Ice Make Refrigeration Limited

NSE: ICEMAKE
Ice Make Refrigeration Limited - consumer electronics & durables in Ahmedabad, Gujarat, India. FY 2026 financials & compliance.
CIN L29220GJ2009PLC056482 Incorporated 31 March 2009 ROC Ahmedabad HQ Ahmedabad, Gujarat, India
Active Listed - NSE: ICEMAKE Public Limited Company consumer electronics and durables
Data last updated
Market Cap
₹1,135 Cr
ICEMAKE · NSE
Share Price
₹632.70
+1.20% 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)
97.5x
P/B 3.6x
Authorised capital
₹20 Cr
Registered with MCA
Paid-up capital
₹18.15 Cr
Issued & subscribed

About Ice Make Refrigeration Limited

Data last updated:

Ice Make Refrigeration Limited is a public limited company based in Ahmedabad, Gujarat, India. It operates in the white goods retail and distribution segment of the consumer electronics and durables sector. It was incorporated on 31 March 2009 and has been in existence for over 17 years.

The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN L29220GJ2009PLC056482. Its GSTIN is 24AACCI0566L1ZK (Gujarat). The company holds 3 GST registrations, all of them active. Its shares are listed on NSE: ICEMAKE.

The company has an authorised share capital of ₹20 Cr and a paid-up capital of ₹18.15 Cr. It was formerly known as Ic Ice Make Refrigeration Private Limited and Ice Make Refrigeration Private Limited. It is led by directors including Chandrakant Popatbhai Patel (Managing Director) and Rajendrabhai Popatbhai Patel (Managing Director).

Its last annual general meeting (AGM) was held on 27 September 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at B – 1 Vasupujya Chamber Near Navdeep Building Income – Tax Cross Road, Ahmedabad, Gujarat, India – 380009.

As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹668.2 Cr, a growth of 39.3% compared to the previous year. For the same year it recorded a net profit of ₹12.19 Cr (net margin 1.8%) and EBITDA of ₹45.32 Cr (EBITDA margin 6.8%).

The company has about 161 employees on its provident fund (EPFO) records. Its group structure includes 2 subsidiaries.

The company is associated with 1 brand: Ice Make Refrigeration. As per MCA filings, the company has open charges of ₹283.97 Cr and satisfied charges of ₹9.11 Cr on record. Court records list 14 cases involving the company, including 11 filed by the company and 3 filed against it; 3 cases are pending. The company has 6 deals on record (5 market trades, 1 ipo); the latest was in June 2024. Its 7 peer companies in the Consumer Durables industry (White Goods), with the same principal business activity (electrical equipment, general purpose and special purpose machinery & equipment, transport equipment) are compared by revenue, 3 larger and 4 smaller; the largest is Universal Comfort Products Limited with revenue of ₹1,242.64 Cr. The company has 3 MSME Form 1 returns on record for the period ending Sep 2019, listing 40 overdue payments to 14 micro and small suppliers.

The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website icemakeindia.com.

Company details

CIN L29220GJ2009PLC056482
Registration Number 056482
Incorporation Date 31 March 2009
ROC Ahmedabad
Listing Status Listed (NSE: ICEMAKE)
Company Status Active
Date of Last AGM 27 September 2025
Date of Balance Sheet 31 March 2025
Compliance Status Active Compliant

Name history

Ice Make Refrigeration has undergone 2 name changes throughout its history. The company was previously known as Ic Ice Make Refrigeration Private Limited, and Ice Make Refrigeration Private Limited. The current legal name is Ice Make Refrigeration Limited.

Company NameStatus
Ice Make Refrigeration LimitedCurrent
Ic Ice Make Refrigeration Private LimitedPrevious
Ice Make Refrigeration Private LimitedPrevious

CIN history

Ice Make Refrigeration has 2 previous CINs, indicating changes in the company's corporate structure or registration details. The current CIN is L29220GJ2009PLC056482, which is the unique identifier assigned by the Registrar of Companies.

CINStatus
L29220GJ2009PLC056482Current
U29220GJ2009PTC056482Previous
U29220GJ2009PLC056482Previous
Key People
Chandrakant Popatbhai Patel Managing Director Rajendrabhai Popatbhai Patel Managing Director Vipulbhai Ishwarbhai Patel Managing Director

Contact details

Ice Make Refrigeration Limited's registered office is in Ahmedabad, Gujarat. Its website is icemakeindia.com. Its e-mail address and telephone number are in the company report.

