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Ice Make Refrigeration Ltd.
(ICEMAKE)
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Rating:44Neutral
Price Target:
₹716.00
▼(-16.34% Downside)
Action:Reiterated
Date:09/06/26
The score is primarily constrained by weakening financial quality—negative operating/free cash flow, margin compression, and higher leverage—despite strong revenue growth. Technicals also reflect a weak price trend (below major moving averages with negative MACD). A very high P/E and low dividend yield further reduce the valuation component.
Positive Factors
Strong revenue growth
Rapid and sustained revenue expansion indicates healthy demand and continued scale-up in the refrigeration and cooling-solutions business. Maintaining this top-line trajectory can broaden the operating base and create opportunities for stronger earnings once profitability and cash conversion improve.
Negative Factors
Severe margin compression
The sharp decline in gross and net margins shows that higher sales are converting into substantially less profit. Unless the company restores pricing, cost control, or operating efficiency, earnings growth may remain weak even while revenue continues expanding.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue growth
Rapid and sustained revenue expansion indicates healthy demand and continued scale-up in the refrigeration and cooling-solutions business. Maintaining this top-line trajectory can broaden the operating base and create opportunities for stronger earnings once profitability and cash conversion improve.
Read all positive factors
Ice Make Refrigeration Ltd. (ICEMAKE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹11.65B
Dividend Yield0.3%
Average Volume (3M)30.09K
Price to Earnings (P/E)97.4
Beta (1Y)1.31
Revenue Growth45.43%
EPS Growth-33.35%
CountryIN
Employees300
SectorGeneral
Sector StrengthN/A
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)7.58
Shares Outstanding15,779,735
10 Day Avg. Volume14,531
30 Day Avg. Volume30,087
Financial Highlights & Ratios
PEG Ratio-1.82
Price to Book (P/B)7.89
Price to Sales (P/S)1.57
P/FCF Ratio-16.74
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Ice Make Refrigeration Ltd. Business Overview & Revenue Model
Company Description
Ice Make Refrigeration Limited (ICEMAKE.NS), an Indian firm headquartered in Gandhinagar, designs, manufactures, and supplies a comprehensive range of refrigeration products and cooling equipment. Their extensive portfolio encompasses solutions fo...
Ice Make Refrigeration Ltd. Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
52
Neutral
Cash Flow
34
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.36B | 6.68B | 4.80B | 3.78B | 3.12B | 2.06B |
| Gross Profit | 1.49B | 1.41B | 1.46B | 1.18B | 920.58M | 575.48M |
| EBITDA | 443.70M | 453.18M | 434.43M | 409.34M | 332.35M | 148.10M |
| Net Income | 119.78M | 121.91M | 231.10M | 262.53M | 208.01M | 73.20M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 5.04B | 3.68B | 2.11B | 1.59B | 1.25B |
| Cash, Cash Equivalents and Short-Term Investments | 71.84M | 71.84M | 64.82M | 50.80M | 59.34M | 4.92M |
| Total Debt | 0.00 | 1.58B | 859.35M | 272.49M | 48.57M | 110.25M |
| Total Liabilities | -1.33B | 3.70B | 2.44B | 1.07B | 778.98M | 633.64M |
| Stockholders Equity | 1.33B | 1.33B | 1.24B | 1.04B | 811.26M | 616.81M |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -626.71M | -523.51M | -226.48M | 205.75M | 42.78M |
| Operating Cash Flow | 0.00 | -227.50M | 299.75M | 103.79M | 243.50M | 83.12M |
| Investing Cash Flow | 0.00 | -399.21M | -833.50M | -233.01M | -142.88M | -48.16M |
| Financing Cash Flow | 0.00 | 650.14M | 486.74M | 167.19M | -92.71M | -34.24M |
Ice Make Refrigeration Ltd. Technical Analysis
Negative
855.80
Price Trends
785.30
Negative
785.20
Negative
771.02
Negative
Market Momentum
-16.18
Negative
41.00
Neutral
59.11
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ICEMAKE, the sentiment is Negative. The current price of 855.8 is above the 20-day moving average (MA) of 751.20, above the 50-day MA of 785.30, and above the 200-day MA of 771.02, indicating a bearish trend. The MACD of -16.18 indicates Negative momentum. The RSI at 41.00 is Neutral, neither overbought nor oversold. The STOCH value of 59.11 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:ICEMAKE.
Ice Make Refrigeration Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ₹153.14B | 57.17 | ― | 1.55% | 8.28% | 1.08% | |
62 Neutral | ₹98.82B | 37.55 | ― | 0.79% | 9.81% | 24.53% | |
62 Neutral | ₹103.41B | 102.98 | ― | ― | 64.04% | 78.68% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | ₹304.93B | 59.89 | ― | 0.57% | 5.90% | -6.28% | |
50 Neutral | ₹387.14B | 86.22 | ― | 0.34% | 3.80% | -30.64% | |
44 Neutral | ₹11.65B | 97.44 | ― | 0.30% | 45.43% | -33.35% |
* General Sector Average
IN:ICEMAKE
Ice Make Refrigeration Ltd.
738.60
5.57
0.76%
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-17.26%
Ice Make Refrigeration Ltd. Corporate Events
Ice Make Refrigeration Publishes Q1 FY27 Investor Call Recording Online
Aug 19, 2026
Ice Make Refrigeration Ltd. has notified the National Stock Exchange that the audio recording of its investors’ conference call discussing financial results for the quarter ended June 30, 2026 has been uploaded to its corporate website. By m...
Ice Make Refrigeration Sets August EGM, Details E-Voting for Shareholders
Jul 26, 2026
Ice Make Refrigeration Limited has announced that it will convene an Extra Ordinary General Meeting on 19 August 2026 via video conferencing and other audio-visual means. The meeting will transact business set out in a notice dated 24 July 2026, a...
Ice Make seals Galilei stake sale, JV to fund expansion and cut debt
Jul 24, 2026
Ice Make Refrigeration has signed definitive agreements with Tokyo-listed Galilei Holdings to raise about INR 1,800 million via a preferential equity issue to Galilei and an additional INR 100 million from other investors, while also forming a joi...
Ice Make Refrigeration Closes Trading Window Ahead of Q1 FY27 Results
Jun 25, 2026
Ice Make Refrigeration Ltd. has notified the National Stock Exchange of India that its trading window will be closed from July 1, 2026 until 48 hours after the announcement of its unaudited financial results for the quarter ended June 30, 2026. Th...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.