Flash Finance

Ice Make Refrigeration LimitedICEMAKECorporate

Electric Equipment Latest results: Mar 2026 14 quarters of data
Consolidated Standalone
₹664.90
MCap ₹1,049 Cr · P/E 87.4
Ice Make Refrigeration Limited — Stock analysis & AI research Ice Make Refrigeration Limited — Multibagger AI analysis Ice Make Refrigeration Limited — Seasonality — best & worst months Ice Make Refrigeration Limited — Technical setup — score, trend, support & resistance Ice Make Refrigeration Limited — Live exchange announcements
📋 High Sales Growth Stocks 📈 Multi-Timeframe Bearish Stocks
AI-assisted data: figures and text on this page are extracted from public quarterly filings with AI assistance, checked automatically and overseen by our editorial team (human in the loop). They may still contain errors or omissions. Verify critical numbers against official company / SEBI / NSE / BSE filings before making any decision. Educational information only, not financial advice.
₹256 Cr
Sales · Mar 2026
+41.9% YoY
₹21 Cr
Operating Profit · Mar 2026
-1.8% YoY
8.2%
OPM % · Mar 2026
-31.1% YoY
₹10 Cr
Net Profit · Mar 2026
-14.3% YoY
₹6.41
EPS · Mar 2026
-13.6% YoY

📝 Ice Make Refrigeration Limited — results explained

Quarter ended March 2026 (Q4 FY26)

Ice Make Refrigeration Limited reported revenue of ₹256 crore for the quarter ended March 2026 (Q4 FY26), up 41.9% from ₹180 crore in the same quarter last year, and up 66.9% sequentially over the December 2025 quarter.

Net profit fell 14.3% year-on-year to ₹10 crore, from ₹12 crore. Earnings per share (EPS) came in at ₹6.41.

Operating profit stood at ₹21 crore — an operating margin (OPM) of 8.2%, compared with 11.9% in the year-ago quarter.

Full year and trailing twelve months

For the full year FY26, Ice Make Refrigeration Limited posted revenue of ₹668 crore, a growth of 39.4% over FY25, with a net profit of ₹12 crore (down 47.6% year-on-year).

On a trailing-twelve-month (TTM) basis, revenue stands at ₹668 crore with a net profit of ₹12 crore.

Valuation snapshot

At the current price of ₹664.90, ICEMAKE has a market capitalisation of ₹1,049 crore and a trailing P/E of about 87.4.

Within the Electric Equipment industry, it is the 19th-largest of the 41 companies we track by market value.

Shareholding pattern

As of Sep 2026, promoters held 64.52%, foreign institutional investors (FIIs) 0.01%, domestic institutional investors (DIIs) 0.88%, public shareholders 34.60% of Ice Make Refrigeration Limited.

Promoter holding slipped from 74.20% to 64.52% over the latest period.

📈 Share price & events

📊 Quarterly trend

₹ crore · OPM % on right axis

🎯 Key metrics

price-linked ratios use the latest close
Valuation
Market Cap ?
₹1,049 Cr
Current Price ?
₹664.9
P/E ?
87.39above ind
Industry P/E ?
29.80
P/B ?
7.89
P/S ?
1.57
P/FCF ?
-20.98
Enterprise Value ?
₹1,207 Cr
EV/EBITDA ?
26.87
PEG ?
N/A
Earnings Yield ?
2.3%
Dividend Yield ?
0.34%
Profitability & Returns
Sales (TTM) ?
₹668 Cr
OPM ?
6.7%
Profit after tax (TTM) ?
₹12 Cr
EPS (TTM) ?
₹7.61
ROCE ?
12.0%
ROE ?
9.0%
ROA ?
2.4%
Growth
Sales — latest qtr ?
₹256 Cr
PAT — latest qtr ?
₹10 Cr
YoY qtr sales growth ?
41.9%
YoY qtr profit growth ?
-14.3%
Sales growth (3y) ?
29%
Sales growth (5y) ?
38%
Profit growth (3y) ?
-16%
Profit growth (5y) ?
28%
Financial Health
Debt ?
₹158 Cr
Debt to Equity ?
1.19
Interest Coverage ?
2.2
Current Ratio ?
N/A
Ownership
Promoter holding ?
64.52%
Change in promoter holding ?
-9.88%
Pledged percentage ?
N/A
Market
Return 3 months ?
-17.0%
Return 6 months ?
-18.8%

