Debut Plus

₹625.65

▼ -7.02 -1.11%

As of 23 Oct 2026 · delayed

NSE Listed · Engineering

ICE Make Refrigeration Ltd. (ICEMAKE)

Volume: 11,693Avg Vol 1W: 10,006Avg Vol 1M: 23,12152W Range:₹602₹920
NSE BSE www.icemakeindia.com AI Report
Key Ratios
Checked 11h ago
Market Cap₹1,135 Cr
Current Price₹625.65
Previous Close₹632.67
High / Low (52w)₹920 / ₹602
Volume11,693
Avg Vol (1W)10,006
Avg Vol (1M)23,121
Stock P/E94.8
Book Value₹177.98
Dividend Yield31%
ROE9.17%
ROA237.09%
Revenue (TTM)—
Revenue Growth26.73%
Profit Margin162.73%
Total Debt₹48 Cr
Shares Outstanding2 Cr
Face Value₹10
EPS (TTM)₹6.6
P/B3.52
Debt / Equity0.95
50 DMA₹697.29
200 DMA₹760.31
Day change-1.11%
Price Chart
₹625.65▼ 12.47% · 1Y
₹886₹6246.4L
2025-10-27
2026-10-23

20-day avg volume: 24K shares

Pros
  • Pays a dividend yield of 31.0%.
  • Company is almost debt-free.
Cons
  • Revenue fell 31% YoY.
  • Company is loss-making at the latest annual result.
  • Stock trades at a high P/E of 95.
Quarterly Results
MetricSept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Revenue₹103 Cr₹111 Cr₹180 Cr₹112 Cr₹147 Cr₹153 Cr₹256 Cr₹179 Cr
EBITDA₹8 Cr₹5 Cr₹18 Cr₹0 Cr₹6 Cr₹6 Cr₹17 Cr₹1 Cr
Net Profit₹5 Cr₹3 Cr₹12 Cr₹-1 Cr₹2 Cr₹1 Cr₹10 Cr₹-2 Cr
EPS————————
Profit & Loss (Annual)
MetricMar 2025Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Mar 2026Jun 2026
Revenue₹480 Cr₹179 Cr₹112 Cr₹149 Cr₹153 Cr₹254 Cr₹669 Cr₹176 Cr
EBITDA₹35 Cr₹17 Cr₹0 Cr₹5 Cr₹5 Cr₹17 Cr₹29 Cr₹1 Cr
Net Profit₹23 Cr₹12 Cr₹-1 Cr₹1 Cr₹1 Cr₹10 Cr₹12 Cr₹-1 Cr
EPS14.65—————7.73—
Balance Sheet
MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Total Assets₹83 Cr₹101 Cr₹108 Cr₹125 Cr₹159 Cr₹211 Cr₹368 Cr₹504 Cr
Total Liabilities₹33 Cr₹48 Cr₹51 Cr₹63 Cr₹78 Cr₹107 Cr₹244 Cr₹371 Cr
Equity₹50 Cr₹54 Cr₹56 Cr₹62 Cr₹81 Cr₹104 Cr₹124 Cr₹133 Cr
Total Debt————————
Cash Flow
MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating₹12 Cr₹1 Cr₹14 Cr₹11 Cr₹31 Cr₹19 Cr₹39 Cr₹-4 Cr
Investing₹-11 Cr₹-7 Cr₹-3 Cr₹-5 Cr₹-14 Cr₹-23 Cr₹-83 Cr₹-40 Cr
Financing₹-10 Cr₹6 Cr₹-9 Cr₹-3 Cr₹-9 Cr₹17 Cr₹49 Cr₹52 Cr
Free Cash Flow₹12 Cr₹1 Cr₹14 Cr₹11 Cr₹31 Cr₹19 Cr₹39 Cr₹-4 Cr
Shareholding
Promoter 64.52% Institutions 0.89% Public 34.6%
Efficiency & Working Capital
ROCE9.9%
Interest Coverage2.3
Dividend Payout—
Debtor Days84 d
Inventory Days81 d
Payable Days77 d
Cash Conversion Cycle88 d
Working Capital Days164 d
Shareholding Details

As of 2026-09-30

Promoter64.5%
FII0%
DII0.9%
Institutions0.9%
Public34.6%
Promoter Pledge8%
No. of Shareholders22,581
Shareholding Pattern

Quarterly — figures in %. Latest 12 quarters.

