NSE: ICEMAKE · ISIN INE520Y01019
Ice Make Refrigeration Limited stock analysis
Ice Make Refrigeration Limited ranks #4922 in the TickerSutra evidence-ranked universe with a score of 28/100 and 95% data confidence. The latest captured fundamentals show ROCE of 10.8%, quarterly sales growth of 57.4% and quarterly profit growth of -1.4%.Avoid / exit review
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- 30.1% three-year sales CAGR
- CWIP indicates an active capacity pipeline
Risks and constraints
- Debt/equity is above 0.5×
- CFO/EBITDA is below 0.6×
- Promoter pledge is 8% of promoter holding
- Valuation is above 40× earnings
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹200cr | ₹14cr | ₹8cr | 7.0% |
| 2023 | ₹303cr | ₹31cr | ₹21cr | 10.0% |
| 2024 | ₹370cr | ₹40cr | ₹27cr | 11.0% |
| 2025 | ₹472cr | ₹42cr | ₹23cr | 9.0% |
| 2026 | ₹667cr | ₹43cr | ₹11cr | 6.0% |
| TTM | ₹732cr | ₹42cr | ₹11cr | 6.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
Ice Make Refrigeration Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
RoutineAcquisition (including agreement to acquire)-XBRLNSE · 10 Sept 2026 · Structured filingICE MAKE REFRIGERATION LIMITED has informed the Exchange regarding Acquisition (including agreement to acquire)
ICE MAKE REFRIGERATION LIMITED has informed the Exchange regarding Acquisition (including agreement to acquire)
Open original XBRL sourceIce Make Refrigeration Limited has informed the Exchange about General Updates
RoutineAllotment of SecuritiesNSE · 10 Sept 2026Ice Make Refrigeration Limited has informed the Exchange regarding allotment of 2367573 securities pursuant to Preferential Issue at its meeting held on September 10, 2026
RoutineOutcome of Board MeetingNSE · 10 Sept 2026Ice Make Refrigeration Limited has informed the Exchange regarding Outcome of Board Meeting held on September 10, 2026.
MANAGEMENT COMMENTARY
Signals from filed documents
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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