Ice Make Refrigeration
- Market cap
- ₹ 987 Cr.
- P/E
- 96.9x
- P/B
- 7.51x
- 52-week range
- 602 – 920
- ROE
- 8%
- ROCE
- 11%
- Dividend yield
- 0.4%
- Debt / equity
- 1.19
- Sector
- Industrial Manufacturing
- Industry
- Industrial Products
- Listed on
- NSE
About
Ice Make Refrigeration Limited is an India-based commercial & industrial refrigeration equipment manufacturer. It is engaged in the business of providing customized cooling solutions to various clients across a wide range of industries by manufacturing and supplying refrigeration products and equipment. Its product categories include cold storage, commercial refrigeration, industrial refrigeration, transport refrigeration, and ammonia refrigeration. Its cold storage products include cold rooms, cold room polyurethane foam panels and accessories, cold room refrigeration unit, solar cold room, blast chiller and freezer, glass door display chiller, and ripening chamber. Its commercial refrigeration products include an ice cream plant, bulk milk chiller, ice candy production machine, ice cream hardener, and vacuum freeze dryer. It operates under the brand name, Ice Make, as well as under the brand names of Bharat and TransFreez through its subsidiary Bharat Refrigerations Private Limited.
Quick check
The five things to look at first. Open one for more.
Compared with its industry
Industrial Products: 186 companies →Ice Make Refrigeration against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.
- Valuation (P/E)96.9 against a typical 29.6: pricier than most peers (1st = cheapest).165th of 184
- Sales growth+57.4% against a typical +20.3% from a year earlier.33rd of 147
- Share price, 3 months−21.7% against a typical −3.4%.138th of 164
- Size₹ 987.3 Cr. market value against a typical ₹ 305.2 Cr. (1st = largest).52nd of 176
Board meetings
Results dates and other board meetings. Full calendar
| Details | ||
|---|---|---|
| 13 Aug 2026 | Financial Results/Other business matters | To consider and approve the financial results for the period ended Jun 30, 2026 and other business matters |
| 24 Jul 2026 | Fund Raising/Other business matters | To consider1. Proposal for raising of funds by way of rights issue, preferential allotment, qualified institutions placement or through any other permissible mode and/or combination thereof as may be considered appropriate by way of issue of equity shares and / or any other eligible securities, in accordance with the provisions of the Companies Act, 2013, Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, SEBI Listing Regulations, and such other applicable acts, rules, regulations, laws and statutes, subject to any regulatory / statutory approval including approval of shareholders of the company and on such terms and conditions as may be deemed appropriate by the Board of Directors.2. Proposal for strategic expansion of the Company through a joint venture arrangement and/or acquisition including execution of such agreements as may be necessary in connection therewith, aimed at inorganic growth and expanding the Company s business. |
| 29 May 2026 | Financial Results/Dividend | To consider and approve the financial results for the period ended March 31, 2026 and dividend |
| 14 Feb 2026 | Financial Results | To consider and approve the financial results for the period ended December 31, 2025 |
| 11 Nov 2025 | Financial Results/Other business matters | To consider and approve the financial results for the period ended September 30, 2025 and other business matters |
| 7 Aug 2025 | Financial Results/Other business matters | To consider and approve the financial results for the period ended Jun 30, 2025 and other business matters |
Financials
Consolidated figures in ₹ crore.
| ₹ Cr. | 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 | 76 | 82 | 135 | 83 | 101 | 109 | 179 | 112 | 149 | 153 | 254 | 176 |
| Expenses | 68 | 77 | 115 | 77 | 93 | 102 | 158 | 108 | 140 | 144 | 233 | 173 |
| Operating Profit | 7 | 4 | 20 | 6 | 8 | 7 | 21 | 4 | 9 | 9 | 21 | 3 |
| OPM % | 9.9% | 5.3% | 15% | 7.3% | 8.1% | 6.1% | 11.6% | 3.8% | 5.8% | 6% | 8.1% | 1.8% |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| Interest | 1 | 1 | 0 | 0 | 1 | 1 | 2 | 2 | 3 | 4 | 4 | 3 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 2 | 4 | 4 | 4 | 4 | 4 | 2 |
| Profit before tax | 6 | 3 | 19 | 5 | 7 | 4 | 16 | −2 | 2 | 2 | 13 | −2 |
| Tax % | 25.4% | 25.5% | 26.2% | 23.9% | 27.2% | 22.4% | 27.3% | −22.4% | 26.4% | 26% | 25.4% | −26.2% |
| Net Profit | 5 | 2 | 14 | 4 | 5 | 3 | 12 | −1 | 1 | 1 | 10 | −1 |
| EPS in Rs | 2.91 | 1.41 | 9.02 | 2.44 | 3.1 | 1.88 | 7.3 | −0.88 | 0.92 | 0.7 | 6.16 | −0.89 |
Growth and returns
Compounded yearly rates over each period.
- 10 Years
- 25%
- 5 Years
- 38%
- 3 Years
- 30%
- TTM
- 46%
- 10 Years
- 15%
- 5 Years
- 19%
- 3 Years
- −20%
- TTM
- −40%
- 10 Years
- —
- 5 Years
- 58%
- 3 Years
- 13%
- TTM
- —
- 10 Years
- 18%
- 5 Years
- 19%
- 3 Years
- 17%
- TTM
- —
P/E and EPS over time
Daily P/E and trailing 12-month EPS. EPS updates with each result.
Peers
Listed companies in the same business.
| Ice Make Refrigeration | ₹ 632.65 | ₹ 987 Cr. | 96.9x | 7.5x | 8% | — |
| Bharat Heavy Electricals | ₹ 387.00 | ₹ 1,34,756 Cr. | 91.4x | 5.6x | — | 6.8% |
| Suzlon Energy | ₹ 37.40 | ₹ 51,409 Cr. | 23.3x | 7.7x | 40.6% | 19% |
| Thermax | ₹ 3,095.60 | ₹ 36,999 Cr. | 74.2x | 10.1x | 13.7% | 6.7% |
| Voltas | ₹ 950.00 | ₹ 31,434 Cr. | 113.8x | 7x | 5.8% | 3.5% |
| AIA Engineering | ₹ 3,588.70 | ₹ 33,490 Cr. | 34.2x | 5.4x | 17% | 28.7% |
Management
- Chandrakant P. Patel
- Chairman of the Board, Managing Director
- Ankit Patel
- Chief Financial Officer
- Mandar Desai
- Compliance Officer, Company Secretary
- Rajendra P. Patel
- Joint Managing Director, Whole Time Director
- Vipul I. Patel
- Joint Managing Director, Whole Time Director
Prices are delayed and for information only. Nothing on this page is investment advice.