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Last Updated: April 2, 2026, 3:04 am
Author: Getaka|Social: XLinkedIn

ICE Make Refrigeration Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹979.81Undervalued by 43.25%vs CMP ₹684.00

P/E (78.3) × ROE (20.3%) × BV (₹76.80) × DY (0.33%)

₹343.83Overvalued by 49.73%vs CMP ₹684.00
MoS: -98.9% (Negative)Confidence: 63/100 (Moderate)Models: 1 Under, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹1,111.1323%Under (+62.4%)
Graham NumberEarnings₹122.8916%Over (-82%)
Earnings PowerEarnings₹15.2411%Over (-97.8%)
DCFCash Flow₹61.6614%Over (-91%)
Net Asset ValueAssets₹76.637%Over (-88.8%)
EV/EBITDAEnterprise₹215.979%Over (-68.4%)
Earnings YieldEarnings₹87.407%Over (-87.2%)
ROCE CapitalReturns₹178.467%Over (-73.9%)
Revenue MultipleRevenue₹304.005%Over (-55.6%)
Consensus (9 models)₹343.83100%Overvalued
Key Drivers: Wide model spread (₹15–₹1,111) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 13.4%

*Investments are subject to market risks

Investment Snapshot

72
ICE Make Refrigeration Ltd scores 72/100 (Strong)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health84/100 · Strong
ROCE 20.6% ExcellentROE 20.3% ExcellentD/E 0.13 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money65/100 · Strong
FII holding stable No changeDII holding up 1.12% MF buyingPromoter holding at 74.3% Stable
Earnings Quality60/100 · Moderate
OPM stable around 10% SteadyWorking capital: 21 days (improving) Efficient
Quarterly Momentum60/100 · Moderate
Revenue (4Q): +35% YoY AcceleratingProfit (4Q): -46% YoY Declining
Industry Rank90/100 · Strong
P/E 78.3 vs industry 112.3 Cheaper than peersROCE 20.6% vs industry 16.4% Above peers3Y sales CAGR: 33% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:04 am

Market Cap 1,080 Cr.
Current Price 684
Intrinsic Value₹343.83
High / Low 1,089/660
Stock P/E78.3
Book Value 76.8
Dividend Yield0.33 %
ROCE20.6 %
ROE20.3 %
Face Value 10.0
PEG Ratio5.84

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for ICE Make Refrigeration Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
ICE Make Refrigeration Ltd 1,080 Cr. 684 1,089/66078.3 76.80.33 %20.6 %20.3 % 10.0
HMA Agro Industries Ltd 1,171 Cr. 23.4 38.2/20.06.89 17.31.28 %11.8 %11.5 % 1.00
Apis India Ltd 832 Cr. 60.4 110/11.238.5 13.30.00 %14.4 %15.2 % 10.0
SKM Egg Products Export (India) Ltd 832 Cr. 158 232/75.510.7 64.30.47 %13.1 %11.8 % 5.00
Euro India Fresh Foods Ltd 561 Cr. 226 306/171193 29.00.00 %9.90 %8.05 % 10.0
Industry Average19,776.38 Cr581.69112.2889.800.31%16.37%17.51%5.63

All Competitor Stocks of ICE Make Refrigeration Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 66.68113.5679.1476.8982.43139.9285.23103.39110.56180.35111.50147.49153.36
Expenses 59.37101.4170.9669.3178.13119.2379.1994.94103.89158.96107.10137.88143.46
Operating Profit 7.3112.158.187.584.3020.696.048.456.6721.394.409.619.90
OPM % 10.96%10.70%10.34%9.86%5.22%14.79%7.09%8.17%6.03%11.86%3.95%6.52%6.46%
Other Income 0.140.730.170.130.100.230.100.120.220.460.130.090.13
Interest 0.570.190.230.700.660.520.450.901.151.632.292.733.85
Depreciation 1.001.060.971.011.031.070.951.042.154.164.084.204.28
Profit before tax 5.8811.637.156.002.7119.334.746.633.5916.06-1.842.771.90
Tax % 24.66%25.80%25.17%25.17%25.46%26.23%23.00%27.75%22.01%27.40%-20.11%27.08%23.68%
Net Profit 4.438.635.364.492.0214.263.644.792.8111.67-1.472.031.45
EPS in Rs 2.815.473.402.861.289.062.353.051.827.42-0.901.290.93

