ICE Make Refrigerat Ltd
NSE: ICEMAKE · Other · sector
₹628.50NSE close 2026-10-26
Key numbers
Market cap₹992 cr
Price₹628.50
52w high / low₹920 / ₹602
P/E82.9xSector median 14.4x
P/B7.5xSector median 1.7x
Book value₹84.3
Dividend yield0.36%Sector median 0.37%
ROE9.3%Sector median 13.8%
ROCE10.4%Sector median 19.6%
OPM6.0%Sector median 10.4%
Debt / equity1.13xSector median 0.29x
EV/EBITDA25.9xSector median 8.4x
Interest cover2.2x
Current ratio1.17x
Sales growth 3y+28.9%Sector median +7.7%
Profit growth 3y-16.3%Sector median +16.6%
PEG–
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 688 companies in Other (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹7 cr vs borrowings ₹151 cr (FY26): borrowings are higher by ₹144 cr.
- Borrowings rose in each of the last 3 years (₹3 cr → ₹151 cr).
- Operating profit covered interest 2.2x in the last 12 months.
- 8.21% of the promoters' shares are pledged (5.3% of all shares).
- Promoter holding fell by 9.84 percentage points in a year, to 64.52% (2026-09-30).
- Operating cash flow was below net profit in 2 of the last 5 years (FY26, FY24).
- Net loss in 2 of the last 8 quarters.
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 6% of net profit in the last 12 months.
- Debtor days went from 63 (FY24) to 86 (FY26).
- Dividend paid in 5 of the last 5 financial years.
- Price ₹628.50 on 2026-10-26: -31.7% from the 52-week high, +4.4% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹1,026.25 · low ₹598.40
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 103 | 111 | 180 | 112 | 147 | 153 | 256 | 179 |
| EBITDA | 8 | 7 | 21 | 4 | 10 | 10 | 21 | 3 |
| OPM % | 8.2% | 6.0% | 11.9% | 3.9% | 6.5% | 6.5% | 8.4% | 1.7% |
| Other income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net profit | 5 | 3 | 12 | -1 | 2 | 1 | 10 | -2 |
| EPS (₹) | 3.05 | 1.82 | 7.42 | -0.90 | 1.28 | 0.93 | 6.41 | -1.04 |
| Revenue YoY | +42.7% | +38.7% | +41.9% | +60.4% | ||||
| Profit YoY | -57.9% | -49.5% | -13.7% | – |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 206 | 312 | 378 | 480 | 668 | 736 |
| EBITDA | 14 | 32 | 41 | 43 | 45 | 44 |
| Net profit | 7 | 21 | 26 | 23 | 12 | 12 |
| EPS (₹) | 4.66 | 13.19 | 16.56 | 14.65 | 7.73 | 7.58 |
| Revenue growth | +51.5% | +21.2% | +26.7% | +39.3% | +45.4% | |
| Profit growth | +184.2% | +26.2% | -12.0% | -47.3% | -33.5% | |
| Dividend / share (₹) | 1.20 | 1.20 | 1.80 | 2.00 | 2.25 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +28.9% | +37.8% | +45.4% |
| Net profit | -16.3% | +27.5% | -33.5% |
| EPS | -16.3% | +27.3% | – |
| Share price | – | -12.1% (2y) | -12.3% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 81 | 104 | 124 | 133 |
| Borrowings | – | 3 | 25 | 82 | 151 |
| Cash & equivalents | – | 15 | 9 | 4 | 7 |
| Total assets | – | 159 | 211 | 368 | 508 |
| Fixed assets | – | 29 | 47 | 128 | 132 |
| Capital work in progress | – | 0 | 12 | 6 | 25 |
| Investments | – | 0 | 0 | 0 | 0 |
| Receivables | – | 54 | 65 | 94 | 157 |
| Inventory | – | 52 | 60 | 108 | 148 |
| Payables | – | 51 | 54 | 110 | 145 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 8 | 24 | 12 | 30 | -11 |
| Cash from investing | -5 | -14 | -9 | -83 | -40 |
