Ice Make Refrigeration Ltd. (ICEMAKE) AI Stock Analysis

• Market Cap: ₹12.06B
• Dividend Yield: 0.28%
• Average Volume (3M): 15.10K
• Price to Earnings (P/E): 216.7
• Beta (1Y): 1.30
• 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: ₹795.00 ▲(0.13% 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 & Gross Margin

Sustained high revenue growth alongside improving gross margins indicates the company is scaling sales while maintaining cost or pricing advantages. Over a 2–6 month horizon this supports durable cash generation, market share gains, and capacity to reinvest in products and distribution.

Operating Cash Flow Strength

Rising operating cash flow and a solid operating cash flow-to-net income ratio show the core business converts earnings into cash reliably. This underpins working capital, funds capex or debt service, and reduces reliance on volatile external financing over the medium term.

Healthy Equity Base & ROE

A stable equity position combined with sustained ROE signals effective capital allocation and resilience to cyclical swings. This structural strength supports strategic spending, creditor confidence, and provides a buffer for investments without immediately eroding shareholder value.

Negative Factors

Rising Leverage

An increasing debt-to-equity ratio elevates fixed obligations and financial risk, reducing flexibility to pursue growth or weather downturns. Over months this can constrain strategic options, raise refinancing needs, and make margins more sensitive to interest cost changes.

Negative Free Cash Flow

Persistent negative free cash flow driven by heavy capex means the company relies on external financing to fund investments. This can pressure liquidity, increase financing costs, and make future investment plans contingent on sustained operating cash improvements or market access.

Net Margin Volatility

Volatile and declining net margins point to cost pressures or pricing challenges that may erode profitability if structural. Without margin stabilization, revenue growth may not translate into durable earnings, limiting the firm's ability to deleverage or fund returns to shareholders.

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

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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: Negative
• Last Price: 794.00
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• 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 794 is below the 20-day moving average (MA) of 814.94, above the 50-day MA of 774.19, and above the 200-day MA of 759.78, indicating a neutral trend. The MACD of 2.42 indicates Positive momentum. The RSI at 40.32 is Neutral, neither overbought nor oversold. The STOCH value of 24.44 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
BLUESTARCO	67 Neutral	₹350.98B	110.38	―	0.51%	14.20%	3.84%
KIRLOSENG	66 Neutral	₹200.83B	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	₹136.12B	48.57	―	0.51%	9.50%	14.52%
VOLTAS	61 Neutral	₹438.12B	132.41	―	0.50%	-1.46%	-1.15%
KIRLOSBROS	59 Neutral	₹124.05B	25.72	―	0.43%	4.16%	-0.73%
ICEMAKE	58 Neutral	₹12.06B	216.68	―	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.