Ice Make Refrigeration Ltd. (ICEMAKE) AI Stock Analysis

• Market Cap: ₹13.07B
• Dividend Yield: 0.28%
• Average Volume (3M): 15.10K
• Price to Earnings (P/E): 94.5
• Beta (1Y): 1.37
• Revenue Growth: 33.81%
• EPS Growth: -39.04%
• Country: IN
• Employees: 300
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Industrial - Machinery
• EPS (TTM): 0.93
• Shares Outstanding: 15,779,735
• 10 Day Avg. Volume: 14,699
• 30 Day Avg. Volume: 15,095
• PEG Ratio: -4.96
• Price to Book (P/B): 11.04
• Price to Sales (P/S): 2.86
• P/FCF Ratio: -26.17
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 58 Neutral
• Price Target: ₹861.00 ▲(8.44% Upside)
• Action: Reiterated Date: 11/26/25
• Date: Action: Reiterated 11/26/25

The overall stock score is primarily influenced by strong financial performance, despite challenges in net margins and leverage. Technical analysis indicates bearish market momentum, and the high P/E ratio suggests potential overvaluation. The absence of earnings call and corporate events data limits further insights.

Positive Factors

Revenue Growth

Sustained ~35% revenue growth indicates expanding market demand and successful commercial execution. Over a 2-6 month horizon this durable top-line momentum supports scale benefits, funds reinvestment in operations, and increases the runway for margin improvement absent major demand shocks.

Gross Margin Improvement

Significant improvement in gross profit margins reflects better cost management or pricing power. Durable gross margin expansion increases per-unit profitability, improves cash conversion, and creates buffer to absorb SG&A or input cost swings, supporting more stable operating profits.

Operating Cash Generation

Rising operating cash flow and a strong operating-cash-to-net-income ratio show the core business generates cash. This durable cash generation reduces reliance on working capital financing, supports ongoing capex and debt servicing, and improves financial flexibility over months ahead.

Negative Factors

Net Margin Volatility & EPS Decline

A drop in net profit margin in 2025 coupled with a ~46% EPS contraction indicates earnings are sensitive to costs, pricing or one-off items. This undermines sustainable profitability and limits the firm’s ability to accumulate reserves or fund dividends without structural margin fixes.

Rising Leverage

An increased debt-to-equity ratio raises financial risk and reduces balance sheet flexibility. Even with solid ROE, higher leverage amplifies interest expense sensitivity, constrains strategic options, and heightens refinancing and covenant risks if operating cash flow weakens.

Negative Free Cash Flow / CapEx Intensity

Persistent negative free cash flow driven by substantial capex implies the business is capital intensive and may require external financing. Over a medium-term horizon this increases refinancing risk, pressures liquidity metrics, and can dilute returns if capex fails to translate into higher margins.

Ice Make Refrigeration Ltd. Business Overview & Revenue Model

Company Description

Ice Make Refrigeration Limited manufactures and supplies refrigeration products and equipment in India. The company offers its products under the categories of cold rooms and storage, commercial refrigeration, industrial refrigeration, transport refrigeration, and ammonia refrigeration products. It provides customized cooling solutions to various industries, including hospitality, frozen, dairy, horticulture, medicare, pharmaceuticals, retail, plastic, chemical, beverages, mineral water, ice cream, bakery, and other industries. The company also exports its products. Ice Make Refrigeration Limited was founded in 1989 and is based in Gandhinagar, India.

How the Company Makes Money

Ice Make Refrigeration Ltd. generates revenue through the manufacturing and sale of its refrigeration products and solutions. The company earns income by catering to various industries that require efficient cooling systems for their operations. Key revenue streams include the sale of standard and customized refrigeration units, as well as the service and maintenance contracts for these products. Additionally, the company may engage in strategic partnerships or collaborations with other businesses to expand its market reach and enhance its product offerings, which can also contribute to its earnings.