  • Email
  • Telephone
  • Website
    icemakeindia.com
  • Social Media
  • Registered Address
    B – 1 Vasupujya Chamber Near Navdeep Building Income – Tax Cross Road, Ahmedabad, Gujarat, India – 380009
  • Industry
    Consumer Electronics & Durables, White Goods Retail & Distribution

To see the full contact details of Ice Make Refrigeration Limited, buy the company report.

Comprehensive company report
Ice Make Refrigeration Limited - one report that includes everything
  • Company details, directors and signatories
  • Historical financials and ratios
  • Shareholding pattern and group structure
  • Charges with holder and property details
  • Legal cases, compliance and MCA filings
₹799 ₹999 20% off excluding 18% GST
Secure checkout · GST invoice included

Brands

Ice Make Refrigeration operates one associated brand: Ice Make Refrigeration. Each brand links to its own profile.

BrandDescriptionWebsite
Ice Make Refrigeration
Industrial refrigeration systems and related products are manufactured.icemakeindia.com

Business activity

The main business activity of Ice Make Refrigeration is manufacturing. In detail, this covers electrical equipment, general purpose and special purpose machinery & equipment, transport equipment.

Main activity group codeMain activityBusiness activity codeBusiness activityShare of turnover
CManufacturingC10Electrical equipment, General Purpose and Special purpose Machinery & equipment, Transport equipment

To see the full business activity and turnover split of Ice Make Refrigeration Limited, buy the company report.

Financials of Ice Make Refrigeration Limited

FY 2025-26 filings available

Ice Make Refrigeration Limited reported revenue of ₹668.2 Cr (up 39.3% YoY) for FY 2025-26.

Financial Highlights

FY 2025-26 · Consolidated
Revenue
₹668 Cr
+39.3% YoY
EBITDA
₹45.32 Cr
+6.5% YoY
Profit After Tax
₹12.19 Cr
-47.4% YoY
Net Worth
-
Total Assets
-
Total Debt
-

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue668480378312206135138
Revenue growth+39.4%+26.7%+21.2%+51.5%+53.1%-2.2%-
EBITDA45.3242.5640.7732.1114.4810.3212.65
EBITDA margin+6.8%+8.9%+10.8%+10.3%+7.0%+7.7%+9.2%
Profit before tax16.3931.0335.1928.079.825.277.73
Net profit12.1923.1826.2120.797.293.605.68
Net profit margin+1.8%+4.8%+6.9%+6.7%+3.5%+2.7%+4.1%
EPS (₹)7.7314.6516.6413.184.662.313.64
Balance sheet
Total assets-21213287.1973.5967.2570.92
Net worth-12410481.1361.6856.3153.55
Total debt-85.9427.254.8611.029.8717.31
Cash & bank-4.428.639.952.461.461.96
Net working capital-66.5060.9747.4138.8732.6535.80
Cash flow
Cash from operations-29.9710.3824.358.3112.35(0.91)
Cash from investing-(83.35)(23.30)(14.29)(4.82)(3.32)(7.40)
Cash from financing-48.6716.72(9.27)(3.42)(9.24)6.14
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue179256153147112180111103
Revenue growth (YoY)+60.4%+41.9%+38.7%+42.7%+30.8%---
Other income0.110.380.130.090.130.460.220.12
EBITDA2.9821.399.919.624.4021.386.688.46
EBITDA margin+1.7%+8.4%+6.5%+6.5%+3.9%+11.9%+6.0%+8.2%
Depreciation2.054.494.284.204.084.162.151.04
Interest3.273.723.852.732.291.631.150.90
Profit before tax(2.23)13.561.912.78(1.84)16.053.606.64
Tax(0.58)3.440.450.75(0.37)4.400.791.84
Net profit(1.65)10.121.462.03(1.47)11.652.814.80
EPS (₹)(1.04)6.410.931.28(0.90)7.421.823.05
MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue667472370303200131136
Revenue growth+41.5%+27.7%+22.1%+51.2%+52.3%-3.3%-
EBITDA42.6741.7040.2231.3214.4410.5114.11
EBITDA margin+6.4%+8.8%+10.9%+10.4%+7.2%+8.0%+10.4%
Profit before tax14.7131.4235.8428.4110.896.479.07
Net profit10.9023.2726.5821.058.084.496.67
Net profit margin+1.6%+4.9%+7.2%+7.0%+4.0%+3.4%+4.9%
EPS (₹)6.9014.7216.8713.345.162.874.26
Balance sheet
Total assets29421413389.2874.7167.7069.58
Net worth13612810885.0165.3259.1855.24
Total debt15682.5723.913.158.587.5214.03
Cash & bank6.444.108.179.451.931.191.52
Net working capital11963.6559.6345.9336.0730.5232.88
Cash flow
Cash from operations(13.54)30.399.9422.308.6912.03(1.59)
Cash from investing(39.39)(83.82)(22.33)(13.14)(5.27)(3.50)(6.84)
Cash from financing53.9048.8816.07(8.43)(3.36)(8.73)6.23
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue176254153149112179109101
Revenue growth (YoY)+57.4%+42.0%+41.0%+46.7%+34.5%---
Other income0.180.380.270.150.260.610.340.27
Total expenses17323314414010815810293.14
EBITDA3.1520.629.248.634.1920.776.628.24
EBITDA margin+1.8%+8.1%+6.0%+5.8%+3.7%+11.6%+6.1%+8.1%
Depreciation1.994.394.184.093.984.042.030.92
Interest3.263.603.822.722.261.501.110.87
Profit before tax(1.92)13.011.511.97(1.79)15.843.826.72
Tax(0.50)3.300.390.52(0.40)4.320.851.83

