ICE Make Refrig.

Why is ICE Make Refrigeration Ltd falling/rising?

As of 19-Jun, ICE Make Refrigeration Ltd's stock price is at 752.10, showing a slight increase but underperforming the market with a year-to-date decline of 7.11%. The stock is trading below its moving averages and has faced a significant drop in profits, indicating bearish trends and declining investor interest.

As of 19-Jun, ICE Make Refrigeration Ltd's stock price is currently at 752.10, reflecting a slight increase of 0.7 (0.09%). However, the stock has been underperforming compared to the broader market and its sector. Over the past week, it has decreased by 3.05%, while the Sensex has gained 1.65%. Additionally, the stock has shown a year-to-date decline of 7.11%, although it has outperformed the Sensex in the same period, which has fallen by 8.10%.<BR><BR>Today's performance indicates that ICE Make Refrigeration Ltd has underperformed its sector by 0.6%. The stock is trading below its moving averages across various time frames, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages, suggesting a bearish trend. Furthermore, there has been a decline in investor participation, with delivery volume falling by 3.97% compared to the 5-day average.<BR><BR>Despite some positive factors, such as a strong ability to service debt and healthy long-term growth in net sales, the company has faced challenges. The latest financial results show a significant drop in profit after tax (PAT) by 20.58%, alongside a 15.51% decrease in profit before tax (PBT). Additionally, the return on capital employed (ROCE) stands at 9.9, indicating an expensive valuation relative to its enterprise value to capital employed ratio of 4.7. The stock is trading at a discount compared to its peers, yet the lack of domestic mutual fund investment, which stands at 0%, may reflect a lack of confidence in the stock's current valuation or business prospects.<BR><BR>In summary, while there is a minor increase in the stock price today, the overall trend and performance indicators suggest that ICE Make Refrigeration Ltd is experiencing downward pressure due to underperformance relative to the market, declining investor interest, and disappointing financial results.

Which are the latest news on ICE Make Refrig.?

What does ICE Make Refrig. do?

ICE Make Refrigeration Ltd specializes in industrial refrigeration solutions and operates as a micro-cap company with a market cap of INR 1,212 Cr. As of March 2026, it reported net sales of 256 Cr and a net profit of 10 Cr.

Overview:<BR>ICE Make Refrigeration Ltd operates in the industrial manufacturing sector, specializing in refrigeration solutions, and is categorized as a micro-cap company.<BR><BR>History:<BR>The company was originally incorporated on March 31, 2009, as a private limited company. It changed its name to "Ice Make Refrigeration Private Limited" on August 04, 2015, and subsequently converted to a public limited company on August 29, 2017. The latest quarterly results reported net sales and net profit for the period ending March 2026.<BR><BR>Financial Snapshot:<BR>Most recent Net Sales: 256 Cr (Quarterly Results - Mar 2026) <BR>Most recent Net Profit: 10 Cr (Quarterly Results - Mar 2026) <BR>Market-cap value: INR 1,212 Cr (Micro Cap)<BR><BR>Key Metrics:<BR>P/E: 99.00 <BR>Industry P/E: 51 <BR>Dividend Yield: 0.29% <BR>Debt-Equity: 1.14 <BR>Return on Equity: 9.17% <BR>Price to Book: 8.96 <BR><BR>Contact Details:<BR>Address: B-1 Vasupujya Chamber, Neer Navdeep Bldg IT Cross Rod Ahmedabad Gujarat : 380009 <BR>Tel: 91-79-27540630 <BR>Email: info@icemakeindia.com <BR>Website: http://www.icemakeindia.com

How big is ICE Make Refrig.?

As of 10th June, ICE Make Refrigeration Ltd has a market capitalization of 1,212.00 Cr and reported net sales of 668.20 Cr and a net profit of 12.19 Cr over the latest four quarters.

As of 10th June, <BR><BR>Market Cap: ICE Make Refrigeration Ltd has a market capitalization of 1,212.00 Cr, classified as a Micro Cap.<BR><BR>Recent Quarterly Performance: The sum of Net Sales for the latest 4 quarters is 668.20 Cr, while the sum of Net Profit for the same period is 12.19 Cr.<BR><BR>Balance Sheet Snapshot: The reporting period for the latest annual data is March 2025. Shareholder's Funds stand at 124.03 Cr, and Total Assets are valued at 366.19 Cr.

Who are in the management team of ICE Make Refrig.?

The management team of ICE Make Refrig. includes Chairman & Managing Director Chandrakant P Patel, Joint Managing Directors Rajendra P Patel and Vipul I Patel, and Independent Directors Darsha R Kikani, Harshadrai P Pandya, and Krishnakant L Patel, along with Company Secretary Mandar Desai.

The management team of ICE Make Refrig. includes the following key individuals:<BR><BR>1. **Chandrakant P Patel** - Chairman & Managing Director<BR>2. **Rajendra P Patel** - Joint Managing Director<BR>3. **Vipul I Patel** - Joint Managing Director<BR>4. **Darsha R Kikani** - Independent Director<BR>5. **Harshadrai P Pandya** - Independent Director<BR>6. **Krishnakant L Patel** - Independent Director<BR>7. **Mandar Desai** - Company Secretary & Compliance Officer<BR><BR>If you have any more questions about the company or its operations, feel free to ask!

