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Swing Capital

ICE Make Refrigeration Ltd

NSE: ICEMAKE

Incorporated in 1993, ICE Make Refrigeration Ltd provides customized cooling solutions across a wide range of industries[1]

₹752
52W: ₹660 — ₹879
PE 93.5 · Book ₹79.1 · +851% vs book
Market Cap₹1,186 Cr
Stock P/E93.5Price to Earnings
ROCE20.6%Return on Capital
ROE19.6%Return on Equity
Div. Yield0.29%Face Value ₹10

Strengths

  • +Company is expected to give good quarter
  • +Company has delivered good profit growth of 28.4% CAGR over last 5 years
  • +Company's median sales growth is 24.9% of last 10 years
  • +Company's working capital requirements have reduced from 37.1 days to 19.5 days

Weaknesses

  • −Stock is trading at 9.43 times its book value
  • −Company might be capitalizing the interest cost

Shareholding Pattern

Promoters74.2%
FIIs0.22%
DIIs1.64%
Public23.94%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters74.49%74.49%74.49%74.41%▼0.174.4%▼0.074.36%▼0.074.26%▼0.174.2%▼0.1
FIIs0.02%0%▼0.00%0.33%▲0.30.01%▼0.30.01%0.11%▲0.10.22%▲0.1
DIIs0%0%0.58%▲0.60.87%▲0.31.21%▲0.31.31%▲0.11.99%▲0.71.64%▼0.4
Public25.5%25.51%▲0.024.93%▼0.624.39%▼0.524.38%▼0.024.32%▼0.123.64%▼0.723.94%▲0.3

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales75.7281.56135.0783.17101.38108.64178.61111.86148.7153.21
Expenses68.2577.28114.8377.0993.14102.04157.85107.67140.07143.98
Operating Profit7.474.2820.246.088.246.620.764.198.639.23
OPM %9.87%5.25%14.98%7.31%8.13%6.08%11.62%3.75%5.8%6.02%
Net Profit4.592.2214.233.854.892.9611.52-1.391.451.11
EPS ₹2.911.419.022.443.11.887.3-0.880.920.7

AI Insights

Revenue Trend

TTM revenue at ₹592Cr, up 25.4% YoY. OPM at 7%.

Debt Position

Borrowings at ₹166Cr. Debt-to-equity ratio: 1.52x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹12Cr (9% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 1.64% (+1.64pp change). FIIs: 0.22% (+0.17pp change). Promoters hold 74.2%.

Margin & Efficiency

ROCE improving from 16% (Mar 2012) to 21% (Mar 2025). Working capital days: 20.

Valuation

PE 93.5x with 20.6% ROCE. Price is 851% above book value of ₹79.1. Dividend yield: 0.29%.

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