ICE Make Refrigeration
ICE Make Refrigeration Share Price Chart
ICE Make Refrigeration last traded at ₹684.00 (2026-10-13). Over the past month the stock moved -6.0%, three months the stock moved -22.8%, year the stock moved -10.0%. Its closing range over 52 weeks is ₹623.65 – ₹885.95, with the latest close 22.8% below the high.
Closing prices up to 2026-10-13.
About ICE Make Refrigeration
Incorporated in 1993, ICE Make Refrigeration Ltd provides customized cooling solutions across a wide range of industries[1]
Business Overview:[1][2] ICEMRL offers total cold chain and food processing solutions with energy-saving & eco-friendly products and after-sales services. The company provides refrigeration solutions, including cooling, pre-cooling, mobile pre-cooling, blast chilling, blast freezing, storage, and display.
Fundamentals
Quarterly Results
In the latest quarter (Jun 2026), ICE Make Refrigeration reported sales of ₹178.88 crore (+60.4%) and net profit of ₹-1.66 crore, compared with the same quarter last year.
| Period | Sales | Operating profit | OPM % | Net profit | EPS (₹) |
|---|---|---|---|---|---|
| Jun 2026 | 178.88 | 2.98 | 1.67 | -1.66 | -1.04 |
| Mar 2026 | 255.85 | 21.39 | 8.36 | 10.12 | 6.41 |
| Dec 2025 | 153.36 | 9.90 | 6.46 | 1.45 | 0.93 |
| Sep 2025 | 147.49 | 9.61 | 6.52 | 2.03 | 1.29 |
| Jun 2025 | 111.50 | 4.40 | 3.95 | -1.47 | -0.90 |
| Mar 2025 | 180.35 | 21.39 | 11.86 | 11.67 | 7.42 |
| Dec 2024 | 110.56 | 6.67 | 6.03 | 2.81 | 1.82 |
| Sep 2024 | 103.39 | 8.45 | 8.17 | 4.79 | 3.05 |
| Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales growth | +34.5% | +34.1% | +28.9% | +30.8% | +42.7% | +38.7% | +41.9% | +60.4% |
| Operating profit growth | +11.5% | +55.1% | +3.4% | -27.2% | +13.7% | +48.4% | +0.0% | -32.3% |
| Net profit growth | +6.7% | +39.1% | -18.2% | -140.4% | -57.6% | -48.4% | -13.3% | – |
| EPS growth | +6.6% | +42.2% | -18.1% | -138.3% | -57.7% | -48.9% | -13.6% | – |
| OPM % | 8.2% | 6.0% | 11.9% | 4.0% | 6.5% | 6.5% | 8.4% | 1.7% |
Colour scale: below -5% -5% to 0% 0% to 5% 5% to 20% 20% and above. A dash means the earlier figure was zero or negative, so a percentage is not meaningful.
Annual Financials
In the latest year (Mar 2026), ICE Make Refrigeration reported sales of ₹668.00 crore (+41.5%) and net profit of ₹12.00 crore (-47.8%), compared with the previous year.
| Period | Sales | Operating profit | OPM % | Net profit | EPS (₹) |
|---|---|---|---|---|---|
| Mar 2026 | 668.00 | 45.00 | 7.00 | 12.00 | 7.73 |
| Mar 2025 | 472.00 | 42.00 | 9.00 | 23.00 | 14.72 |
| Mar 2024 | 370.00 | 40.00 | 11.00 | 27.00 | 16.87 |
| Mar 2023 | 303.00 | 31.00 | 10.00 | 21.00 | 13.34 |
| Mar 2022 | 200.00 | 14.00 | 7.00 | 8.00 | 5.16 |
| Mar 2021 | 131.00 | 11.00 | 8.00 | 4.00 | 2.86 |
| Mar 2020 | 136.00 | 14.00 | 10.00 | 7.00 | 4.26 |
| Mar 2019 | 129.00 | 14.00 | 11.00 | 8.00 | 5.00 |
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales growth | +27.7% | +5.4% | -3.7% | +52.7% | +51.5% | +22.1% | +27.6% | +41.5% |
| Operating profit growth | +16.7% | +0.0% | -21.4% | +27.3% | +121.4% | +29.0% | +5.0% | +7.1% |
| Net profit growth | +14.3% | -12.5% | -42.9% | +100.0% | +162.5% | +28.6% | -14.8% | -47.8% |
| EPS growth | +18.2% | -14.8% | -32.9% | +80.4% | +158.5% | +26.5% | -12.7% | -47.5% |
| OPM % | 11.0% | 10.0% | 8.0% | 7.0% | 10.0% | 11.0% | 9.0% | 7.0% |
Colour scale: below -5% -5% to 0% 0% to 5% 5% to 20% 20% and above. A dash means the earlier figure was zero or negative, so a percentage is not meaningful.
