
About Ice Make Refrigeration
Ice Make Refrigeration is a publicly listed company based in Ahmedabad (India) founded in 1993. Industrial refrigeration systems and related products are manufactured. The company has 229 employees. Its Indian entity Ice Make Refrigeration Limited reported revenue of ₹669 Cr. Its focus areas include Industrial Goods and Manufacturing, Industrial Air Conditioning Systems, Manufacturers and Horizontal.
Company details
Ice Make Refrigeration was founded in 1993 and is headquartered in Ahmedabad, India. Operations are centered on the production of industrial refrigeration systems, including cold storage units, chillers, and associated components for commercial and industrial applications. The company serves sectors such as food processing, pharmaceuticals, and logistics. Products are distributed primarily within India, with a focus on energy-efficient and customized solutions. The online presence is maintained through the domain icemakeindia.com.
- Headquarters Ahmedabad, India
- Employees 229
- Stage Public
- SectorsIndustrial Goods & Manufacturing
- Website icemakeindia.com
- Social LinkedIn
- Legal Name Ice Make Refrigeration Ltd.
- Market Cap₹1,276 Cr
ICEMAKE · NSE
- Share Price₹689.55
-1.90% today
- Revenue₹668 Cr
FY 2025-26 · +39.4% YoY
- EBITDA₹45.32 Cr
Margin 6.8%
- Net Profit₹12.19 Cr
FY 2025-26 · -47.4% YoY
- P/E (TTM)98.7x
P/B 4.0x
- Employee Count229
Associated legal entities of Ice Make Refrigeration
Ice Make Refrigeration operates through Ice Make Refrigeration Limited, a listed company (active). Its filings, financials, charges and directors are on the company page.
| Legal entity | Status | Incorporated | Registered in | Revenue (FY 2026) | Employees | Directors | Company page |
|---|---|---|---|---|---|---|---|
| Ice Make Refrigeration Limited Listed CIN L29220GJ2009PLC056482 | Active | 31 Mar 2009 | Ahmedabad, Gujarat | ₹669 Cr | 161 | 8 | View details |
Board of directors of Ice Make Refrigeration Limited (Ice Make Refrigeration)
Ice Make Refrigeration Limited is the primary company behind Ice Make Refrigeration. The board of Ice Make Refrigeration Limited currently have 6 directors; the longest-serving is Chandrakant Popatbhai Patel, appointed in 2009. 2 earlier directors have ceased.
| Director | Designation | Appointed | Tenure | Entity |
|---|---|---|---|---|
| Chandrakant Popatbhai Patel DIN 02441116 | Managing Director | 31 Mar 2009 | 17 yrs 7 mo | Ice Make Refrigeration Limited |
| Rajendrabhai Popatbhai Patel DIN 02441138 | Managing Director | 31 Mar 2009 | 17 yrs 7 mo | Ice Make Refrigeration Limited |
| Vipulbhai Ishwarbhai Patel DIN 02473121 | Managing Director | 31 Mar 2009 | 17 yrs 7 mo | Ice Make Refrigeration Limited |
| Darsha Kikani DIN 00155791 | Director | 05 Sep 2017 | 9 yrs 2 mo | Ice Make Refrigeration Limited |
| Harshadrai Premshanker Pandya DIN 03372010 | Director | 05 Sep 2017 | 9 yrs 2 mo | Ice Make Refrigeration Limited |
| Krishnakant Laljibhai Patel DIN 01336433 | Director | 05 Sep 2017 | 9 yrs 2 mo | Ice Make Refrigeration Limited |
IPO & Listings of Ice Make Refrigeration
Ice Make Refrigeration is a publicly listed company on the NSE with ticker symbol ICEMAKE in India, operating in the Producer manufacturing sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.
- IPO date12 Oct 2020
- Listed onNSE: ICEMAKE
- Listed entityIce Make Refrigeration Ltd.
- Exchange sectorProducer manufacturing
- ISININE520Y01019
- Share price₹666.40 (-1.13% on the day) · 2026-10-14
- Market capitalisation₹1,223 Cr
- Price to earnings87.8
- EPS (diluted, trailing year)₹7.59
- Dividend yield0.33%
- Volume (last session)9,143
Financials of Ice Make Refrigeration
Exchange-reported figures of Ice Make Refrigeration Limited, the listed company behind Ice Make Refrigeration (NSE: ICEMAKE).
