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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
₹1,231 Cr.
Current Price
₹0
52-Week Low / High
₹0 / 0
TTM EPS
₹6.9
TTM Sales
₹667 Cr.
Book Value per Share
₹86.2
P/E Ratio
112.96
Higher than its 5-year historical median
Industry PE
59.4
Price to Book (P/B)
9.04
In line with its 5-year historical median
Price to Sales (P/S)
1.84
Lower than its 5-year historical median
EV/EBITDA
31.41
Higher than its 5-year historical median
Dividend Yield
INF%
Profitability Efficiency
Return on Equity (ROE)
19.61%
Outperforms industry median
Return on Capital Employed (ROCE)
20.88%
Outperforms industry median
Return on Assets (ROA)
8.09%
Operating Profit Margin
8.9%
Net Profit Margin
4.92%
Gross Profit Margin
8.3%
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
3.68%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-12.77%
Asset Quality
Promoter Holding
74.20%
Pledged shares (%) of Promoter's holding (%)
7.88%
Reserves
₹120 Cr.
Equity
₹15.8 Cr.
Face Value
₹10
All Time Low / High
- / -

ICE Make Refrigeration stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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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.

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.

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 28.26%, compared to the industry median CAGR of 3.04%, 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 7.88% 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 60.49% based on the current price.

10 Year X-Ray : Login to view analysis.

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 71.787.5101129136131200303370472667
Sales YoY Gr.-22.1%15.5%27.8%5.2%-3.3%52.3%51.2%22.1%27.7%-
Adj EPS 0.54.44.354.32.95.813.316.814.86.9
YoY Gr.-852.2%-3%18.4%-15.3%-32.2%101.7%128.5%26.4%-12.2%-
BVPS (₹) 14.413.528.532.235.137.641.553.968.781.486.2
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%
BVPS21.2%18.3%25.2%18.4%
Share Price - 56.2% 27% -0.9%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
29.438.822.116.612.67.914.72827.519.78.2
Op. Profit
Mgn %
9.711.412.310.710.488.110.410.98.96.4
Net Profit
Mgn %
3.75.86.66.14.93.54.66.97.24.91.6
Debt to
Equity
1.410.200.20.10.100.20.60.6
Working Cap
Days
10411712612116720314912012414069
Cash Conv.
Cycle
43414248811017053535510

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales7288101129136131200303370472
Operating Expenses + 657889115122121186271329430
Manufacturing Costs67710131318283652
Material Costs495667878890145215257332
Employee Cost 4679101011131723
Other Costs 697910811152023
Operating Profit 7101214141114314042
Operating Profit Margin (%) 9.6%11.3%12.2%10.7%10.4%8.0%7.2%10.3%10.9%8.8%
Other Income + 0010111211
Exceptional Items 0000000000
Interest 2121222124
Depreciation 2212443348
Profit Before Tax 4710119611283631
Tax 1233223798
Profit After Tax 3578748212723
PAT Margin (%) 3.7%5.7%6.6%6.1%4.9%3.4%4.1%7.0%7.2%4.9%
Adjusted EPS (₹)0.54.44.25.04.32.95.213.316.914.7
Dividend Payout Ratio (%)0%0%23.60%24%28.20%41.90%23.30%13.50%11.90%15.30%

Valuation of ICE Make Refrige. - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 1016455055596585108128
Share Capital 771616161616161616
Reserves 3829353943496993113
Debt +131482126712170
Long Term Debt560022112145
Short Term Debt898210550025
Minority Interest0000000000
Trade Payables91617202125324952108
Others Liabilities 5998131720232859
Total Liabilities 39557881102107123158209365

Fixed Assets

Net Fixed Assets +9910202626293046130
Gross Block151619314043495272161
Accumulated Depreciation68911141720232632
CWIP 00100100126
Investments 0233333833
Inventories101622263235444753102
Trade Receivables14162121272734556895
Cash Equivalents 47164212984
Others Assets 254811131091826
Total Assets 39557881102107123158209365

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 18-07-1129221030
PBT 4510119611283631
Adjustment 23336544411
Changes in Working Capital -41-10-3-132-4-4-21-3
Tax Paid -1-2-3-4-2-2-2-7-9-9
Cash Flow From Investing Activity + -2-4-4-10-7-4-5-13-22-84
Capex -1-2-4-11-7-5-4-4-32-82
Net Investments -0-20010-1-1250
Others 0000-01-025-1
Cash Flow From Financing Activity + -0-014-96-9-3-81649
Net Proceeds from Shares 00240000000
Net Proceeds from Borrowing -00-6-000-0000
Interest Paid -2-1-2-1-2-2-2-1-2-4
Dividend Paid 000-2-2-1-2-2-3-3
Others 21-2-610-70-62156
Net Cash Flow -1310-12-1-0014-5

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)29.1838.6422.0416.4812.657.8913.0628.0527.5219.61
ROCE (%)24.3131.3727.7522.7618.212.151837.2134.6620.88
Asset Turnover Ratio2.192.071.811.921.491.261.742.152.011.64
PAT to CFO Conversion(x)0.331.6-00.88-0.1431.131.050.371.3
Working Capital Days
Receivable Days50.9055.2055.4049.6064.6075.9056.1053.6060.8063.10
Inventory Days44.704957.9057.2077.8093.3072.1054.8049.2059.80
Payable Days67.9084.4091.3077.6085.5093.807168.1071.9088

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.004.154.154.157.997.997.877.88
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

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 ₹1,230.6 Cr

The latest P/E ratio of ICE Make Refrige. as of 31-Dec-1969 is 113.0.

The latest P/B ratio of ICE Make Refrige. as of 31-Dec-1969 is 9.04.

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 ₹667 ( 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 Fair zone.

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

About ICE Make Refrigeration Ltd

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About MoneyWorks4Me

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