Skip to content
Ice Make Refrigeration logo

Ice Make Refrigeration

ICEMAKE NSE
₹639.05 1.55 (0.24%)
P/E
92.75

Ice Make Refrigeration (ICEMAKE) share price was ₹639.05 at the 28 Oct 2026 close; P/E (TTM) 92.75; sector Capital Goods. The share price fell 13.3% over the year to 28 Oct 2026 (adjusted for splits and bonuses). In the Jun 2026 quarter, revenue rose 57.4% year on year to ₹176.08 Cr and net profit was −₹1.41 Cr, against −₹1.39 Cr a year earlier (compared with Jun 2025). Promoters held 64.52% of Ice Make Refrigeration in Sep 2026, down 9.68 percentage points from Jun 2026. Its Tapetide Score is 30/100 (Poor) as of 28 Oct 2026.

Close 28 Oct 2026 ₹639.05 −97.65 −13.26% 1Y

Key Fundamentals

MicrocapIndustrial ManufacturingCapital Goods
P/E (TTM)
92.75
EBITDA
₹46.00 Cr
Return on Equity
9.15%
Debt to Equity
1.15
Book Value
₹177.98
EPS (TTM)
₹6.89
52W High
₹920.00
52W Low
₹602.00

Price-based figures as of 28 Oct 2026, 15:31 IST · EPS basis: Standalone · TTM

Peer Comparison

Industrials › Capital Goods › Industrial Products

Aditya Infotech
₹3,979.0098.0847,072 Cr14.450.04%19.61%25.98%4,896 Cr477 Cr
Syrma SGS
₹1,563.0081.8330,139 Cr10.530.10%11.28%14.83%5,510 Cr401 Cr
Honeywell Automation
₹30,595.0049.0827,051 Cr6.060.35%11.76%15.68%4,959 Cr552 Cr
Jyoti CNC Automation
₹929.2065.7121,132 Cr10.560.00%16.79%22.04%2,236 Cr323 Cr
Kaynes Technology India
₹3,140.0060.8921,049 Cr4.450.00%7.64%12.03%4,043 Cr345 Cr
LMW
₹16,390.00100.1817,509 Cr5.760.21%4.56%5.85%3,824 Cr176 Cr
Ice Make Refrigeration (this company)
₹639.0592.75—3.590.35%9.15%13.22%736 Cr11 Cr
Median 7 companies₹3,140.0081.8324,091 Cr6.060.10%11.28%14.83%4,043 Cr345 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the live price; other metrics are as reported in filings. A dash means the figure is not published for that company. 1 company is not shown because they are not listed on an exchange we cover.

Tapetide Score

Data-driven rating, 0–100. How it works →

As of 2026-10-28
v2.0.0
30 Poor
Overall score
Data confidence 100/100

Category scores

Quality Weak 41
Returns, margins, earnings quality 22%
Valuation Poor 27
Cheap vs sector & own history 24%
Growth Strong 89
Sales & profit trajectory 9%
Financial Health Poor 19
Solvency, leverage, coverage 9%
Momentum Poor 20
Trend strength, vol-adjusted 12%
Ownership Poor 3
FII/DII/promoter flows 24%

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

4
  • 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

Weaknesses

2
  • Stock is trading at 7.66 times its book value
  • Promoter holding has decreased over last quarter: -9.68%

