ICEMAKE · Ice Make Refrigeration Ltd · Misc. Capital Goods
ICEMAKE · Ice Make Refrigeration Ltd · Misc. Capital Goods
As of 05 Nov close
52-week range
23.6% below 52-week high
52-week range: as of 05 Nov 2026 close.
Price chartDaily closes on the stock page.
Weighted combination of 8 measured readings. Not a probability, a rating or a forecast.
Full signal detail →Fundamentals as of 15 Sep 2026 · the company's own latest record is 52 days old
Revenue (latest Q)
₹179 Cr
Revenue YoY
PAT YoY
-15.5%
Operating margin
Revenue, last 8 quarters
P/E (TTM)
P/B
8.4
P/S (TTM)
1.6
Sector P/E
28.6
Dividend yield
+0.3%
| Company | P/E | P/B | Net margin | ROE | D/E | Div. yield |
|---|---|---|---|---|---|---|
| ICEMAKE (this stock) | 105.6 | 8.4 | +1.6% | +9.0% | 1.19 | +0.3% |
| Bharat Heavy Electricals | 91.4 | 5.6 | +6.8% | Not available from data source | 0.64 | +0.3% |
| Suzlon Energy | 25.9 | 6.9 | +18.0% | +33.2% | 0.06 | 0.0% |
| Thermax | 97.9 | 8 | +5.5% | +10.7% | 0.42 | +0.4% |
Promoter
stable
FII
rising 3q
MF
Not available from data source
Insider trades
No insider trades in the last 12 months.
Bulk/block deals
No bulk/block deals in the last 12 months.
News timeline
No related news.
Concalls & investor presentations
AI-generatedKey takeaway: Ice Make Refrigeration Limited reported a 60% year-on-year revenue increase in Q1 FY27, reaching ₹178.88 crore, driven by strong demand across refrigeration and cold chain segments, including newer categories like chest freezers and continuous panels. However, profitability remains under pressure due to rising commodity and raw material costs, as well as investments in capacity expansion. The company highlighted a proposed ₹180 crore strategic investment by Galilei Holdings, forming a 60:40 joint venture focused on commercial refrigeration products. The funds will support capacity expansion, modernization, and development of a Corporate Office and Centre of Excellence. Management emphasized improving operating leverage through better capacity utilization and cost management, with EBITDA guidance of 6-6.5% for FY27. The order book stands at ₹222 crore, with confidence in achieving annual revenue targets. The Galilei partnership is expected to enhance manufacturing capabilities and market presence, though the full impact is anticipated in the next 1-2 years. The company also noted challenges in passing on price hikes fully due to market conditions and ongoing cost pressures.
The document highlights both strong revenue growth and significant profitability challenges, reflecting a balanced view of opportunities and headwinds.
Sourced from an exchange-filed transcript, dated 24 Aug 2026. Summary is RedixFi-generated and distinct from investment advice.
Key takeaway: Ice Make Refrigeration Limited held its earnings conference call on June 4, 2026, to discuss financial results for the quarter and year ended March 31, 2026. Management reported a record revenue performance, with consolidated revenue for Q4 FY26 at Rs. 255 crore, reflecting a 41.8% year-on-year growth. For the full year, revenue reached Rs. 668 crore, a 39.3% increase from FY25. The CEO highlighted strategic investments in manufacturing and distribution, which impacted near-term profitability but aimed to strengthen competitive positioning. The CFO noted an EBITDA margin of 6.9% for FY26, down from 9.1% in the previous year, primarily due to these investments. Management set a goal of achieving Rs. 1,000 crore in revenue by FY28 and guided toward EBITDA margins of 8.0–8.5% for FY27. The company emphasized its commitment to long-term growth and operational excellence while navigating challenges related to raw material costs and market conditions.
The document presented both strong growth achievements and challenges impacting profitability.
Sourced from an exchange-filed transcript, dated 10 Jun 2026. Summary is RedixFi-generated and distinct from investment advice.
Key takeaway: Ice Make Refrigeration Limited held its earnings conference call on February 16, 2026, to discuss financial results for Q3 FY26. Management reported sustained revenue momentum, with standalone revenue from operations at ₹153.21 crore and consolidated revenue at ₹153.36 crore, reflecting year-on-year growth. The company emphasized its focus on operational efficiency and market expansion, particularly in industrial refrigeration and cold chain segments. Management highlighted a diversified product portfolio and an order book of approximately ₹180 crore. The CFO noted that while input costs and finance expenses exerted pressure on margins, improvements in pricing strategy and operational scale were anticipated. The company set a goal of ₹650 crore in revenue for FY26, with projections of ₹800-825 crore for FY27 and ₹1,000 crore for FY28. Management also discussed the performance of new verticals, Continuous Panels and Commercial Freezers, which contributed approximately ₹43-45 crore in Q3. The call concluded with management expressing confidence in achieving their financial goals.
Management highlighted growth and operational improvements while setting ambitious revenue goals.
Sourced from an exchange-filed transcript, dated 19 Feb 2026. Summary is RedixFi-generated and distinct from investment advice.
AI Summary of Annual Report
AI-generatedIce Make Refrigeration Limited's Annual Report for FY2025-26 highlights the company's strategic focus on delivering adaptable refrigeration solutions that meet current industry demands while preparing for future growth. The report emphasizes the company's commitment to innovation, energy efficiency, and operational excellence across diverse product lines, including cold rooms, commercial refrigeration, and transport refrigeration. The company also outlines its expansion plans, including new manufacturing facilities and product launches, while acknowledging the importance of managing risks related to global economic conditions and market dynamics.
- Strategic focus on delivering adaptable refrigeration solutions that meet current industry demands while preparing for future growth
- Commitment to innovation, energy efficiency, and operational excellence across diverse product lines
- Expansion plans including new manufacturing facilities and product launches
- Acknowledgment of risks related to global economic conditions and market dynamics
Key takeaway: Ice Make Refrigeration Limited is strategically positioning itself to meet current industry demands with adaptable refrigeration solutions while preparing for future growth through innovation and expansion.
The following annual report excerpts provide qualitative strategic context. Do not treat any specific financial figures in these excerpts as authoritative — they may be incorrectly labeled due to PDF table extraction limitations. For precise financial data, refer to the structured fundamentals data above.
Governance disclosures
AI-generatedNeeds attention
Auditor Qualification (1 item); Regulatory Action (1 item)
Items of these kinds are disclosed in the filings. This is a count of disclosed items. It is not a finding about the company and its cause has not been independently established.
Auditor Qualification
1 occurrenceEarlier (1-3 years ago)
The auditors have drawn attention to the matter of the company's ability to continue as a going concern despite accumulated losses exceeding paid-up capital and reserves, as noted in the audit report.
Regulatory Action
1 occurrenceEarlier (1-3 years ago)
The company submitted unaudited financial results 27 days late to NSE in 2020, which was admitted to dealings on the National Stock Exchange (Capital Market Se.
Routine disclosures
Contingent Liability
2 occurrencesRecent (last 12 months)
The company has contingent liabilities including bank guarantees issued and commitments related to unexecuted contracts amounting to ₹63.77 lakhs.
Earlier (1-3 years ago)
The company has contingent liabilities related to bank guarantees issued on its behalf, estimated contracts remaining unexecuted on capital account, and other commitments as of March 31, 2024 and 2023.
Promoter Share Pledge
1 occurrenceRecent (last 12 months)
6.69% of promoter holding pledged (quarter 2026-Q3 as of 2026-07-18).