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Day High
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NSE Close — 25 Sep 2026
₹663.8
Change
-13.4 (-1.98%)
Open
₹666.9
Prev. Close
₹677.2
Day High
₹670.0
Day Low
₹647.5
Volume Analysis
Traded
64,841
Delivered
36,013
Delivery %
55.54%
End-of-day NSE price via the official Bhavcopy — updated once daily after market close, not a live tick.
Strengths, Weaknesses, Opportunities & Threats
Strengths (0)
No signal for this stock
Weaknesses (5)
- •Trading within 3% of its 52-week low (₹660.0)
- •High debt-to-equity ratio (1.19)
- •Low return on equity (9.49%)
- •Promoter holding is falling
- •Below-average fundamentals quality score (40/100)
Opportunities (1)
- •Strong 3-year revenue growth (28.9%)
Threats (0)
No signal for this stock
Rule-based signals from the fundamentals below — not investment advice.
Pivot Levels
| Type | R3 | R2 | R1 | Pivot | S1 | S2 | S3 |
|---|---|---|---|---|---|---|---|
| Classic | ₹695.86 | ₹682.93 | ₹673.36 | ₹660.43 | ₹650.86 | ₹637.93 | ₹628.36 |
| Fibonacci | ₹682.93 | ₹674.34 | ₹669.03 | ₹660.43 | ₹651.84 | ₹646.53 | ₹637.93 |
| Camarilla | ₹669.99 | ₹667.93 | ₹665.86 | ₹660.43 | ₹661.74 | ₹659.68 | ₹657.61 |
Support/resistance levels for today, calculated from the previous trading day's high/low/close.
Absolute Returns
YTD
-17.99%
1 Week
-4.31%
1 Month
-10.61%
3 Months
-16.6%
6 Months
-2.97%
1 Year
-11.45%
2Y/3Y/5Y not shown yet — price history tracking only goes back to mid-2025 so far.
Stock Vitals
Computed from the latest available annual financials.
Graham Number
₹121.09
Current price is above the Graham Number — Benjamin Graham's estimate of fair value based on earnings and book value.
DuPont ROE Breakdown
8.22%
Net margin 1.63% × asset turnover 1.33x × equity multiplier 3.79x
Company Overview
Sector
Capital Goods
Market Cap
₹1,095 Cr
P/E (TTM)
91.5
ROE
9.49%
Book Value
₹84.3
Face Value
₹10.0
Source: Screener.in (Consolidated figures) — data as of 24 Sep 2026. Not investment advice.
TopFund Analysis
Ice Make Refrigerat Ltd scores weakly on TopFund's composite fundamentals check within the Capital Goods sector, at 40/100. The strongest factor is Corporate Governance (76/100), while Cash Flow (0/100) is the weakest area to weigh before deciding. Notably: Trading within 3% of its 52-week low (₹660.0); high debt-to-equity ratio (1.19). Strong 3-year revenue growth (28.9%).
TopFund Score — Fundamentals Quality
40/100 — WeakData confidence: 78/100 (Moderate Confidence) — based on how complete and how fresh the underlying data is.
As of 27 Sep 2026 · How we calculate this →
Financial Strength
Growth
Valuation
Cash Flow
Corporate Governance
Momentum
Institutional Ownership
Business Quality
Risk & Volatility
Liquidity
From Screener.in
- +Company is expected to give good quarter
- +Company has been maintaining a healthy dividend payout of 18.8%
- +Company's working capital requirements have reduced from 30.8 days to 22.8 days
- −Stock is trading at 8.30 times its book value
- −Promoter holding has decreased over last quarter: -9.68%
Not investment advice — an automated read of public fundamentals data, for research context only.
Corporate Actions
Statutory auditors certified compliance with SEBI ICDR Regulation 169(4) on 10 September 2026.
Board approved preferential allotment of 23,67,573 shares at ₹802.51 and ₹35.27 crore JV investment.
Board approved allotment of 23,67,573 shares at Rs802.51 and Rs35.27 crore investment in Ice Make Horeca.
Submitted newspaper clippings for 17th AGM notice and e-voting; AGM on 30 September 2026.
Source: BSE regulatory filings, via Screener.in.
