ICEMAKE
Ice Make Refrigeration Limited (ICEMAKE) Stock Analysis
Ice Make Refrigeration Limited manufactures commercial refrigeration, cold rooms, and cooling equipment for food, retail, and industrial users. Its products support cold-chain storage and display applications. The company serves dealers, contractors, and end customers across India. It is a listed refrigeration equipment maker.
Industrials › Specialty Industrial Machinery
₹661.00
+5.99% 1W | -7.60% 52W
Market Cap
1.0k CR
P/E Ratio
87.2
52W High
₹920
52W Low
₹602
Div. Yield
0.34%
Beta
-0.2
50 DMA
₹734.2
200 DMA
₹766.4
Profit Margin
1.6%
Inst. Own.
0%
📉 CONSOLIDATING DOWN
📉 CONSOLIDATING DOWN
Fundamentals
Profit & Loss
| Metric | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 79.14 | 76.89 | 82.43 | 139.92 | 85.23 | 103.39 | 110.56 | 180.35 | 111.50 | 147.49 | 153.36 | 255.85 | 178.88 |
| Expenses | 70.96 | 69.31 | 78.13 | 119.23 | 79.19 | 94.94 | 103.89 | 158.96 | 107.10 | 137.88 | 143.46 | 234.46 | 175.90 |
| Operating Profit | 8.18 | 7.58 | 4.30 | 20.69 | 6.04 | 8.45 | 6.67 | 21.39 | 4.40 | 9.61 | 9.90 | 21.39 | 2.98 |
| OPM % | 10.34% | 9.86% | 5.22% | 14.79% | 7.09% | 8.17% | 6.03% | 11.86% | 3.95% | 6.52% | 6.46% | 8.36% | 1.67% |
| Other Income | 0.17 | 0.13 | 0.10 | 0.23 | 0.10 | 0.12 | 0.22 | 0.46 | 0.13 | 0.09 | 0.13 | 0.38 | 0.11 |
| Interest | 0.23 | 0.70 | 0.66 | 0.52 | 0.45 | 0.90 | 1.15 | 1.63 | 2.29 | 2.73 | 3.85 | 3.72 | 3.27 |
| Depreciation | 0.97 | 1.01 | 1.03 | 1.07 | 0.95 | 1.04 | 2.15 | 4.16 | 4.08 | 4.20 | 4.28 | 4.49 | 2.05 |
| Profit before tax | 7.15 | 6.00 | 2.71 | 19.33 | 4.74 | 6.63 | 3.59 | 16.06 | -1.84 | 2.77 | 1.90 | 13.56 | -2.23 |
| Tax % | 25.17% | 25.17% | 25.46% | 26.23% | 23.00% | 27.75% | 22.01% | 27.40% | -20.11% | 27.08% | 23.68% | 25.37% | -26.01% |
| Net Profit | 5.36 | 4.49 | 2.02 | 14.26 | 3.64 | 4.79 | 2.81 | 11.67 | -1.47 | 2.03 | 1.45 | 10.12 | -1.66 |
| EPS in Rs | 3.40 | 2.86 | 1.28 | 9.06 | 2.35 | 3.05 | 1.82 | 7.42 | -0.90 | 1.29 | 0.93 | 6.41 | -1.04 |
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 88 | 103 | 132 | 138 | 135 | 206 | 312 | 378 | 480 | 668 | 736 |
| Expenses | 78 | 90 | 118 | 125 | 124 | 192 | 280 | 338 | 437 | 623 | 692 |
| Operating Profit | 10 | 13 | 14 | 13 | 10 | 14 | 32 | 41 | 43 | 45 | 44 |
| OPM % | 11% | 12% | 10% | 9% | 8% | 7% | 10% | 11% | 9% | 7% | 6% |
| Other Income | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Interest | 1 | 2 | 1 | 2 | 2 | 2 | 1 | 2 | 4 | 13 | 14 |
| Depreciation | 2 | 2 | 2 | 3 | 4 | 4 | 4 | 4 | 8 | 17 | 15 |
| Profit before tax | 7 | 10 | 11 | 8 | 5 | 10 | 28 | 35 | 31 | 16 | 16 |
| Tax % | 32% | 32% | 29% | 26% | 32% | 25% | 26% | 26% | 26% | 26% | |
| Net Profit | 5 | 7 | 7 | 6 | 4 | 7 | 21 | 26 | 23 | 12 | 12 |
| EPS in Rs | 6.95 | 4.23 | 4.77 | 3.64 | 2.30 | 4.66 | 13.18 | 16.64 | 14.65 | 7.73 | 7.59 |
| Dividend Payout % | 0% | 24% | 25% | 33% | 52% | 26% | 14% | 12% | 15% | 29% |
Growth — CAGR
| Metric | 3Y | 5Y | 10Y |
|---|---|---|---|
| Revenue CAGR | 29.0% | 38.0% | – |
| Profit CAGR | -16.0% | 28.0% | – |
Shareholding Pattern
Promoters74.36%
FIIs0.01%
DIIs1.31%
Public24.32%
Promoters74.26%
FIIs0.11%
DIIs1.99%
Public23.64%
Promoters74.20%
FIIs0.22%
DIIs1.64%
Public23.94%
Promoters74.20%
FIIs0.31%
DIIs1.38%
Public24.11%
Promoters64.52%
FIIs0.01%
DIIs0.88%
Public34.60%
Promoters74.49%
FIIs0.05%
Public25.46%
Promoters74.49%
Public25.51%
Promoters74.41%
FIIs0.33%
DIIs0.87%
Public24.39%
Promoters74.20%
FIIs0.22%
DIIs1.64%
Public23.94%
Promoters64.52%
FIIs0.01%
DIIs0.88%
Public34.60%
ICEMAKE
Holdings Analysis
Key strengths & risk signals
46
Overall
49
Fundamental
44
Technical
Risks (4)
Cannot calculate PEG - insufficient growth data.