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 22 Oct 2026
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue179256153147112180111103
Revenue growth (YoY)+60.4%+41.9%+38.7%+42.7%+30.8%---
Other income0.110.380.130.090.130.460.220.12
EBITDA2.9821.399.919.624.4021.386.688.46
EBITDA margin+1.7%+8.4%+6.5%+6.5%+3.9%+11.9%+6.0%+8.2%
Depreciation2.054.494.284.204.084.162.151.04
Interest3.273.723.852.732.291.631.150.90
Profit before tax(2.23)13.561.912.78(1.84)16.053.606.64
Tax(0.58)3.440.450.75(0.37)4.400.791.84
Net profit(1.65)10.121.462.03(1.47)11.652.814.80
EPS (₹)(1.04)6.410.931.28(0.90)7.421.823.05
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue668480378312206135138
Revenue growth+39.4%+26.7%+21.2%+51.5%+53.1%-2.2%-
Other income0.720.900.621.120.711.220.37
Total expenses623437338280192124125
Employee cost0.0024.6118.2914.4112.2710.4811.09
EBITDA45.3242.5640.7732.1114.4810.3212.65
EBITDA margin+6.8%+8.9%+10.8%+10.3%+7.0%+7.7%+9.2%
Depreciation17.068.314.083.913.644.373.48
Interest12.594.122.121.251.731.901.81
Profit before tax16.3931.0335.1928.079.825.277.73
Tax4.268.119.077.272.501.672.04
Net profit12.1923.1826.2120.797.293.605.68
Net profit margin+1.8%+4.8%+6.9%+6.7%+3.5%+2.7%+4.1%
EPS (₹)7.7314.6516.6413.184.662.313.64
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital-15.7815.7815.7815.7015.6715.67
Reserves & surplus-10888.4165.3545.9840.6437.88
Shareholders' funds (net worth)-12410481.1361.6856.3153.55
Minority interest-(0.32)(0.11)0.000.000.000.00
Secured loans-76.7722.581.467.036.3612.69
Unsecured loans-9.174.673.403.993.514.62
Total debt-85.9427.254.8611.029.8717.31
Total liabilities-21213287.1973.5967.2570.92
Assets
Gross block-16778.3056.3553.2948.1345.70
Net block-13350.2432.3732.2329.7426.82
Capital work in progress-5.6911.950.140.000.970.00
Investments-0.010.014.650.000.000.00
Inventories-10859.9151.5650.0540.0137.50
Sundry debtors-93.9664.9853.5633.6624.9225.95
Cash & bank balances-4.428.639.952.461.461.96
Loans & advances-15.366.624.184.156.814.24
Total current assets-22214011990.3273.2069.65
Total current liabilities-15579.1771.8451.4540.5533.85
Net working capital-66.5060.9747.4138.8732.6535.80
Total assets-21213287.1973.5967.2570.92
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash-5.081.280.490.420.624.01
Net cash from operating activities-29.9710.3824.358.3112.35(0.91)
Net cash from investing activities-(83.35)(23.30)(14.29)(4.82)(3.32)(7.40)
Net cash from financing activities-48.6716.72(9.27)(3.42)(9.24)6.14
Net change in cash-(4.70)3.800.790.07(0.20)(2.17)
Closing cash-4.428.639.952.461.461.96
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 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-0.500.170.110.180.250.20
Long-term debt / equity-0.340.160.060.080.090.07
Interest cover44.5512.035.784.4315.9631.9319.74
Efficiency & per share
Fixed asset turnover-3.915.625.704.062.874.00
Inventory turnover-5.716.796.154.583.474.86
Debtors turnover-6.036.387.167.045.296.78
EPS (₹)7.7314.6516.6413.184.662.313.64
Dividend per share (₹)2.252.252.001.801.201.201.20
