Ice Make Refrigeration Ltd. (IN:ICEMAKE)
:ICEMAKE
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Ice Make Refrigeration Ltd.
(ICEMAKE)
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Rating:51Neutral
Price Target:
₹839.00
▲(5.67% Upside)
Action:Reiterated
Date:05/31/26
The score is held back primarily by weakening financial quality—compressed margins, rising leverage, and negative operating/free cash flow—despite strong revenue growth. Technicals are constructive with the stock trading above major moving averages and positive momentum indicators, but valuation is a clear headwind given the very high P/E and low yield.
Positive Factors
Revenue Growth
Sustained double-digit top-line growth, accelerating to 32.1% in FY2026, indicates durable end-market demand and successful commercial traction. Over 2–6 months this supports scale economies, capacity utilization and market share gains, giving the company room to invest in product and distribution to entrench its position.
Negative Factors
Margin Compression
Sharp margin erosion—gross margins down roughly 9 points and net margins collapsing to 1.8%—reduces earnings power and resilience. Structural cost pressure or pricing weakness that persists will limit reinvestment capacity, make earnings volatile against revenue swings, and materially lengthen the time to profitability despite healthy sales growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained double-digit top-line growth, accelerating to 32.1% in FY2026, indicates durable end-market demand and successful commercial traction. Over 2–6 months this supports scale economies, capacity utilization and market share gains, giving the company room to invest in product and distribution to entrench its position.
Read all positive factors
Ice Make Refrigeration Ltd. (ICEMAKE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹12.02B
Dividend Yield0.28%
Average Volume (3M)15.10K
Price to Earnings (P/E)98.0
Beta (1Y)1.50
Revenue Growth39.35%
EPS Growth-47.24%
CountryIN
Employees300
SectorConsumer Defensive
Sector Strength42
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)11.39
Shares Outstanding15,779,735
10 Day Avg. Volume14,699
30 Day Avg. Volume15,095
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...
How the Company Makes Money
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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 | 5.06B | 6.68B | 4.80B | 3.78B | 3.12B | 2.06B |
| Gross Profit | 1.56B | 1.41B | 1.46B | 1.18B | 920.58M | 575.48M |
| EBITDA | 418.42M | 453.18M | 434.43M | 409.34M | 332.35M | 148.10M |
| Net Income | 179.75M | 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 | 44.24M | 109.18M | 64.82M | 50.80M | 59.34M | 4.92M |
| Total Debt | 0.00 | 1.58B | 859.35M | 272.49M | 48.57M | 110.25M |
| Total Liabilities | -1.24B | 3.70B | 2.44B | 1.07B | 778.98M | 633.64M |
| Stockholders Equity | 1.24B | 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
794.00
Price Trends
783.60
Negative
775.24
Negative
757.07
Positive
Market Momentum
-7.16
Positive
44.43
Neutral
47.67
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 794 is above the 20-day moving average (MA) of 784.54, above the 50-day MA of 783.60, and above the 200-day MA of 757.07, indicating a neutral trend. The MACD of -7.16 indicates Positive momentum. The RSI at 44.43 is Neutral, neither overbought nor oversold. The STOCH value of 47.67 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 (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | ₹144.26B | 39.27 | ― | 0.43% | 1.02% | -10.02% | |
65 Neutral | ₹279.30B | 50.34 | ― | 0.50% | 21.42% | 17.24% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
62 Neutral | ₹150.40B | 54.23 | ― | 0.51% | 4.54% | 1.65% | |
52 Neutral | ₹333.53B | 66.03 | ― | 0.51% | 3.63% | -10.72% | |
51 Neutral | ₹12.02B | 98.03 | ― | 0.28% | 39.35% | -47.24% | |
49 Neutral | ₹439.20B | 119.14 | ― | 0.50% | -7.58% | -55.33% |
* Consumer Defensive Sector Average
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Ice Make Refrigeration Ltd. Corporate Events
Ice Make Refrigeration to Brief Analysts and Institutions at Mumbai Investor Meet
Mar 3, 2026
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 ...
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.