ICEMAKE

Ice Make Refrigeration Limited

Ice Make Refrigeration Limited (ICEMAKE) financial statements and selected valuation metrics through 30 June 2026.

Industrials›Capital Goods›Industrial Manufacturing›Industrial Products

icemakeindia.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹664.90
Market cap
1,207 Cr
Stock P/E
87.5
P/B
7.91
Dividend yield
0.3%
ROE (FY26)
9.2%
ROCE (FY26)
10.2%
Operating margin (FY26)
4.2%
Debt / equity (FY26)
1.14
OCF / EBITDA (FY26)
-23.3%
OCF / EBITDA (3Y)
24.4%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

ICEMAKE (Ice Make Refrigeration) makes cold rooms, commercial freezers, insulated panels and other refrigeration equipment for cold-chain and commercial customers in India.

Company snapshot

46thBy market cap

Ranked among 69 companies in Industrial Products.

What we see

Concerns
  • ✗Net margin is very thin at 1.8% — little room for error if costs rise.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales77 Cr82 Cr140 Cr85 Cr103 Cr111 Cr180 Cr112 Cr147 Cr153 Cr256 Cr179 Cr
Operating expenses (approx.)69 Cr78 Cr119 Cr79 Cr95 Cr104 Cr159 Cr107 Cr138 Cr143 Cr234 Cr176 Cr
EBITDA8 Cr4 Cr21 Cr6 Cr8 Cr7 Cr21 Cr4 Cr10 Cr10 Cr21 Cr3 Cr
OPM %9.9%5.2%14.8%7.1%8.2%6.0%11.9%3.9%6.5%6.5%8.4%1.7%
Other income0.13 Cr0.10 Cr0.23 Cr0.10 Cr0.12 Cr0.22 Cr0.46 Cr0.13 Cr0.09 Cr0.13 Cr0.38 Cr0.11 Cr
Interest0.70 Cr0.66 Cr0.52 Cr0.45 Cr0.90 Cr1 Cr2 Cr2 Cr3 Cr4 Cr4 Cr3 Cr
Depreciation1 Cr1 Cr1 Cr0.95 Cr1 Cr2 Cr4 Cr4 Cr4 Cr4 Cr4 Cr2 Cr
Profit before tax6 Cr3 Cr19 Cr5 Cr7 Cr4 Cr16 Cr-2 Cr3 Cr2 Cr14 Cr-2 Cr
Tax %25.1%25.6%26.2%23.0%27.8%21.8%27.4%20.1%26.9%23.7%25.3%25.9%
Net profit4 Cr2 Cr14 Cr4 Cr5 Cr3 Cr12 Cr-1 Cr2 Cr1 Cr10 Cr-2 Cr
EPS (₹)₹2.85₹1.28₹9.04₹2.35₹3.05₹1.82₹7.42₹-0.90₹1.28₹0.93₹6.41₹-1.04

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales88 Cr135 Cr206 Cr312 Cr378 Cr480 Cr668 CrSign in free for the trailing twelve months
Operating expenses (approx.)78 Cr124 Cr192 Cr280 Cr338 Cr437 Cr623 CrSign in free for the trailing twelve months
EBITDA10 Cr10 Cr14 Cr32 Cr41 Cr43 Cr45 CrSign in free for the trailing twelve months
OPM %11.8%7.7%7.0%10.3%10.8%8.9%6.8%Sign in free for the trailing twelve months
Other income0.32 Cr1 Cr0.71 Cr1 Cr0.62 Cr0.90 Cr0.72 CrSign in free for the trailing twelve months
Interest1 Cr2 Cr2 Cr1 Cr2 Cr4 Cr13 CrSign in free for the trailing twelve months
Depreciation2 Cr4 Cr4 Cr4 Cr4 Cr8 Cr17 CrSign in free for the trailing twelve months
Profit before tax8 Cr5 Cr10 Cr28 Cr35 Cr31 Cr16 CrSign in free for the trailing twelve months
Tax %34.8%31.6%25.4%25.9%25.7%26.2%26.0%Sign in free for the trailing twelve months
Net profit5 Cr4 Cr7 Cr21 Cr26 Cr23 Cr12 CrSign in free for the trailing twelve months
EPS (₹)—₹2.31₹4.66₹13.19₹16.56₹14.65₹7.73Sign in free for the trailing twelve months
Dividend payout %—15.6%25.7%9.1%10.9%13.8%29.2%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital7 Cr16 Cr16 Cr16 Cr16 Cr16 Cr16 Cr
Reserves8 Cr41 Cr46 Cr65 Cr88 Cr108 Cr117 Cr
Borrowings14 Cr8 Cr9 Cr3 Cr25 Cr82 Cr151 Cr
Other liabilities25 Cr43 Cr55 Cr75 Cr82 Cr162 Cr224 Cr
Total liabilities55 Cr108 Cr125 Cr159 Cr211 Cr368 Cr508 Cr
Fixed assets (net)9 Cr26 Cr29 Cr29 Cr47 Cr128 Cr132 Cr
CWIP—0.97 Cr—0.14 Cr12 Cr6 Cr25 Cr
Investments———5 Cr0.01 Cr0.01 Cr0.01 Cr
Loans & advances———0 Cr0 Cr0 Cr2 Cr
Inventories17 Cr40 Cr50 Cr52 Cr60 Cr108 Cr148 Cr
Trade receivables16 Cr25 Cr34 Cr54 Cr65 Cr94 Cr157 Cr
Cash & bank8 Cr0.42 Cr0.49 Cr1 Cr5 Cr0.38 Cr2 Cr
Other assets5 Cr15 Cr12 Cr19 Cr23 Cr32 Cr42 Cr
Total assets55 Cr108 Cr125 Cr159 Cr211 Cr368 Cr508 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity7 Cr12 Cr8 Cr24 Cr12 Cr30 Cr-11 Cr
Cash from investing-4 Cr-3 Cr-5 Cr-14 Cr-9 Cr-83 Cr-40 Cr
Cash from financing-0.38 Cr-9 Cr-3 Cr-9 Cr18 Cr49 Cr52 Cr
Net cash flow3 Cr-0.20 Cr0.07 Cr0.79 Cr21 Cr-5 Cr1 Cr
Free cash flow (OCF − Capex)4 Cr7 Cr4 Cr21 Cr-8 Cr-52 Cr-50 Cr

Ratios

MetricMar 2017Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %30.4%11.2%16.4%34.9%28.8%17.1%10.2%
ROE %32.9%6.4%11.9%25.6%25.2%18.7%9.2%
Debtor days66675962637186
Inventory days1111541238783114109
Days payable10799838575117107
Cash conversion cycle7012310064716988
OCF / EBITDA %72.1%119.6%57.4%75.8%29.5%70.5%-23.3%
OCF / EBITDA % (3 years)———79.1%51.1%57.5%24.4%
Debt / equity0.930.140.140.040.240.661.14
Current ratio1.291.581.561.701.721.171.17
Net debt / EBITDA0.65——0.050.501.913.29