Who are the peers of the ICE Make Refrig.?

ICE Make Refrig.'s peers include Disa India, Indian Hume Pipe, OBSC Perfection, Everest Kanto, Salasar Techno, Gala Precis. Eng, MIC Electronics, Macpower CNC, and Rajoo Engineers. Key metrics show varying management risks, growth rates, and capital structures, with OBSC Perfection leading in 1-year returns at 80.70%, while ICE Make Refrig. has a return of -7.33%.

Peers: The peers of ICE Make Refrig. are Disa India, Indian Hume Pipe, OBSC Perfection, Everest Kanto, Salasar Techno, Gala Precis. Eng, MIC Electronics, Macpower CNC, and Rajoo Engineers.<BR><BR>Quality Snapshot: Excellent management risk is observed at Disa India, OBSC Perfection, and Gala Precis. Eng, while Average management risk is found at Indian Hume Pipe, ICE Make Refrig., Everest Kanto, Salasar Techno, Macpower CNC, and Rajoo Engineers, and the rest. Growth is Excellent at OBSC Perfection and Rajoo Engineers, Good at ICE Make Refrig., Gala Precis. Eng, and MIC Electronics, while Average growth is seen at Disa India, and the rest have Below Average growth. Capital Structure is Excellent at Disa India, ICE Make Refrig., Everest Kanto, Macpower CNC, and Mamata Machinery, while Good capital structure is found at OBSC Perfection, Average at Indian Hume Pipe, Salasar Techno, and Gala Precis. Eng, and Below Average at MIC Electronics.<BR><BR>Return Snapshot: The peer with the highest 1-year return is OBSC Perfection at 80.70%, while the lowest is Indian Hume Pipe at -36.26%. ICE Make Refrig.'s own 1-year return is -7.33%, which is better than Indian Hume Pipe but worse than OBSC Perfection. Additionally, peers with negative six-month returns include Indian Hume Pipe, Salasar Techno, MIC Electronics, and Rajoo Engineers.

Should I buy, sell or hold ICE Make Refrigeration Ltd?

Are ICE Make Refrigeration Ltd latest results good or bad?

ICE Make Refrigeration Ltd's latest results show strong revenue growth of 38.71% year-on-year, reaching ₹153.36 crores, but a concerning 48.78% decline in net profit to ₹1.47 crores highlights significant profitability issues and rising financial risks, suggesting a cautious outlook for investors.

ICE Make Refrigeration Ltd's latest results indicate a mixed performance, with significant concerns regarding profitability despite strong revenue growth. In Q3 FY26, the company reported a net profit of ₹1.47 crores, which represents a substantial decline of 48.78% year-on-year. This decline in net profit raises alarms about the company's ability to manage costs effectively, especially as its PAT margin has dropped to a mere 0.95%, down from 2.54% in the same quarter last year.<BR><BR>On the positive side, the company achieved a notable revenue growth of 38.71% year-on-year, reaching ₹153.36 crores. This marks the third consecutive quarter of strong top-line growth, suggesting that there is ongoing demand for its refrigeration solutions. However, the operating margin has only slightly improved to 6.46%, which is still below historical performance levels.<BR><BR>The financial results reveal a troubling trend where revenue growth is not translating into profitability, indicating potential operational inefficiencies and challenges in cost management. Additionally, the company's aggressive expansion strategy has led to increased debt levels, which are putting further pressure on its financial health.<BR><BR>Overall, while the revenue growth is encouraging, the significant drop in profitability and rising financial risks suggest that the latest results are more concerning than positive. Investors should be cautious and consider these factors when evaluating the company's outlook.

Is ICE Make Refrig. technically bullish or bearish?

As of December 3, 2025, ICE Make Refrig's technical trend has shifted to a bearish stance, supported by bearish MACD, moving averages, and KST indicators, despite a mildly bullish signal from Dow Theory.

As of 3 December 2025, the technical trend has changed from mildly bearish to bearish. The current technical stance is bearish with a moderate strength. Key indicators driving this include a bearish MACD on the weekly chart, bearish moving averages on the daily timeframe, and a bearish KST on the weekly chart. The Bollinger Bands also indicate a bearish sentiment on the weekly timeframe. Although the Dow Theory shows a mildly bullish signal on the weekly, the overall bearish indicators suggest a prevailing negative outlook for ICE Make Refrig.

How has been the historical performance of ICE Make Refrig.?

ICE Make Refrig. has shown consistent growth in net sales, reaching 479.52 Cr in Mar'25, despite rising raw material costs and a slight decline in profit after tax to 22.90 Cr. The company maintains a healthy operating profit margin of 8.87%, indicating a robust growth trajectory overall.

