ICE Make Refrigeration Ltd

📊 Stock Analysis

Market Data

Face Value₹10

Performance

ROCE10.42 %

ROE9 %

EPS (TTM)₹-1.04

EPS Prev Qtr₹6.41

EPS Last Year₹1.28

EBITDA Qtr₹0.93 Cr.

Financial Health

Debt/Equity1.13

Debt/Profit12.64

Total Assets₹503.597 Cr.

Promoter Holding74.2 %

Earning Power5.73 %

Valuation

Industry P/E27.22

Key Metrics

__derived

Face Value

₹10

About ICE Make Refrigeration Ltd

Capital Goods · Engineering

ICE Make Refrigeration Ltd is listed on NSE in the Capital Goods / Engineering sector. Face value ₹10.

Peer Comparison

Name	CMP	P/E	Market Cap	Div Yield	NP Qtr	Qtr Profit Var%	Sales Qtr	Qtr Sales Var%	ROCE%	Debt/Eq
LMW Ltd	-	103.73	₹18,130.28 Cr	0.21%	₹174.79 Cr	-	₹3,374 Cr	-	8.18%	0
Skipper Ltd	-	26.92	₹6,542.37 Cr	0.02%	₹224.69 Cr	-	₹5,608.79 Cr	-	26.81%	0.59
Lohia Corp Ltd	-	-	₹6,015.71 Cr	-	-	-	-	-	-	0.29
Tempsens Instruments (India) Ltd	-	-	₹4,282.1 Cr	-	-	-	-	-	-	0.16
Uniparts India Ltd	-	20.96	₹3,782.54 Cr	0.84%	₹180.47 Cr	-	₹1,244.14 Cr	-	25.69%	0.11
Sealmatic India Ltd	-	-	₹439.83 Cr	0.27%	-	-	-	-	-	0.08
TAAL Tech Ltd	-	5.34	₹333.59 Cr	3.27%	₹62.44 Cr	-	₹216.47 Cr	-	33.02%	0
Affordable Robotic & Automation Ltd	-	31.9	₹204.91 Cr	-	₹5.86 Cr	-	₹111.64 Cr	-	8.58%	0.55
G V Electricals Ltd	-	-	₹146.74 Cr	-	-	-	-	-	-	0.49
Duncan Engineering Ltd	-	27.52	₹125.31 Cr	-	₹4.55 Cr	-	₹84.82 Cr	-	12.1%	0.57
Misquita Engineering Ltd	-	-	₹25.89 Cr	-	-	-	-	-	-	0.12
Mewar Hi-Tech Engineering Ltd	-	-	₹22.54 Cr	-	-	-	-	-	-	1.86
Thejo Engineering Ltd	-	-	-	-	₹54.32 Cr	-	₹674.14 Cr	-	26.41%	0.01
ICE Make Refrigeration Ltd	-	-	-	-	₹11.94 Cr	-	₹735.58 Cr	-	10.42%	1.13
Readymix Construction Machinery Ltd	-	-	-	-	-	-	-	-	-	0.06
Patil Automation Ltd	-	-	-	-	-	-	-	-	-	0.15
Envirotech Systems Ltd	-	-	-	-	-	-	-	-	-	0.13
Megatherm Induction Ltd	-	-	-	-	-	-	-	-	-	0.23
Ishan International Ltd	-	-	-	-	-	-	-	-	-	0.2
Marshall Machines Ltd	-	-	-	-	₹-5.83 Cr	-	₹26.44 Cr	-	-4.3%	0.51

Quarterly Results

📊 Jun 2026: Revenue grew 60.4% YoY, Profit fell 12.2% YoY

	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales	111.5	147.49	153.36	255.85	178.88
↳ QoQ Growth	-	+32.3%	+4.0%	+66.8%	-30.1%
Expenses	111.18	142.07	147.73	238.95	177.95
Operating Profit	0.32	5.42	5.63	16.89	0.93
OPM %	0.29%	3.67%	3.67%	6.6%	0.52%
Other Income	0.13	0.09	0.13	0.38	0.11
Interest	2.29	2.73	3.85	3.72	3.27
Depreciation	4.08	4.2	4.28	4.49	2.05
EBITDA	4.4	9.62	9.91	21.38	2.98
EBITDA Margin %	3.95%	6.52%	6.46%	8.36%	1.67%
Profit Before Tax	-1.84	2.77	1.9	13.56	-2.23
Tax %	20.11%	27.08%	23.68%	25.29%	26.01%
Net Profit	-1.47	2.02	1.45	10.12	-1.65
↳ QoQ Growth	-	+237.4%	-28.2%	+597.9%	-116.3%
EPS	-0.9	1.28	0.93	6.41	-1.04

Profit & Loss

	Mar 2026	TTM
Sales	668.2	735.58
Expenses	639.93	706.7
Operating Profit	28.26	28.87
OPM %	4.23%	3.92%
Other Income	0.73	0.71
Interest	12.59	13.57
Depreciation	17.05	15.02
Profit Before Tax	16.39	16
Tax %	25.99%	25.31%
Net Profit	12.12	11.94
EPS	7.72	7.58

Compounded Sales Growth

10Y

TTM

Compounded Profit Growth

10Y

TTM

Stock Price CAGR

10Y

Return on Equity

10Y

Last Year

8.98%

Balance Sheet

	Mar 2025	Mar 2026
Equity Capital	15.78	15.7797
Reserves	108.25	117.2097
Borrowings	85.93	150.89
Other Liabilities	157.76	219.72
Total Liabilities	367.72	503.597
Fixed Assets	131.44	140.3613
CWIP	5.69	25.2838
Investments	0.01	0.01
Other Assets	230.58	337.94
Total Assets	367.72	503.597

Cash Flows

	Mar 2025	Mar 2026
Cash from Operating Activity	29.9746	-10.5741
Cash from Investing Activity	-83.3501	-40.4535
Cash from Financing Activity	48.6738	52.4226
Net Cash Flow	-4.7017	1.395

Ratios

	Mar 2026
Debtor Days	-
Inventory Days	-
Days Payable	-
Cash Conversion Cycle	-
Working Capital Days	192.66
ROCE %	8.01%

Shareholding Pattern

	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters %	74.36%	74.26%	74.2%	74.2%
FIIs %	0.01%	0.11%	0.23%	0.31%
DIIs %	0%	1.99%	1.64%	1.38%
Public %	21.46%	20.79%	21.16%	21.37%
No. of Shareholders	25,194	24,249	25,551	23,616

Major Shareholders (>1%)

As of 2026-06-30View all shareholders →

Documents

Concall Transcripts

Q2 FY26PDF

View all transcripts →

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