Shareholding
AI Analysis
ICE Make is trading at ₹650.45, down 29.3% from 52W high and 12.5% over 1 year, with price now near 52W low (0.5% above). While the company demonstrates strong historical sales CAGR of 38% (5yr) and 45% (TTM), earnings have collapsed—profit CAGR turned negative at -16% (3yr) and -33% (TTM), with the latest June 2026 quarter posting a ₹1.64 crore net loss. ROE has crashed from 18–19% (5yr/3yr) to 9% (latest), and ROCE fell sharply from 21% to 12%, signaling deteriorating capital efficiency amid rapid debt accumulation (D/E jumped from 0.26 to 1.19 in 2 years). The stock trades at a 2.5x premium to sector P/E (98.78 vs 38.8) despite near-distress fundamentals, while technical indicators show RSI oversold at 30.7 and bearish trend, though Tech Score remains moderately bullish at 70—a disconnect reflecting the scale of fundamental deterioration.
- Strong historical sales growth momentum: 45% TTM CAGR and 38% 5yr CAGR demonstrates robust demand in AC/refrigeration segment, with Mar 2026 revenue at ₹668 Cr (+41.6% YoY) validating underlying market opportunity.
- High promoter holding at 64.5% (post-dilution) signals insider confidence despite recent equity raises, and Galilei Holdings JV partnership (Japan-based strategic investor) provides potential operational/technological leverage for horeca segment expansion.
- Compounder quality profile historically intact: 5yr sales CAGR 38% and profit CAGR 28% with ROE 19% met classic growth-business criteria pre-2024, establishing execution credibility for potential margin recovery under new JV structure.
- Severe earnings deterioration and balance sheet stress: Net profit collapsed to ₹12 Cr (Mar 2026) from ₹23 Cr (Mar 2025, -48% YoY), June 2026 quarter posted ₹1.64 Cr loss; ROE crashed 50% YoY to 9%, and ROCE halved from 21% to 12%. Operating cash flow turned negative at -₹11 Cr (Mar 2026) vs +₹30 Cr prior year, signaling working capital strain or operational distress. Debt-to-equity surged from 0.26 to 1.19 in 2 years (₹158 Cr borrowings as of Mar 2026), requiring urgent refinancing or equity dilution.
- Valuation disconnect and reversal risk: Stock trades at P/E 98.78 (2.5x sector median of 38.8) despite negative TTM profit CAGR (-33%) and near-distressed cash flow—a bubble likely to deflate on continued earnings misses. Price is 0.5% above 52W low with 29.3% downside to recent peak; technical trend is bearish (RSI 30.7 = oversold but structurally aligned with fundamentals, not a reversal signal). Recent promoter shareholding drop from 74.2% to 64.5% (9.68% QoQ dilution) may indicate capital raise pressure ahead.
AI-generated analysis for informational purposes only — not SEBI-registered investment advice.
See Full AI Analysis — Free FREE →Latest News
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ICE Make Refrigeration reports consolidated net loss of Rs 1.64 crore in the June 2026 quarter - Business Standard
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Ice Make Refrigeration partners with Japan's Galilei Holdings for strategic investment, JV - The Economic Times
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Ice Make Refrigeration approves JV with Galilei Holdings for horeca business - scanx.trade
Frequently Asked Questions
What is the share price of ICE Make Refrigeration today?
ICE Make Refrigeration shares were last quoted at ₹684.00 (+3.5% on the day). Use the Refresh price button on this page for the latest available price. Prices are for information only.
What is the P/E ratio of ICE Make Refrigeration?
ICE Make Refrigeration has a price-to-earnings (P/E) ratio of 98.78 and a price-to-book (P/B) ratio of 8.90. The industry P/E is 38.80.
What is the 52-week high and low of ICE Make Refrigeration?
The 52-week high of ICE Make Refrigeration is ₹920.00 and the 52-week low is ₹647.50.
What is the market cap of ICE Make Refrigeration?
The market capitalisation of ICE Make Refrigeration is about ₹1,204.62 crore.
How did ICE Make Refrigeration perform in its latest quarterly results?
In the latest quarter (Jun 2026), ICE Make Refrigeration reported sales of ₹178.88 crore (+60.4%) and net profit of ₹-1.66 crore, compared with the same quarter last year.
Is ICE Make Refrigeration a good stock to buy?
This page is for information and is not investment advice. As per the data shown here, ICE Make Refrigeration has a 3-year ROE of 18.00%, ROCE of 12.00%, 3-year profit growth of -16.00%. Review the fundamentals, quarterly results and AI analysis on StockSpin, and consult a SEBI-registered adviser before investing.
What is the promoter holding in ICE Make Refrigeration?
Promoters hold about 74.20% of ICE Make Refrigeration.
Which sector does ICE Make Refrigeration belong to?
ICE Make Refrigeration belongs to the Air Conditioners sector.