Book value per share (₹)0.0078.6066.0351.4139.2835.9334.17
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue176254153149112179109101
Revenue growth (YoY)+57.4%+42.0%+41.0%+46.7%+34.5%---
Other income0.180.380.270.150.260.610.340.27
Total expenses17323314414010815810293.14
EBITDA3.1520.629.248.634.1920.776.628.24
EBITDA margin+1.8%+8.1%+6.0%+5.8%+3.7%+11.6%+6.1%+8.1%
Depreciation1.994.394.184.093.984.042.030.92
Interest3.263.603.822.722.261.501.110.87
Profit before tax(1.92)13.011.511.97(1.79)15.843.826.72
Tax(0.50)3.300.390.52(0.40)4.320.851.83
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue667472370303200131136
Revenue growth+41.5%+27.7%+22.1%+51.2%+52.3%-3.3%-
Other income1.061.430.981.551.031.170.81
Total expenses625430329271186121122
Employee cost0.0022.7216.6613.0311.179.5110.34
EBITDA42.6741.7040.2231.3214.4410.5114.11
EBITDA margin+6.4%+8.8%+10.9%+10.4%+7.2%+8.0%+10.4%
Depreciation16.637.823.513.313.013.553.95
Interest12.393.891.851.151.571.661.90
Profit before tax14.7131.4235.8428.4110.896.479.07
Tax3.818.209.237.352.781.982.39
Net profit10.9023.2726.5821.058.084.496.67
Net profit margin+1.6%+4.9%+7.2%+7.0%+4.0%+3.4%+4.9%
EPS (₹)6.9014.7216.8713.345.162.874.26
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital15.7815.7815.7815.7815.7015.6715.67
Reserves & surplus12011392.6769.2349.6243.5139.57
Shareholders' funds (net worth)13612810885.0165.3259.1855.24
Secured loans14976.7722.581.467.036.3612.22
Unsecured loans7.165.801.331.691.551.161.81
Total debt15682.5723.913.158.587.5214.03
Total liabilities29421413389.2874.7167.7069.58
Assets
Gross block18516172.1352.6649.0144.0340.83
Net block13713046.1129.8229.2926.1725.80
Capital work in progress25.285.6911.880.140.000.970.00
Investments3.383.383.388.013.363.363.36
Inventories14010253.0746.5944.3134.8032.40
Sundry debtors15594.7868.4454.6434.2927.2427.43
Cash & bank balances6.444.108.179.451.931.191.52
Loans & advances24.4814.696.014.003.906.573.80
Total current assets32621513611584.4369.8065.15
Total current liabilities20815176.0668.7548.3639.2832.27
Net working capital11963.6559.6345.9336.0730.5232.88
Total assets29421413389.2874.7167.7069.58
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash0.064.620.950.220.160.363.72
Net cash from operating activities(13.54)30.399.9422.308.6912.03(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 activities53.9048.8816.07(8.43)(3.36)(8.73)6.23
Net change in cash0.97(4.56)3.670.730.06(0.20)(2.20)
Closing cash6.444.108.179.451.931.191.52
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 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-0.450.140.080.130.190.15
Long-term debt / equity-0.300.130.030.040.050.03
Interest cover47.5811.485.044.1113.7423.8518.70
Efficiency & per share
Fixed asset turnover-4.045.925.954.303.103.78
Inventory turnover-6.107.426.665.063.914.69
Debtors turnover-5.786.016.816.514.815.65
EPS (₹)6.9014.7216.8713.345.162.874.26
Dividend per share (₹)2.252.252.001.801.201.201.20
Book value per share (₹)0.0081.3768.7253.8741.6037.7635.25

