20-quarter listed-company comparison

Refrigeration Stocks in India

Refrigeration: Refex Industries Ltd owns the largest revenue base; ICE Make Refrigeration Ltd has the fastest current growth.

01 · the index people search for

Nifty Refrigeration Index — Constituents & Performance

All 2 listed Indian Refrigeration companies are named here, largest first — the same constituent set people search for as the Nifty Refrigeration index. Every figure on this page is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.

Refex Industries Ltd₹4.1K Cr
ICE Make Refrigeration Ltd₹1.2K Cr

02 · sector relative strength, before individual stocks

Is Refrigeration outperforming NIFTY 500?

Refrigeration has underperformed NIFTY 500 by 5.5% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 0.9%. 0 of 2 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Refex Industries Ltd is the strongest against the sector itself at 0%.

-0.9%Sector vs NIFTY 500 · 13 weeks

-5.5%Sector vs NIFTY 500 · 52 weeks

0/2Stocks leading NIFTY 500

1/2Stocks leading sector

Sector metric: — as of latest available · unclassified · direction unavailable.

The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

Refrigeration has underperformed NIFTY 500 by 5.5% over 52 weeks and 0.9% over 13 weeks. 0 of 2 covered companies beat NIFTY on Mansfield relative strength, while 1 of 2 beat the sector itself. Refex Industries Ltd leads with revenue of ₹2,841 crore, based on 2 of 2 comparable companies through Jun 2026.

Companies

complete canonical membership

Combined market value

₹5.3K Cr

Refex Industries Ltd

Revenue growing

2/2

positive TTM year-on-year growth

Beating NIFTY 500

0/2

positive Mansfield relative strength

Comparing 2 of 2

03 · research priority, made explicit

Best Refrigeration Stocks in India (Aug 2026), Ranked by Data

4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%

Refex Industries Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 72.3% evidence confidence.

How this score is built, and what the marks mean

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

Top 10 Refrigeration Stocks in India

Company	Score	Price stage	Growth & earnings/35	Capital efficiency/25	Valuation/20	Relative strength/20
1Refex Industries LtdREFEX	70.6/100Favorable setup72% evidence	FADING	27.9/35 Revenue 37.9% · PAT 66.4% · OPM change 2 pp 95% evidence	20.0/25 ROCE 22.7% · OPM 12% 76% evidence	10.0/20 P/E 14.3× · PEG — 0% evidence	12.7/20 RS sector 0% · RS bench -0.6% · 1Y -28.4%11 of 12 weeks ahead 100% evidence
Exact sum: 27.9 + 20 + 10 + 12.7 = 70.6 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2ICE Make Refrigeration LtdICEMAKE	27.9/100Adverse evidence76% evidence	ASLEEP	13.9/35 Revenue 45.4% · PAT -32.9% · OPM change -2.3 pp 71% evidence	6.3/25 ROCE 11.6% · OPM 1.7% 95% evidence	6.7/20 P/E 99.1× · PEG — 35% evidence	1.0/20 RS sector -4.5% · RS bench -3.8% · 1Y 2.9%2 of 12 weeks ahead 100% evidence
Exact sum: 13.9 + 6.3 + 6.7 + 1 = 27.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

04 · what price has already done

Market action

ICE Make Refrigeration Ltd has the strongest one-year price move in Refrigeration at +2.9%. Refex Industries Ltd leads on Mansfield relative strength against NIFTY at -0.6%. 0 of 2 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-08-14.

Price and relative strength

Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts — the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

05 · compare level, then change

Revenue Scale & Growth Durability

Refex Industries Ltd has the highest Revenue among the 2 Refrigeration companies compared here, at ₹2,841 crore. ICE Make Refrigeration Ltd is next at ₹736 crore. ICE Make Refrigeration Ltd has the highest Revenue growth at 45.4%, so level and change sit with different companies. 2 of 2 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Refex Industries Ltd is the scale leader at ₹2,841 crore, 286.2% ahead of ICE Make Refrigeration Ltd. ICE Make Refrigeration Ltd's growth is 45.4% from a ₹736 crore base, with 15 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderRefex Industries Ltd · ₹2,841 crore

Gap286.2% versus #2 · ICE Make Refrigeration Ltd

Persistence5/8 recent comparable periods

Coverage2/2 companies · 30 observations

Investor read: Refex Industries Ltd is the scale benchmark; ICE Make Refrigeration Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Refex Industries Ltd's growth falls below ICE Make Refrigeration Ltd's for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

Revenuelargest

1Refex Industries Ltd REFEX₹2.8K Cr

2ICE Make Refrigeration Ltd ICEMAKE⚠ unverified₹736 Cr

Revenue growthfastest growers

1ICE Make Refrigeration Ltd ICEMAKE⚠ unverified45%

2Refex Industries Ltd REFEX38%

Revenue · company comparison

2/2 level · 2/2 change

On every company-comparison chart on this page: solid lines show level, dotted lines show change when “Both” is selected, and a missing report breaks the line rather than being invented.

