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ICE Make Refrigeration Ltd (ICEMAKE)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 0 NSE: ICEMAKE Engineering - Industrial Equipments | Small Cap | ICE Make Refrige. Share Price

BSE Share Price
Not Listed

ICE Make Refrigeration Ltd (ICEMAKE)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 0 NSE: ICEMAKE Engineering - Industrial Equipments | Small Cap | ICE Make Refrige. Share Price

BSE Share Price
Not Listed
Key Metrics
Valuation Multiples
Market Cap
₹1,259 Cr.
Current Price
₹0
52-Week Low / High
₹0 / 0
TTM EPS
₹6.6
TTM Sales
₹736 Cr.
Book Value per Share
₹73.7
P/E Ratio
105.11
Higher than its 5-year historical median
Industry PE
59.2
Price to Book (P/B)
9.42
Higher than its 5-year historical median
Price to Sales (P/S)
1.71
Lower than its 5-year historical median
EV/EBITDA
31.45
Higher than its 5-year historical median
Dividend Yield
INF%
Profitability Efficiency
Return on Equity (ROE)
20.07%
Outperforms industry median
Return on Capital Employed (ROCE)
20.96%
Outperforms industry median
Return on Assets (ROA)
7.95%
Operating Profit Margin
8.9%
Net Profit Margin
4.78%
Gross Profit Margin
8.2%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
27.65%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
4.37%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-12.39%
Asset Quality
Promoter Holding
74.20%
Pledged shares (%) of Promoter's holding (%)
8.03%
Reserves
₹303 Cr.
Equity
₹18.2 Cr.
Face Value
₹10
All Time Low / High
₹0.00 / 0.00

ICE Make Refrigeration stock performance

Key Ratios
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Quality

Somewhat Good
Check detailed performance

Valuation

Somewhat Undervalued

Check Valuation charts

Price Trend

Weak
Check Price chart
Q.1 Is ICE Make Refrigeration Ltd a good quality company?
ICE Make Refrigeration Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

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We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

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How does ICE Make Refrigeration Ltd performance compare with that of its Peers?
Q.1 Revenue growth of ICE Make Refrigeration Ltd vs industry peers?
ICE Make Refrigeration Ltd revenue CAGR is 28.35%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of ICE Make Refrigeration Ltd?
Promoters hold 74.20% of the ICE Make Refrigeration Ltd, with 8.03% of their stake pledged, indicating low pledge risk.
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 56.26% based on the current price.
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10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
ICE Make Refrigeration Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation ⓘ

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % ⓘ24.3%31.4%27.8%22.8%18.2%12.2%18%37.2%34.7%20.9%-
Value Creation
Index ⓘ		0.71.21.00.60.3-0.10.31.71.50.5-

Growth Parameters ⓘ
Sales ⓘ71.787.5101129136131200303370472732
Sales YoY Gr.-22.1%15.5%27.8%5.2%-3.3%52.3%51.2%22.1%27.7%-
Adj EPS ⓘ0.54.44.354.32.95.813.316.814.86
YoY Gr.-852.2%-3%18.4%-15.3%-32.2%101.7%128.5%26.4%-12.2%-
BVPS (₹) ⓘ14.413.528.532.235.137.641.553.968.781.475.5
Adj Net
Profit ⓘ		2.756.77.96.74.59.22126.623.311
Cash Flow from Ops. ⓘ0.67.5-0.56.6-0.5128.722.39.930.4-
Debt/CF from Ops. ⓘ25.82-16.50.3-25.20.60.80.12.32.6-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ23.3%28.3%33.1%27.7%
Adj EPS ⓘ47%28.3%36.4%-12.2%
BVPSⓘ21.2%18.3%25.2%18.4%
Share Price - 56.3% 10.9% -9.1%

Key Financial Parameters ⓘ

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity % ⓘ		29.438.822.116.612.67.914.72827.519.77.7
Op. Profit
Mgn % ⓘ		9.711.412.310.710.488.110.410.98.95.7
Net Profit
Mgn % ⓘ		3.75.86.66.14.93.54.66.97.24.91.5
Debt to
Equity ⓘ		1.410.200.20.10.100.20.6-
Working Cap
Days ⓘ		10411712612116720314912012414069
Cash Conv.
Cycle ⓘ		43414248811017053535510

