Ice Make Refrigeration Limited

About

Ice Make Refrigeration Limited, together with its subsidiaries, manufactures and supplies refrigeration products and equipment under the Ice Make, Bharat, and TransFreez brands in India. The company offers cold storage products, including modular, combi, walk-in, custom-built, and solar cold rooms, as well as blast freezers and chillers, glass door display chillers, ripening chambers, cold room PUF panel and accessories, and cold room refrigeration units; and chest freezers and visi coolers. It also provides commercial refrigeration consisting of dairy processing plant solutions; curd incubation and mortuary chambers; ice cream plants; bulk milk chillers; batch pasteurizers; ageing vat; ice candy production machines; ice cream hardeners; mini blast freezers and chillers; heat pump food dehydrators; vacuum freeze dryers; and commercial, reach-in, and merchandising freezers. In addition, the company offers continuous sandwich PUF panels; industrial refrigeration products, including chilling plants and ice building tanks; transport refrigeration products comprising refrigerator, eutectic mobile, dry insulated, and MS corrugated refrigerated containers; and ammonia refrigeration products, such as turnkey projects for cold storages, and glycol and water chillers. It sells its products through dealers. The company exports its products to approximately 24 countries. It serves the dairy, agriculture, cold chain, food processing, retail, pharmaceutical, ice cream, hospitality, hospital, logistics, chemical, and e-commerce industries. Ice Make Refrigeration Limited was founded in 1989 and is headquartered in Gandhinagar, India.

Key Metrics

as of Sep 2026

Market Cap1,165 Cr

P/E97.40

Div Yield0.30 %

Book Value₹84.30

52w High₹920.00

52w Low₹660.00

Face Value₹10.00

Quarterly Results

Rs. Crores · hover row for definition

Metric	Jun 2026	Mar 2026	Dec 2025	Sep 2025	Jun 2025	Mar 2025	Dec 2024	Sep 2024	Jun 2024	Mar 2024	Dec 2023	Sep 2023	Jun 2023
Sales	178.88	255.85	153.36	147.49	111.50	180.35	110.56	103.39	85.23	139.92	82.43	76.89	79.14
Expenses	175.90	234.46	143.46	137.88	107.10	158.96	103.89	94.94	79.19	119.23	78.13	69.31	70.96
Operating Profit	2.98	21.39	9.90	9.61	4.40	21.39	6.67	8.45	6.04	20.69	4.30	7.58	8.18
OPM %	1.67	8.36	6.46	6.52	3.95	11.86	6.03	8.17	7.09	14.79	5.22	9.86	10.34
Other Income	0.11	0.38	0.13	0.09	0.13	0.46	0.22	0.12	0.10	0.23	0.10	0.13	0.17
Depreciation	2.05	4.49	4.28	4.20	4.08	4.16	2.15	1.04	0.95	1.07	1.03	1.01	0.97
Interest	3.27	3.72	3.85	2.73	2.29	1.63	1.15	0.90	0.45	0.52	0.66	0.70	0.23
Profit before tax	-2.23	13.56	1.90	2.77	-1.84	16.06	3.59	6.63	4.74	19.33	2.71	6.00	7.15
Tax %	-26.01	25.37	23.68	27.08	-20.11	27.40	22.01	27.75	23.00	26.23	25.46	25.17	25.17
Net Profit	-1.66	10.12	1.45	2.03	-1.47	11.67	2.81	4.79	3.64	14.26	2.02	4.49	5.36
EPS in Rs	-1.04	6.41	0.93	1.29	-0.90	7.42	1.82	3.05	2.35	9.06	1.28	2.86	3.40

Profit & Loss

Annual · Rs. Crores

Metric	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020	Mar 2019	Mar 2018	Mar 2017
Sales	668.00	480.00	378.00	312.00	206.00	135.00	138.00	132.00	103.00	88.00
Expenses	623.00	437.00	338.00	280.00	192.00	124.00	125.00	118.00	90.00	78.00
Operating Profit	45.00	43.00	41.00	32.00	14.00	10.00	13.00	14.00	13.00	10.00
OPM %	7.00	9.00	11.00	10.00	7.00	8.00	9.00	10.00	12.00	11.00
Other Income	1.00	1.00	1.00	1.00	1.00	1.00	0.00	0.00	0.00	0.00
Interest	13.00	4.00	2.00	1.00	2.00	2.00	2.00	1.00	2.00	1.00
Depreciation	17.00	8.00	4.00	4.00	4.00	4.00	3.00	2.00	2.00	2.00
Profit before tax	16.00	31.00	35.00	28.00	10.00	5.00	8.00	11.00	10.00	7.00
Tax %	26.00	26.00	26.00	26.00	25.00	32.00	26.00	29.00	32.00	32.00
Net Profit	12.00	23.00	26.00	21.00	7.00	4.00	6.00	7.00	7.00	5.00
EPS in Rs	7.73	14.65	16.64	13.18	4.66	2.30	3.64	4.77	4.23	6.95
Dividend Payout %	29.00	15.00	12.00	14.00	26.00	52.00	33.00	25.00	24.00	0.00

