Check Before You Invest : ICE Make Refrigeration Ltd

Snapshot

Q.1 Which industry/sub-sector does ICE Make Refrigeration Ltd belong to?

ICE Make Refrigeration Ltd belongs to the Capital Goods & Industrial Consumables sector, operating specifically within the Engineering - Industrial Equipments segment.

Q.2 Is ICE Make Refrigeration Ltd a good quality company?

ICE Make Refrigeration Ltd is a average quality company, based on a somewhat consistent 10-year financial track record.

Q.3 Is ICE Make Refrigeration Ltd undervalued or overvalued?

ICE Make Refrigeration Ltd appears Fair, as its key valuation ratios are in line with their past averages.

Q.4 Is ICE Make Refrigeration Ltd a good buy now?

ICE Make Refrigeration Ltd is a neutral opportunity now, based on stable price trend analysis suggesting prices may move sideways. However, you need to check its quality and valuation before making a decision

Performance Analysis

Q.1 Revenue growth of ICE Make Refrigeration Ltd?

ICE Make Refrigeration Ltd revenue growth is 27.7% for FY-2025, which is below its 5-year CAGR of 28.26%, indicating slower growth.

Q.2 Return on capital employed (ROCE) of ICE Make Refrigeration Ltd?

ICE Make Refrigeration Ltd Return on capital employed is 20.88% for FY-2025, which is in line with its 5-year historical median of 20.88%. The current ROCE is above its estimated weighted average cost of capital (WACC) of 14%, indicating value creation.

Q.3 Return on Asset of ICE Make Refrigeration Ltd?

ICE Make Refrigeration Ltd Return on Asset is 8.09%, which is in line with its 5-year historical median of 8.09%, indicating stable asset utilization efficiency.

Q.4 Return on Equity (ROE) of ICE Make Refrigeration Ltd?

ICE Make Refrigeration Ltd Return on equity is 19.61% for FY-2025, which is in line with its 5-year historical median of 19.61%, indicating the business is making similar use of its shareholders capital.

Q.5 Cash conversion cycle of ICE Make Refrigeration Ltd?

ICE Make Refrigeration Ltd Cash conversion cycle is 55 days, in line with its 5-year historical median of 55 days, indicating stable working capital management. However, you need to compare this with its peers in the industry.

	Current Level	5-year Historic Median
Asset Turnover	1.64	1.74
ROE	19.61	19.61
ROCE	20.88	20.88
Cash Conversion Cycle	55 days	55 days

Q.6 Gross Profit margin of ICE Make Refrigeration Ltd?

ICE Make Refrigeration Ltd Gross profit margin which is the profit after deduction of direct costs, is 8.3% for FY-2025, which is in line with its 5-year median of 8.3%, indicating stable margins.

Q.7 Operating Profit Margin of ICE Make Refrigeration Ltd?

ICE Make Refrigeration Ltd Operating Profit Margin which is the profit after deduction of all operating costs, is 8.88% for FY-2025, which is in line with its 5-year median of 8.88% indicating stable margins.

Q.8 Net Profit Margin of ICE Make Refrigeration Ltd?

ICE Make Refrigeration Ltd Net Profit Margin is 4.92% for FY-2025, is in line with with its 5-year median of 4.92%, indicating stable margins.

	Current Level	5-year Historic Median
Gross Profit Margin	8.3	8.3
Operating Profit Margin	8.88	8.88
Net Profit Margin	4.92	4.92

Q.9 Debt to Equity ratio of ICE Make Refrigeration Ltd?

ICE Make Refrigeration Ltd Debt-to-Equity ratio is 0.61, which is above with the industry average of 0.34, indicating higher debt levels in the industry.

Q.10 Debt to cash flow from operations of ICE Make Refrigeration Ltd?

ICE Make Refrigeration Ltd Debt to cash flow from operations is 2.6, which is at a moderate level.

Ownership & governance

Q.1 Promoter shareholding and pledge status of ICE Make Refrigeration Ltd?

Promoters hold 74.20% of the ICE Make Refrigeration Ltd, with 7.88% of their stake pledged, indicating low pledge risk.

Peer comparison (industry-wise, mcap)

Q.1 Revenue growth of ICE Make Refrigeration Ltd vs industry peers?

ICE Make Refrigeration Ltd revenue CAGR is 28.26%, compared to the industry median CAGR of 12.01%, indicating faster growth and gaining its market share.

Profit Metrics

	Current Level	5-year Industry Median
Revenue Growth	27.7	12
Gross Profit Growth	-	NAN
Operating Profit Growth	5	NAN
Net Profit Growth	-14.8	26.9

Operating Efficiency

	Current Level	5-year Industry Median
Asset Turnover	1.64	0.91
ROE	19.61	12.81
ROCE	20.88	15.04
Cash Conversion Cycle (days)	55	107

Valuation & price assessment

Q.1 Stock return of ICE Make Refrigeration Ltd over the last decade?

Over the last 5 year(s), the stock has delivered a CAGR of 61.76% based on the current price.

Q.2 What return has the stock given over the last decade?

	9Y	5Y	3Y	1Y
Share Price CAGR	-	61.8%	32.3%	-6.4%

Q.3 Valuation ratios of ICE Make Refrigeration Ltd vs historical?

The current P/E is higher that its historical median.

Q.4 How do the current valuation ratios compare with 5-year historical median and industry numbers?

Valuation Ratios	Current	5-year Historic Median	5-year Industry Median
Price to Earnings	97.32	39.87	29.52
Price to Book	9.8	8.90	2.90
Price to Sales	2.08	2.24	2.94
EV to EBITDA	31.53	25.89	15.76

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