ICE Make Refrig.

Which are the latest news on ICE Make Refrig.?

Why is ICE Make Refrigeration Ltd falling/rising?

As of 05-Sep, ICE Make Refrigeration Ltd's stock is at 738.60, down -0.09%, and has underperformed its sector. The stock shows a bearish trend with significant declines over the past month and year-to-date, alongside concerns over decreasing profits and lack of mutual fund investment.

As of 05-Sep, ICE Make Refrigeration Ltd's stock price is falling, currently at 738.60, reflecting a change of -0.65 (-0.09%). The stock has underperformed its sector today by -0.81% and is trading lower than its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend.<BR><BR>Over the past week, the stock has declined by -0.53%, while the Sensex has fallen by -1.15%. In the last month, ICE Make Refrigeration Ltd has experienced a significant drop of -10.02%, compared to a smaller decline of -2.91% in the Sensex. Year-to-date, the stock is down -8.78%, slightly worse than the Sensex's -8.54%. Despite a modest annual return of +0.22%, the company's profits have decreased by -33.4%, which raises concerns among investors.<BR><BR>Additionally, the company has shown flat results in its latest quarter, with a net profit after tax of -1.64 crore, down -15.5%. The operating profit to interest ratio is at its lowest, indicating potential challenges in covering interest expenses. Furthermore, the lack of investment from domestic mutual funds, which hold 0% of the company, suggests a lack of confidence in its current valuation or business prospects.<BR><BR>While there are some positive factors, such as a strong ability to service debt and healthy long-term growth in net sales, these have not been sufficient to counterbalance the negative indicators affecting investor sentiment and the stock's performance.

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

The management team of ICE Make Refrig. includes Chandrakant P Patel (Chairman & Managing Director), Rajendra P Patel and Vipul I Patel (Joint Managing Directors), along with several independent directors and the Company Secretary, Mandar Desai. They oversee the company's operations and strategic direction.

The management team of ICE Make Refrig. includes the following 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>This team is responsible for overseeing the company's operations and strategic direction.

What does ICE Make Refrig. do?

ICE Make Refrigeration Ltd specializes in manufacturing refrigeration solutions and operates in the micro-cap market. As of June 2026, it reported net sales of 179 Cr and a net profit of -2 Cr, with a market cap of INR 1,158 Cr.

Overview:<BR>ICE Make Refrigeration Ltd is engaged in the industrial manufacturing sector, specifically focusing on refrigeration solutions, and operates within the micro-cap market.<BR><BR>History:<BR>The company was originally incorporated on March 31, 2009, as "Ic Ice Make Refrigeration Private Limited." It changed its name to "Ice Make Refrigeration Private Limited" on August 4, 2015, and converted to a public limited company on August 29, 2017. The most recent quarterly results reported net sales and net profit for June 2026.<BR><BR>Financial Snapshot:<BR>- Most recent Net Sales: 179 Cr (Quarterly Results - Jun 2026)<BR>- Most recent Net Profit: -2 Cr (Quarterly Results - Jun 2026)<BR>- Market-cap value: INR 1,158 Cr (Micro Cap)<BR><BR>Key Metrics:<BR>- P/E: 99.00<BR>- Industry P/E: 56<BR>- Dividend Yield: 0.30%<BR>- Debt Equity: 1.14<BR>- Return on Equity: 9.17%<BR>- Price to Book: 8.81<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

Who are the peers of the ICE Make Refrig.?

ICE Make Refrig.'s peers include Disa India, Walchan. Inds., Gala Precis. Eng, Eimco Elecon(I), Everest Kanto, Salasar Techno, Mamata Machinery, MIC Electronics, and Rajoo Engineers, with varying management and growth risks. In terms of returns, Walchan. Inds. leads at 23.31%, while ICE Make Refrig. has a 1.30% return, higher than Rajoo Engineers' -52.48%.

Peers: The peers of ICE Make Refrig. are Disa India, Walchan. Inds., Gala Precis. Eng, Eimco Elecon(I), Everest Kanto, Salasar Techno, Mamata Machinery, MIC Electronics, and Rajoo Engineers.<BR><BR>Quality Snapshot: Excellent management risk is observed at Disa India, while Average management risk is found at Gala Precis. Eng, Eimco Elecon(I), Everest Kanto, ICE Make Refrig., Salasar Techno, Mamata Machinery, and Rajoo Engineers, and the rest. Below Average management risk is noted at Walchan. Inds. and MIC Electronics. In terms of Growth, Good growth is seen at Disa India, Eimco Elecon(I), and ICE Make Refrig., while Average growth is found at Walchan. Inds., and the rest. Below Average growth is observed at Gala Precis. Eng, Everest Kanto, Salasar Techno, Mamata Machinery, and Rajoo Engineers. Excellent capital structure is noted at Disa India, Gala Precis. Eng, Eimco Elecon(I), Everest Kanto, ICE Make Refrig., Mamata Machinery, and Rajoo Engineers, while Below Average capital structure is found at Walchan. Inds. and Salasar Techno.<BR><BR>Return Snapshot: The peer with the highest 1-year return is Walchan. Inds. at 23.31%, while the lowest is Rajoo Engineers at -52.48%. ICE Make Refrig.'s own 1-year return is 1.30%, which is higher than Rajoo Engineers but lower than Walchan. Inds. Additionally, Salasar Techno, Everest Kanto, and Rajoo Engineers have negative six-month returns.

How big is ICE Make Refrig.?

As of 31st August, ICE Make Refrigeration Ltd has a market capitalization of 1,158.00 Cr, with recent net sales of 735.58 Cr and a net profit of 11.97 Cr over the latest four quarters.

As of 31st August, <BR><BR>Market Cap: ICE Make Refrigeration Ltd has a market capitalization of 1,158.00 Cr and is classified as a Micro Cap.<BR><BR>Recent Quarterly Performance: The sum of Net Sales for the latest 4 quarters is 735.58 Cr, while the sum of Net Profit for the same period is 11.97 Cr.<BR><BR>Balance Sheet Snapshot: The reporting period for the latest annual data is March 2025. Shareholder's Funds are valued at 124.03 Cr, and Total Assets amount to 366.19 Cr.

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 66.83% QoQ and 41.86% YoY, reaching ₹255.85 crores, but net profit declined 13.66% YoY despite a significant QoQ increase. The contraction in operating margins and high P/E ratio suggest caution for investors.

The latest results for ICE Make Refrigeration Ltd present a mixed picture. On one hand, the company achieved impressive revenue growth, with a 66.83% increase in revenue quarter-over-quarter and a 41.86% increase year-over-year, reaching ₹255.85 crores in Q4 FY26. This marks the highest quarterly revenue in the company's history, driven by project completions and customer deliveries.<BR><BR>However, the net profit of ₹10.11 crores, while significantly higher than the previous quarter (up 587.76% QoQ), reflects a decline of 13.66% compared to the same quarter last year. Additionally, operating margins have contracted sharply from 11.85% to 8.36% year-over-year, indicating rising cost pressures that are impacting profitability.<BR><BR>The company's valuation is also a concern, trading at a high P/E ratio of 102x, which raises questions about whether such a premium can be sustained given the margin compression and operational challenges. Overall, while the revenue growth is strong, the decline in profitability and high valuation suggest caution for investors.

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.