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Last Updated on: 19 June, 2024|Author: Getaka | Social: X Twitter Profile

Fundamental Analysis of ICE Make Refrigeration Ltd

About the Company - ICE Make Refrigeration Ltd

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. 200.17 Cr. and Equity Capital is Rs. 15.70 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
Food Processing - Bakery/Dairy/Fruits/OthersB-1, Vasupujya Chamber, Ahmedabad Gujarat 380009info@icemakeindia.com
http://www.icemakeindia.com
Management
NamePosition Held
Mr. Chandrakant P PatelChairman & Managing Director
Mr. Rajendra P PatelJoint Managing Director
Mr. Vipul I PatelJoint Managing Director
Ms. Darsha R KikaniIndependent Director
Mr. Harshadrai P PandyaIndependent Director
Mr. Krishnakant L PatelIndependent Director

Basic Stock Data of ICE Make Refrigeration Ltd

Last Updated: June 17, 2024, 8:30 pm

Market Cap 1,308 Cr.
Current Price 829
High / Low946/373
Stock P/E50.1
Book Value 66.0
Dividend Yield0.22 %
ROCE34.3 %
ROE28.2 %
Face Value 10.0
PEG Ratio1.42

ICE Make Refrigeration Ltd Quarterly Results

MonthSep 2020Dec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023
Sales30.6033.3653.8032.4447.9048.8676.9064.8567.1266.68113.5679.1476.89
Expenses27.0631.4848.7932.4544.9645.9368.2859.5459.7859.37101.4170.9669.31
Operating Profit3.541.885.01-0.012.942.938.625.317.347.3112.158.187.58
OPM %11.57%5.64%9.31%-0.03%6.14%6.00%11.21%8.19%10.94%10.96%10.70%10.34%9.86%
Other Income0.150.300.640.120.090.140.350.060.190.140.730.170.13
Interest0.510.620.320.270.410.510.540.310.180.570.190.230.70
Depreciation1.061.091.130.950.840.850.990.910.941.001.060.971.01
Profit before tax2.120.474.20-1.111.781.717.444.156.415.8811.637.156.00
Tax %13.21%65.96%29.05%26.13%24.16%25.73%25.67%25.30%27.61%24.66%25.80%25.17%25.17%
Net Profit1.840.152.98-0.831.341.275.533.104.644.438.635.364.49
EPS in Rs1.170.101.90-0.530.850.813.521.962.942.815.473.402.85

Last Updated: June 14, 2024, 6:40 pm

ICE Make Refrigeration Ltd Quarterly Chart

ICE Make Refrigeration Ltd Profit & Loss

MonthMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023TTM
Sales88103132138135206312336
Expenses7890118124124192280301
Operating Profit1013141310143235
OPM %11%12%10%10%8%7%10%10%
Other Income00001111
Interest12122212
Depreciation22254444
Profit before tax7101175102831
Tax %32%32%29%27%32%25%26%
Net Profit5775472123
EPS in Rs6.954.234.773.222.304.6613.1814.53
Dividend Payout %0%24%25%37%52%26%14%

ICE Make Refrigeration Ltd Profit & Loss Yearly Chart

ICE Make Refrigeration Ltd Growth

Compounded Sales Growth
10 Years:%
5 Years:24%
3 Years:41%
TTM:21%
Compounded Profit Growth
10 Years:%
5 Years:28%
3 Years:93%
TTM:26%
Stock Price CAGR
10 Years:%
5 Years:62%
3 Years:115%
1 Year:109%
Return on Equity
10 Years:%
5 Years:19%
3 Years:24%
Last Year:28%

Last Updated: June 17, 2024, 3:00 pm

ICE Make Refrigeration Ltd Balance Sheet

MonthMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Sep 2023
Equity Capital716161616161616
Reserves829343841466572
Borrowings15103171011527
Other Liabilities2527293442527370
Total Liabilities558183105108125159185
Fixed Assets1113233130323250
CWIP01001001
Investments00000050
Other Assets446860747793122134
Total Assets558183105108125159185