| Cash from financing | -3 | -9 | 18 | 49 | 52 |
| Capex | 4 | 4 | 20 | 82 | 40 |
| Free cash flow | 4 | 21 | -8 | -52 | -50 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 25.6% | 25.2% | 18.6% | 9.2% |
| ROCE % | – | 34.9% | 28.8% | 17.1% | 10.2% |
| Debtor days | – | 63 | 63 | 72 | 86 |
| Inventory days | – | 86 | 84 | 118 | 114 |
| Payable days | – | 84 | 76 | 121 | 112 |
| Cash conversion cycle (days) | – | 65 | 71 | 69 | 88 |
| Working capital days | – | 60 | 57 | 24 | 27 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 64.52% |
| FIIs | 0.03% |
| DIIs | 0.25% |
| Public (non-institutions) | 35.20% |
| Quarter | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 74.41% | 74.40% | 74.36% | 74.26% | 74.20% | 74.20% | 64.52% | 64.52% |
| Promoter group | % |
|---|---|
| Patel Rajendrabhai P | 20.41% |
| Vipulbhai Ishwarbhai Patel | 20.14% |
| Chandrakant Popatbhai Patel | 19.99% |
| Popatbhai Laljibhai Patel | 1.31% |
| Ishwarbhai Laljibhai Patel | 0.53% |
| Gauriben Popatbhai Patel | 0.44% |
| Kantaben Ishwarlal Patel | 0.44% |
| Kapilaben Vipulbhai Patel | 0.41% |
| Jyotsnaben Rajendrabhai Patel | 0.40% |
| Ramilaben Chandrakantbhai Patel | 0.34% |
| Manishaben Bhailal Patel | 0.11% |
| Monika G Patel | 0.00% |
| Gaurav G Patel | 0.00% |
| Manharbhai Polabhai Patel | 0.00% |
| Kantibhai K Patel | 0.00% |
| Public holders above 1% | % |
|---|---|
| Galilei Company Limited | 12.36% |
| Alpesh Bhaichandbhai Soni | 1.12% |
22,332 shareholders. Pledged: 8.21% of promoter shares.
Peers in Other
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| TSFINV | ₹8,585 cr | 17.6x | 1.4x | 8.4% | 3.6% | 20.5% | +121.7% | 2.30% |
| KRISHANA | ₹6,339 cr | 39.9x | 11.3x | 41.6% | 23.2% | 12.6% | +95.7% | 0.05% |
| MARINE | ₹5,431 cr | 84.2x | 11.0x | 14.3% | 18.0% | 10.8% | +25.6% | 0.07% |
| ZOTA | ₹4,139 cr | – | 6.0x | -22.5% | -12.4% | -0.5% | +56.7% | 0.07% |
| AIMTRON | ₹3,319 cr | 71.7x | 17.1x | 28.0% | 31.8% | 21.8% | – | – |
| ACCORD | ₹2,984 cr | – | 261.7x | 12.4% | 12.0% | 2.4% | – | – |
| MONOLITH | ₹2,646 cr | 64.6x | 24.3x | 36.0% | 48.7% | 24.4% | – | – |
| UTSSAV | ₹2,390 cr | 40.2x | 14.1x | 43.4% | 54.7% | 7.9% | – | – |
| BETA | ₹2,200 cr | 40.6x | 5.0x | 16.4% | 17.0% | 20.8% | – | – |
| ICEMAKE | ₹992 cr | 82.9x | 7.5x | 9.3% | 10.4% | 6.0% | +28.9% | 0.36% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-09-23 | Dividend | Dividend - Rs 2.25 Per Share |
| 2025-09-19 | Dividend | Dividend - Rs 2.25 Per Share |
| 2024-09-20 | Dividend | Annual General Meeting/Dividend - Rs 2 Per Share |
| 2023-09-15 | Dividend | Annual General Meeting/Dividend - Rs 1.80 Per Share |
| 2022-09-08 | Dividend | Annual General Meetingdividend - Rs 1.20 Per Share |
| 2021-09-16 | Dividend | Annual General Meeting/Dividend - Rs 1.20 Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- Latest results (data file) XBRL
Links go to the original files on the exchange website.
About the company
| Sector | |
| Industry | Other |
| Sub-industry | |
| Symbol | ICEMAKE |
| BSE code | – |
| ISIN | INE520Y01019 |
| Face value | ₹10.0 |
| Incorporated | – |
| Website | – |
| Plants (India / abroad) | – |
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.