ICE Make Refrigeration Ltd (ICEMAKE) — shareholding pattern, promoter holding, financials and share price
About ICE Make Refrigeration Ltd (ICEMAKE)
ICE Make Refrigeration Ltd operates in the Industrial Products industry, within the Capital Goods sector. It trades on the NSE as ICEMAKE and on the BSE under scrip code 535034. Its ISIN is INE520Y01019.
Incorporated in 1993, ICE Make Refrigeration Ltd provides customized cooling solutions across a wide range of industries [1]
Ice Make Refrigeration Limited manufactures industrial and commercial refrigeration systems, supplying cold rooms, transport refrigeration, commercial freezers, continuous PUF panels, condenser and evaporator coils, and related cooling solutions to dairy, ice-cream, food processing, pharmaceutical, hospitality, retail and cold chain customers from facilities in Gujarat and through subsidiaries like Bharat Refrigerations.
Q3 FY26 consolidated revenue was ₹153.36 crore with a disclosed order book of ~₹180+ crore; two newly launched verticals—Continuous PUF Panels and Commercial Freezers—contributed approximately ₹43–45 crore in Q3 and management expects these lines to add ₹140–150 crore for the full year, materially accelerating Ice Make’s topline trajectory.
Listed peers in Industrial Products: Macpower CNC Machines Ltd, Everest Kanto Cylinder Ltd, Shree Refrigerations Ltd, Salasar Techno Engineering Ltd, Kabra Extrusion Technik Ltd, Eimco Elecon (India) Ltd.
Valuation & Returns
10 Jul 2026At ₹764.35 a share on 10 Jul 2026, ICE Make Refrigeration Ltd (ICEMAKE) was valued at a price-to-earnings ratio of 99.51x against an industry P/E of 48.01x and a price-to-book of 9.72x on a book value of ₹78.6 per share as of Mar 2025. Solomo computes return on equity of 9.77% and return on capital employed of 13.8% from filed results. Earnings ratios use consolidated results for the twelve months Jun 2025 to Mar 2026.
- P/E
- 99.51x
- Industry P/E
- 48.01x
- P/B
- 9.72x
- EPS (TTM)
- ₹7.68
- Book value / share
- ₹78.6
- ROE
- 9.77%
- ROCE
- 13.8%
- ROA
- 3.3%
- Debt / equity
- 0.69x
- Dividend yield
- 0.29%
- EBITDA margin
- 6.89%
- 52-week range
- ₹660.3 – ₹920
Ratios are computed from filed results and the last recorded price. Not investment advice.
Financial Performance
Mar 2026In the year ended Mar 2026, ICE Make Refrigeration Ltd (ICEMAKE) reported revenue of ₹668 crore, net profit of ₹12 crore and earnings per share of ₹7.73. That compares with revenue of ₹480 crore and net profit of ₹23 crore in Mar 2025. Figures are consolidated, as filed with the exchanges.
In the quarter ended Mar 2026, revenue was ₹256 crore and net profit ₹10 crore (consolidated).
| Metric | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue (₹ cr) | 206 | 312 | 378 | 480 | 668 |
| Net profit (₹ cr) | 7 | 21 | 26 | 23 | 12 |
| EPS (₹) | 4.66 | 13.18 | 16.64 | 14.65 | 7.73 |
| Measure | 5Y | 3Y | 1Y |
|---|---|---|---|
| Sales growth | 28.26% | 33.08% | 26.73% |
| Profit growth | 28.35% | 42.06% | -12.39% |
| Stock price CAGR | 56% | 24% | 0% |
Ownership Summary
Jun 2026As of Jun 2026, promoters hold 74.2% of ICE Make Refrigeration Ltd (ICEMAKE) (unchanged from the previous quarter). Market capitalisation was ₹1,206 crore on 10 Jul 2026. Shareholding is filed quarterly with BSE and NSE; Solomo carries every filing back to Mar 2018.
Largest disclosed public shareholders in Jun 2026: Niveshaay Hedgehogs Fund 1.34%, Alpesh Bhaichandbhai Soni 1.29%. Only stakes above the 1% disclosure threshold are named in filings.
| Quarter | Promoter | Pledged | FII | DII | Public |
|---|---|---|---|---|---|
| Jun 2026 | 74.2% | - | - | - | - |
| Mar 2026 | 74.2% | - | - | - | - |
| Dec 2025 | 74.26% | - | - | - | - |
| Sep 2025 | 74.36% | - | - | - | - |
| Jun 2025 | 74.4% | - | - | - | - |
| Mar 2025 | 74.41% | - | - | - | - |
| Dec 2024 | 74.49% | - | - | - | - |
| Sep 2024 | 74.49% | - | - | - | - |