Balance Sheet

Annual · Rs. Crores — latest first

Metric	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020	Mar 2019	Mar 2018	Mar 2017
Equity Capital	16.00	16.00	16.00	16.00	16.00	16.00	16.00	16.00	16.00	7.00
Reserves	117.00	108.00	88.00	65.00	46.00	41.00	38.00	34.00	29.00	8.00
Borrowings	158.00	86.00	27.00	5.00	11.00	10.00	17.00	3.00	10.00	15.00
Other Liabilities	212.00	158.00	80.00	73.00	52.00	42.00	34.00	29.00	27.00	25.00
Total Liabilities	504.00	368.00	211.00	159.00	125.00	108.00	105.00	83.00	81.00	55.00
Fixed Assets	140.00	133.00	50.00	32.00	32.00	30.00	27.00	23.00	13.00	11.00
CWIP	25.00	6.00	12.00	0.00	0.00	1.00	0.00	0.00	1.00	0.00
Investments	0.00	0.00	0.00	5.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	338.00	229.00	149.00	122.00	93.00	77.00	78.00	60.00	68.00	44.00
Total Assets	504.00	368.00	211.00	159.00	125.00	108.00	105.00	83.00	81.00	55.00

Cash Flows

Annual · Rs. Crores — latest first

Metric	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020	Mar 2019	Mar 2018	Mar 2017
Cash from Operating Activity	-11.00	30.00	10.00	24.00	8.00	12.00	-1.00	8.00	-2.00	8.00
Cash from Investing Activity	-40.00	-83.00	-23.00	-14.00	-5.00	-3.00	-7.00	-12.00	-4.00	-4.00
Cash from Financing Activity	52.00	49.00	17.00	-9.00	-3.00	-9.00	6.00	-10.00	16.00	0.00
Net Cash Flow	1.00	-5.00	4.00	1.00	0.00	0.00	-2.00	-13.00	11.00	3.00
Free Cash Flow	-50.00	-52.00	-23.00	21.00	4.00	7.00	-9.00	-3.00	-7.00	4.00
CFO/OP %	-8.00	91.00	47.00	97.00	74.00	140.00	12.00	87.00	14.00	95.00

Ratios

Annual · Days / % — latest first

Metric	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020	Mar 2019	Mar 2018	Mar 2017
Debtor Days	84.00	72.00	63.00	63.00	60.00	68.00	69.00	60.00	78.00	66.00
Inventory Days	114.00	118.00	84.00	86.00	123.00	161.00	156.00	121.00	135.00	114.00
Days Payable	108.00	121.00	76.00	84.00	83.00	103.00	92.00	85.00	96.00	109.00
Cash Conversion Cycle	89.00	69.00	71.00	64.00	100.00	125.00	132.00	96.00	116.00	71.00
Working Capital Days	23.00	21.00	48.00	43.00	53.00	69.00	62.00	64.00	52.00	9.00
ROCE %	12.00	21.00	34.00	37.00	17.00	10.00	15.00	22.00	27.00	—

Shareholding Pattern

% holding — latest first

Holder	Jun 2026	Mar 2026	Dec 2025	Sep 2025	Jun 2025	Mar 2025	Dec 2024	Sep 2024	Jun 2024	Mar 2024	Dec 2023	Sep 2023
Promoters	74.20	74.20	74.26	74.36	74.40	74.41	74.49	74.49	74.49	74.49	74.49	74.49
FIIs	0.31	0.22	0.11	0.01	0.01	0.33	0.00	0.00	0.02	0.00	0.02	0.05
DIIs	1.38	1.64	1.99	1.31	1.21	0.87	0.58	0.00	0.00	0.00	0.00	0.00
Public	24.11	23.94	23.64	24.32	24.38	24.39	24.93	25.51	25.50	25.51	25.49	25.46
No. of Shareholders	23,616	25,551	24,249	25,194	25,656	24,633	24,776	24,543	23,225	22,668	19,285	14,481

Corporate Actions

5 records

Action	Ex Date	Record Date	Ratio	Amount (₹)
Dividend	19 Sep 2025	20 Sep 2025	—	2.25
Dividend	20 Sep 2024	—	—	2.00
Dividend	15 Sep 2023	—	—	1.80
Dividend	08 Sep 2022	—	—	1.20
Dividend	16 Sep 2021	—	—	1.20

Announcements

5 filings

Analysts/Institutional Investor Meet/Con. Call Updates
24 Aug 2026 24 Aug - Q1 FY27 revenue rose 60% to ₹178.88 crore; EBITDA margin 1.7%; Galilei JV discussed.
Copy of Newspaper Publication
22 Aug 2026 22 Aug - Submitted newspaper clippings for AGM notice published on 22 August 2026.
Analysts/Institutional Investor Meet/Con. Call Updates
21 Aug 2026 21 Aug - ICEMAKE to meet Phillip Capital analysts/investors on August 26, 2026; investor presentation enclosed.
Amendment to AOA/MOA
19 Aug 2026 19 Aug - Shareholders approved amended AOA for Galilei’s rights, board seat, and 20% stake option.
Shareholders meeting
19 Aug 2026 19 Aug - EGM approved 4 special resolutions, including preferential issue of 23,67,573 shares and creation of mortgage/charge.

Annual Reports

Credit Ratings

Rating update
8 Jan from care
Rating update
20 Dec 2024 from care
Rating update
5 Jan 2024 from care
Rating update
23 Dec 2022 from care
Rating update
30 Dec 2021 from care
Rating update
5 Jan 2021 from care

Conference Calls

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