Answer:<BR>The historical performance of ICE Make Refrig. shows a consistent growth in net sales and profitability over the years, with net sales reaching 479.52 Cr in Mar'25, up from 378.38 Cr in Mar'24 and significantly higher than 312.21 Cr in Mar'23. The total operating income mirrored this upward trend, also hitting 479.52 Cr in Mar'25. The raw material costs have increased to 343.91 Cr in Mar'25 from 262.75 Cr in Mar'24, indicating rising input costs. Despite this, the operating profit (PBDIT) increased to 43.45 Cr in Mar'25, reflecting a healthy operating profit margin of 8.87%. Profit before tax saw a slight decrease to 31.02 Cr in Mar'25 from 35.20 Cr in Mar'24, while profit after tax was 22.90 Cr, down from 26.14 Cr in the previous year. The consolidated net profit for Mar'25 was 23.11 Cr, a decrease from 26.25 Cr in Mar'24. <BR><BR>Breakdown:<BR>The company's total expenditure, excluding depreciation, rose to 436.97 Cr in Mar'25, up from 337.61 Cr in Mar'24, driven by increased raw material costs and other expenses. The total liabilities surged to 366.19 Cr in Mar'25 from 209.79 Cr in Mar'24, with long-term borrowings increasing significantly to 47.82 Cr. Current assets also grew to 221.81 Cr in Mar'25, primarily due to higher inventories and sundry debtors. The cash flow from operating activities improved to 29.00 Cr in Mar'25, while cash flow from investing activities showed a significant outflow of 83.00 Cr. Overall, the financial metrics indicate a robust growth trajectory for ICE Make Refrig., despite some pressures on profitability and rising costs.

Who are the top shareholders of the ICE Make Refrig.?

The top shareholders of ICE Make Refrigeration include Chandrakant Popatbhai Patel, who holds 23.08% of the shares, and individual investors with a combined 21.54%. Additionally, four foreign institutional investors own 0.33%, while promoter holdings include 4.15% pledged shares.

The top shareholders of ICE Make Refrigeration primarily consist of promoters, with the largest individual shareholder being Chandrakant Popatbhai Patel, who holds 23.08% of the shares. Additionally, individual investors collectively own 21.54% of the company. There are also four foreign institutional investors (FIIs) holding a total of 0.33%, but there are no mutual funds currently invested in the company. The promoter holdings include a pledged portion of 4.1517%.

Is ICE Make Refrig. overvalued or undervalued?

As of April 30, 2025, ICE Make Refrigeration is considered expensive and overvalued, with a PE ratio of 57.65, significantly higher than the industrial manufacturing sector average, despite a year-to-date stock performance of 11.83% compared to the Sensex's 6.22%.

As of 30 April 2025, the valuation grade for ICE Make Refrigeration has moved from very expensive to expensive. The company is currently considered overvalued based on its high valuation ratios. The PE ratio stands at 57.65, the Price to Book Value is 10.74, and the EV to EBITDA ratio is 33.22, all indicating a premium valuation compared to industry norms.<BR><BR>In comparison to its peers, ICE Make Refrigeration's PE ratio is significantly higher than the average for the industrial manufacturing sector, which typically ranges lower. For instance, a peer company might have a PE ratio of around 25, highlighting ICE Make's relative overvaluation. Additionally, the company's recent stock performance has outpaced the Sensex, with a year-to-date return of 11.83% compared to the Sensex's 6.22%, but this does not negate the current overvaluation status.

When is the next results date for ICE Make Refrig.?

No Upcoming Board Meetings

Has ICE Make Refrig. declared dividend?

ICE Make Refrigeration Ltd has declared a 20% dividend, amounting to ₹2 per share, with an ex-date of September 20, 2024. The company has shown strong total returns over various periods, particularly a total return of 2202.28% over the past five years.

ICE Make Refrigeration Ltd has declared a 20% dividend.<BR><BR>Dividend Details:<BR>- Percentage announced: 20%<BR>- Amount per share: 2 per share<BR>- Ex-date: 20 Sep 24<BR><BR>Dividend Yield: 0.24%.<BR><BR>Total Returns by Period:<BR>In the last 6 months, the price return was -2.07%, with a dividend return of 0%, resulting in a total return of -2.07%.<BR><BR>Over the past year, the price return was 12.95%, the dividend return was 0.28%, leading to a total return of 13.23%.<BR><BR>In the 2-year period, the price return stood at 106.29%, with a dividend return of 0.96%, culminating in a total return of 107.25%.<BR><BR>For the 3-year period, the price return was 509.19%, the dividend return was 4.39%, resulting in a total return of 513.58%.<BR><BR>In the last 4 years, the price return reached 929.79%, with a dividend return of 7.31%, leading to a total return of 937.1%.<BR><BR>Over the past 5 years, the price return was an impressive 2180.95%, with a dividend return of 21.33%, resulting in a total return of 2202.28%.<BR><BR>Overall, ICE Make Refrigeration Ltd has declared a significant dividend, and the total returns over various periods reflect strong growth, particularly in the longer term, indicating a positive trend for investors.