Valuation of ICE Make Refrige. - Consolidated

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

mw4me loader

Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.004.154.154.157.997.997.877.888.03
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales88103132138135206312378480
Operating Expenses ⓘ + 7890118124124192280338437
Manufacturing Costs8810141419303955
Material Costs5566878891148220260333
Employee Cost 6810111012141825
Other Costs ⓘ 981111912162124
Operating Profit ⓘ 101314131014324143
Operating Profit Margin (%) 11.4%12.4%10.5%9.8%7.7%7.0%10.3%10.8%8.9%
Other Income ⓘ + 000111111
Exceptional Items ⓘ 000000000
Interest ⓘ 121222124
Depreciation ⓘ 222544448
Profit Before Tax ⓘ 710117510283531
Tax ⓘ 233222798
Profit After Tax 577547212623
PAT Margin (%) 5.7%6.5%5.7%3.7%2.7%3.6%6.7%6.9%4.8%
Adjusted EPS (₹)4.34.24.83.22.34.713.216.614.7
Dividend Payout Ratio (%)0%23.60%25.10%37.20%52.10%25.70%13.70%12%15.40%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 16455053566181104124
Share Capital ⓘ 71616161616161616
Reserves ⓘ 829343740466588108
Debt +14103138832473
Long Term Debt62143332448
Short Term Debt98210550025
Minority Interest0000000-0-0
Trade Payables1618202226345154110
Others Liabilities ⓘ 999151720232859
Total Liabilities ⓘ 558182104107124158210366

Fixed Assets

Net Fixed Assets ⓘ +1113233130323250133
Gross Block1922354648545778168
Accumulated Depreciation81012151822252835
CWIP ⓘ 0100100126
Investments ⓘ 000000500
Inventories1725293740505260108
Trade Receivables162222262534546594
Cash Equivalents 81742121094
Others Assets ⓘ 335810551421
Total Assets ⓘ 558182104107124158210366
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity ⓘ + 7-280128241030
PBT ⓘ 510117510283531
Adjustment ⓘ 3347655612
Changes in Working Capital ⓘ 1-11-2-123-4-2-22-4
Tax Paid ⓘ -2-4-4-2-2-2-7-9-9
Cash Flow From Investing Activity ⓘ + -4-4-11-7-3-5-14-23-83
Capex -4-5-11-8-5-4-4-33-82
Net Investments -00010-1-1150
Others ⓘ 01-001015-1
Cash Flow From Financing Activity ⓘ + -016-105-9-3-91749
Net Proceeds from Shares ⓘ 0240000000
Net Proceeds from Borrowing ⓘ 0-3-1000000
Interest Paid ⓘ -1-2-1-2-2-2-1-2-4
Dividend Paid ⓘ 00-2-2-1-2-2-3-3
Others ⓘ 1-2-610-7-0-72256
Net Cash Flow ⓘ 311-13-1-0014-5
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)32.1122.0515.89.86.6212.4629.1828.2120.07
ROCE (%)28.3227.0921.6615.2510.9217.1137.9434.9420.96
Asset Turnover Ratio1.771.81.911.481.281.792.222.061.67
PAT to CFO Conversion(x)1.4-0.291.14031.141.140.381.3
Working Capital Days
Receivable Days59.7056.3051636951.905157.2060.50
Inventory Days64.406262.5087.90105.1079.8059.4053.8063.90
Payable Days109.3093.307988.109673.1070.1073.8090.10

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ICE Make Refrigeration Ltd FAQs

The current trading price of ICE Make Refrige. on 01-Jan-1970 05:30 is ₹0.00.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 31-Dec-1969 the market cap of ICE Make Refrige. stood at ₹1,258.9 Cr

The latest P/E ratio of ICE Make Refrige. as of 31-Dec-1969 is 115.7.

The latest P/B ratio of ICE Make Refrige. as of 31-Dec-1969 is 9.19.

The 52-week high of ICE Make Refrige. is ₹0.00 and the 52-week low is ₹0.00.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of ICE Make Refrige. is ₹732 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that ICE Make Refrigeration Ltd is a average quality company.

The key valuation ratios of ICE Make Refrigeration Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of ICE Make Refrigeration Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About ICE Make Refrigeration Ltd

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