ICEMAKE share price, P/E, ROE & financials

On 6 Nov 2026, Ice Make Refrigeration was priced at ₹689.55, or 91.0× trailing earnings, against an industry P/E of 33.8×, and the shares are 25% below their 52-week high. Sales grew 29% a year over 3 years while net profit fell 16%; its ROCE of 13% is the second-lowest among the 7 largest Specialty Industrial Machinery peers. Debt is 0.44× equity, and its dividend yield is 0.3%. It is a small-cap company with a market cap of ₹1,088 Cr, ranked 64th of 138 Specialty Industrial Machinery companies by market cap; the shares fell 1.2% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Jun 2026.How we calculate this

past year

Open: ₹696.00
Day high: ₹700.00
Day low: ₹657.05
Prev. close: ₹702.90
Volume: 14.6K

Health check

3 fair · 3 to check

ReturnsIn line
−1.2% over a year, better than 3 of 7 peers.
Price tagPricier
P/E 91.0 vs industry 33.8.
GrowthSteady
Sales +28.9%, profit −16.3% a year over 3 years.
ProfitabilityWeak
ROCE 12.6% vs peer median 24.8%.
Balance sheetFair
Debt 0.44× equity, interest covered 2.5×, Piotroski 4 of 9.
Red flags3 to check
Return on equity is low at 5.8%.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Specialty Industrial Machinery

137 listed peers. Screen the industry

Small cap

₹1,088 Cr, #64 of 138 in its industry by size.

Market sensitivity

Measuring against the NIFTY 50…

Key metrics

Last 12 months to Jun 2026: sales ₹796 Cr · profit ₹13 Cr

Market cap: ₹1,088 Cr; Small cap
P/E: 91.0; Industry 33.8
Price to book: 3.72; Peers 9.16
Dividend yield: 0.33%
ROE: 5.8%; Peers 19.1%
ROCE: 12.6%; Peers 24.8%
Debt to equity: 0.44; Debt ₹139 Cr
EPS (TTM): ₹7.58; Face value ₹10
OPM (TTM): 6.0%; Net margin 1.6%
Sales growth: +60.4%; Latest quarter vs a year ago
Profit growth: +25.0%; Latest quarter vs a year ago
Price to sales: 1.37; EV/EBITDA 29.3

Strengths

Quarterly profit up 25.0% on a year ago.
Quarterly sales up 60.4% on a year ago.

Risks to check

Return on equity is low at 5.8%.
P/E of 91.0 against an industry P/E of 33.8.
Promoter stake down from 74.3% to 64.5%.

Derived automatically from reported figures. Not a recommendation.

About Ice Make Refrigeration

Ice Make Refrigeration Limited, together with its subsidiaries, manufactures and supplies refrigeration products and equipment under the Ice Make, Bharat, and TransFreez brands in India. The company offers cold storage products, including modular, combi, walk-in, custom-built, and solar cold rooms, as well as blast freezers and chillers, glass door display chillers, ripening chambers, cold room PUF panel and accessories, and cold room refrigeration units;…

Headquarters: Gandhinagar
Employees: 432
Sector: Industrials
ISIN: INE520Y01019
Website: icemakeindia.com