Quarterly Results
Last several quarters
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 79 | 77 | 82 | 140 | 85 | 103 | 111 | 180 | 112 | 147 | 153 | 256 | 179 |
| Expenses + | 71 | 69 | 78 | 119 | 79 | 95 | 104 | 159 | 107 | 138 | 143 | 234 | 176 |
| Operating Profit | 8 | 8 | 4 | 21 | 6 | 8 | 7 | 21 | 4 | 10 | 10 | 21 | 3 |
| OPM % | 10.34% | 9.86% | 5.22% | 14.79% | 7.09% | 8.17% | 6.03% | 11.86% | 3.95% | 6.52% | 6.46% | 8.36% | 1.67% |
| Other Income + | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest | 0 | 1 | 1 | 1 | 0 | 1 | 1 | 2 | 2 | 3 | 4 | 4 | 3 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 4 | 4 | 4 | 4 | 4 | 2 |
| Profit before tax | 7 | 6 | 3 | 19 | 5 | 7 | 4 | 16 | -2 | 3 | 2 | 14 | -2 |
| Tax % | 25.17% | 25.17% | 25.46% | 26.23% | 23.0% | 27.75% | 22.01% | 27.4% | -20.11% | 27.08% | 23.68% | 25.37% | -26.01% |
| Net Profit + | 5 | 4 | 2 | 14 | 4 | 5 | 3 | 12 | -1 | 2 | 1 | 10 | -2 |
| EPS in Rs | 3 | 3 | 1 | 9 | 2 | 3 | 2 | 7 | -1 | 1 | 1 | 6 | -1 |
| Raw PDF | — | — | — | — | — | — | — | — | — | — | — | — | — |
Source: Screener.in — figures in ₹ Crores unless marked %.
Profit & Loss (Yearly)
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 88 | 103 | 132 | 138 | 135 | 206 | 312 | 378 | 480 | 668 | 736 |
| Expenses + | 78 | 90 | 118 | 125 | 124 | 192 | 280 | 338 | 437 | 623 | 692 |
| Operating Profit | 10 | 13 | 14 | 13 | 10 | 14 | 32 | 41 | 43 | 45 | 44 |
| OPM % | 11.0% | 12.0% | 10.0% | 9.0% | 8.0% | 7.0% | 10.0% | 11.0% | 9.0% | 7.0% | 6.0% |
| Other Income + | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Interest | 1 | 2 | 1 | 2 | 2 | 2 | 1 | 2 | 4 | 13 | 14 |
| Depreciation | 2 | 2 | 2 | 3 | 4 | 4 | 4 | 4 | 8 | 17 | 15 |
| Profit before tax | 7 | 10 | 11 | 8 | 5 | 10 | 28 | 35 | 31 | 16 | 16 |
| Tax % | 32.0% | 32.0% | 29.0% | 26.0% | 32.0% | 25.0% | 26.0% | 26.0% | 26.0% | 26.0% | — |
| Net Profit + | 5 | 7 | 7 | 6 | 4 | 7 | 21 | 26 | 23 | 12 | 12 |
| EPS in Rs | 7 | 4 | 5 | 4 | 2 | 5 | 13 | 17 | 15 | 8 | 8 |
| Dividend Payout % | 0.0% | 24.0% | 25.0% | 33.0% | 52.0% | 26.0% | 14.0% | 12.0% | 15.0% | 29.0% | — |
Source: Screener.in — figures in ₹ Crores unless marked %.
Balance Sheet
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Reserves | 8 | 29 | 34 | 38 | 41 | 46 | 65 | 88 | 108 | 117 |
| Borrowings + | 15 | 10 | 3 | 17 | 10 | 11 | 5 | 27 | 86 | 158 |
| Other Liabilities + | 25 | 27 | 29 | 34 | 42 | 52 | 73 | 80 | 158 | 212 |
| Total Liabilities | 55 | 81 | 83 | 105 | 108 | 125 | 159 | 211 | 368 | 504 |
| Fixed Assets + | 11 | 13 | 23 | 27 | 30 | 32 | 32 | 50 | 133 | 140 |
| CWIP | 0 | 1 | 0 | 0 | 1 | 0 | 0 | 12 | 6 | 25 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 5 | 0 | 0 | 0 |
| Other Assets + | 44 | 68 | 60 | 78 | 77 | 93 | 122 | 149 | 229 | 338 |
| Total Assets | 55 | 81 | 83 | 105 | 108 | 125 | 159 | 211 | 368 | 504 |
| Equity Capital | 7 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 |
Source: Screener.in — figures in ₹ Crores unless marked %.