ICE Make Refrigeration Ltd Reserves and Borrowings Chart

ICE Make Refrigeration Ltd Cash Flow

MonthMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Cash from Operating Activity 8-28012824
Cash from Investing Activity -4-4-12-7-3-5-14
Cash from Financing Activity -016-105-9-3-9
Net Cash Flow311-13-1-001

ICE Make Refrigeration Ltd Financial Efficiency Indicators

MonthMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Debtor Days66786069686063
Inventory Days11413512115616112386
Days Payable1099685921038384
Cash Conversion Cycle711169613212510064
Working Capital Days45797088856444
ROCE %27%22%15%11%17%37%

ICE Make Refrigeration Ltd Financial Efficiency Indicators Chart

ICE Make Refrigeration Ltd Share Holding Pattern

MonthMar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
Promoters74.96%74.96%74.82%74.86%74.89%74.63%74.49%74.49%74.49%74.49%74.49%74.49%
FIIs0.00%0.00%0.00%0.00%0.00%0.00%0.05%0.05%0.05%0.05%0.05%0.02%
Public25.04%25.04%25.18%25.14%25.13%25.50%25.46%25.46%25.46%25.46%25.46%25.49%
No. of Shareholders2,8533,4313,9904,4014,3383,9075,5968,46210,04211,56614,48119,285

ICE Make Refrigeration Ltd Shareholding Pattern Chart

No. of ICE Make Refrigeration Ltd Shareholders

This stock is not held by any mutual fund

ICE Make Refrigeration Ltd ROCE Trend

ICE Make Refrigeration Ltd EPS Trend

ICE Make Refrigeration Ltd Key Financial Ratios

MonthMar 23Mar 22Mar 21Mar 20Mar 19
FaceValue10.0010.0010.0010.0010.00
Basic EPS (Rs.)13.194.662.313.224.77
Diluted EPS (Rs.)13.194.652.303.224.76
Cash EPS (Rs.)15.666.985.096.296.37
Book Value[Excl.RevalReserv]/Share (Rs.)51.4139.2835.9333.9931.95
Book Value[Incl.RevalReserv]/Share (Rs.)51.4139.2835.9333.9931.95
Revenue From Operations / Share (Rs.)197.85131.2685.9287.8383.99
PBDIT / Share (Rs.)21.069.677.378.929.04
PBIT / Share (Rs.)18.597.354.595.867.45
PBT / Share (Rs.)17.796.253.374.396.73
Net Profit / Share (Rs.)13.184.662.313.224.77
NP After MI And SOA / Share (Rs.)13.184.662.313.224.77
PBDIT Margin (%)10.647.368.5710.1610.76
PBIT Margin (%)9.395.605.336.678.87
PBT Margin (%)8.994.763.925.008.01
Net Profit Margin (%)6.663.552.683.665.68
NP After MI And SOA Margin (%)6.663.552.683.665.68
Return on Networth / Equity (%)25.6411.866.419.4814.93
Return on Capital Employeed (%)34.0217.1611.6615.4422.74
Return On Assets (%)13.085.853.354.819.03
Long Term Debt / Equity (X)0.030.050.050.060.02
Total Debt / Equity (X)0.030.140.130.250.06
Asset Turnover Ratio (%)2.201.731.241.471.59
Current Ratio (X)1.701.561.581.531.87
Quick Ratio (X)0.990.690.710.700.95
Inventory Turnover Ratio (X)4.253.432.593.013.61
Dividend Payout Ratio (NP) (%)9.1025.7315.5344.8825.25
Dividend Payout Ratio (CP) (%)7.6617.197.0323.0018.93
Earning Retention Ratio (%)90.9074.2784.4755.1274.75
Cash Earning Retention Ratio (%)92.3482.8192.9777.0081.07
Interest Coverage Ratio (X)26.578.796.076.1012.55
Interest Coverage Ratio (Post Tax) (X)17.635.242.903.207.62
Enterprise Value (Cr.)406.77158.84110.8363.68124.59
EV / Net Operating Revenue (X)1.300.770.820.460.94
EV / EBITDA (X)12.2410.469.594.558.79
MarketCap / Net Operating Revenue (X)1.330.730.770.370.95
Retention Ratios (%)90.8974.2684.4655.1174.74
Price / BV (X)5.102.471.860.972.51
Price / Net Operating Revenue (X)1.330.730.770.370.95
EarningsYield0.050.040.030.090.05

