ICE MAKE REFRIGERAT LTD (ICEMAKE) financials

ICE MAKE REFRIGERAT LTD (ICEMAKE) NSE/BSE financials on Fincrux: quarterly results, profit and loss, cash flow, balance sheet, ratios, and shareholding.

Incorporated in 1993, ICE Make Refrigeration Ltd provides customized cooling solutions across a wide range of industries[1]

Market Cap: ₹1,207Cr.
Current Price: ₹665
Stock P/E: 111
ROE: 8.24%
ROCE: 10.8%
Book Value: ₹86.2
Dividend Yield: 0.34%
52W High / Low: ₹920/602

In Jun 2026, ICE MAKE REFRIGERAT LTD (ICEMAKE) reported sales ₹176.08 Cr and net profit ₹-1.41 Cr.

Annual TTM: sales ₹732 Cr, net profit ₹11 Cr.

Shareholding: Promoters 64.52% (Sep 2026), FIIs 0.03% (Sep 2026), DIIs 0.25% (Sep 2026), Public 35.20% (Sep 2026), No. of Shareholders 22,332% (Sep 2026).

ICEMAKE quarterly results (₹ Cr.)
Category	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales	101.38	108.64	178.61	111.86	148.70	153.21	253.59	176.08
Expenses	93.14	102.04	157.85	107.67	140.07	143.98	232.96	172.92
Operating Profit	8.24	6.60	20.76	4.19	8.63	9.23	20.63	3.16
OPM %	8.13%	6.08%	11.62%	3.75%	5.80%	6.02%	8.14%	1.79%
Other Income	0.27	0.34	0.61	0.26	0.15	0.27	0.38	0.18
Interest	0.87	1.11	1.50	2.26	2.72	3.82	3.60	3.26
Depreciation	0.92	2.03	4.04	3.98	4.09	4.18	4.39	1.99
Profit before tax	6.72	3.80	15.83	-1.79	1.97	1.50	13.02	-1.91
Tax %	27.23%	22.37%	27.29%	-22.35%	26.40%	26.00%	25.35%	-26.18%
Net Profit	4.89	2.96	11.52	-1.39	1.45	1.11	9.72	-1.41
EPS in Rs	3.10	1.88	7.30	-0.88	0.92	0.70	6.16	-0.89
Raw PDF	—	—	—	—	—	—	—	—

ICEMAKE profit and loss (₹ Cr.)
Category	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	136	131	200	303	370	472	667	732
Expenses	122	121	186	271	329	430	625	690
Operating Profit	14	11	14	31	40	42	43	42
OPM %	10%	8%	7%	10%	11%	9%	6%	6%
Other Income	1	1	1	2	1	1	1	1
Interest	2	2	2	1	2	4	12	13
Depreciation	4	4	3	3	4	8	17	15
Profit before tax	9	6	11	28	36	31	15	15
Tax %	26%	31%	26%	26%	26%	26%	26%	—
Net Profit	7	4	8	21	27	23	11	11
EPS in Rs	4.26	2.86	5.16	13.34	16.87	14.72	6.90	6.89
Dividend Payout %	28%	42%	23%	13%	12%	15%	33%	—

ICEMAKE balance sheet (₹ Cr.)
Category	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	16	16	16	16	16	16	16	16
Reserves	35	40	44	50	69	93	113	120
Borrowings	2	14	8	9	3	24	83	156
Other Liabilities	29	33	40	49	70	77	154	209
Total Liabilities	81	102	107	123	158	209	365	501
Fixed Assets	20	26	26	29	30	46	130	137
CWIP	0	0	1	0	0	12	6	25
Investments	3	3	3	3	8	3	3	3
Other Assets	58	73	76	90	120	148	227	335
Total Assets	81	102	107	123	158	209	365	501

ICEMAKE cash flows (₹ Cr.)
Category	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity	7	-2	12	9	22	10	30	-14
Cash from Investing Activity	-10	-7	-4	-5	-13	-22	-84	-39
Cash from Financing Activity	-9	6	-9	-3	-8	16	49	54
Net Cash Flow	-12	-2	-0	0	1	4	-5	1
Free Cash Flow	-4	-9	7	5	19	-22	-52	-53
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit	76%	6%	134%	77%	93%	47%	94%	-15%

ICEMAKE shareholding pattern (%)
Category	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Promoters	74.49%	74.41%	74.40%	74.36%	74.26%	74.20%	74.20%	64.52%
FIIs	0.00%	0.33%	0.01%	0.01%	0.11%	0.22%	0.31%	0.03%
DIIs	0.58%	0.87%	1.21%	1.31%	1.99%	1.64%	1.38%	0.25%
Public	24.93%	24.39%	24.38%	24.32%	23.64%	23.94%	24.11%	35.20%
No. of Shareholders	24,776	24,633	25,656	25,194	24,249	25,551	23,616	22,332