To see the full year-wise statements and ratios of Ice Make Refrigeration Limited, buy the company report.

Board of directors of Ice Make Refrigeration Limited

Ice Make Refrigeration has 6 current directors and 2 former directors. Current directors are listed first, with their designation and appointment date.

Current Directors
NameDesignationAppointment DateTenureStatus
Darsha Kikani
Also directs: Exxaro Tiles Limited, 20 Microns Nano Minerals Limited
Director05 Sep 20179 Years 1 MonthsCurrent
Harshadrai Premshanker PandyaDirector05 Sep 20179 Years 1 MonthsCurrent
Chandrakant Popatbhai Patel
Also directs: Ice Make Horeca Private Limited, Bharat Refrigerations Private Limited, Icebest Private Limited
Managing Director31 Mar 200917 Years 6 MonthsCurrent
Rajendrabhai Popatbhai Patel
Also directs: Ice Make Horeca Private Limited, Bharat Refrigerations Private Limited, Frizics Transport Refrigeration Private Limited
Managing Director31 Mar 200917 Years 6 MonthsCurrent
Vipulbhai Ishwarbhai Patel
Also directs: Ice Make Horeca Private Limited, Bharat Refrigerations Private Limited
Managing Director31 Mar 200917 Years 6 MonthsCurrent
Krishnakant Laljibhai Patel
Also directs: Cerebros Neurosciences Private Limited, Health1 Neuro1 Super Speciality Hospital Private Limited
Director05 Sep 20179 Years 1 MonthsCurrent
View all directors

Peer comparison

Ice Make Refrigeration Limited is compared with the 7 companies closest to it by revenue in the Consumer Durables industry (White Goods), with the same principal business activity (electrical equipment, general purpose and special purpose machinery & equipment, transport equipment), from the latest filed financials of each company.

CompanyRevenueNet profitMarginGrowth (1 yr)EmployeesLocation
Universal Comfort Products Limited₹1,242.64 Cr (FY 2020)34.0%Mumbai, Maharashtra, India
Frigoglass India Private Limited₹684.73 Cr (FY 2025)37.0%New Delhi, Delhi, India
Ice Make Refrigeration Limitedthis company₹668.2 Cr (FY 2026)₹12.19 Cr1.8%39.3%161Ahmedabad, Gujarat, India
Applicomp (India) Limited₹621.49 Cr (FY 2017)-6.0%Ahmednagar, Maharashtra, India
Rockwell Industries Limited₹346.47 Cr (FY 2025)6.0%Hyderabad, Andhra Pradesh, Telangana, India
Summer Cool Home Appliances Limited₹296.5 Cr (FY 2025)63.0%Ghaziabad, Uttar Pradesh, India
Dixon Appliances Private Limited₹130.79 Cr (FY 2016)21.0%Uttar Pradesh, India
Vijay's Energy Industries(India) Private Limited₹75.97 Cr (FY 2025)3.0%Lucknow, Uttar Pradesh, India

To see the full peer comparison of Ice Make Refrigeration Limited, buy the company report.

Auditor

Ice Make Refrigeration Limited is audited by Umesh Shah & Associates for the financial year 2023.

Auditor firmFinancial yearFirm registration number
Umesh Shah & AssociatesFY 2023114563W

Shareholding

Shareholding for the quarter ended Sep 2026: promoters hold 74.20%, foreign institutional investors hold 0.30%, domestic institutional investors hold 1.40% and retail and other public shareholders hold 24.10%.