ICE Make Refrigeration Ltd Profitability Ratios (%)

ICE Make Refrigeration Ltd Liquidity Ratios

ICE Make Refrigeration Ltd Liquidity Ratios (%)

ICE Make Refrigeration Ltd Interest Coverage Ratios (%)

ICE Make Refrigeration Ltd Valuation Ratios

Fair Value

Fair Value: 934.51

Calculation basis:

  • Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

Undervalued: 12.73% compared to the current price 829

Intrinsic Value: 1,263.19

Calculation basis:

  • Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
  • EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators along with EPS growth.

Undervalued: 52.37% compared to the current price ₹829

Last 5 Year EPS CAGR: 35.17%

*Investments are subject to market risks

Strength and Weakness of ICE Make Refrigeration Ltd Stock

StrengthWeakness
  1. The stock has a high average ROCE of 18.43%, which is a positive sign.
  2. The company has higher reserves (41.63 cr) compared to borrowings (12.25 cr), indicating strong financial stability.
  3. The company has shown consistent growth in sales (181.25 cr) and profit (13.63 cr) over the years.
  1. The stock has a high average Working Capital Days of 67.86, which may not be favorable.
  2. The stock has a high average Cash Conversion Cycle of 100.57, which may not be favorable.

FAQ

What is the latest fair value of ICE Make Refrigeration Ltd?

The latest fair value of ICE Make Refrigeration Ltd is ₹934.51.

What is the Market Cap of ICE Make Refrigeration Ltd?

The Market Cap of ICE Make Refrigeration Ltd is 1,308 Cr..

What is the current Stock Price of ICE Make Refrigeration Ltd as on 19 June 2024?

The current stock price of ICE Make Refrigeration Ltd as on 19 June 2024 is ₹829.

What is the High / Low of ICE Make Refrigeration Ltd stocks in FY 2024?

In FY 2024, the High / Low of ICE Make Refrigeration Ltd stocks is 946/373.

What is the Stock P/E of ICE Make Refrigeration Ltd?

The Stock P/E of ICE Make Refrigeration Ltd is 50.1.

What is the Book Value of ICE Make Refrigeration Ltd?

The Book Value of ICE Make Refrigeration Ltd is 66.0.

What is the Dividend Yield of ICE Make Refrigeration Ltd?

The Dividend Yield of ICE Make Refrigeration Ltd is 0.22 %.

What is the ROCE of ICE Make Refrigeration Ltd?

The ROCE of ICE Make Refrigeration Ltd is 34.3 %.

What is the ROE of ICE Make Refrigeration Ltd?

The ROE of ICE Make Refrigeration Ltd is 28.2 %.

What is the Face Value of ICE Make Refrigeration Ltd?

The Face Value of ICE Make Refrigeration Ltd is 10.0.

About the Author

Author Avatar
Getaka

Getaka, CFA, a financial analyst with 15 years of experience in the industry. Getaka holds an MBA degree and the Chartered Financial Analyst designation, demonstrating his profound understanding of financial analysis and investment management. Throughout his career, he has conducted numerous financial analyses and due diligence processes for companies in the industry, and has a strong track record of identifying key trends and opportunities. He leverages his expertise to deliver a thorough financial analysis of a company, encompassing its financial performance, key ratios, future prospects, and risks. Getaka is committed to providing accurate, reliable, and trustworthy information to help readers make informed decisions about their finances and investments.

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