Ice Make Refrigeration Ltd. (ICEMAKE) AI Stock Analysis

• Market Cap: ₹11.40B
• Dividend Yield: 0.27%
• Average Volume (3M): 23.71K
• Price to Earnings (P/E): 63.4
• Beta (1Y): 1.23
• Revenue Growth: 31.56%
• EPS Growth: -26.94%
• Country: IN
• Employees: 300
• Sector: Consumer Goods
• Sector Strength: N/A
• Industry: Industrial - Machinery
• EPS (TTM): -0.90
• Shares Outstanding: 15,779,735
• 10 Day Avg. Volume: 31,418
• 30 Day Avg. Volume: 23,715
• PEG Ratio: N/A
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• 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: ₹823.00
• Price Target Upside: 12.70% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 60 Neutral
• Price Target: ₹823.00 ▲(12.70% Upside)

The overall stock score is primarily influenced by strong financial performance, albeit with concerns over net margins and leverage. Technical indicators suggest bearish sentiment, while valuation metrics indicate overvaluation, contributing to a moderate overall score.

Ice Make Refrigeration Ltd. Business Overview & Revenue Model

Company Description

Ice Make Refrigeration Ltd. (ICEMAKE) is a leading manufacturer and supplier of cooling solutions for diverse sectors such as dairy, food processing, agriculture, pharmaceuticals, and hospitality. The company specializes in the production of a wide range of refrigeration products, including cold rooms, blast freezers, water chillers, and other customized cooling systems tailored to meet the specific needs of its clients.

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	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	4.80B	3.78B	3.12B	2.06B	1.35B
Gross Profit	1.46B	1.18B	920.58M	575.48M	432.83M
EBITDA	434.43M	413.88M	332.35M	148.10M	115.52M
Net Income	231.10M	262.53M	208.01M	73.20M	36.13M
Balance Sheet
Total Assets	3.68B	2.11B	1.59B	1.25B	1.08B
Cash, Cash Equivalents and Short-Term Investments	64.82M	86.27M	154.04M	4.92M	14.59M
Total Debt	859.35M	272.49M	48.57M	110.25M	98.65M
Total Liabilities	2.44B	1.07B	778.98M	633.64M	514.84M
Stockholders Equity	1.24B	1.04B	811.26M	616.81M	563.16M
Cash Flow
Free Cash Flow	-523.51M	-226.48M	205.75M	42.78M	74.56M
Operating Cash Flow	299.75M	103.79M	243.50M	83.12M	123.55M
Investing Cash Flow	-833.50M	-233.01M	-142.88M	-48.16M	-33.15M
Financing Cash Flow	486.74M	188.29M	-92.71M	-34.24M	-92.41M

Ice Make Refrigeration Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 730.25
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• 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 Negative. The current price of 730.25 is below the 20-day moving average (MA) of 787.33, below the 50-day MA of 795.05, and below the 200-day MA of 803.29, indicating a bearish trend. The MACD of -9.53 indicates Positive momentum. The RSI at 35.91 is Neutral, neither overbought nor oversold. The STOCH value of 33.06 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KIRLOSENG	67 Neutral	₹130.08B	27.55		0.73%	8.02%	-0.95%
BLUESTARCO	66 Neutral	₹358.50B	65.98		0.52%	17.04%	7.63%
VOLTAS	65 Neutral	₹411.85B	63.60		0.55%	2.76%	41.73%
ICEMAKE	60 Neutral	₹11.40B	63.44		0.27%	31.56%	-26.94%
Sector *	57 Neutral	$3.22B	9.46	-34.32%	2.94%	-25.56%	-353.61%
KIRLOSBROS	―	₹149.28B	35.83		0.37%	―	―
KSB	59 Neutral	₹137.68B	53.61		0.50%	10.55%	17.96%