Promoters: 74.20%DII (Domestic Institutional): 1.40%FII (Foreign Institutional): 0.30%Retail & Others: 24.10%
Sep 2026
QUARTER
74.20% Promoters
1.40% DII (Domestic Institutional)
0.30% FII (Foreign Institutional)
24.10% Retail & Others
Promoter holding - history
Now 74.20% · Sep 2026High 74.40% · Dec 2025Low 74.20% · Jun 2026
73%73.8%74.5%75.3%76%Dec 2025Mar 2026Jun 2026Sep 2026Dec 2025: 74.40%Mar 2026: 74.30%Jun 2026: 74.20%Sep 2026: 74.20%74.40%74.20%74.20%
Shareholding trend - last 6 quarters
Sep 2026Jun 2026Mar 2026Dec 2025
Promoters74.20%74.20%74.30%74.40%
Public25.80%25.80%25.70%25.60%

Charges & borrowings

Open charges
₹283.97 Cr
Satisfied charges
₹9.11 Cr
Breakdown by lending institutions
Hdfc Bank Limited₹147.36 Cr
Canara Bank₹87.84 Cr
Others₹48.77 Cr
Latest charge details
DateCharge IDLenderAmountStatusModified or satisfied on
21 Jul 2026101360227Hdfc Bank Limited₹12.36 CrOpen
15 Jul 2026101345199Others₹1.27 CrOpen
15 Jan 2026101246336Canara Bank₹25 LakhOpen
08 Dec 2025101212884Others₹40 CrOpen
27 Oct 2023100808382Others₹7.5 CrOpen

To see the full charge records of Ice Make Refrigeration Limited, buy the company report.

Total charge records: 12 View all charges

Deals & funding

Ice Make Refrigeration Limited has 6 deals on record (5 market trades, 1 ipo); the latest was in June 2024.

Total deals
6
Market trades
5
IPO
1

Deals on record (4 of 6)

WhenDealAmountParties
Jun 2024Market trade₹7.3 CrBuyer: Graviton Research Capital LLP
Seller: Graviton Research Capital LLP
May 2024Market trade₹8.55 CrBuyer: Graviton Research Capital LLP
Seller: Graviton Research Capital LLP
Mar 2022Market trade₹2.16 CrBuyer: XTX Markets LLP , Graviton Research Capital LLP
Seller: XTX Markets LLP , Graviton Research Capital LLP
Nov 2017IPO₹23.71 CrInvestors: Public Investors

To see the full deal history of Ice Make Refrigeration Limited, buy the company report.

Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.

Credit ratings & regulatory alerts

Ice Make Refrigeration Limited was last rated by Care on 30 Dec 2021.

Rating agencyRated onRating
Care30 Dec 2021

To see the full credit ratings and regulatory alerts of Ice Make Refrigeration Limited, buy the company report.

MSME payment delays

Ice Make Refrigeration Limited has 3 MSME Form 1 returns on record for the period ending Sep 2019, listing 40 overdue payments to 14 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.

Suppliers with reported dues (5 of 14)

SupplierAmount dueDue sinceReported on
Collective Trade Links Private Limited
an individual supplier
Precision Mass Products Private Limited
an individual supplier
Digicon Automation Private Limited

To see the full MSME payment records of Ice Make Refrigeration Limited, buy the company report.

Individuals and sole proprietors among the suppliers are not named.

Group structure & subsidiaries

Ice Make Refrigeration has 2 subsidiary companies. This group structure data is as of FY 2023. The table lists each entity with its relationship and holding.

2
Subsidiary companies
Key subsidiaries
Company NameCINShares held
Bharat Refrigerations Private LimitedU29191GJ2005PTC113576
Icebest Private LimitedU29304GJ2022PTC137826

To see the full group structure of Ice Make Refrigeration Limited, buy the company report.

Employees & EPFO

Ice Make Refrigeration Limited has a workforce of 161 employees on its EPFO records as of Apr 07, 2024, across 1 active EPFO establishment.

Employee count
161
Active EPFO establishments
1
Employee growth
1.26%

GST

Ice Make Refrigeration has 3 GST registrations: 3 active.

Total GSTINs
3
Active
3
GSTINStateStatusRegistered on
24AACCI0566L1ZKGujaratActive01 Jul 2017
01AACCI0566L1ZSJammu and KashmirActive04 Sep 2023
19AACCI0566L1ZBWest BengalActive27 Oct 2023

To see the full GST registrations and return filing status of Ice Make Refrigeration Limited, buy the company report.

