Ice Make Refrigeration Limited
Quick Take
- • Trading at 90.7× trailing earnings
- • Moderate ROE at 9.0%
- • Leveraged balance sheet (D/E 1.19)
- • Modest dividend yield of 0.34%
- • Operating margin 0.5% · Net margin 1.6%
- • Profit growth — YoY · Beta -0.21
Latest quarter · Jun 2026
| ₹ Cr | Jun 2026 | QoQ | YoY |
|---|---|---|---|
| Revenue | 179 | -30.08% | +59.82% |
| Operating Profit | 3 | -86.36% | -40.00% |
| Net Profit | -2 | -120.00% | -100.00% |
| EPS (₹) | -1.04 | -116.22% | -15.56% |
About the company
From latest AR & concallIce 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; and chest freezers and visi coolers. It also provides commercial refrigeration consisting of dairy processing plant solutions; curd incubation and mortuary chambers; ice cream plants; bulk milk chillers; batch pasteurizers; ageing vat; ice candy production machines; ice cream hardeners; mini blast freezers and chillers; heat pump food dehydrators; vacuum freeze dryers; and commercial, reach-in, and merchandising freezers. In addition, the company offers continuous sandwich PUF panels; industrial refrigeration products, including chilling plants and ice building tanks; transport refrigeration products comprising refrigerator, eutectic mobile, dry insulated, and MS corrugated refrigerated containers; and ammonia refrigeration products, such as turnkey projects for cold storages, and glycol and water chillers. It sells its products through dealers. The company exports its products to approximately 24 countries. It serves the dairy, agriculture, cold chain, food processing, retail, pharmaceutical, ice cream, hospitality, hospital, logistics, chemical, and e-commerce industries. Ice Make Refrigeration Limited was founded in 1989 and is headquartered in Gandhinagar, India.