🗓️ Quarterly results (14 quarters · ₹ Cr)

same fiscal quarter as Mar bestweakest per row · for costs (interest, NPAs) low is best
Metric Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026 YoY % QoQ %
Sales 6711479778214085103111180112147153256 +41.9% +66.9%
Operating Profit 71288421687214101021 -1.8% +111.9%
Other Income 01000000000000 -100.0% -100.0%
Interest 10011101122344 +146.0% +3.8%
Depreciation 11111111244444 -3.9% -6.6%
Profit Before Tax 6127631957416-23214 -12.8% +636.4%
Net Profit 495421445312-12110 -14.3% +589.4%
EPS 2.815.483.402.851.289.062.353.051.827.42-0.901.280.936.41 -13.6% +589.2%
OPM % 11.0% 10.7% 10.3% 9.9% 5.2% 14.8% 7.1% 8.2% 6.0% 11.9% 3.9% 6.5% 6.5% 8.2% -31.1% +26.2%

📆 Annual results (₹ Cr, FY = Apr–Mar)

Metric FY25 FY26 TTM YoY %
Sales ₹480 Cr ₹668 Cr ₹668 Cr +39.4%
Operating Profit ₹43 Cr ₹45 Cr ₹45 Cr +5.6%
OPM % 8.87% 6.72% 6.72% -24.2%
NPM % 4.78% 1.80% 1.80% -62.3%
Other Income ₹1 Cr ₹0 Cr ₹0 Cr -61.9%
Depreciation ₹8 Cr ₹17 Cr ₹17 Cr +99.4%
Interest ₹4 Cr ₹13 Cr ₹13 Cr +212.5%
EBIT ₹34 Cr ₹28 Cr ₹28 Cr -17.2%
PBT ₹31 Cr ₹17 Cr ₹17 Cr -45.7%
Tax ₹8 Cr ₹1 Cr ₹1 Cr -89.8%
Net Profit ₹23 Cr ₹12 Cr ₹12 Cr -47.6%
EPS ₹14.64 ₹7.72 ₹7.72 -47.3%
Material Cost ₹344 Cr ₹309 Cr ₹309 Cr -10.1%
Employee Cost ₹26 Cr ₹24 Cr ₹24 Cr -6.4%
Extraordinary Items — — — —

🏛️ Balance Sheet (latest 4 periods)

Metric Mar 2023Mar 2024Mar 2025Mar 2026 % Chg
Equity Capital 16161616 +0.0%
Reserves 6588108117 +8.3%
Borrowings 52786158 +83.7%
Other Liabilities 7380158212 +34.2%
Total Liabilities 159211368504 +37.0%
Fixed Assets 3250133140 +5.3%
CWIP 012625 +316.7%
Investments 5000 —
Other Assets 122149229338 +47.6%
Total Assets 159211368504 +37.0%

💧 Cash Flow (latest 4 periods)

Metric Mar 2023Mar 2024Mar 2025Mar 2026 % Chg
Cash from Operating Activity 241030-11 -136.7%
Cash from Investing Activity -14-23-83-40 +51.8%
Cash from Financing Activity -9174952 +6.1%
Net Cash Flow 14-51 +120.0%
Free Cash Flow 21-23-52-50 +3.8%
CFO/OP 97%47%91%-8% -108.8%

➗ Ratios (latest 4 periods)

Metric Mar 2023Mar 2024Mar 2025Mar 2026 % Chg
Debtor Days 63637284 +16.7%
Inventory Days 8684118114 -3.4%
Days Payable 8476121108 -10.7%
Cash Conversion Cycle 64716989 +29.0%
Working Capital Days 43482123 +9.5%
ROCE % 37%34%21%12% -42.9%

👥 Shareholding (latest 5 periods)

Metric Jun 2025Sep 2025Dec 2025Mar 2026Sep 2026 % Chg
Promoters 74.40%74.36%74.26%74.20%64.52% -13.0%
FIIs 0.01%0.01%0.11%0.22%0.01% -95.5%
DIIs 1.21%1.31%1.99%1.64%0.88% -46.3%
Public 24.38%24.32%23.64%23.94%34.60% +44.5%
No. of Shareholders 25,65625,19424,24925,55122,581 -11.6%