Recent activity

Ice Make Refrigeration Limited has 10 board changes on record since 2009: 8 appointments and 2 cessations. The latest: Hasmukhbhai Baldevbhai Patel ceased to be Director on 26 Apr 2021.

Charges
A charge with Hdfc Bank Limited of Rs. 12.36 Cr registered on 21 Jul 2026 with Charge ID 101360227 was modified on 01 Aug 2026.
Charges
A charge with Hdfc Bank Limited of Rs. 87.00 Cr registered on 25 Nov 2020 with Charge ID 100399981 was modified on 01 Aug 2026.
Charges
A charge with Canara Bank of Rs. 60.59 Cr registered on 13 Jul 2009 with Charge ID 10166473 was modified on 01 Aug 2026.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 12.36 Cr with Charge ID 101360227 was registered on 21 Jul 2026.
Charges
A charge with Others amounted to Rs. 1.27 Cr with Charge ID 101345199 was registered on 15 Jul 2026.
Charges
A charge with Canara Bank amounted to Rs. 0.25 Cr with Charge ID 101246336 was registered on 15 Jan 2026.
Charges
A charge with Others amounted to Rs. 40.00 Cr with Charge ID 101212884 was registered on 08 Dec 2025.
AGM
Ice Make Refrigeration Limited last Annual general meeting of members was held on 27 Sep 2025 as per latest MCA records.
Charges
A charge registered on 18 Sep 2019 via Charge ID 100292401 with Canara Bank was fully satisfied on 09 Sep 2025.
Filing
Ice Make Refrigeration Limited has filed its annual Financial statements for the year ended 31 Mar 2025 with Roc Ahmedabad.
Charges
A charge with Hdfc Bank Limited of Rs. 48.00 Cr registered on 27 Jul 2023 with Charge ID 100756796 was modified on 15 Mar 2024.
Charges
A charge with Others amounted to Rs. 7.50 Cr with Charge ID 100808382 was registered on 27 Oct 2023.

21 earlier events are in the company report.

News

Frequently asked questions

Ice Make Refrigeration is an active public limited company based in Ahmedabad, Gujarat, India. The company works in white goods retail and distribution, within the consumer electronics and durables industry. It was incorporated on 31 March 2009 (17+ years old) and is registered under CIN L29220GJ2009PLC056482. Listed on NSE: ICEMAKE.

Ice Make Refrigeration reported revenue of ₹668.2 Cr for FY 2025-26 (up 39.3% YoY) based on consolidated financials.

Ice Make Refrigeration has 6 current directors:

The latest financial statements of Ice Make Refrigeration on record with the MCA are for the year ended 31 March 2025. Its last annual general meeting was held on 27 September 2025. Year-wise statements from 2015 are in the company report.

The GSTIN of Ice Make Refrigeration is 24AACCI0566L1ZK, registered in Gujarat. The company has 3 GST registrations in all, of which 3 are active. Other active GSTINs include 01AACCI0566L1ZS (Jammu and Kashmir), 19AACCI0566L1ZB (West Bengal).

The CIN (Corporate Identification Number) of Ice Make Refrigeration is L29220GJ2009PLC056482. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.

Yes. Ice Make Refrigeration is listed on NSE with symbol ICEMAKE.

Ice Make Refrigeration has 14 court cases on record: 11 filed by the company and 3 filed against it. 3 are pending. Most are in the district courts.

Ice Make Refrigeration was incorporated on 31 March 2009, making it 17+ years old. It is registered with the Registrar of Companies, Ahmedabad.

Ice Make Refrigeration has 6 deals on record (5 market trades, 1 ipo); the latest was in June 2024.

The peers of Ice Make Refrigeration by revenue are Universal Comfort Products Limited, Frigoglass India Private Limited, Applicomp (India) Limited, Rockwell Industries Limited, Summer Cool Home Appliances Limited and 2 more, all in the Consumer Durables industry (White Goods), with the same principal business activity (electrical equipment, general purpose and special purpose machinery & equipment, transport equipment).

Hasmukhbhai Baldevbhai Patel ceased to be Director on 26 Apr 2021. Darsha Kikani was appointed as Director on 05 Sep 2017. Harshadrai Premshanker Pandya was appointed as Director on 05 Sep 2017. Ice Make Refrigeration has 10 board changes on record in total.