Ice Make Refrigeration Limited

Industrials — Specialty Industrial Machinery · NSE

₹665.00−₹2.25 (−0.34%)

DalalBaazaar Score

36 / 100

🔴 Weak

Verdict

CAUTION

Risk

Very High

Driven by moderate debt load, negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Reasonable but unspectacular business quality, though profits are falling even as sales grow. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:03 pm

Understanding the Business

Company site ↗

The 60-second version of Ice Make Refrigeration Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

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.

IndustrySpecialty Industrial Machinery

SectorIndustrials

Employees432

Annual revenue₹668 Cr

How does it make money?

Turns over ₹668 Cr a year. Of every ₹100 of sales, about ₹2 reaches shareholders as profit, with ₹7 left at the operating level before interest, tax and depreciation. Each of its 432 employees supports ₹1.55 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.55 Cr

Who are its competitors?

The closest listed comparisons in its industry are SIEMENS LTD, ABB INDIA LIMITED, LARSEN & TOUBRO LTD., HAVELLS INDIA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 12.6% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE17.1%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +114% while net margin moved -73% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+114%

Margin effect-73%

DalalBaazaar Score

36/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ P/E of 87.7x is demanding — it needs sustained high growth to justify
✗ P/E is 77% above its own historical median of 49.5x — expensive by its own standards
✗ P/B of 7.89x is a steep premium to book

Quality vs. Valuation

Company Quality

38/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

23/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

Weak on business quality and not cheap enough to compensate.

Historical Valuation

Current P/E

87.7x

3Y Median

49.5x

40 monthly readings · mean 52.5x · range 35.9x–96.9x

Sector Median

66.2x

median of 4 sector peers

⚠️Current valuation is approximately 77% above its 3y median of 49.5x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

⚠️Against its sector it trades 33% above the peer median of 66.2x.

vs. its own history

Expensive

49.5x median over 40 months · +77%

vs. sector peers

Expensive

66.2x median of 4 peers · +33%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

26.9x

PEG

—

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 25.6% to 9.2% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 33.6% to 12.6% — often a sign of competition or overexpansion.

Red Flags

8 items require attention · 4 high · 4 watch

🔴Debt has risen sharplyFinancial
Total debt is up 3161% over 3 years, from ₹5 Cr to ₹158 Cr.
🔴Free cash flow negative for 3 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴Receivables growing faster than salesFinancial
Receivables up 186% against revenue up 114% — sales are being booked faster than they are collected.
🔴Inventory building faster than salesFinancial
Inventory up 187% against revenue up 114% — stock may not be moving.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 8.6x to 2.5x.
🟡Profit is decliningFinancial
Net profit is down 41% over 3 years.
🟡Margins are compressingFinancial
EBITDA margin is down 4.0 points over 3 years.
🟡Low reported insider holdingOwnership
Reported insider holding is 0.0%. For Indian companies this field is an unreliable proxy — check the official promoter shareholding in the exchange filing.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 10.8% to 6.7%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
The debt load needs earnings to hold up
Debt is 3.5x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Sales are being booked faster than collected
Receivables are up 186% against revenue up 114%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
The price already assumes success
The stock trades 77% above its own median multiple. At this level the business has to deliver just to stand still, and a stumble is repriced twice — lower earnings on a lower multiple.
Returns on shareholder capital are falling
ROE has dropped from 25.6% to 9.2%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 22% a year✓ 28.9% CAGR
Latest reported year was 60.4%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 5%✓ 6.7%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 3.5x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Free cash flow remains positive✗ -₹50 Cr
Profit that never becomes cash eventually stops being profit.
5Interest cover stays above 3x✗ 2.5x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

3 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

2 good · 5 neutral · 4 weak

Market Cap

₹1,049 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

87.7x

Expensive

Expensive — verify against sector peers

P/B Ratio

7.89x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹7.58

Profitable

Profitable on a per-share basis

ROE

9.2%

Moderate

Moderate capital efficiency

ROCE

12.6%

Moderate

Moderate return on the capital in the business

Debt/Equity

1.19x

Moderate

Moderate leverage

Revenue Growth (YoY)