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Revenue	Revenue growth	Reported
Refex Industries Ltd REFEX	₹916 Cr	160%	Jun 2026
ICE Make Refrigeration Ltd ICEMAKE⚠ unverified	₹179 Cr	60%	Jun 2026

Full 20-quarter history · every available company

Revenue · reported quarter history

ICE Make Refrigeration Ltd · ICEMAKE⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹67 Cr

Mar 2023₹114 Cr

Jun 2023₹79 Cr

Sep 2023₹77 Cr

Dec 2023₹82 Cr

Mar 2024₹140 Cr

Jun 2024₹85 Cr

Sep 2024₹103 Cr

Dec 2024₹111 Cr

Mar 2025₹180 Cr

Jun 2025₹112 Cr

Sep 2025₹147 Cr

Dec 2025₹153 Cr

Mar 2026₹256 Cr

Jun 2026₹179 Cr

Refex Industries Ltd · REFEX

Sep 2021—

Dec 2021₹90 Cr

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023₹630 Cr

Jun 2023₹382 Cr

Sep 2023₹352 Cr

Dec 2023₹306 Cr

Mar 2024₹342 Cr

Jun 2024₹591 Cr

Sep 2024₹428 Cr

Dec 2024₹686 Cr

Mar 2025₹594 Cr

Jun 2025₹352 Cr

Sep 2025₹415 Cr

Dec 2025₹576 Cr

Mar 2026₹934 Cr

Jun 2026₹916 Cr

Revenue growth · reported quarter history

ICE Make Refrigeration Ltd · ICEMAKE⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 202324%

Mar 202423%

Jun 20247.7%

Sep 202434%

Dec 202434%

Mar 202529%

Jun 202531%

Sep 202543%

Dec 202539%

Mar 202642%

Jun 202660%

Refex Industries Ltd · REFEX

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024-46%

Jun 202455%

Sep 202422%

Dec 2024124%

Mar 202574%

Jun 2025-40%

Sep 2025-3.0%

Dec 2025-16%

Mar 202657%

Jun 2026160%

06 · compare level, then change

Operating Economics & Margin Trend

Refex Industries Ltd has the highest OPM among the 2 Refrigeration companies compared here, at 12%. ICE Make Refrigeration Ltd is next at 1.7%. The same company also holds the highest Margin change, at +2 percentage points. 2 of 2 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Refex Industries Ltd leads both opm at 12% and margin change at +2 percentage points.

LeaderRefex Industries Ltd · 12%

Gap618.6% versus #2 · ICE Make Refrigeration Ltd

Persistence5/8 recent comparable periods

Coverage2/2 companies · 36 observations

Investor read: Refex Industries Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

OPMhighest

1Refex Industries Ltd REFEX12%

2ICE Make Refrigeration Ltd ICEMAKE⚠ unverified1.7%

Margin changefastest expanders

1Refex Industries Ltd REFEX+2.0 pp

2ICE Make Refrigeration Ltd ICEMAKE⚠ unverified−2.3 pp

Operating margin · company comparison

2/2 level · 2/2 change

All-company data · latest reported quarter

Company	OPM	Margin change	Reported
Refex Industries Ltd REFEX	12%	+2.0 pp	Jun 2026
ICE Make Refrigeration Ltd ICEMAKE⚠ unverified	1.7%	−2.3 pp	Jun 2026