Financial Highlights
FY 2025-26 · ConsolidatedRevenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 668 | 480 | 378 | 312 | 206 | 135 | 138 |
| Revenue growth | +39.4% | +26.7% | +21.2% | +51.5% | +53.1% | -2.2% | - |
| EBITDA | 45.32 | 42.56 | 40.77 | 32.11 | 14.48 | 10.32 | 12.65 |
| EBITDA margin | +6.8% | +8.9% | +10.8% | +10.3% | +7.0% | +7.7% | +9.2% |
| Profit before tax | 16.39 | 31.03 | 35.19 | 28.07 | 9.82 | 5.27 | 7.73 |
| Net profit | 12.19 | 23.18 | 26.21 | 20.79 | 7.29 | 3.60 | 5.68 |
| Net profit margin | +1.8% | +4.8% | +6.9% | +6.7% | +3.5% | +2.7% | +4.1% |
| EPS (₹) | 7.73 | 14.65 | 16.64 | 13.18 | 4.66 | 2.31 | 3.64 |
| Balance sheet | |||||||
| Total assets | - | 212 | 132 | 87.19 | 73.59 | 67.25 | 70.92 |
| Net worth | - | 124 | 104 | 81.13 | 61.68 | 56.31 | 53.55 |
| Total debt | - | 85.94 | 27.25 | 4.86 | 11.02 | 9.87 | 17.31 |
| Cash & bank | - | 4.42 | 8.63 | 9.95 | 2.46 | 1.46 | 1.96 |
| Net working capital | - | 66.50 | 60.97 | 47.41 | 38.87 | 32.65 | 35.80 |
| Cash flow | |||||||
| Cash from operations | - | 29.97 | 10.38 | 24.35 | 8.31 | 12.35 | (0.91) |
| Cash from investing | - | (83.35) | (23.30) | (14.29) | (4.82) | (3.32) | (7.40) |
| Cash from financing | - | 48.67 | 16.72 | (9.27) | (3.42) | (9.24) | 6.14 |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 179 | 256 | 153 | 147 | 112 | 180 | 111 | 103 |
| Revenue growth (YoY) | +60.4% | +41.9% | +38.7% | +42.7% | +30.8% | - | - | - |
| Other income | 0.11 | 0.38 | 0.13 | 0.09 | 0.13 | 0.46 | 0.22 | 0.12 |
| EBITDA | 2.98 | 21.39 | 9.91 | 9.62 | 4.40 | 21.38 | 6.68 | 8.46 |
| EBITDA margin | +1.7% | +8.4% | +6.5% | +6.5% | +3.9% | +11.9% | +6.0% | +8.2% |
| Depreciation | 2.05 | 4.49 | 4.28 | 4.20 | 4.08 | 4.16 | 2.15 | 1.04 |
| Interest | 3.27 | 3.72 | 3.85 | 2.73 | 2.29 | 1.63 | 1.15 | 0.90 |
| Profit before tax | (2.23) | 13.56 | 1.91 | 2.78 | (1.84) | 16.05 | 3.60 | 6.64 |
| Tax | (0.58) | 3.44 | 0.45 | 0.75 | (0.37) | 4.40 | 0.79 | 1.84 |
| Net profit | (1.65) | 10.12 | 1.46 | 2.03 | (1.47) | 11.65 | 2.81 | 4.80 |
| EPS (₹) | (1.04) | 6.41 | 0.93 | 1.28 | (0.90) | 7.42 | 1.82 | 3.05 |
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 667 | 472 | 370 | 303 | 200 | 131 | 136 |
| Revenue growth | +41.5% | +27.7% | +22.1% | +51.2% | +52.3% | -3.3% | - |
| EBITDA | 42.67 | 41.70 | 40.22 | 31.32 | 14.44 | 10.51 | 14.11 |
| EBITDA margin | +6.4% | +8.8% | +10.9% | +10.4% | +7.2% | +8.0% | +10.4% |
| Profit before tax | 14.71 | 31.42 | 35.84 | 28.41 | 10.89 | 6.47 | 9.07 |
| Net profit | 10.90 | 23.27 | 26.58 | 21.05 | 8.08 | 4.49 | 6.67 |
| Net profit margin | +1.6% | +4.9% | +7.2% | +7.0% | +4.0% | +3.4% | +4.9% |
| EPS (₹) | 6.90 | 14.72 | 16.87 | 13.34 | 5.16 | 2.87 | 4.26 |
| Balance sheet | |||||||
| Total assets | 294 | 214 | 133 | 89.28 | 74.71 | 67.70 | 69.58 |