PeriodDec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026Sept 2026
Promoters74.5%74.5%74.5%74.5%74.5%74.4%74.4%74.4%74.3%74.2%74.2%64.5%
FIIs0%0%0%0%0%0.3%0%0%0.1%0.2%0.3%0%
DIIs0%0%0%0%0%0%0%0%2%1.6%1.4%0.9%
Public25.5%25.5%25.5%25.5%25.5%25.3%25.6%25.6%23.6%23.9%24.1%34.6%
Promoter Pledge0%0%0%4.2%4.2%4.2%8%8%7.9%0%8%8%
No. of Shareholders19,28522,66823,22524,54324,77624,63225,65625,19424,24925,55123,61622,581
Returns History (ROE / ROCE / ROA)
PeriodROEROCEROAP/E
202603————
Major Shareholders (>1%)
NameCategoryStakeShares
Patel Rajendrabhai PShareholding of Promoter and Promoter Group20.4%37,03,280
Vipulbhai Ishwarbhai PatelShareholding of Promoter and Promoter Group20.1%36,55,360
Chandrakant Popatbhai PatelShareholding of Promoter and Promoter Group20%36,27,024
Galilei Holdings Co. Ltd. (formerly Known As Galilei Co. Ltd.)Public Shareholding12.4%22,42,963
Popatbhai Laljibhai PatelShareholding of Promoter and Promoter Group1.3%2,36,960
Alpesh Bhaichandbhai SoniPublic Shareholding1.1%2,03,000
Ishwarbhai Laljibhai PatelShareholding of Promoter and Promoter Group0.5%96,000
Gauriben Popatbhai PatelShareholding of Promoter and Promoter Group0.4%80,000
Kantaben Ishwarlal PatelShareholding of Promoter and Promoter Group0.4%80,000
Kapilaben Vipulbhai PatelShareholding of Promoter and Promoter Group0.4%74,000
Jyotsnaben Rajendrabhai PatelShareholding of Promoter and Promoter Group0.4%72,000
Ramilaben Chandrakantbhai PatelShareholding of Promoter and Promoter Group0.3%62,149
Manishaben Bhailal PatelShareholding of Promoter and Promoter Group0.1%20,000
Monika G PatelShareholding of Promoter and Promoter Group0%650
Gaurav G PatelShareholding of Promoter and Promoter Group0%550
Manharbhai Polabhai PatelShareholding of Promoter and Promoter Group0%0
Kantibhai K PatelShareholding of Promoter and Promoter Group0%0
Patel Ashishbhai ParsottambhaiShareholding of Promoter and Promoter Group0%0
Patel Labhuben ManharbhaiShareholding of Promoter and Promoter Group0%0
Patel Devarsh ChandrakantShareholding of Promoter and Promoter Group0%0
Ketul PatelShareholding of Promoter and Promoter Group0%0
Patel Saroj PankajbhaiShareholding of Promoter and Promoter Group0%0
Alpaben Vipulkumar PatelShareholding of Promoter and Promoter Group0%0
Rajubhai Maharbhai PatelShareholding of Promoter and Promoter Group0%0
Vidhi PatelShareholding of Promoter and Promoter Group0%0
Promoter Pledges
HolderPledged Shares% of HoldingAs of
Patel Rajendrabhai P1,50,0004.1%2026-09-10
Vipulbhai Ishwarbhai Patel1,50,0004.1%2026-09-10
Chandrakant Popatbhai Patel6,39,65017.6%2026-09-10
Board of Directors
NameDesignationYear
Chandrakant P PatelChairman / Executive Director / M D / Promoter2025
Rajendra P PatelED / Joint MD / Promoter2025
Vipul I PatelED / Joint MD / Promoter2025
Darsha R KikaniIndependent Non Exe. Director2025
Harshadrai P PandyaIndependent Non Exe. Director2025
Krishnakant L PatelIndependent Non Exe. Director2025
Mandar DesaiCompany Sec. & Compli. Officer2025
Segments — Product
SegmentRevenueShare
Manufacturing of Cold Rooms, Freeze₹0 Cr—
Capital Structure (₹ Cr)
YearFace ValueAuthorisedIssuedPaid-up
2026₹10201616
Corporate Actions
TypeDateValueRemark
forthcoming2026-09-23Dividend—
dividend2026-09-23₹2.25 (22.5%)Final
forthcoming2026-08-13Board Meetings—
forthcoming2026-07-24Board Meetings—
dividend2025-09-19₹2.25 (22.5%)Final
Related-Party Transactions (₹ Cr)
YearSubsidiariesAssociatesJVKMPOthersTotal
202532002135
202517002018
202515000116
Company Information
Incorporated2009
ChairmanChandrakant P Patel
AuditorUmesh Shah & Associates
Investor Email[email protected]
🌐 www.icemakeindia.com ↗

📍 B-1 Vasupujya Chamber, Neer Navdeep Bldg IT Cross Rod, Ahmedabad, Gujarat, 380009

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