Ice Make Refrigeration Ltd. (ICEMAKE) AI Stock Analysis

• Market Cap: ₹12.11B
• Dividend Yield: 0.28%
• Average Volume (3M): 15.10K
• Price to Earnings (P/E): 216.7
• Beta (1Y): 1.36
• 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: ₹814.00 ▲(2.52% 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 reflects expanding demand and successful market penetration in industrial refrigeration. Durable top-line expansion supports scale economies, funds reinvestment, and underpins long-term earnings potential independent of short-term market moves.

Negative Factors

Net Profit Margin Volatility

Volatile net margins and a recent decline reduce earnings predictability and suggest exposure to input costs or pricing pressure. Persistent margin swings can impair cash available for discretionary investment and make forecasting returns and dividend capacity harder.

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 r...

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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 r...

How the Company Makes Money

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Ice Make Refrigeration Ltd. Financial Statement Overview

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: Negative

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 751.74, above the 50-day MA of 767.66, and above the 200-day MA of 753.88, indicating a bullish trend. The MACD of -11.28 indicates Negative momentum. The RSI at 56.15 is Neutral, neither overbought nor oversold. The STOCH value of 94.88 is Negative, 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
BLUESTARCO	67 Neutral	₹347.40B	110.38	―	0.51%	14.20%	3.84%
KIRLOSENG	66 Neutral	₹214.15B	39.78	―	0.50%	11.85%	-3.66%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
KSB	62 Neutral	₹155.33B	48.57	―	0.51%	9.50%	14.52%
VOLTAS	61 Neutral	₹435.16B	132.41	―	0.50%	-1.46%	-1.15%
KIRLOSBROS	59 Neutral	₹126.14B	25.72	―	0.43%	4.16%	-0.73%
ICEMAKE	58 Neutral	₹12.11B	216.68	―	0.28%	33.81%	-39.04%

Ice Make Refrigeration Ltd. Corporate Events