| Net worth | 136 | 128 | 108 | 85.01 | 65.32 | 59.18 | 55.24 |
| Total debt | 156 | 82.57 | 23.91 | 3.15 | 8.58 | 7.52 | 14.03 |
| Cash & bank | 6.44 | 4.10 | 8.17 | 9.45 | 1.93 | 1.19 | 1.52 |
| Net working capital | 119 | 63.65 | 59.63 | 45.93 | 36.07 | 30.52 | 32.88 |
| Cash flow | |||||||
| Cash from operations | (13.54) | 30.39 | 9.94 | 22.30 | 8.69 | 12.03 | (1.59) |
| Cash from investing | (39.39) | (83.82) | (22.33) | (13.14) | (5.27) | (3.50) | (6.84) |
| Cash from financing | 53.90 | 48.88 | 16.07 | (8.43) | (3.36) | (8.73) | 6.23 |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 176 | 254 | 153 | 149 | 112 | 179 | 109 | 101 |
| Revenue growth (YoY) | +57.4% | +42.0% | +41.0% | +46.7% | +34.5% | - | - | - |
| Other income | 0.18 | 0.38 | 0.27 | 0.15 | 0.26 | 0.61 | 0.34 | 0.27 |
| Total expenses | 173 | 233 | 144 | 140 | 108 | 158 | 102 | 93.14 |
| EBITDA | 3.15 | 20.62 | 9.24 | 8.63 | 4.19 | 20.77 | 6.62 | 8.24 |
| EBITDA margin | +1.8% | +8.1% | +6.0% | +5.8% | +3.7% | +11.6% | +6.1% | +8.1% |
| Depreciation | 1.99 | 4.39 | 4.18 | 4.09 | 3.98 | 4.04 | 2.03 | 0.92 |
| Interest | 3.26 | 3.60 | 3.82 | 2.72 | 2.26 | 1.50 | 1.11 | 0.87 |
| Profit before tax | (1.92) | 13.01 | 1.51 | 1.97 | (1.79) | 15.84 | 3.82 | 6.72 |
| Tax | (0.50) | 3.30 | 0.39 | 0.52 | (0.40) | 4.32 | 0.85 | 1.83 |
Financial Statements
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 179 | 256 | 153 | 147 | 112 | 180 | 111 | 103 |
| Revenue growth (YoY) | +60.4% | +41.9% | +38.7% | +42.7% | +30.8% | - | - | - |
| Other income | 0.11 | 0.38 | 0.13 | 0.09 | 0.13 | 0.46 | 0.22 | 0.12 |
| EBITDA | 2.98 | 21.39 | 9.91 | 9.62 | 4.40 | 21.38 | 6.68 | 8.46 |
| EBITDA margin | +1.7% | +8.4% | +6.5% | +6.5% | +3.9% | +11.9% | +6.0% | +8.2% |
| Depreciation | 2.05 | 4.49 | 4.28 | 4.20 | 4.08 | 4.16 | 2.15 | 1.04 |
| Interest | 3.27 | 3.72 | 3.85 | 2.73 | 2.29 | 1.63 | 1.15 | 0.90 |
| Profit before tax | (2.23) | 13.56 | 1.91 | 2.78 | (1.84) | 16.05 | 3.60 | 6.64 |
| Tax | (0.58) | 3.44 | 0.45 | 0.75 | (0.37) | 4.40 | 0.79 | 1.84 |
| Net profit | (1.65) | 10.12 | 1.46 | 2.03 | (1.47) | 11.65 | 2.81 | 4.80 |
| EPS (₹) | (1.04) | 6.41 | 0.93 | 1.28 | (0.90) | 7.42 | 1.82 | 3.05 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 668 | 480 | 378 | 312 | 206 | 135 | 138 |
| Revenue growth | +39.4% | +26.7% | +21.2% | +51.5% | +53.1% | -2.2% | - |
| Other income | 0.72 | 0.90 | 0.62 | 1.12 | 0.71 | 1.22 | 0.37 |
| Total expenses | 623 | 437 | 338 | 280 | 192 | 124 | 125 |
| Employee cost | 0.00 | 24.61 | 18.29 | 14.41 | 12.27 | 10.48 | 11.09 |
| EBITDA | 45.32 | 42.56 | 40.77 | 32.11 | 14.48 | 10.32 | 12.65 |
| EBITDA margin | +6.8% | +8.9% | +10.8% | +10.3% | +7.0% | +7.7% | +9.2% |
| Depreciation | 17.06 | 8.31 | 4.08 | 3.91 | 3.64 | 4.37 | 3.48 |
| Interest | 12.59 | 4.12 | 2.12 | 1.25 | 1.73 | 1.90 | 1.81 |