Price range

52 weeks

₹602.00₹920.00

Today

₹657.05₹700.00

Avg volume (3M): 25K
1-year return: minus 1.2%
From 52-week high: minus 25.0%

Peers · Specialty Industrial Machinery

Capital-heavy industry columns

Compare with peers Screen the whole industry

Company
BHELBharat Heavy Electricals	418.80	plus 0.17%	1,45,829	50.6	74.6	6.6%	10.1%	0.22	13.5%	plus 56.4%
ABBABB India	6,774.00	plus 2.20%	1,43,547	92.3	68.2	28.5%	13.8%	0.02	15.4%	plus 26.4%
SIEMENSSiemens	3,560.00	plus 3.73%	1,26,779	86.1	59.3	16.5%	10.4%	0.02	3.0%	plus 10.0%
CUMMINSINDCummins India	4,048.80	minus 0.25%	1,12,233	49.8	41.7	35.0%	19.1%	0.00	16.1%	minus 6.0%
GVT&DGE Vernova T&D India	4,018.00	minus 3.06%	1,02,879	71.3	56.6	58.5%	26.5%	0.01	31.1%	plus 31.7%
SUZLONSuzlon Energy	38.80	plus 0.54%	53,337	23.7	17.3	24.8%	16.7%	0.07	41.4%	minus 35.7%
AIAENGAIA Engineering	3,113.60	minus 2.77%	29,056	23.5	19.6	19.9%	27.4%	0.00	−3.4%	minus 3.9%
ICEMAKEIce Make Refrigeration	689.55	minus 1.90%	1,088	91.0	26.7	12.6%	6.0%	1.19	28.9%	minus 1.2%
Median of 7 peers	–	0.17%	1,12,233	50.6	56.6	24.8%	16.7%	0.02	15.4%	10.0%

Quarterly results

Consolidated, ₹ crore

SalesSelect a row below to chart it

Jun 25	Sep 25	Dec 25	Mar 26	Jun 26
112	147	153	256	179
107	138	143	234	176
4.4	9.6	9.9	21.4	3
3.9%	6.5%	6.5%	8.4%	1.7%
0.1	0.1	0.1	0.4	0.1
2.3	2.7	3.9	3.7	3.3
4.1	4.2	4.3	4.5	2.1
−1.8	2.8	1.9	13.6	−2.2
20.1%	26.9%	23.7%	25.3%	25.9%
−1.4	2	1.5	10.1	−1.6
-0.90	1.28	0.93	6.41	-1.04

Profit & loss

Yearly, ₹ crore

Sales CAGR 3Y: +28.9%
Profit CAGR 3Y: −16.3%
EPS CAGR 3Y: −16.3%
ROE: 5.8%

Net profitSelect a row below to chart it

Mar 2023	Mar 2024	Mar 2025	Mar 2026
312	378	479	668
–	+21.2%	+26.7%	+39.4%
279	337	436	621
33.2	41.4	43.3	46.6
10.6%	10.9%	9.0%	7.0%
0.4	−0.1	0.5	−1.7
0.9	1.7	4.1	11.2
3.9	4.1	8.3	17.1
−0.7	−0.3	−0.4	−0.3
28.1	35.2	31	16.4
25.9%	25.7%	26.2%	26.0%
20.8	26.3	23.1	12.2
–	+26.2%	minus 12.0%	minus 47.2%
13.19	16.64	14.65	7.73

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore

Total assetsSelect a row below to chart it

Mar 2023	Mar 2024	Mar 2025	Mar 2026
15.8	15.8	15.8	15.8
65.3	88.4	108	117
4.9	27.2	85.9	158
73	79.9	158	212
159	211	368	504
31	66.3	140	164
0.1	17.6	8.7	25.4
–	0	0	0
5.9	5.1	0.4	1.8
122	122	218	312
159	211	368	504

Cash flow

Yearly, ₹ crore

Cash from operationsSelect a row below to chart it

Mar 2023	Mar 2024	Mar 2025	Mar 2026
24.3	10.4	30	−10.6
−14.3	−23.3	−83.3	−40.5
−9.3	16.7	48.7	52.4
0.8	3.8	−4.7	1.4
−3.8	−33	−82.3	−39.9
20.6	−22.6	−52.4	−50.5
−1.9	−2.8	−3.2	−3.5

Shareholding pattern

Source: NSE filings

64.5%

promoters

Promoters64.52%
Public35.48%
As of 30 Sep 2026

Quarter	Promoters	Public	Promoter change
30 Sep 2026	64.52%	35.48%	0.00
10 Sep 2026	64.52%	35.48%	minus 9.68
30 Jun 2026	74.20%	25.80%	0.00
31 Mar 2026	74.20%	25.80%	minus 0.06
31 Dec 2025	74.26%	25.74%	–

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you