ICE Make Refrigeration Ltd.

ICEMAKE

₹846.75

0.82% (6.85)

Market Cap

₹1,336 Cr.

P/E

57.82

About

Ice Make Refrigeration is a leading manufacturer of refrigeration equipment, specializing in cooling solutions for various industries including dairy, food processing, pharmaceuticals, and hospitality… Read more

Ice Make Refrigeration is a leading manufacturer of refrigeration equipment, specializing in c… Read more

Low

575

52W Range

High

1089

Timeline

Key company specific updates

Company Timeline

Custom financial statementNew

Edit rows

In Rs. Cr.	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025

In Rs. Cr.	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Balance sheet
Net Block	—	10.90	12.65	22.64	30.58	29.74	32.24	32.37	50.24	129
Shareholders Funds	—	15.57	44.60	50.07	53.27	56.32	61.68	81.13	104	124
Profit & Loss
Operating Profit	—	9.99	12.70	13.80	13.48	10.33	14.48	32.12	40.77	42.55
Net Sales	—	87.91	103	132	138	135	206	312	378	480
Cash flow
Cash from Operating Activity	—	7.50	-2.03	8.20	0.01	12.35	8.31	24.35	10.38	29.97
Net Capex (est)	—	3.83	4.92	11.20	7.64	4.90	3.95	3.75	33.03	82.29
Ratios
ROCE (%)	—	41.18	24.77	22.91	15.68	11.87	17.52	34.54	29.04	—
ROE (%)	—	32.11	14.88	14.94	10.06	6.42	11.87	25.64	25.20	—

Forensics

10 Yes

Positive for this company

2 Neutral

Neutral for this company

5 No

Negative for this company

0 No Data

Insufficient data to analyse

Accounting & Shareholding

Contingent Liabilities

Company does not have significant contingent liabilities
Other Income

Other income is not affecting ratios of the company
Pledge

Promoters have not pledged a significant portion of their holding
Retail Holding

Retail has been selling the stock which is usually a good time to buy
Revenue Recognition

Company is converting accounting profit to cash
Promoter Holding

Promoter has not sold any shares in the last 90 days
Depreciation Effect

Company is depreciating a lower percentage of assets. this is contributing to an increase in net profit

Price & Performance

Capex vs ROCE

Roce of the company has increased over the last three years
Working Capital

Working capital of the company seems to be under control
Debt

Company should not have issues servicing its debt
Sales Growth

Sales of the company has grown at a good pace
Balance Sheet Strength

Balance sheet of the company is strong. it shouldnt have solvency or liquidity issues
ROE

Financial leverage has increased roe over 10 years
Current vs Historic Valuation

Company is trading at a premium to 3yr historic valuations
Share price

Share price has increased over last 10 years but more due to rerating
Margin Stability

Margins of the company are volatile
ROCE Strength

Roce of the company is not consistently strong

Revenue mix

Product Wise Break-Up

Location Wise Break-Up

Peer Comparison

Peer Name	Latest Price	PE	Market cap(Cr)	Prom Holding(%)	YoY Qtly Sales(%)	ROCE (%)	ROE (%)
ICE MakeRefrigeratio	846.75	57.82	1,336	74.41	28.9	29.04	25.2
Elin Electronics	166.58	28	821	32.98	13.65	5.4	2.76
Singer India	76.3	64	473	30.76	7.22	4.66	3.11
BPL	84.07	0.00	412	63.13	15.82	4.68	5.37
Veto Switchgears	131.18	11.32	251	45.06	12.26	13.05	7.29
Rexnord Electronics	95.8	25.64	128	73.41	24.56	15.15	10.64
Servotech Renewable	152.63	104.84	3,432	58.97	7.42	11.9	8.29
Orient Electric	225.11	57.62	4,794	38.31	9.42	14.34	11.78

Corporate Actions

Consolidated Dividend

DATE

DETAILS

2024, Sep 20

Dividend Dividend of Rs.2 per share

2023, Sep 15

Dividend Dividend of Rs.1.8 per share

2022, Sep 08

Dividend Dividend of Rs.1.2 per share

2021, Sep 16

Dividend Dividend of Rs.1.2 per share

2020, Sep 17

Dividend Dividend of Rs.1.2 per share

Customers

Alembic Pharmaceuticals Ltd.
Apollo Tyres Ltd.
Gufic Biosciences Ltd.
Vadilal Industries Ltd.
Zydus Wellness Ltd.
Alkem Laboratories Ltd.
Amul
KSL & Industries Ltd.
Grofers
Indian Railways
Intas Pharma
ISRO
Shalby Ltd.
Kohler
Swiggy
Aavin
Arvind Ltd.
Bombaywalla
Coca-Cola
CutiePie Cakes
John Energy Ltd.
Kalory Foods Private Ltd.
Kelvion India Pvt Ltd.
Kohler Co
la casa inn
Mithai &more
Monginis
Mr. Brown Bakery
Nandos
Paras Defence And Space Technologies Ltd.
Ramada Ltd.
Saffron Industries Ltd.
Spencers
sumul

Showing 5 of 34

FAQs on ICE Make Refrigeration Ltd. Business

What does ICE MakeRefrigeratio do?

Ice Make Refrigeration provides cooling solutions for various industries including food processing, pharmaceuticals, and hospitality. Their top products include Cold Rooms, Commercial Freezers, Chillers, Refrigerated Vehicles, and Ice Cream Hardeners.

Who are the competitors of ICE MakeRefrigeratio?

ICE MakeRefrigeratio major competitors are Elin Electronics, Singer India, BPL, Veto Switchgears, Rexnord Electronics, Servotech Renewable, Orient Electric.
Market Cap of ICE MakeRefrigeratio is ₹1,325 Crs.
While the median market cap of its peers are ₹470 Crs.

Is ICE MakeRefrigeratio financially stable compared to its competitors?

ICE MakeRefrigeratio seems to be financially stable compared to its competitors.
The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.

View FAQ's On Shareprice

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Company Filing

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Investor Presentation			Jun	Jun	Sep	Jun Sep Dec	Mar Jun	Mar	Mar
Conference Call							Mar	Mar Sep
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Discussions & Analysis

ICE Make Refrigeration Ltd.

View the discussion on ValuePickr

SME Stars-Ice Make Refrigeration Ltd - Alpha Ideas

ICE MAKE REFRIGERATION LTD Analysis - LNPR

Detailed analysis of Ice Make Refrigeration - A fast growing micro cap in the refrigeration space - Value Educator

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ICE Make Refrigeration Ltd.