| Profit before tax | 16.39 | 31.03 | 35.19 | 28.07 | 9.82 | 5.27 | 7.73 |
| Tax | 4.26 | 8.11 | 9.07 | 7.27 | 2.50 | 1.67 | 2.04 |
| Net profit | 12.19 | 23.18 | 26.21 | 20.79 | 7.29 | 3.60 | 5.68 |
| Net profit margin | +1.8% | +4.8% | +6.9% | +6.7% | +3.5% | +2.7% | +4.1% |
| EPS (₹) | 7.73 | 14.65 | 16.64 | 13.18 | 4.66 | 2.31 | 3.64 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | - | 15.78 | 15.78 | 15.78 | 15.70 | 15.67 | 15.67 |
| Reserves & surplus | - | 108 | 88.41 | 65.35 | 45.98 | 40.64 | 37.88 |
| Shareholders' funds (net worth) | - | 124 | 104 | 81.13 | 61.68 | 56.31 | 53.55 |
| Minority interest | - | (0.32) | (0.11) | 0.00 | 0.00 | 0.00 | 0.00 |
| Secured loans | - | 76.77 | 22.58 | 1.46 | 7.03 | 6.36 | 12.69 |
| Unsecured loans | - | 9.17 | 4.67 | 3.40 | 3.99 | 3.51 | 4.62 |
| Total debt | - | 85.94 | 27.25 | 4.86 | 11.02 | 9.87 | 17.31 |
| Total liabilities | - | 212 | 132 | 87.19 | 73.59 | 67.25 | 70.92 |
| Assets | |||||||
| Gross block | - | 167 | 78.30 | 56.35 | 53.29 | 48.13 | 45.70 |
| Net block | - | 133 | 50.24 | 32.37 | 32.23 | 29.74 | 26.82 |
| Capital work in progress | - | 5.69 | 11.95 | 0.14 | 0.00 | 0.97 | 0.00 |
| Investments | - | 0.01 | 0.01 | 4.65 | 0.00 | 0.00 | 0.00 |
| Inventories | - | 108 | 59.91 | 51.56 | 50.05 | 40.01 | 37.50 |
| Sundry debtors | - | 93.96 | 64.98 | 53.56 | 33.66 | 24.92 | 25.95 |
| Cash & bank balances | - | 4.42 | 8.63 | 9.95 | 2.46 | 1.46 | 1.96 |
| Loans & advances | - | 15.36 | 6.62 | 4.18 | 4.15 | 6.81 | 4.24 |
| Total current assets | - | 222 | 140 | 119 | 90.32 | 73.20 | 69.65 |
| Total current liabilities | - | 155 | 79.17 | 71.84 | 51.45 | 40.55 | 33.85 |
| Net working capital | - | 66.50 | 60.97 | 47.41 | 38.87 | 32.65 | 35.80 |
| Total assets | - | 212 | 132 | 87.19 | 73.59 | 67.25 | 70.92 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | - | 5.08 | 1.28 | 0.49 | 0.42 | 0.62 | 4.01 |
| Net cash from operating activities | - | 29.97 | 10.38 | 24.35 | 8.31 | 12.35 | (0.91) |
| Net cash from investing activities | - | (83.35) | (23.30) | (14.29) | (4.82) | (3.32) | (7.40) |
| Net cash from financing activities | - | 48.67 | 16.72 | (9.27) | (3.42) | (9.24) | 6.14 |
| Net change in cash | - | (4.70) | 3.80 | 0.79 | 0.07 | (0.20) | (2.17) |
| Closing cash | - | 4.42 | 8.63 | 9.95 | 2.46 | 1.46 | 1.96 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +39.4% | +26.7% | +21.2% | +51.5% | +53.1% | -2.2% | - |
| EBITDA growth | +6.5% | +4.4% | +27.0% | +121.8% | +40.3% | -18.4% | - |
| PBT growth | -47.2% | -11.8% | +25.4% | +185.9% | +86.3% | -31.8% | -26.7% |
| Net income growth | -47.4% | -11.6% | +26.1% | +185.2% | +102.5% | -36.6% | - |
| Revenue CAGR (3Y) | +28.9% | +32.5% | +41.1% | +31.4% | +16.1% | +9.4% | +16.1% |
| EBITDA CAGR (3Y) | +12.2% | +43.2% | +58.1% | +36.4% | +1.6% | -6.7% | +8.2% |
| Profitability & leverage | |||||||
