Ice Make Refrigeration Ltd. (ICEMAKE) AI Stock Analysis

• Market Cap: ₹11.22B
• Dividend Yield: 0.32%
• Average Volume (3M): 15.10K
• Price to Earnings (P/E): 62.4
• Beta (1Y): 1.22
• Revenue Growth: 33.81%
• EPS Growth: -39.04%
• Country: IN
• Employees: 300
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Industrial - Machinery
• EPS (TTM): 1.28
• 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: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 58 Neutral
• Price Target: ₹700.00 ▼(-2.85% Downside)

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

Strong revenue growth indicates expanding market presence and successful product adoption across diverse sectors, supporting long-term business sustainability.

Gross Margin Improvement

Improved gross margins reflect effective cost management, enhancing profitability and providing a buffer against potential cost increases.

Cash Generation

Good cash generation from operations indicates efficient management and supports the company's ability to fund growth initiatives internally.

Negative Factors

Net Margin Volatility

Volatile net margins suggest potential cost pressures or pricing challenges, which could affect profitability and require strategic adjustments.

Increased Leverage

Higher leverage increases financial risk and may limit flexibility in capital allocation, impacting long-term financial health.

Negative Free Cash Flow

Negative free cash flow indicates reliance on external financing, which could constrain future growth and investment opportunities.

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 shown commendable revenue and operational growth with effective cost management, leading to strong gross margins. However, challenges remain in managing net margins and leveraging, reflected in the balance sheet. The company needs to address negative free cash flow to ensure long-term 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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 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: Neutral
• Last Price: 720.55
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ICEMAKE, the sentiment is Neutral. The current price of 720.55 is above the 20-day moving average (MA) of 696.66, above the 50-day MA of 719.17, and below the 200-day MA of 780.88, indicating a neutral trend. The MACD of -2.55 indicates Negative momentum. The RSI at 56.18 is Neutral, neither overbought nor oversold. The STOCH value of 81.70 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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
BLUESTARCO	73 Outperform	₹394.16B	72.54	―	0.51%	14.20%	3.84%
KIRLOSENG	68 Neutral	₹162.04B	31.95	―	0.60%	11.85%	-3.66%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
VOLTAS	61 Neutral	₹449.95B	69.48	―	0.51%	-1.46%	-1.15%
KIRLOSBROS	59 Neutral	₹147.78B	37.70	―	0.43%	4.16%	-0.73%
KSB	59 Neutral	₹134.54B	52.39	―	0.52%	9.50%	14.52%
ICEMAKE	58 Neutral	₹11.22B	62.44	―	0.32%	33.81%	-39.04%