Ice Make Refrigeration LimitedICEMAKECorporate

Electric Equipment Latest results: Mar 2026 14 quarters of data

₹664.90

MCap ₹1,049 Cr · P/E 96.3

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₹254 Cr

Sales · Mar 2026

+42.0% YoY

₹21 Cr

Operating Profit · Mar 2026

-0.7% YoY

8.1%

OPM % · Mar 2026

-30.2% YoY

₹10 Cr

Net Profit · Mar 2026

-15.6% YoY

₹6.16

EPS · Mar 2026

-15.6% YoY

📝 Ice Make Refrigeration Limited — results explained

Quarter ended March 2026 (Q4 FY26)

Ice Make Refrigeration Limited reported revenue of ₹254 crore for the quarter ended March 2026 (Q4 FY26), up 42.0% from ₹179 crore in the same quarter last year, and up 65.5% sequentially over the December 2025 quarter.

Net profit fell 15.6% year-on-year to ₹10 crore, from ₹12 crore. Earnings per share (EPS) came in at ₹6.16.

Operating profit stood at ₹21 crore — an operating margin (OPM) of 8.1%, compared with 11.6% in the year-ago quarter.

Full year and trailing twelve months

For the full year FY26, Ice Make Refrigeration Limited posted revenue of ₹667 crore, a growth of 41.4% over FY25, with a net profit of ₹11 crore (down 53.1% year-on-year).

On a trailing-twelve-month (TTM) basis, revenue stands at ₹667 crore with a net profit of ₹11 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 96.3.

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 ?

96.34above ind

Industry P/E ?

29.80

P/B ?

7.71

P/S ?

1.57

P/FCF ?

-19.80

Enterprise Value ?

₹1,205 Cr

EV/EBITDA ?

28.24

PEG ?

N/A

Earnings Yield ?

2.2%

Dividend Yield ?

0.34%

Profitability & Returns

Sales (TTM) ?

₹667 Cr

OPM ?

6.4%

Profit after tax (TTM) ?

₹11 Cr

EPS (TTM) ?

₹6.90

ROCE ?

11.0%

ROE ?

8.0%

ROA ?

2.2%

Growth

Sales — latest qtr ?

₹254 Cr

PAT — latest qtr ?

₹10 Cr

YoY qtr sales growth ?

42.0%

YoY qtr profit growth ?

-15.6%

Sales growth (3y) ?

30%

Sales growth (5y) ?

38%

Profit growth (3y) ?

-20%

Profit growth (5y) ?

19%

Financial Health

Debt ?

₹156 Cr

Debt to Equity ?

1.15

Interest Coverage ?

2.1

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 Highlight

Metric	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	YoY %	QoQ %
Sales	64	111	77	76	82	135	83	101	109	179	112	149	153	254	+42.0%	+65.5%
Operating Profit	7	12	8	7	4	20	6	8	7	21	4	9	9	21	-0.7%	+123.4%
Other Income	0	1	0	0	0	0	0	0	0	1	0	0	0	0	-37.3%	+41.0%
Interest	1	0	0	1	1	0	0	1	1	2	2	3	4	4	+140.0%	-5.8%
Depreciation	1	1	1	1	1	1	1	1	2	4	4	4	4	4	+8.7%	+5.1%
Profit Before Tax	6	12	7	6	3	19	5	7	4	16	-2	2	2	13	-17.8%	+765.2%
Net Profit	4	9	6	5	2	14	4	5	3	12	-1	1	1	10	-15.6%	+774.4%
EPS	2.82	5.47	3.53	2.91	1.40	9.02	2.44	3.10	1.88	7.30	-0.88	0.92	0.70	6.16	-15.6%	+780.0%
OPM %	11.0%	10.8%	10.7%	9.9%	5.2%	15.0%	7.3%	8.1%	6.1%	11.6%	3.7%	5.8%	6.0%	8.1%	-30.2%	+35.0%

📆 Annual results (₹ Cr, FY = Apr–Mar)

Metric	FY25	FY26	TTM	YoY %
Sales	₹472 Cr	₹667 Cr	₹667 Cr	+41.4%
Operating Profit	₹42 Cr	₹43 Cr	₹43 Cr	+2.3%
OPM %	8.84%	6.40%	6.40%	-27.6%
NPM %	4.92%	1.63%	1.63%	-66.9%
Other Income	₹1 Cr	₹1 Cr	₹1 Cr	-26.0%
Depreciation	₹8 Cr	₹17 Cr	₹17 Cr	+112.8%
Interest	₹4 Cr	₹12 Cr	₹12 Cr	+218.8%
EBIT	₹34 Cr	₹26 Cr	₹26 Cr	-23.1%
PBT	₹31 Cr	₹15 Cr	₹15 Cr	-53.2%
Tax	₹8 Cr	₹1 Cr	₹1 Cr	-93.8%
Net Profit	₹23 Cr	₹11 Cr	₹11 Cr	-53.1%
EPS	₹14.72	₹6.90	₹6.90	-53.1%
Material Cost	₹343 Cr	₹316 Cr	₹316 Cr	-8.0%
Employee Cost	₹24 Cr	₹23 Cr	₹23 Cr	-5.3%
Extraordinary Items	—	—	—	—

🏛️ Balance Sheet (latest 4 periods)

Metric	Mar 2023	Mar 2024	Mar 2025	Mar 2026	% Chg
Equity Capital	16	16	16	16	+0.0%
Reserves	69	93	113	120	+6.2%
Borrowings	3	24	83	156	+88.0%
Other Liabilities	70	77	154	209	+35.7%
Total Liabilities	158	209	365	501	+37.3%
Fixed Assets	30	46	130	137	+5.4%
CWIP	0	12	6	25	+316.7%
Investments	8	3	3	3	+0.0%
Other Assets	120	148	227	335	+47.6%
Total Assets	158	209	365	501	+37.3%

💧 Cash Flow (latest 4 periods)

Metric	Mar 2023	Mar 2024	Mar 2025	Mar 2026	% Chg
Cash from Operating Activity	22	10	30	-14	-146.7%
Cash from Investing Activity	-13	-22	-84	-39	+53.6%
Cash from Financing Activity	-8	16	49	54	+10.2%
Net Cash Flow	1	4	-5	1	+120.0%
Free Cash Flow	19	-22	-52	-53	-1.9%
CFO/OP	93%	47%	94%	-15%	-116.0%

➗ Ratios (latest 4 periods)

Metric	Mar 2023	Mar 2024	Mar 2025	Mar 2026	% Chg
Debtor Days	66	68	73	85	+16.4%
Inventory Days	79	75	112	106	-5.4%
Days Payable	83	75	118	105	-11.0%
Cash Conversion Cycle	62	69	67	86	+28.4%
Working Capital Days	43	49	20	22	+10.0%
ROCE %	36%	34%	21%	11%	-47.6%

👥 Shareholding (latest 5 periods)

Metric	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Sep 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	25,656	25,194	24,249	25,551	22,581	-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?

What was Ice Make Refrigeration Limited's net profit in Q4 FY26?