 0 0 0 5 0 0 0
44 68 60 74 77 93 122 149 229 274
Total Assets 55 81 83 105 108 125 159 211 368 426

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
8 -2 8 0 12 8 24 10 30
-4 -4 -12 -7 -3 -5 -14 -23 -83
-0 16 -10 5 -9 -3 -9 17 49
Net Cash Flow 3 11 -13 -1 -0 0 1 4 -5

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 66 78 60 69 68 60 63 63 72
Inventory Days 114 135 121 156 161 123 86 84 118
Days Payable 109 96 85 92 103 83 84 76 121
Cash Conversion Cycle 71 116 96 132 125 100 64 71 69
Working Capital Days 9 52 64 59 69 53 43 48 21
ROCE % 27% 22% 15% 11% 17% 37% 34% 21%

Shareholding Pattern

Numbers in percentages

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
74.49% 74.49% 74.49% 74.49% 74.49% 74.49% 74.49% 74.49% 74.49% 74.41% 74.40% 74.36%
0.05% 0.05% 0.05% 0.05% 0.02% 0.00% 0.02% 0.00% 0.00% 0.33% 0.01% 0.01%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.58% 0.87% 1.21% 1.31%
25.46% 25.46% 25.46% 25.46% 25.49% 25.51% 25.50% 25.51% 24.93% 24.39% 24.38% 24.32%
No. of Shareholders 8,46210,04211,56614,48119,28522,66823,22524,54324,77624,63325,65625,194

* 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.

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