Cash Flow
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 8 | -2 | 8 | -1 | 12 | 8 | 24 | 10 | 30 | -11 |
| Cash from Investing Activity + | -4 | -4 | -12 | -7 | -3 | -5 | -14 | -23 | -83 | -40 |
| Cash from Financing Activity + | 0 | 16 | -10 | 6 | -9 | -3 | -9 | 17 | 49 | 52 |
| Net Cash Flow | 3 | 11 | -13 | -2 | 0 | 0 | 1 | 4 | -5 | 1 |
| CFO/OP | 95 | 14 | 87 | 12 | 140 | 74 | 97 | 47 | 91 | -8 |
| Free Cash Flow | 4 | -7 | -3 | -9 | 7 | 4 | 21 | -23 | -52 | -50 |
Source: Screener.in — figures in ₹ Crores unless marked %.
Shareholding Pattern
Quarter-by-quarter — Promoters, FII, DII & public holding trend
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Public | 25.49% | 25.51% | 25.5% | 25.51% | 24.93% | 24.39% | 24.38% | 24.32% | 23.64% | 23.94% | 24.11% | 34.6% |
| Promoters | 74.49% | 74.49% | 74.49% | 74.49% | 74.49% | 74.41% | 74.4% | 74.36% | 74.26% | 74.2% | 74.2% | 64.52% |
| FII | 0.02% | 0.0% | 0.02% | 0.0% | 0.0% | 0.33% | 0.01% | 0.01% | 0.11% | 0.22% | 0.31% | 0.01% |
| DII | 0.0% | 0.0% | 0.0% | 0.0% | 0.58% | 0.87% | 1.21% | 1.31% | 1.99% | 1.64% | 1.38% | 0.88% |
Source: Screener.in — quarterly shareholding disclosures.
Peers Comparison
Capital Goods — ranked by market cap
| Company | Market Cap (Cr) | P/E | P/B | ROE |
|---|---|---|---|---|
| Ice Make Refrigerat Ltd (this stock) | 1,095 | 91.5 | 8.23 | 9.49% |
| Hariom Pipe Industries L | 1,099 | 16.0 | 1.7 | 12.4% |
| Tembo Global Ind Ltd | 1,081 | 10.6 | 2.39 | 27.5% |
| Jyoti Structures Ltd | 1,080 | 16.8 | 2.28 | 10.8% |
| Mic Electronics Ltd | 1,075 | — | 4.02 | -5.76% |
| Kamdhenu Limited | 1,127 | 37.1 | 4.94 | 14.7% |
| Grp Limited | 1,060 | 155.0 | 5.95 | 2.48% |
Which Mutual Funds Hold Ice Make Refrigerat Ltd?
Frequently Asked Questions about Ice Make Refrigerat Ltd
Ice Make Refrigerat Ltd (ICEMAKE) closed at ₹663.8 on NSE on 25 September 2026, down 13.4 (1.98%) from the previous close.
Ice Make Refrigerat Ltd trades on the NSE (National Stock Exchange of India) under the symbol ICEMAKE.
Ice Make Refrigerat Ltd has a trailing twelve-month P/E (price-to-earnings) ratio of 91.5.
Ice Make Refrigerat Ltd has a dividend yield of 0.32%.
Ice Make Refrigerat Ltd's 52-week high is ₹920.0 and its 52-week low is ₹660.0.
Ice Make Refrigerat Ltd has a market capitalisation of ₹1,095 crore.
Ice Make Refrigerat Ltd has a TopFund Quality Score of 40/100 (Weak), a composite of profitability, balance-sheet health, growth and valuation. This is an analytical score based on public data, not personalized investment advice — see the full breakdown below before deciding.
Community Sentiment
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