ICEMAKE key ratios
Category	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	58	74	76	63	66	68	73	85
Inventory Days	107	134	141	111	79	75	112	106
Days Payable	84	88	101	79	83	75	118	105
Cash Conversion Cycle	82	120	115	94	62	69	67	86
Working Capital Days	56	55	67	51	43	49	20	22
ROCE %	23%	18%	12%	18%	36%	34%	21%	11%

ICEMAKEUpdated 18 Oct 2026, 14:54

Ice Make Refrigerat Ltd

ICEMAKEUpdated 18 Oct 2026, 14:54

Market Cap

₹1,207Cr.

Current Price

₹665

High / Low

₹920/602

Stock P/E

111

ROE8.24%

ROCE10.8%

Book Value₹86.2

Face Value₹10.0

Dividend Yield0.34%

About

Incorporated in 1993, ICE Make Refrigeration Ltd provides customized cooling solutions across a wide range of industries[1]

Quarterly results

Last reported quarters₹ Cr.

Quarter	Sales	Interest	Expenses	Other Income	Depreciation	Profit Before Tax	Tax	Net Profit	EPS (₹)
Jun 2023	77.25	0.22	69.01	0.24	0.82	7.44	25.13	5.58	3.54
Sep 2023	75.72	0.68	68.25	0.21	0.85	6.15	25.37	4.59	2.91
Dec 2023	81.56	0.6	77.28	0.2	0.9	2.98	25.5	2.22	1.41
Mar 2024	135.07	0.35	114.83	0.32	0.94	19.27	26.15	14.23	9.02
Jun 2024	83.17	0.41	77.09	0.22	0.83	5.06	23.91	3.85	2.44
Sep 2024	101.38	0.87	93.14	0.27	0.92	6.72	27.23	4.89	3.1
Dec 2024	108.64	1.11	102.04	0.34	2.03	3.8	22.37	2.96	1.88
Mar 2025	178.61	1.5	157.85	0.61	4.04	15.83	27.29	11.52	7.3
Jun 2025	111.86	2.26	107.67	0.26	3.98	-1.79	-22.35	-1.39	-0.88
Sep 2025	148.7	2.72	140.07	0.15	4.09	1.97	26.4	1.45	0.92
Dec 2025	153.21	3.82	143.98	0.27	4.18	1.5	26	1.11	0.7
Mar 2026	253.59	3.6	232.96	0.38	4.39	13.02	25.35	9.72	6.16
Jun 2026	176.08	3.26	172.92	0.18	1.99	-1.91	-26.18	-1.41	-0.89

Profit & loss

Annual statement₹ Cr.

Year	Sales	Interest	Expenses	Other Income	Depreciation	Profit Before Tax	Tax	Net Profit	EPS (₹)
Mar 2015	50	1	47	0	1	1	34	1	0.81
Mar 2016	72	2	65	0	2	4	34	3	2.3
Mar 2017	88	1	78	0	2	7	32	5	4.37
Mar 2018	101	2	89	1	1	10	32	7	4.23
Mar 2019	129	1	115	0	2	11	29	8	5
Mar 2020	136	2	122	1	4	9	26	7	4.26
Mar 2021	131	2	121	1	4	6	31	4	2.86
Mar 2022	200	2	186	1	3	11	26	8	5.16
Mar 2023	303	1	271	2	3	28	26	21	13.34
Mar 2024	370	2	329	1	4	36	26	27	16.87
Mar 2025	472	4	430	1	8	31	26	23	14.72
Mar 2026	667	12	625	1	17	15	26	11	6.9
TTM	732	13	690	1	15	15	—	11	6.89

Shareholding pattern

As of Sep 2026%

Holder	Share
Promoters	64.52%
FIIs	0.03%
DIIs	0.25%
Public	35.2%

Shareholding trend

Ownership over time%

Quarter	Promoters	FIIs	DIIs	Public
Dec 2023	74.49%	0.02%	0%	25.49%
Mar 2024	74.49%	0%	0%	25.51%
Jun 2024	74.49%	0.02%	0%	25.5%
Sep 2024	74.49%	0%	0%	25.51%
Dec 2024	74.49%	0%	0.58%	24.93%
Mar 2025	74.41%	0.33%	0.87%	24.39%
Jun 2025	74.4%	0.01%	1.21%	24.38%
Sep 2025	74.36%	0.01%	1.31%	24.32%
Dec 2025	74.26%	0.11%	1.99%	23.64%
Mar 2026	74.2%	0.22%	1.64%	23.94%
Jun 2026	74.2%	0.31%	1.38%	24.11%
Sep 2026	64.52%	0.03%	0.25%	35.2%

Balance sheet

Assets & liabilities₹ Cr.

