ICE Make Refrigeration Ltd: Intrinsic Value & Share Price Analysis

Share Price and Basic Stock Data

Last Updated: November 3, 2025, 8:54 pm

Competitors of ICE Make Refrigeration Ltd

All Competitor Stocks of ICE Make Refrigeration Ltd

Quarterly Result

Last Updated: August 20, 2025, 9:30 am

Below is a detailed analysis of the quarterly data for ICE Make Refrigeration Ltd based on the most recent figures (Jun 2025) and their trends compared to the previous period:

• For Sales, as of Jun 2025, the value is 111.50 Cr.. The value appears to be declining and may need further review. It has decreased from 180.35 Cr. (Mar 2025) to 111.50 Cr., marking a decrease of 68.85 Cr..
• For Expenses, as of Jun 2025, the value is 107.10 Cr.. The value appears to be improving (decreasing) as expected. It has decreased from 158.96 Cr. (Mar 2025) to 107.10 Cr., marking a decrease of 51.86 Cr..
• For Operating Profit, as of Jun 2025, the value is 4.40 Cr.. The value appears to be declining and may need further review. It has decreased from 21.39 Cr. (Mar 2025) to 4.40 Cr., marking a decrease of 16.99 Cr..
• For OPM %, as of Jun 2025, the value is 3.95%. The value appears to be declining and may need further review. It has decreased from 11.86% (Mar 2025) to 3.95%, marking a decrease of 7.91%.
• For Other Income, as of Jun 2025, the value is 0.13 Cr.. The value appears to be declining and may need further review. It has decreased from 0.46 Cr. (Mar 2025) to 0.13 Cr., marking a decrease of 0.33 Cr..
• For Interest, as of Jun 2025, the value is 2.29 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 1.63 Cr. (Mar 2025) to 2.29 Cr., marking an increase of 0.66 Cr..
• For Depreciation, as of Jun 2025, the value is 4.08 Cr.. The value appears to be improving (decreasing) as expected. It has decreased from 4.16 Cr. (Mar 2025) to 4.08 Cr., marking a decrease of 0.08 Cr..
• For Profit before tax, as of Jun 2025, the value is -1.84 Cr.. The value appears to be declining and may need further review. It has decreased from 16.06 Cr. (Mar 2025) to -1.84 Cr., marking a decrease of 17.90 Cr..
• For Tax %, as of Jun 2025, the value is -20.11%. The value appears to be improving (decreasing) as expected. It has decreased from 27.40% (Mar 2025) to -20.11%, marking a decrease of 47.51%.
• For Net Profit, as of Jun 2025, the value is -1.47 Cr.. The value appears to be declining and may need further review. It has decreased from 11.67 Cr. (Mar 2025) to -1.47 Cr., marking a decrease of 13.14 Cr..
• For EPS in Rs, as of Jun 2025, the value is -0.90. The value appears to be declining and may need further review. It has decreased from 7.42 (Mar 2025) to -0.90, marking a decrease of 8.32.

Overall, while many items appear to show a positive trend, any significant downward movement warrant further investigation.

Profit & Loss - Annual Report

Last Updated: August 22, 2025, 6:01 pm

Growth

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

Balance Sheet

Last Updated: June 16, 2025, 12:00 pm

Below is a detailed analysis of the balance sheet data for ICE Make Refrigeration Ltd based on the most recent figures (Mar 2025) and their trends compared to the previous period:

• For Equity Capital, as of Mar 2025, the value is 16.00 Cr.. The value remains steady. There is no change compared to the previous period (Mar 2024) which recorded 16.00 Cr..
• For Reserves, as of Mar 2025, the value is 108.00 Cr.. The value appears strong and on an upward trend. It has increased from 88.00 Cr. (Mar 2024) to 108.00 Cr., marking an increase of 20.00 Cr..
• For Borrowings, as of Mar 2025, the value is 86.00 Cr.. The value appears to be increasing, which may not be favorable. Additionally, since Reserves exceed Borrowings, this is considered a positive sign. It has increased from 27.00 Cr. (Mar 2024) to 86.00 Cr., marking an increase of 59.00 Cr..
• For Other Liabilities, as of Mar 2025, the value is 158.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 80.00 Cr. (Mar 2024) to 158.00 Cr., marking an increase of 78.00 Cr..
• For Total Liabilities, as of Mar 2025, the value is 368.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 211.00 Cr. (Mar 2024) to 368.00 Cr., marking an increase of 157.00 Cr..
• For Fixed Assets, as of Mar 2025, the value is 133.00 Cr.. The value appears strong and on an upward trend. It has increased from 50.00 Cr. (Mar 2024) to 133.00 Cr., marking an increase of 83.00 Cr..
• For CWIP, as of Mar 2025, the value is 6.00 Cr.. The value appears to be declining and may need further review. It has decreased from 12.00 Cr. (Mar 2024) to 6.00 Cr., marking a decrease of 6.00 Cr..
• For Investments, as of Mar 2025, the value is 0.00 Cr.. The value remains steady. There is no change compared to the previous period (Mar 2024) which recorded 0.00 Cr..
• For Other Assets, as of Mar 2025, the value is 229.00 Cr.. The value appears strong and on an upward trend. It has increased from 149.00 Cr. (Mar 2024) to 229.00 Cr., marking an increase of 80.00 Cr..
• For Total Assets, as of Mar 2025, the value is 368.00 Cr.. The value appears strong and on an upward trend. It has increased from 211.00 Cr. (Mar 2024) to 368.00 Cr., marking an increase of 157.00 Cr..