Technical Indicators

Oscillators

BearishNeutralBullish

Neutral

Bearish
1
Neutral
7
Bullish
1

Overall

BearishNeutralBullish

Bearish

Bearish
11
Neutral
7
Bullish
1

Moving Averages

BearishNeutralBullish

Bearish

Bearish
10
Neutral
0
Bullish
0

Growth Rate

Revenue Growth
39.24% higher than 3Y

change over 1 year

Net Income Growth
-47.16% lower than 3Y

change over 1 year

Cash Flow Change
-135%

change over 1 year

EBITDA Margin Change
-23.89%

change over 1 year Operating margin 1.79% · Jun 2026

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
77.25
75.72
81.56
135
83.17
101
109
179
112
149
153
254
176
Expenses
69.01
68.25
77.28
115
77.09
93.14
102
158
108
140
144
233
173
Operating Profit
8.24
7.47
4.28
20.24
6.08
8.24
6.6
20.76
4.19
8.63
9.23
20.63
3.16
OPM %
10.67%
9.87%
5.25%
14.98%
7.31%
8.13%
6.08%
11.62%
3.75%
5.8%
6.02%
8.14%
1.79%
Other Income
0.24
0.21
0.2
0.32
0.22
0.27
0.34
0.61
0.26
0.15
0.27
0.38
0.18
Interest
0.22
0.68
0.6
0.35
0.41
0.87
1.11
1.5
2.26
2.72
3.82
3.6
3.26
Depreciation
0.82
0.85
0.9
0.94
0.83
0.92
2.03
4.04
3.98
4.09
4.18
4.39
1.99
PBT
7.44
6.15
2.98
19.27
5.06
6.72
3.8
15.83
-1.79
1.97
1.5
13.02
-1.91
Tax %
25.13%
25.37%
25.5%
26.15%
23.91%
27.23%
22.37%
27.29%
-22.35%
26.4%
26%
25.35%
-26.18%
Net Profit
5.58
4.59
2.22
14.23
3.85
4.89
2.96
11.52
-1.39
1.45
1.11
9.72
-1.41
EPS (₹)
3.54
2.91
1.41
9.02
2.44
3.1
1.88
7.3
-0.88
0.92
0.7
6.16
-0.89
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
50
72
88
101
129
136
131
200
303
370
472
667
732
Expenses
47
65
78
89
115
122
121
186
271
329
430
625
690
Operating Profit
4
7
10
12
14
14
11
14
31
40
42
43
42
OPM %
8%
10%
11%
12%
11%
10%
8%
7%
10%
11%
9%
6%
6%
Other Income
0
0
0
1
0
1
1
1
2
1
1
1
1
Interest
1
2
1
2
1
2
2
2
1
2
4
12
13
Depreciation
1
2
2
1
2
4
4
3
3
4
8
17
15
PBT
1
4
7
10
11
9
6
11
28
36
31
15
15
Tax %
34%
34%
32%
32%
29%
26%
31%
26%
26%
26%
26%
26%
—
Net Profit
1
3
5
7
8
7
4
8
21
27
23
11
11
EPS (₹)
6.46
3.67
6.98
4.23
5
4.26
2.86
5.16
13.34
16.87
14.72
6.9
6.89
Div. Payout %
0%
0%
0%
24%
24%
28%
42%
23%
13%
12%
15%
33%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Borrowings
13
14
15
8
2
14
8
9
3
24
83
156
Other Liabilities
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
Fixed Assets
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
Other Assets
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
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
5
1
8
0
7
-2
12
9
22
10
30
-14
Investing
-2
-2
-4
-4
-10
-7
-4
-5
-13
-22
-84
-39
Financing
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
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Ice Make Refrigeration insights

67 extracted metrics + investor summaries across FY14–FY27.

Shareholding Pattern

FIIs0.03%Promot.64.52%DIIs0.25%Others14.98%Public20.23%As ofSep 2026
8.21% of promoter holding pledged as of Sep 2026

Documents

Frequently Asked Questions about Ice Make Refrigeration

What does ICE Make Refrigeration Ltd do?
Incorporated in 1993, ICE Make Refrigeration Ltd provides customized cooling solutions across a wide range of industries[1]
Where is ICE Make Refrigeration Ltd (ICEMAKE) listed?
ICE Make Refrigeration Ltd trades as ICEMAKE on the NSE.
Which sector does ICE Make Refrigeration Ltd belong to?
ICE Make Refrigeration Ltd is classified under the Capital Goods sector, in the Industrial Products industry.
What is the PE ratio of ICE Make Refrigeration Ltd?
ICE Make Refrigeration Ltd trades at a PE ratio of 92.75 as of 28 Oct 2026, on earnings per share of ₹6.89, against a book value of ₹177.98 per share.
What is the 52-week high and low of ICE Make Refrigeration Ltd?
Over the last 52 weeks ICE Make Refrigeration Ltd has traded between ₹602 and ₹920 as of 28 Oct 2026.
Does ICE Make Refrigeration Ltd pay dividends?
ICE Make Refrigeration Ltd has a dividend yield of 0.35%.
What is the Return on Equity (ROE) of ICE Make Refrigeration Ltd?
ICE Make Refrigeration Ltd reported a return on equity of 9.15%. Its debt-to-equity ratio is 1.15.

Company Information

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

Website icemakeindia.com
CEO Mr. Chandrakant Popatbhai Patel
Employees 432
Listed 2020-10-12
Face Value ₹ 10

For AI agents and developers

Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/ICEMAKE.md for ICE Make Refrigeration Ltd: company profile, latest price, key fundamentals, the Tapetide Score, growth rates, quarterly and annual financial statements, shareholding pattern, technical indicators, analyst ratings and exchange filings.

Append .md to any Tapetide URL for the same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live, structured queries instead of documents, use our Indian stock market MCP server.

Explore More

More Industrial Manufacturing stocks → FII DII DataStock ScreenerNifty 50 HeatmapF&O Ban ListFII and DII flows, month by monthHow Tapetide Scores changed, month by monthStocks mutual funds are buying, month by month