Ice Make Refrigeration Ltd. (ICEMAKE) AI Stock Analysis

2 Followers

Ice Make Refrigeration Ltd.

(NSE:ICEMAKE)

Select Model

Rating:38Underperform

Price Target:INR 614.00▼(-11.20% Downside)

Action:downgraded

Date:09/06/26

Ice Make Refrigeration receives a very low overall score driven by fundamentally unstable financials, extreme overvaluation, and poor technical momentum. While the company demonstrates impressive top-line revenue growth, it is heavily overshadowed by collapsing profit margins, ballooning debt, and severe cash flow deficits. Furthermore, a soaring P/E ratio near 97x presents a steep valuation premium entirely unsupported by its current bottom-line performance. With the stock trading below all major moving averages, significant downside risk remains until management can restore operational efficiency and free cash flow generation.

Positive Factors

Strong Revenue GrowthRevenue growth accelerated to 32.1% in FY2026, indicating that Ice Make is expanding its sales base and capturing demand in its refrigeration and cooling-solutions market. Continued top-line expansion can support operating scale and strengthen the company’s competitive position over the next several quarters.

Negative Factors

Margin CompressionProfitability has weakened materially even as revenue increased: gross margin declined from roughly 30–31% to 21.0%, while net margin fell to 1.8%. This compression reduces earnings generated per unit of sales and may limit reinvestment capacity unless margins recover.

Ice Make Refrigeration Ltd. (ICEMAKE) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 12.16B
Dividend Yield: 0.33%
Average Volume (3M): 22.33K
Price to Earnings (P/E): 87.5
Beta (1Y): 1.31
Revenue Growth: 44.66%
EPS Growth: -17.82%
Country: India
Employees: 432
Sector: General
Sector Strength: 55
Industry: Industrial - Machinery

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 for c...

Ice Make Refrigeration Ltd. Financial Statement Overview

Summary

Ice Make Refrigeration exhibits a high-risk financial profile driven by aggressive expansion that has severely eroded profitability. While revenue growth is strong, collapsing net profit margins (1.8%), a towering debt-to-equity ratio of 1.19x, and heavy negative free cash flows signal severe underlying instability and an unsustainable trajectory.

Income Statement

45Neutral

Balance Sheet

40Negative

Cash Flow

15Very Negative

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	7.96B	6.68B	4.80B	3.78B	3.12B	2.06B
Gross Profit	1.76B	1.41B	1.46B	1.18B	920.58M	575.48M
EBITDA	440.96M	453.18M	434.43M	409.34M	332.35M	148.10M
Net Income	126.83M	121.91M	231.10M	262.53M	208.01M	73.20M
Balance Sheet
Total Assets	6.62B	5.04B	3.68B	2.11B	1.59B	1.25B
Cash, Cash Equivalents and Short-Term Investments	838.47M	17.73M	64.82M	50.80M	59.34M	4.92M
Total Debt	1.39B	1.58B	859.35M	272.49M	48.57M	110.25M
Total Liabilities	3.45B	3.70B	2.44B	1.07B	778.98M	633.64M
Stockholders Equity	3.17B	1.33B	1.24B	1.04B	811.26M	616.81M
Cash Flow
Free Cash Flow	0	-626.71M	-523.51M	-226.48M	205.75M	42.78M
Operating Cash Flow	0	-227.50M	299.75M	103.79M	243.50M	83.12M
Investing Cash Flow	0	-399.21M	-833.50M	-233.01M	-142.88M	-48.16M
Financing Cash Flow	0	650.14M	486.74M	167.19M	-92.71M	-34.24M

Ice Make Refrigeration Ltd. Technical Analysis

Technical Analysis SentimentPositive

Last Price691.45

Price Trends

50DMA674.64Positive

100DMA730.19Negative

200DMA751.48Negative

Market Momentum

MACD6.42Negative

RSI56.53Neutral

STOCH64.67Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ICEMAKE, the sentiment is Positive. The current price of 691.45 is above the 20-day moving average (MA) of 660.27, above the 50-day MA of 674.64, and below the 200-day MA of 751.48, indicating a neutral trend. The MACD of 6.42 indicates Negative momentum. The RSI at 56.53 is Neutral, neither overbought nor oversold. The STOCH value of 64.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:ICEMAKE.

Ice Make Refrigeration Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:ICEMAKE against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:INGERRAND	78Outperform	INR 125.80B	46.15	―	1.88%	13.92%	3.16%
IN:KIRLPNU	67Neutral	INR 85.94B	33.07	―	0.91%	9.10%	38.69%
IN:BLUESTARCO	56Neutral	INR 326.93B	61.07	―	0.53%	8.79%	-2.20%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:KRN	55Neutral	INR 67.07B	57.07	―	―	77.18%	88.95%
IN:VOLTAS	42Neutral	INR 375.92B	80.19	―	0.35%	7.89%	-14.67%
IN:ICEMAKE	38Underperform	INR 12.55B	87.53	―	0.33%	44.66%	-17.82%

* General Sector Average

Performance Comparison

IN:ICEMAKE and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:ICEMAKE	Ice Make Refrigeration Ltd.	691.45	-0.47	-0.07%
IN:BLUESTARCO	Blue Star Limited	1590.00	-188.72	-10.61%
IN:INGERRAND	Ingersoll-Rand (India) Limited	3985.15	196.38	5.18%
IN:KIRLPNU	Kirloskar Pneumatic Co. Ltd.	661.25	102.23	18.29%
IN:KRN	Krn Heat Exchanger and Refrigeration Limited	1024.60	212.15	26.11%
IN:VOLTAS	Voltas Limited	1136.10	-233.79	-17.07%

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 making the...

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.

Date of analysis: Sep 06, 2026

Ice Make Refrigeration Ltd. AI Stock Analysis