| Net income margin | +1.8% | +4.8% | +6.9% | +6.7% | +3.6% | +2.7% | +4.1% |
| Return on capital employed | - | +20.4% | +34.0% | +36.5% | +16.4% | +10.4% | +15.4% |
| Return on net worth | - | +20.1% | +28.2% | +29.1% | +12.4% | +6.6% | +11.0% |
| Debt / equity | - | 0.50 | 0.17 | 0.11 | 0.18 | 0.25 | 0.20 |
| Long-term debt / equity | - | 0.34 | 0.16 | 0.06 | 0.08 | 0.09 | 0.07 |
| Interest cover | 44.55 | 12.03 | 5.78 | 4.43 | 15.96 | 31.93 | 19.74 |
| Efficiency & per share | |||||||
| Fixed asset turnover | - | 3.91 | 5.62 | 5.70 | 4.06 | 2.87 | 4.00 |
| Inventory turnover | - | 5.71 | 6.79 | 6.15 | 4.58 | 3.47 | 4.86 |
| Debtors turnover | - | 6.03 | 6.38 | 7.16 | 7.04 | 5.29 | 6.78 |
| EPS (₹) | 7.73 | 14.65 | 16.64 | 13.18 | 4.66 | 2.31 | 3.64 |
| Dividend per share (₹) | 2.25 | 2.25 | 2.00 | 1.80 | 1.20 | 1.20 | 1.20 |
| Book value per share (₹) | 0.00 | 78.60 | 66.03 | 51.41 | 39.28 | 35.93 | 34.17 |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 176 | 254 | 153 | 149 | 112 | 179 | 109 | 101 |
| Revenue growth (YoY) | +57.4% | +42.0% | +41.0% | +46.7% | +34.5% | - | - | - |
| Other income | 0.18 | 0.38 | 0.27 | 0.15 | 0.26 | 0.61 | 0.34 | 0.27 |
| Total expenses | 173 | 233 | 144 | 140 | 108 | 158 | 102 | 93.14 |
| EBITDA | 3.15 | 20.62 | 9.24 | 8.63 | 4.19 | 20.77 | 6.62 | 8.24 |
| EBITDA margin | +1.8% | +8.1% | +6.0% | +5.8% | +3.7% | +11.6% | +6.1% | +8.1% |
| Depreciation | 1.99 | 4.39 | 4.18 | 4.09 | 3.98 | 4.04 | 2.03 | 0.92 |
| Interest | 3.26 | 3.60 | 3.82 | 2.72 | 2.26 | 1.50 | 1.11 | 0.87 |
| Profit before tax | (1.92) | 13.01 | 1.51 | 1.97 | (1.79) | 15.84 | 3.82 | 6.72 |
| Tax | (0.50) | 3.30 | 0.39 | 0.52 | (0.40) | 4.32 | 0.85 | 1.83 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 667 | 472 | 370 | 303 | 200 | 131 | 136 |
| Revenue growth | +41.5% | +27.7% | +22.1% | +51.2% | +52.3% | -3.3% | - |
| Other income | 1.06 | 1.43 | 0.98 | 1.55 | 1.03 | 1.17 | 0.81 |
| Total expenses | 625 | 430 | 329 | 271 | 186 | 121 | 122 |
| Employee cost | 0.00 | 22.72 | 16.66 | 13.03 | 11.17 | 9.51 | 10.34 |
| EBITDA | 42.67 | 41.70 | 40.22 | 31.32 | 14.44 | 10.51 | 14.11 |
| EBITDA margin | +6.4% | +8.8% | +10.9% | +10.4% | +7.2% | +8.0% | +10.4% |
| Depreciation | 16.63 | 7.82 | 3.51 | 3.31 | 3.01 | 3.55 | 3.95 |
| Interest | 12.39 | 3.89 | 1.85 | 1.15 | 1.57 | 1.66 | 1.90 |
| Profit before tax | 14.71 | 31.42 | 35.84 | 28.41 | 10.89 | 6.47 | 9.07 |
| Tax | 3.81 | 8.20 | 9.23 | 7.35 | 2.78 | 1.98 | 2.39 |
| Net profit | 10.90 | 23.27 | 26.58 | 21.05 | 8.08 | 4.49 | 6.67 |
| Net profit margin | +1.6% | +4.9% | +7.2% | +7.0% | +4.0% | +3.4% | +4.9% |
| EPS (₹) | 6.90 | 14.72 | 16.87 | 13.34 | 5.16 | 2.87 | 4.26 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 15.78 | 15.78 | 15.78 | 15.78 | 15.70 | 15.67 | 15.67 |
| Reserves & surplus | 120 | 113 | 92.67 | 69.23 | 49.62 | 43.51 | 39.57 |