Notably, the Reserves (108.00 Cr.) exceed the Borrowings (86.00 Cr.), indicating a solid financial buffer.

Overall, while many items appear to show a positive trend, any significant downward movement or items where Borrowings exceed Reserves warrant further investigation.

Free Cash Flow

Financial Efficiency Indicators

Share Holding Pattern

Key Financial Ratios

After reviewing the key financial ratios for ICE Make Refrigeration Ltd, here is a detailed analysis based on the latest available data and recent trends:

• For FaceValue, as of Mar 25, the value is 10.00. This value is within the healthy range. There is no change compared to the previous period (Mar 24) which recorded 10.00.
• For Basic EPS (Rs.), as of Mar 25, the value is 14.65. This value is within the healthy range. It has decreased from 16.64 (Mar 24) to 14.65, marking a decrease of 1.99.
• For Diluted EPS (Rs.), as of Mar 25, the value is 14.65. This value is within the healthy range. It has decreased from 16.64 (Mar 24) to 14.65, marking a decrease of 1.99.
• For Cash EPS (Rs.), as of Mar 25, the value is 19.78. This value is within the healthy range. It has increased from 19.15 (Mar 24) to 19.78, marking an increase of 0.63.
• For Book Value[Excl.RevalReserv]/Share (Rs.), as of Mar 25, the value is 78.60. It has increased from 66.03 (Mar 24) to 78.60, marking an increase of 12.57.
• For Book Value[Incl.RevalReserv]/Share (Rs.), as of Mar 25, the value is 78.60. It has increased from 66.03 (Mar 24) to 78.60, marking an increase of 12.57.
• For Revenue From Operations / Share (Rs.), as of Mar 25, the value is 303.88. It has increased from 239.79 (Mar 24) to 303.88, marking an increase of 64.09.
• For PBDIT / Share (Rs.), as of Mar 25, the value is 27.53. This value is within the healthy range. It has increased from 26.23 (Mar 24) to 27.53, marking an increase of 1.30.
• For PBIT / Share (Rs.), as of Mar 25, the value is 22.27. This value is within the healthy range. It has decreased from 23.65 (Mar 24) to 22.27, marking a decrease of 1.38.
• For PBT / Share (Rs.), as of Mar 25, the value is 19.66. This value is within the healthy range. It has decreased from 22.31 (Mar 24) to 19.66, marking a decrease of 2.65.
• For Net Profit / Share (Rs.), as of Mar 25, the value is 14.51. This value is within the healthy range. It has decreased from 16.56 (Mar 24) to 14.51, marking a decrease of 2.05.
• For NP After MI And SOA / Share (Rs.), as of Mar 25, the value is 14.65. This value is within the healthy range. It has decreased from 16.64 (Mar 24) to 14.65, marking a decrease of 1.99.
• For PBDIT Margin (%), as of Mar 25, the value is 9.05. This value is below the healthy minimum of 10. It has decreased from 10.93 (Mar 24) to 9.05, marking a decrease of 1.88.
• For PBIT Margin (%), as of Mar 25, the value is 7.32. This value is below the healthy minimum of 10. It has decreased from 9.86 (Mar 24) to 7.32, marking a decrease of 2.54.
• For PBT Margin (%), as of Mar 25, the value is 6.46. This value is below the healthy minimum of 10. It has decreased from 9.30 (Mar 24) to 6.46, marking a decrease of 2.84.
• For Net Profit Margin (%), as of Mar 25, the value is 4.77. This value is below the healthy minimum of 5. It has decreased from 6.90 (Mar 24) to 4.77, marking a decrease of 2.13.
• For NP After MI And SOA Margin (%), as of Mar 25, the value is 4.81. This value is below the healthy minimum of 8. It has decreased from 6.93 (Mar 24) to 4.81, marking a decrease of 2.12.
• For Return on Networth / Equity (%), as of Mar 25, the value is 18.63. This value is within the healthy range. It has decreased from 25.19 (Mar 24) to 18.63, marking a decrease of 6.56.
• For Return on Capital Employeed (%), as of Mar 25, the value is 19.74. This value is within the healthy range. It has decreased from 28.68 (Mar 24) to 19.74, marking a decrease of 8.94.