Last Updated: March 4, 2026, 9:15 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 10:46 am

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 88103132138135206312378480593
Expenses 7890118124124192280338437547
Operating Profit 10131413101432414345
OPM % 11%12%10%10%8%7%10%11%9%8%
Other Income 0000111111
Interest 12122212410
Depreciation 22254444817
Profit before tax 71011751028353119
Tax % 32%32%29%27%32%25%26%26%26%
Net Profit 57754721262314
EPS in Rs 6.954.234.773.222.304.6613.1816.6414.658.74
Dividend Payout % 0%24%25%37%52%26%14%12%15%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)40.00%0.00%-28.57%-20.00%75.00%200.00%23.81%-11.54%
Change in YoY Net Profit Growth (%)0.00%-40.00%-28.57%8.57%95.00%125.00%-176.19%-35.35%

ICE Make Refrigeration Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 8 years from 2017-2018 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:%
5 Years:28%
3 Years:33%
TTM:32%
Compounded Profit Growth
10 Years:%
5 Years:36%
3 Years:47%
TTM:-27%
Stock Price CAGR
10 Years:%
5 Years:66%
3 Years:48%
1 Year:5%
Return on Equity
10 Years:%
5 Years:21%
3 Years:25%
Last Year:20%

Last Updated: September 5, 2025, 6:35 am

Balance Sheet

Last Updated: February 1, 2026, 12:48 am

MonthMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 7161616161616161616
Reserves 829343841466588108105
Borrowings 1510317101152786169
Other Liabilities 2527293442527380158137
Total Liabilities 558183105108125159211368426
Fixed Assets 1113233130323250133141
CWIP -01-0-01-0012612
Investments -0-0-0-0-0-05000
Other Assets 446860747793122149229274
Total Assets 558183105108125159211368426

Reserves and Borrowings Chart

Cash Flow

MonthMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 8-280128241030
Cash from Investing Activity + -4-4-12-7-3-5-14-23-83
Cash from Financing Activity + -016-105-9-3-91749
Net Cash Flow 311-13-1-0014-5
Free Cash Flow 4-7-3-87421-23-52
CFO/OP 95%14%87%18%140%74%97%47%91%

Free Cash Flow

MonthMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-5.003.0011.00-4.000.003.0027.0014.00-43.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 667860696860636372
Inventory Days 1141351211561611238684118
Days Payable 109968592103838476121
Cash Conversion Cycle 7111696132125100647169
Working Capital Days 95264596953434821
ROCE %27%22%15%11%17%37%34%21%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 74.49%74.49%74.49%74.49%74.49%74.49%74.49%74.49%74.41%74.40%74.36%74.26%
FIIs 0.05%0.05%0.05%0.02%0.00%0.02%0.00%0.00%0.33%0.01%0.01%0.11%
DIIs 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.58%0.87%1.21%1.31%1.99%
Public 25.46%25.46%25.46%25.49%25.51%25.50%25.51%24.93%24.39%24.38%24.32%23.64%
No. of Shareholders 10,04211,56614,48119,28522,66823,22524,54324,77624,63325,65625,19424,249