| Shareholders' funds (net worth) | 136 | 128 | 108 | 85.01 | 65.32 | 59.18 | 55.24 |
| Secured loans | 149 | 76.77 | 22.58 | 1.46 | 7.03 | 6.36 | 12.22 |
| Unsecured loans | 7.16 | 5.80 | 1.33 | 1.69 | 1.55 | 1.16 | 1.81 |
| Total debt | 156 | 82.57 | 23.91 | 3.15 | 8.58 | 7.52 | 14.03 |
| Total liabilities | 294 | 214 | 133 | 89.28 | 74.71 | 67.70 | 69.58 |
| Assets | |||||||
| Gross block | 185 | 161 | 72.13 | 52.66 | 49.01 | 44.03 | 40.83 |
| Net block | 137 | 130 | 46.11 | 29.82 | 29.29 | 26.17 | 25.80 |
| Capital work in progress | 25.28 | 5.69 | 11.88 | 0.14 | 0.00 | 0.97 | 0.00 |
| Investments | 3.38 | 3.38 | 3.38 | 8.01 | 3.36 | 3.36 | 3.36 |
| Inventories | 140 | 102 | 53.07 | 46.59 | 44.31 | 34.80 | 32.40 |
| Sundry debtors | 155 | 94.78 | 68.44 | 54.64 | 34.29 | 27.24 | 27.43 |
| Cash & bank balances | 6.44 | 4.10 | 8.17 | 9.45 | 1.93 | 1.19 | 1.52 |
| Loans & advances | 24.48 | 14.69 | 6.01 | 4.00 | 3.90 | 6.57 | 3.80 |
| Total current assets | 326 | 215 | 136 | 115 | 84.43 | 69.80 | 65.15 |
| Total current liabilities | 208 | 151 | 76.06 | 68.75 | 48.36 | 39.28 | 32.27 |
| Net working capital | 119 | 63.65 | 59.63 | 45.93 | 36.07 | 30.52 | 32.88 |
| Total assets | 294 | 214 | 133 | 89.28 | 74.71 | 67.70 | 69.58 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 0.06 | 4.62 | 0.95 | 0.22 | 0.16 | 0.36 | 3.72 |
| Net cash from operating activities | (13.54) | 30.39 | 9.94 | 22.30 | 8.69 | 12.03 | (1.59) |
| Net cash from investing activities | (39.39) | (83.82) | (22.33) | (13.14) | (5.27) | (3.50) | (6.84) |
| Net cash from financing activities | 53.90 | 48.88 | 16.07 | (8.43) | (3.36) | (8.73) | 6.23 |
| Net change in cash | 0.97 | (4.56) | 3.67 | 0.73 | 0.06 | (0.20) | (2.20) |
| Closing cash | 6.44 | 4.10 | 8.17 | 9.45 | 1.93 | 1.19 | 1.52 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +41.5% | +27.7% | +22.1% | +51.2% | +52.3% | -3.3% | - |
| EBITDA growth | +2.3% | +3.7% | +28.4% | +116.9% | +37.4% | -25.5% | - |
| PBT growth | -53.2% | -12.3% | +26.2% | +160.9% | +68.3% | -28.7% | -17.6% |
| Net income growth | -53.2% | -12.5% | +26.3% | +160.5% | +80.0% | -32.7% | - |
| Revenue CAGR (3Y) | +30.2% | +33.1% | +41.1% | +30.6% | +15.7% | +9.2% | +15.8% |
| EBITDA CAGR (3Y) | +10.9% | +42.4% | +56.4% | +30.5% | +1.6% | -5.3% | +12.5% |
| Profitability & leverage | |||||||
| Net income margin | +1.6% | +4.9% | +7.2% | +7.0% | +4.1% | +3.4% | +4.9% |
| Return on capital employed | - | +20.4% | +33.9% | +36.0% | +17.5% | +11.9% | +18.0% |
| Return on net worth | - | +19.6% | +27.5% | +28.0% | +13.0% | +7.9% | +12.6% |
| Debt / equity | - | 0.45 | 0.14 | 0.08 | 0.13 | 0.19 | 0.15 |
| Long-term debt / equity | - | 0.30 | 0.13 | 0.03 | 0.04 | 0.05 | 0.03 |
| Interest cover | 47.58 | 11.48 | 5.04 | 4.11 | 13.74 | 23.85 | 18.70 |