• For Return On Assets (%), as of Mar 25, the value is 6.28. This value is within the healthy range. It has decreased from 12.41 (Mar 24) to 6.28, marking a decrease of 6.13.
• For Long Term Debt / Equity (X), as of Mar 25, the value is 0.38. This value is within the healthy range. It has increased from 0.22 (Mar 24) to 0.38, marking an increase of 0.16.
• For Total Debt / Equity (X), as of Mar 25, the value is 0.65. This value is within the healthy range. It has increased from 0.24 (Mar 24) to 0.65, marking an increase of 0.41.
• For Asset Turnover Ratio (%), as of Mar 25, the value is 1.66. It has decreased from 2.04 (Mar 24) to 1.66, marking a decrease of 0.38.
• For Current Ratio (X), as of Mar 25, the value is 1.17. This value is below the healthy minimum of 1.5. It has decreased from 1.72 (Mar 24) to 1.17, marking a decrease of 0.55.
• For Quick Ratio (X), as of Mar 25, the value is 0.59. This value is below the healthy minimum of 1. It has decreased from 0.98 (Mar 24) to 0.59, marking a decrease of 0.39.
• For Inventory Turnover Ratio (X), as of Mar 25, the value is 4.09. This value is within the healthy range. It has decreased from 4.71 (Mar 24) to 4.09, marking a decrease of 0.62.
• For Dividend Payout Ratio (NP) (%), as of Mar 25, the value is 0.00. This value is below the healthy minimum of 20. It has decreased from 10.81 (Mar 24) to 0.00, marking a decrease of 10.81.
• For Dividend Payout Ratio (CP) (%), as of Mar 25, the value is 0.00. This value is below the healthy minimum of 20. It has decreased from 9.36 (Mar 24) to 0.00, marking a decrease of 9.36.
• For Earning Retention Ratio (%), as of Mar 25, the value is 0.00. This value is below the healthy minimum of 40. It has decreased from 89.19 (Mar 24) to 0.00, marking a decrease of 89.19.
• For Cash Earning Retention Ratio (%), as of Mar 25, the value is 0.00. This value is below the healthy minimum of 40. It has decreased from 90.64 (Mar 24) to 0.00, marking a decrease of 90.64.
• For Interest Coverage Ratio (X), as of Mar 25, the value is 10.55. This value is within the healthy range. It has decreased from 19.57 (Mar 24) to 10.55, marking a decrease of 9.02.
• For Interest Coverage Ratio (Post Tax) (X), as of Mar 25, the value is 6.56. This value is within the healthy range. It has decreased from 13.36 (Mar 24) to 6.56, marking a decrease of 6.80.
• For Enterprise Value (Cr.), as of Mar 25, the value is 1,497.64. It has increased from 763.24 (Mar 24) to 1,497.64, marking an increase of 734.40.
• For EV / Net Operating Revenue (X), as of Mar 25, the value is 3.12. This value exceeds the healthy maximum of 3. It has increased from 2.02 (Mar 24) to 3.12, marking an increase of 1.10.
• For EV / EBITDA (X), as of Mar 25, the value is 34.47. This value exceeds the healthy maximum of 15. It has increased from 18.44 (Mar 24) to 34.47, marking an increase of 16.03.
• For MarketCap / Net Operating Revenue (X), as of Mar 25, the value is 2.96. This value is within the healthy range. It has increased from 1.97 (Mar 24) to 2.96, marking an increase of 0.99.
• For Retention Ratios (%), as of Mar 25, the value is 0.00. This value is below the healthy minimum of 30. It has decreased from 89.18 (Mar 24) to 0.00, marking a decrease of 89.18.
• For Price / BV (X), as of Mar 25, the value is 11.45. This value exceeds the healthy maximum of 3. It has increased from 7.17 (Mar 24) to 11.45, marking an increase of 4.28.
• For Price / Net Operating Revenue (X), as of Mar 25, the value is 2.96. This value is within the healthy range. It has increased from 1.97 (Mar 24) to 2.96, marking an increase of 0.99.
• For EarningsYield, as of Mar 25, the value is 0.01. This value is below the healthy minimum of 5. It has decreased from 0.03 (Mar 24) to 0.01, marking a decrease of 0.02.

Overall, while many metrics show healthy performance, any figures highlighted in red or significant downward trends warrant further investigation.

Fair Value

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Strength and Weakness