⚖️ Peer comparison

Industry: Electric Equipment · top 25 of 41 companies · full page →
# Company CMP MCap (Cr) P/E Sales TTM NP TTM OPM% NPM% Sales YoY% NP YoY% Qtr Rev Δ% Qtr NP Δ%
1 VOLTAMP Voltamp Transformers ₹11,006.00 11,135 35.1 2,274 317 16.0% 14.0% 11.3% -6.1% 28.3% 14.0%
2 TARIL Transformers And Rectifiers ₹291.30 8,744 28.5 2,831 313 16.4% 11.1% 24.2% 25.6% 60.7% 119.9%
3 SPECTRUM Spectrum Electrical ₹3,729.90 6,373 102.0 682 57 15.3% 8.4% 29.9% 77.2% 76.5% 131.9%
4 MARINE Marine Electricals ₹377.45 5,282 82.1 968 66 11.0% 6.8% 14.2% 55.6% 55.2% 45.9%
5 INDOTECH Indo Tech ₹3,323.80 3,530 35.5 846 99 15.1% 11.7% 28.0% 45.3% 39.0% 34.1%
6 WEBELSOLAR Websol Energy ₹75.52 3,279 10.3 1,203 313 37.4% 26.0% 82.1% 94.5% 70.1% 16.1%
7 RELTD Ravindra Energy ₹139.32 2,766 33.7 543 82 24.2% 15.0% 116.6% 265.6% -16.4% 0.0%
8 UEL Ujaas Energy ₹200.99 2,681 n/m 18 4 -19.3% 21.8% -34.7% -64.3% 14.5% 30.8%
9 RISHABH Rishabh Instruments ₹684.55 2,649 32.6 783 82 16.7% 10.5% 7.6% 289.8% 4.4% -3.2%
10 BBL Bharat Bijlee ₹2,246.80 2,540 22.7 2,355 112 6.5% 4.7% 19.5% -10.4% 17.7% -29.9%
11 EXICOM Exicom Tele-Systems ₹162.72 2,263 — 1,278 -265 -6.8% -20.7% 17.7% -584.4% 61.5% 11.4%
12 ALPEXSOLAR Alpex Solar ₹838.95 2,143 10.7 2,346 200 14.1% 8.5% 185.0% 143.4% 32.5% -5.1%
13 HONDAPOWER Honda India ₹1,930.30 1,958 29.7 900 66 9.7% 7.3% 9.1% -20.0% 22.1% 23.3%
14 HPL HPL Electric ₹284.15 1,827 20.0 1,944 92 14.8% 4.7% 6.6% -2.7% 34.5% 1.2%
15 IKIO IKIO Technologies ₹211.58 1,635 34.0 644 51 13.6% 7.9% 22.4% 28.8% 41.1% 452.3%
16 SERVOTECH Servotech Renewable ₹68.95 1,557 39.7 751 35 10.3% 4.7% -0.3% -3.3% 57.8% 77.0%
17 MODISONLTD MODISON ₹445.00 1,444 12.8 980 113 17.5% 11.5% 44.8% 193.8% 92.2% 99.8%
18 IGARASHI Igarashi Motors ₹425.45 1,339 81.7 912 16 9.6% 1.8% 3.3% -49.8% 22.5% 169.6%
19 ICEMAKE Ice Make ₹692.00 1,092 89.6 668 12 6.7% 1.8% 39.4% -47.6% 41.9% -14.3%
20 APS Australian Prem ₹520.15 1,049 18.6 689 56 13.4% 8.1% — — 43.7% 7.7%
21 WEL Wonder Electricals ₹72.50 972 80.6 734 12 4.4% 1.6% -26.8% -52.0% 51.0% 264.7%
22 SWELECTES Swelect Energy ₹608.40 945 22.1 610 44 22.6% 7.2% 5.7% 325.4% -26.2% -63.8%
23 SALZERELEC Salzer Electronics ₹501.30 886 20.3 1,815 44 7.5% 2.4% 24.0% -22.2% 12.9% -51.7%
24 SAHAJSOLAR Sahaj Solar ₹395.90 870 29.4 419 29 12.4% 7.0% — — 32.8% 6.3%
25 KECL Kirloskar Electric ₹121.07 804 107.1 561 7 5.5% 1.3% 8.4% 270.9% -21.5% -1526.2%
❓ Frequently asked questions
What was Ice Make Refrigeration Limited's revenue in Q4 FY26?
Ice Make Refrigeration Limited reported revenue of ₹256 crore for the quarter ended March 2026 (Q4 FY26), up 41.9% from ₹180 crore in the same quarter last year, and up 66.9% sequentially over the December 2025 quarter.
What was Ice Make Refrigeration Limited's net profit in Q4 FY26?
Net profit fell 14.3% year-on-year to ₹10 crore, from ₹12 crore. Earnings per share (EPS) came in at ₹6.41.
What is ICEMAKE's market capitalisation and P/E ratio?
At the current price of ₹664.90, ICEMAKE has a market capitalisation of ₹1,049 crore and a trailing P/E of about 87.4.
Who owns Ice Make Refrigeration Limited? (shareholding pattern)
As of Sep 2026, promoters held 64.52%, foreign institutional investors (FIIs) 0.01%, domestic institutional investors (DIIs) 0.88%, public shareholders 34.60% of Ice Make Refrigeration Limited.
TTM ends 2026-03-31. Amounts are ₹ crore unless stated otherwise. Figures are extracted by AI from public quarterly filings; gaps are filled from public market data. Live price refreshed about twice a day from exchange data. Educational information only — not financial advice.
⚠️ How this site is made: Market data pages are computed automatically from NSE/BSE publications and company filings; news articles and announcement analyses are written with AI assistance, with a human in the loop: our editors review what the AI produces. Both can contain errors. Verify with the original sources before any investment decision. Not investment advice; Flash Finance is not SEBI-registered. How we use AI