| Efficiency & per share | |||||||
| Fixed asset turnover | - | 4.04 | 5.92 | 5.95 | 4.30 | 3.10 | 3.78 |
| Inventory turnover | - | 6.10 | 7.42 | 6.66 | 5.06 | 3.91 | 4.69 |
| Debtors turnover | - | 5.78 | 6.01 | 6.81 | 6.51 | 4.81 | 5.65 |
| EPS (₹) | 6.90 | 14.72 | 16.87 | 13.34 | 5.16 | 2.87 | 4.26 |
| Dividend per share (₹) | 2.25 | 2.25 | 2.00 | 1.80 | 1.20 | 1.20 | 1.20 |
| Book value per share (₹) | 0.00 | 81.37 | 68.72 | 53.87 | 41.60 | 37.76 | 35.25 |
Web traffic of Ice Make Refrigeration
The website of Ice Make Refrigeration (icemakeindia.com) receives about 7.6K visits a month.
- Monthly visits7.6K
▲ 56.1% vs previous month
Websites whose visitors overlap most with Ice Make Refrigeration. Affinity shows how closely the audiences match.
| Website | Domain | Audience affinity | Monthly visits | Global rank | Profile |
|---|---|---|---|---|---|
| google.co.in | 100% | 77M | #407 | View details | |
| coldroomplant.com | 76% | View details | |||
umapufpanel.in | umapufpanel.in | 73% | #5,882,861 | – |
Top companies in Industrial HVAC Systems
2 companies that operate in the same segment as Ice Make Refrigeration (Industrial HVAC Systems) in India, ranked by their profile score on The Company Check.
| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
Aluminum and copper fin-and-tube heat exchangers are manufactured. | 2017 | Neemrana, Rajasthan, India | USD 63.95 M | 648 | ||
Industrial HVAC equipment is manufactured for various applications. | 1973 | Ahmedabad, Gujarat, India | USD 26.97 M | 206 |
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Frequently Asked Questions about Ice Make Refrigeration
Ice Make Refrigeration was founded in 1993.
Ice Make Refrigeration is headquartered in Ahmedabad, India. It is registered at Ahmedabad, Gujarat, India.
Ice Make Refrigeration has 229 employees.
The primary company behind Ice Make Refrigeration, Ice Make Refrigeration Limited, reported revenue of ₹669 Cr for FY 2026, up 39% year on year.
Ice Make Refrigeration was founded in 1993 and is headquartered in Ahmedabad, India. Operations are centered on the production of industrial refrigeration systems, including cold storage units, chillers, and associated components for commercial and industrial applications. The company serves sectors such as food processing, pharmaceuticals, and logistics. Products are distributed primarily within India, with a focus on energy-efficient and customized solutions. The online presence is maintained through the domain icemakeindia.com.
Yes, Ice Make Refrigeration is publicly traded on NSE under the ticker symbol ICEMAKE.
Ice Make Refrigeration operates through Ice Make Refrigeration Limited.
The legal entities of Ice Make Refrigeration currently have 8 directors, including Darsha Kikani, Harshadrai Premshanker Pandya, Chandrakant Popatbhai Patel and others.