Shareholding Pattern Chart

No. of Shareholders

ICE Make Refrigeration Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 14.6516.6413.194.662.31
Diluted EPS (Rs.) 14.6516.6413.194.652.30
Cash EPS (Rs.) 19.7819.1515.666.985.09
Book Value[Excl.RevalReserv]/Share (Rs.) 78.6066.0351.4139.2835.93
Book Value[Incl.RevalReserv]/Share (Rs.) 78.6066.0351.4139.2835.93
Revenue From Operations / Share (Rs.) 303.88239.79197.85131.2685.92
PBDIT / Share (Rs.) 27.5326.2321.069.677.37
PBIT / Share (Rs.) 22.2723.6518.597.354.59
PBT / Share (Rs.) 19.6622.3117.796.253.37
Net Profit / Share (Rs.) 14.5116.5613.184.662.31
NP After MI And SOA / Share (Rs.) 14.6516.6413.184.662.31
PBDIT Margin (%) 9.0510.9310.647.368.57
PBIT Margin (%) 7.329.869.395.605.33
PBT Margin (%) 6.469.308.994.763.92
Net Profit Margin (%) 4.776.906.663.552.68
NP After MI And SOA Margin (%) 4.816.936.663.552.68
Return on Networth / Equity (%) 18.6325.1925.6411.866.41
Return on Capital Employeed (%) 19.7428.6834.0217.1611.66
Return On Assets (%) 6.2812.4113.085.853.35
Long Term Debt / Equity (X) 0.380.220.030.050.05
Total Debt / Equity (X) 0.650.240.030.140.13
Asset Turnover Ratio (%) 1.662.042.201.731.24
Current Ratio (X) 1.171.721.701.561.58
Quick Ratio (X) 0.590.980.990.690.71
Inventory Turnover Ratio (X) 5.714.714.253.432.59
Dividend Payout Ratio (NP) (%) 13.6510.819.1025.7315.53
Dividend Payout Ratio (CP) (%) 10.049.367.6617.197.03
Earning Retention Ratio (%) 86.3589.1990.9074.2784.47
Cash Earning Retention Ratio (%) 89.9690.6492.3482.8192.97
Interest Coverage Ratio (X) 10.5519.5726.578.796.07
Interest Coverage Ratio (Post Tax) (X) 6.5613.3617.635.242.90
Enterprise Value (Cr.) 1497.64763.24406.77158.84110.83
EV / Net Operating Revenue (X) 3.122.021.300.770.82
EV / EBITDA (X) 34.4718.4412.2410.469.59
MarketCap / Net Operating Revenue (X) 2.961.971.330.730.77
Retention Ratios (%) 86.3489.1890.8974.2684.46
Price / BV (X) 11.457.175.102.471.86
Price / Net Operating Revenue (X) 2.961.971.330.730.77
EarningsYield 0.010.030.050.040.03

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

ICE Make Refrigeration Ltd. is a Public Limited Listed company incorporated on 31/03/2009 and has its registered office in the State of Gujarat, India. Company's Corporate Identification Number(CIN) is L29220GJ2009PLC056482 and registration number is 056482. Currently Company is involved in the business activities of Other manufacturing. Company's Total Operating Revenue is Rs. 471.79 Cr. and Equity Capital is Rs. 15.78 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Engineering - GeneralB-1, Vasupujya Chamber, Ahmedabad Gujarat 380009Contact not found
Management
NamePosition Held
Mr. Chandrakant P PatelChairman & Managing Director
Mr. Rajendra P PatelJoint Managing Director
Mr. Vipul I PatelJoint Managing Director
Mr. Harshadrai P PandyaIndependent Director
Mr. Krishnakant L PatelIndependent Director
Ms. Darsha R KikaniIndependent Director

FAQ

What is the intrinsic value of ICE Make Refrigeration Ltd and is it undervalued?

As of 12 April 2026, ICE Make Refrigeration Ltd's intrinsic value is ₹343.83, which is 49.73% lower than the current market price of ₹684.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (20.3 %), book value (₹76.8), dividend yield (0.33 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of ICE Make Refrigeration Ltd?

ICE Make Refrigeration Ltd is trading at ₹684.00 as of 12 April 2026, with a FY2026-2027 high of ₹1,089 and low of ₹660. The stock is currently near its 52-week low. Market cap stands at ₹1,080 Cr..

How does ICE Make Refrigeration Ltd's P/E ratio compare to its industry?

ICE Make Refrigeration Ltd has a P/E ratio of 78.3, which is below the industry average of 112.28. This is broadly in line with or below the industry average.

Is ICE Make Refrigeration Ltd financially healthy?

Key indicators for ICE Make Refrigeration Ltd: ROCE of 20.6 % indicates efficient capital utilization; ROE of 20.3 % shows strong shareholder returns. Dividend yield is 0.33 %.

Is ICE Make Refrigeration Ltd profitable and how is the profit trend?

ICE Make Refrigeration Ltd reported a net profit of ₹23 Cr in Mar 2025 on revenue of ₹480 Cr. Compared to ₹7 Cr in Mar 2022, the net profit shows an improving trend.

Does ICE Make Refrigeration Ltd pay dividends?

ICE Make Refrigeration Ltd has a dividend yield of 0.33 % at the current price of ₹684.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in ICE Make Refrigeration Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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