Ice Make Refrigeration Ltd. Financial Statement Overview

Summary

Ice Make Refrigeration Ltd. has demonstrated strong revenue growth and improved gross profit margins, indicating efficient cost management. However, challenges in net profit margins and increased leverage pose risks to financial stability.

Income Statement

Ice Make Refrigeration Ltd. has demonstrated strong revenue growth, with a robust increase from 2020 to 2025. The gross profit margin has improved significantly, indicating efficient cost management. However, the net profit margin shows some volatility, with a decrease in 2025 compared to the previous year, suggesting potential cost pressures or pricing challenges.

Balance Sheet

The balance sheet reflects a healthy equity position with a stable equity ratio, although the debt-to-equity ratio increased in 2025, indicating higher leverage. The return on equity has remained solid, showcasing effective use of shareholder funds despite increasing liabilities.

Cash Flow

The operating cash flow has increased over time, but the free cash flow remains negative due to considerable capital expenditures. This presents a risk, as it indicates reliance on external financing. The operating cash flow to net income ratio is strong, suggesting good cash generation from operations.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	5.06B	4.80B	3.78B	3.12B	2.06B	1.35B
Gross Profit	1.56B	1.46B	1.18B	920.58M	575.48M	432.83M
EBITDA	418.42M	434.43M	409.34M	332.35M	148.10M	114.02M
Net Income	179.75M	231.10M	262.53M	208.01M	73.20M	36.13M
Balance Sheet
Total Assets	0.00	3.68B	2.11B	1.59B	1.25B	1.08B
Cash, Cash Equivalents and Short-Term Investments	44.24M	64.82M	50.80M	59.34M	4.92M	14.59M
Total Debt	0.00	859.35M	272.49M	48.57M	110.25M	98.65M
Total Liabilities	-1.24B	2.44B	1.07B	778.98M	633.64M	514.84M
Stockholders Equity	1.24B	1.24B	1.04B	811.26M	616.81M	563.16M
Cash Flow
Free Cash Flow	0.00	-523.51M	-226.48M	205.75M	42.78M	74.56M
Operating Cash Flow	0.00	299.75M	103.79M	243.50M	83.12M	123.55M
Investing Cash Flow	0.00	-833.50M	-233.01M	-142.88M	-48.16M	-33.15M
Financing Cash Flow	0.00	486.74M	167.19M	-92.71M	-34.24M	-92.41M

Ice Make Refrigeration Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 794.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 794 is above the 20-day moving average (MA) of 779.14, above the 50-day MA of 772.65, and above the 200-day MA of 761.50, indicating a bullish trend. The MACD of 21.00 indicates Negative momentum. The RSI at 63.88 is Neutral, neither overbought nor oversold. The STOCH value of 54.84 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KIRLOSENG	68 Neutral	₹204.92B	37.07	―	0.50%	11.85%	-3.66%
BLUESTARCO	67 Neutral	₹391.08B	80.74	―	0.51%	14.20%	3.84%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
KSB	62 Neutral	₹129.02B	49.62	―	0.51%	9.50%	14.52%
VOLTAS	61 Neutral	₹495.98B	103.34	―	0.50%	-1.46%	-1.15%
KIRLOSBROS	59 Neutral	₹121.80B	31.42	―	0.43%	4.16%	-0.73%
ICEMAKE	58 Neutral	₹13.07B	94.49	―	0.28%	33.81%	-39.04%

Ice Make Refrigeration Ltd. Corporate Events

Ice Make Refrigeration to Brief Analysts and Institutions at Mumbai Investor Meet

Ice Make Refrigeration Ltd. has announced that its senior management will participate in an analyst, institutional investor and high-net-worth investor meeting organized as part of the Vivro Corporate Connect – Investors’ Meet 2026 on March 10, 2026, at Taj Santacruz in Mumbai. The engagement will involve group meetings focused on discussing the company without sharing any unpublished price-sensitive information, and the company has circulated an accompanying investor presentation while cautioning that the schedule may change due to exigencies from the host, company or participants.