Period	Equity Capital	Reserves	Borrowings	Other Liabilities	Total Liabilities	Fixed Assets	CWIP	Investments	Other Assets	Total Assets
Mar 2015	1	6	13	13	33	9	0	0	24	33
Mar 2016	7	3	14	14	39	9	0	0	30	39
Mar 2017	7	8	15	24	55	9	0	2	44	55
Mar 2018	16	29	8	26	79	10	1	3	64	79
Mar 2019	16	35	2	29	81	20	0	3	58	81
Mar 2020	16	40	14	33	102	26	0	3	73	102
Mar 2021	16	44	8	40	107	26	1	3	76	107
Mar 2022	16	50	9	49	123	29	0	3	90	123
Mar 2023	16	69	3	70	158	30	0	8	120	158
Mar 2024	16	93	24	77	209	46	12	3	148	209
Mar 2025	16	113	83	154	365	130	6	3	227	365
Mar 2026	16	120	156	209	501	137	25	3	335	501

Cash flows

Operating, investing & financing₹ Cr.

Period	Operating	Investing	Financing	Net cash flow
Mar 2015	5	-2	1	3
Mar 2016	1	-2	0	-1
Mar 2017	8	-4	0	3
Mar 2018	0	-4	14	10
Mar 2019	7	-10	-9	-12
Mar 2020	-2	-7	6	-2
Mar 2021	12	-4	-9	0
Mar 2022	9	-5	-3	0
Mar 2023	22	-13	-8	1
Mar 2024	10	-22	16	4
Mar 2025	30	-84	49	-5
Mar 2026	-14	-39	54	1

Key ratios

Historical financial ratios

Category	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	61	69	65	76	58	74	76	63	66	68	73	85
Inventory Days	96	75	105	122	107	134	141	111	79	75	112	106
Days Payable	90	70	107	94	84	88	101	79	83	75	118	105
Cash Conversion Cycle	67	73	63	104	82	120	115	94	62	69	67	86
Working Capital Days	53	16	4	44	56	55	67	51	43	49	20	22
ROCE %	—	24%	31%	28%	23%	18%	12%	18%	36%	34%	21%	11%

Frequently asked questions

Quick answers about this company's financials on Fincrux

What is the market cap of ICE MAKE REFRIGERAT LTD (ICEMAKE)?

The reported market capitalisation for ICE MAKE REFRIGERAT LTD (ICEMAKE) is ₹1,207Cr. on Fincrux. Figures may update with market data and filings.

What is the current share price of ICEMAKE?

The current price shown for ICE MAKE REFRIGERAT LTD (ICEMAKE) on Fincrux is ₹665 with a 52-week high/low of ₹920/602.

What is the P/E ratio of ICE MAKE REFRIGERAT LTD (ICEMAKE)?

The stock P/E for ICE MAKE REFRIGERAT LTD (ICEMAKE) is 111 on Fincrux, with ROE at 8.24% and ROCE at 10.8%.

What were ICEMAKE latest quarterly results?

For Jun 2026, ICE MAKE REFRIGERAT LTD (ICEMAKE) reported sales ₹176.08 Cr and net profit ₹-1.41 Cr (figures in ₹ crore unless noted).

What are ICEMAKE annual sales and net profit?

For TTM, ICE MAKE REFRIGERAT LTD (ICEMAKE) shows sales of ₹732 Cr and net profit of ₹11 Cr on the Fincrux profit & loss statement.

Who owns ICE MAKE REFRIGERAT LTD (ICEMAKE)?

Latest shareholding for ICE MAKE REFRIGERAT LTD (ICEMAKE) on Fincrux: Promoters 64.52% (Sep 2026), FIIs 0.03% (Sep 2026), DIIs 0.25% (Sep 2026), Public 35.20% (Sep 2026), No. of Shareholders 22,332% (Sep 2026).

Where can I find ICE MAKE REFRIGERAT LTD (ICEMAKE) financials?

ICE MAKE REFRIGERAT LTD (ICEMAKE) financials on Fincrux include quarterly results, profit and loss, cash flow, balance sheet, key ratios, and shareholding patterns for NSE/BSE research.

Does Fincrux show ICEMAKE balance sheet and cash flow?

Yes. The ICE MAKE REFRIGERAT LTD (ICEMAKE) page on Fincrux includes balance sheet, cash flow statements, historical ratios, and ownership trends alongside quarterly and annual results.

Figures in ₹ crore unless noted. Data sourced for research and may lag filings.

Last updated 18 October 2026 at 14:54