Assembled from the company's filings and exchange data as of today. Download PDF renders this page on the server; the narrative sections arrive with the Nexa composer.
Dossier · ICE MAKE REFRIGERAT LTD · 29 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
ICE MAKE REFRIGERAT LTD
NSE: ICEMAKE
NSE: ICEMAKE
Industrials › Capital Goods › Industrial Manufacturing › Industrial Products
ICE MAKE REFRIGERAT LTD
StateQ1 FY27 filed
Last close · 28 Oct 2026₹640.00
Market cap₹1.0k cr
TTM P/E · P/B · EV/EBITDA84.4 · 7.62 · 26.0
ICE MAKE REFRIGERAT LTD is a Industrial Manufacturing company listed on NSE. The annual-report business brief for this company has not been generated yet; the numbers below are as filed.
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 206 | 312 | 378 | 480 | 668 |
| EBITDA (ex other income) | 14 | 32 | 41 | 43 | 45 |
| margin % | 7.0 | 10.3 | 10.8 | 8.9 | 6.8 |
| Owners' profit | 0 | 0 | 26 | 23 | 12 |
| EPS, as reported (₹) | 4.66 | 13.19 | 16.56 | 14.65 | 7.73 |
| ROE % · ROCE % | — · — | 25.6 · 34.1 | 25.1 · 28.7 | 18.5 · 19.7 | 9.1 · 13.2 |
| Debt / equity (x) | — | 0.04 | 0.24 | 0.66 | 1.14 |
| Cash from operations | 8 | 24 | 12 | 30 | (11) |
| Capex | (4) | (4) | (20) | (82) | (40) |
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · ICE MAKE REFRIGERAT LTD · 29 October 2026Page 2 of 3
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 103 | 111 | 180 | 112 | 147 | 153 | 256 | 179 |
| Profit before tax | 7 | 4 | 16 | (2) | 3 | 2 | 14 | (2) |
| Net profit | 5 | 3 | 12 | (1) | 2 | 1 | 10 | (2) |
| EPS (₹) | 3.05 | 1.82 | 7.42 | (0.90) | 1.28 | 0.93 | 6.41 | (1.04) |
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,904 | 97.4 | 24.99 | 80.9 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 30,105 | 81.2 | 9.82 | 52.4 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 26,932 | 49.1 | 6.04 | — | 11.8 | 15.5 | — | 18.2 |
| JYOTI CNC AUTOMATION LTD | 21,121 | 65.7 | 10.55 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| KAYNES TECHNOLOGY IND LTD | 20,995 | 60.6 | 4.41 | 29.9 | 7.6 | 9.8 | — | 17.1 |
| LMW LIMITED | 17,483 | 100.1 | 6.10 | 56.6 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,085 | 459.6 | 3.84 | 39.1 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,360 | 48.5 | 7.34 | 50.4 | 11.7 | 11.5 | — | 15.0 |
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 84.4 | 26.7 | 109 of 130 | 16% |
| P/B | 7.6 | 3.1 | 91 of 112 | 19% |
| ROCE | 7.5 | 11.3 | 98 of 142 | 31% |
| ROE | 9.2 | 9.8 | 61 of 113 | 46% |
| Debt / Equity | 1.1 | 0.2 | 102 of 113 | 10% |
| EBITDA margin | 1.7 | 12.4 | 96 of 110 | 13% |
| Revenue growth | 60.4 | 20.6 | 20 of 114 | 83% |
| Profit growth | (12.5) | 17.1 | 69 of 109 | 37% |
| Market cap | 1010 | 273 | 43 of 141 | 70% |
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · ICE MAKE REFRIGERAT LTD · 29 October 2026Page 3 of 3
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 10 Oct 2026 · Routine compliance certificate for Q2 FY26 dematerialisation | compliance | minimal | — | — |
| 30 Sept 2026 · Shareholders OK re-appointment of three Managing Directors for 3 years | management changes | medium | — | — |
| 30 Sept 2026 · Ice Make shareholders approve re-appointment of three Managing Directors for 3 years | management changes | high | — | — |
| 30 Sept 2026 · Shareholders approve re-appointment of three Patel family directors for 3 years | management changes | high | — | — |
| 30 Sept 2026 · 17th AGM results: all 8 resolutions passed, dividend of Rs 2.25 declared | board shareholder meetings | low | — | — |
| 30 Sept 2026 · AGM concludes; final dividend of Rs 2.25 per share declared, MD re-appointed | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1, 2026 for Q2 results | compliance | minimal | — | — |
| 10 Sept 2026 · Ice Make Refrigeration allots 23.67 lakh shares via preferential route, raises Rs 190 crore | compliance | minimal | — | — |
| 10 Sept 2026 · Board approves INR 190 cr preferential allotment and JV investment | general | medium | — | — |
| 10 Sept 2026 · Ice Make allots 23.67 lakh shares at INR 802.51 to non-promoters including Japanese firm | fund raising | medium | — | — |
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in