Ice Make Refrigeration Ltd., established in 1993, is engaged in the business of providing customized cooling solutions like Cold Rooms, Freezers, Commercial and Industrial Refrigeration Systems, Chilling Plants, etc. The company was originally incorporated on March 31, 2009, as a private limited company with the name "Ic Ice Make Refrigeration Private Limited" and subsequently changed to "Ice Make Refrigeration Private Limited" on August 04, 2015, before converting into a public limited company on August 29, 2017.
Ice Make Refrigeration Limited is an India-based refrigeration equipment manufacturing company engaged in the business of providing customized cooling solutions to various clients across a wide range of industries by manufacturing and supplying refrigeration products and equipment. The company serves dairy, ice cream, food processing, agriculture, pharmaceuticals, cold chain, logistics, hospitals, hospitality, and retail industries.
The company offers over 50 products under the brands 'Ice Make', 'Bharat', and 'TransFreez' divided into 5 business segments. Its product categories include cold storage, commercial refrigeration, industrial refrigeration, transport refrigeration, and ammonia refrigeration.
The Company's cold storage products include cold rooms, cold room PUF panel and accessories, cold room refrigeration unit, solar cold room, blast chiller and freezer, glass door display chiller, and ripening chamber. Its commercial refrigeration products include ice cream plant, bulk milk chiller, ice candy production machine, ice cream hardener, and vacuum freeze dryer.
The Company operates under its own brand name, Ice Make, as well as under the brand name of Bharat and TransFreez through its subsidiary Bharat Refrigerations Private Limited. In December 2016, The Company had acquired `Bharat Refrigerations Private Limited`, a company based in Chennai, engaged in a business similar to their business, which is now its wholly-owned subsidiary.
Ice Make is a refrigeration equipment manufacturer, engaged in providing cooling solutions for cooling systems and accessories used in industries such as dairy, ice-cream, food processing, agriculture, pharmaceuticals, cold chains, logistics, hospital, hospitality, and retail, among others.
The Company is promoted by Mr. Chandrakant P. Patel, Mr. Rajendra P. Patel, and Mr. Vipul I. Patel, who commenced the business in 2 firms (i) Ice Make Refrigeration (Proprietorship Firm) in 1993 and (ii) Hi Make Engineers (Proprietorship Firm) in 1997. The Promoters had initiated business as a refrigeration equipment manufacturer by Commercial Refrigeration manufacturing in 1993 and forayed into Cold Room manufacturing in 2002 as well as Industrial Refrigeration manufacturing in 2003, with the Company introducing Transport Refrigeration manufacturing in 2012.
As of May 17, 2025, the company reported FY25 audited results with revenue of Rs 479.5 Cr and profit of Rs 31 Cr, with a final dividend of Rs 2.25/share recommended. Revenue has been up for the last 4 quarters, from 85.33 Cr to 180.82 Cr (in ₹), with an average increase of 21.0% per quarter. Ice Make Refrigeration has an operating revenue of Rs. 479.52 Cr. on a trailing 12-month basis.
Net profit of ICE Make Refrigeration declined 18.11% to Rs 11.71 crore in the quarter ended March 2025 as against Rs 14.30 crore during the previous quarter ended March 2024, while sales rose 28.90% to Rs 180.35 crore in the quarter ended March 2025 as against Rs 139.92 crore during the previous quarter ended March 2024.
• Revenue (FY25): Rs 479.5 Cr
• Net Profit (FY25): Rs 31 Cr
• Q4 FY25 Revenue: Rs 180.35 Cr
• Q4 FY25 Net Profit: Rs 11.71 Cr
• Annual Revenue Growth: 27%
• ROE: 18%
• Debt to Equity Ratio: 39%
• Market Capitalization: ₹1,422.39 Cr (as of May 19, 2025)
• P/E Ratio: 59.0
• Book Value: ₹78.6
• Dividend Yield: 0.23%
• ROCE: 20.6%
The company has a market cap of ₹1,422.39 Cr as of May 19, 2025. The 52-week high of Ice Make Refrigeration Ltd (ICEMAKE) is ₹1088.75 and the 52-week low is ₹508.
The stock has a P/E ratio of 59.0, a book value of ₹78.6, a dividend yield of 0.23%, ROCE of 20.6%, and ROE of 20.1%. ICE Make Refrigeration Ltd has given a return of 103.19% in the last 3 years.
An investor call was scheduled for May 21 to discuss Q4 and FY25 financial performance. The Board of Directors at its meeting held on May 17, 2025, has recommended a Final Dividend of Rs.2.25 per share (i.e. 22.5%), subject to the approval of the shareholders.
The company has delivered good profit growth of 35.4% CAGR over the last 5 years, demonstrating consistent growth in the refrigeration equipment manufacturing sector. The company continues to strengthen its market position through strategic acquisitions and product diversification across multiple refrigeration segments, indicating robust future growth potential in the commercial and industrial cooling solutions market.