60.4%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-47.2%

Falling

Profits are shrinking

Dividend Yield

0.34%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

-₹50 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

0.5%

Weak

Thin margins leave little room for error

Net Margin

1.6%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.17

Adequate

Adequate, but no real cushion

Beta (vs Nifty)

-0.19

Defensive

Steadier than the market

52W Range Position

20%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

663.4 / 712.3

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

50.4

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹312 Cr	₹378 Cr	₹479 Cr	₹668 Cr	+28.9%
EBITDA	₹34 Cr	₹41 Cr	₹44 Cr	₹45 Cr	+10.2%
EBITDA Margin	10.8%	10.9%	9.1%	6.7%	—
PAT (Net Profit)	₹21 Cr	₹26 Cr	₹23 Cr	₹12 Cr	-16.3%
EPS	₹13.19	₹16.64	₹14.65	₹7.73	-16.3%
ROE	25.6%	25.2%	18.6%	9.2%	—
ROCE	33.6%	28.3%	19.7%	12.6%	—
Total Debt	₹5 Cr	₹27 Cr	₹86 Cr	₹158 Cr	+219.5%
Free Cash Flow	₹21 Cr	-₹23 Cr	-₹52 Cr	-₹50 Cr	—

🟢 Revenue has grown at 28.9% a year over 3 years.

🟢 EBITDA has grown at 10.2% a year over 3 years.

🔴 EBITDA Margin has fallen from 10.8% to 6.7% over 3 years (-4.0 pts).

🔴 PAT (Net Profit) has shrunk at 16.3% a year over 3 years.

🔴 EPS has shrunk at 16.3% a year over 3 years.

🔴 ROE has fallen from 25.6% to 9.2% over 3 years (-16.5 pts).

🔴 ROCE has fallen from 33.6% to 12.6% over 3 years (-21.0 pts).

🔴 Total Debt has grown at 219.5% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹21 Cr to -₹50 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹504 Cr

Total Liabilities

₹371 Cr

Cash & Equivalents

₹2 Cr

Operating Cash Flow

-₹11 Cr

Capex

-₹40 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

0.0%

Corporate Actions

Dividend Rate

₹2.25

Ex-Dividend Date

23 Sept 2026

Peer Comparison

Company	P/E	ROE
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%
LARSEN & TOUBRO LTD.	30.1x	15.2%
HAVELLS INDIA LIMITED	43.5x	17.1%

Recent News

2 mixed4 general

Ice Make signs JV deal with Galilei for ₹1,800 cr raise

scanx.trade, 18 OctPartnership

🟡Mixed / dependsA partnership, whose value depends entirely on terms that a headline will not carry. Worth reading the filing before assuming either way.

Ice Make Refrigeration Approves 23,67,573 Share Preferential Issue at ₹802.51 Per Share

Sahi, 24 Jul

ICE Make Refrigeration reports consolidated net loss of Rs 1.64 crore in the June 2026 quarter

Business Standard, 14 AugResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Ice Make Refrigeration (ICEMAKE.NS) Ticks Up to ₹702.1, Holding Firmly Above ₹667 Support - BPI Bear Confirmed

https://www.siam.in/, 22 Sept

ICE Make Refrigeration vs Nifty 50: Returns Compared

Univest, 28 Sept

Ice Make Refrigeration raises ₹190 cr via preferential issue

BusinessLine, 08 Aug

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
Reported insider holding is low — cross-check the official promoter shareholding % in the company's exchange filing.

DalalBaazaar Thesis

MiddlingGrowth

WeakBusiness Quality · Financial Health · Profitability · Valuation · Risk

Points for each in the Score ↑

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 4 high-severity red flags sit above this conclusion and should be read first.

3 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Free cash flow remains positive; Interest cover stays above 3x · see Key things to watch ↑