WEAK POSITION! Current price (661.0) is below both moving averages.
WEAK! Trading at 18.6% of 52W range - near yearly lows.
BEARISH TREND! 50-day average (734.2) is below 200-day average (766.4) - negative signal.
Strengths (2)
LOW VOLATILITY! Beta of -0.20 - stable stock, less market risk.
NEUTRAL! RSI at 42.1 - balanced momentum.
Fundamental & Technical Analysis
46Overall
49Fundamental
44Technical
Fundamental Breakdown
Growth Quality
17/30
Revenue CAGR: 28.9% (EXCELLENT, 15/15). Profit CAGR: -16.3% (DECLINING, 2/15).
Profit Margin
2/10
LOW MARGIN! 1.6% profit margin - thin profits.
PEG Valuation
1/10
Cannot calculate PEG - insufficient growth data.
Dividend Yield
3/10
NEGLIGIBLE DIVIDEND! 0.34% yield - little to no income.
Debt to Equity
10/10
VERY LOW DEBT! D/E of 0.00 - excellent financial health.
Public Holding
14/20
MODERATE PUBLIC HOLDING! 25.46% public ownership - balanced ownership structure.
Stability Index
2/10
CAUTION! Company made loss in last quarter. Be careful.
Technical Breakdown
Moving Averages
3/10
BEARISH TREND! 50-day average (734.2) is below 200-day average (766.4) - negative signal.
Price Position
2/10
WEAK POSITION! Current price (661.0) is below both moving averages.
Trend Pattern
10/20
Current trend: CONSOLIDATING DOWN
52W Performance
3/10
WEAK YEAR! Stock declined 7.6% in the last year.
Volume Sentiment
15/30
BEARISH SENTIMENT! In last 30 days: 13 up days, 17 down days. Avg volume on up days: 22,226 vs down days: 27,721. Ratio: 0.8x
RSI
3/5
NEUTRAL! RSI at 42.1 - balanced momentum.
52W Range
1/5
WEAK! Trading at 18.6% of 52W range - near yearly lows.
Momentum
2/5
WEAK MOMENTUM! Limited price growth - 6.0% (1 week), -8.9% (1 month), -13.5% (3 months).
Beta
5/5
LOW VOLATILITY! Beta of -0.20 - stable stock, less market risk.
ICEMAKE
Concall / Investor Presentation
Earnings call transcripts & AI summaries
| Quarter | Concall | Summary |
|---|---|---|
| Q1FY272026-08-24 | Concall PDF | |
| Q4FY262026-06-10 | Concall PDF | |
| Q3FY262026-02-19 | Concall PDF | |
| Q2FY262025-11-20 | Concall PDF |
Peer Comparison
Industrials · Specialty Industrial Machinery · 8 stocks
| Stock | Price | P/E | Profit Margin | Revenue CAGR 5Y | Profit CAGR 5Y | 52W Change | Stock Strength | Trendline | YoY Profit | QoQ Profit | YoY Revenue | QoQ Revenue |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ICEMAKE | ₹661.00 | 87.2 | 1.6% | 28.9% | -16.3% | -7.6% | 46 | CONSOLIDATING DOWN | +14.3% | -115.8% | +60.4% | -30.1% |
| LOKESHMACH | ₹450.80 | 204.9 | 2.0% | -4.6% | -26.4% | +134.2% | 64 | BREAKOUT | +100.0% | -54.5% | +15.6% | -6.6% |
| MAMATA | ₹390.20 | 107.5 | 3.9% | 5.2% | -12.5% | -13.6% | 41 | APPROACHING SUPPORT | -234.6% | – | -6.2% | -50.8% |
| ROTO | ₹60.10 | 21.2 | 9.4% | 8.0% | -9.2% | -15.4% | 58 | APPROACHING SUPPORT | +46.0% | +61.4% | +14.7% | -7.0% |
| JYOTISTRUC | ₹8.90 | 16.5 | 7.6% | 48.2% | – | -38.2% | 58 | BREAKOUT | +74.1% | +7.7% | +61.0% | +7.3% |
| RAJOOENG | ₹59.50 | 21.1 | 12.6% | 29.0% | 60.8% | -32.7% | 75 | BREAKOUT | +15.3% | +981.3% | +44.7% | +55.0% |
| KECL | ₹121.40 | 107.4 | 0.4% | 7.6% | -35.4% | +11.1% | 51 | APPROACHING RESISTANCE | -1,600.0% | +900.0% | -21.5% | -36.6% |
| EKC | ₹102.90 | 9.2 | 8.8% | 4.7% | 24.5% | -27.8% | 59 | CONSOLIDATING DOWN | -41.9% | -34.6% | -10.5% | -3.3% |
Data from TradeAlone · Updated daily