Full 20-quarter history · every available company

OPM · reported quarter history

ICE Make Refrigeration Ltd · ICEMAKE⚠ unverified

Sep 20216.1%

Dec 20216.0%

Mar 202211%

Jun 20228.2%

Sep 202211%

Dec 202211%

Mar 202311%

Jun 202310%

Sep 20239.9%

Dec 20235.2%

Mar 202415%

Jun 20247.1%

Sep 20248.2%

Dec 20246.0%

Mar 202512%

Jun 20254.0%

Sep 20256.5%

Dec 20256.5%

Mar 20268.4%

Jun 20261.7%

Refex Industries Ltd · REFEX

Sep 202113%

Dec 202114%

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 202312%

Jun 202310%

Sep 202310%

Dec 202311%

Mar 202412%

Jun 20248.0%

Sep 202410%

Dec 20248.0%

Mar 202510%

Jun 202510%

Sep 202517%

Dec 202516%

Mar 202617%

Jun 202612%

Margin change · reported quarter history

ICE Make Refrigeration Ltd · ICEMAKE⚠ unverified

Sep 2021−5.4 pp

Dec 2021+0.4 pp

Mar 2022+1.9 pp

Jun 2022+8.2 pp

Sep 2022+4.8 pp

Dec 2022+5.0 pp

Mar 2023−0.2 pp

Jun 2023+2.2 pp

Sep 2023−1.1 pp

Dec 2023−5.7 pp

Mar 2024+3.8 pp

Jun 2024−3.3 pp

Sep 2024−1.7 pp

Dec 2024+0.8 pp

Mar 2025−2.9 pp

Jun 2025−3.1 pp

Sep 2025−1.7 pp

Dec 2025+0.4 pp

Mar 2026−3.5 pp

Jun 2026−2.3 pp

Refex Industries Ltd · REFEX

Sep 2021+4.4 pp

Dec 2021+2.9 pp

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 20240.0 pp

Jun 2024−2.0 pp

Sep 20240.0 pp

Dec 2024−3.0 pp

Mar 2025−2.0 pp

Jun 2025+2.0 pp

Sep 2025+7.0 pp

Dec 2025+8.0 pp

Mar 2026+7.0 pp

Jun 2026+2.0 pp

07 · compare level, then change

Profit Scale & Acceleration

Refex Industries Ltd has the highest Net profit among the 2 Refrigeration companies compared here, at ₹248 crore. ICE Make Refrigeration Ltd is next at ₹12 crore. The same company also holds the highest Profit growth, at 66.4%. 2 of 2 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Refex Industries Ltd leads with ₹248 crore of TTM profit, 20.8× the profit of ICE Make Refrigeration Ltd. Refex Industries Ltd shows 66.4% growth from a ₹248 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderRefex Industries Ltd · ₹248 crore

Gap20.8× versus #2 · ICE Make Refrigeration Ltd

Persistence7/8 recent comparable periods

Coverage2/2 companies · 30 observations

Investor read: Refex Industries Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

Net profitlargest

1Refex Industries Ltd REFEX₹248 Cr

2ICE Make Refrigeration Ltd ICEMAKE⚠ unverified₹12 Cr

Profit growthfastest growers

1Refex Industries Ltd REFEX66%

Net profit · company comparison

2/2 level · 1/2 change

All-company data · latest reported quarter

Company	Net profit	Profit growth	Reported
Refex Industries Ltd REFEX	₹65 Cr	225%	Jun 2026
ICE Make Refrigeration Ltd ICEMAKE⚠ unverified	₹-2 Cr	-13%	Jun 2026

Full 20-quarter history · every available company

Net profit · reported quarter history

ICE Make Refrigeration Ltd · ICEMAKE⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹4 Cr

Mar 2023₹9 Cr

Jun 2023₹5 Cr

Sep 2023₹4 Cr

Dec 2023₹2 Cr

Mar 2024₹14 Cr

Jun 2024₹4 Cr

Sep 2024₹5 Cr

Dec 2024₹3 Cr

Mar 2025₹12 Cr

Jun 2025₹-1 Cr

Sep 2025₹2 Cr

Dec 2025₹1 Cr

Mar 2026₹10 Cr

Jun 2026₹-2 Cr

Refex Industries Ltd · REFEX

Sep 2021—

Dec 2021₹7 Cr

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023₹51 Cr

Jun 2023₹21 Cr

Sep 2023₹21 Cr

Dec 2023₹17 Cr

Mar 2024₹33 Cr

Jun 2024₹29 Cr

Sep 2024₹31 Cr

Dec 2024₹50 Cr

Mar 2025₹48 Cr

Jun 2025₹20 Cr

Sep 2025₹36 Cr

Dec 2025₹53 Cr

Mar 2026₹94 Cr

Jun 2026₹65 Cr

Profit growth · reported quarter history

ICE Make Refrigeration Ltd · ICEMAKE⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023-54%

Mar 202458%

Jun 2024-32%

Sep 20246.7%

Dec 202439%

Mar 2025-18%

Jun 2025-140%

Sep 2025-58%

Dec 2025-48%

Mar 2026-13%

Jun 2026—

Refex Industries Ltd · REFEX

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024-35%

Jun 202438%

Sep 202448%

Dec 2024194%

Mar 202545%

Jun 2025-31%

Sep 202516%

Dec 20256.0%

Mar 202696%

Jun 2026225%

08 · compare level, then change

Return On Capital Employed

Refex Industries Ltd has the highest ROCE among the 2 Refrigeration companies compared here, at 22.7%. ICE Make Refrigeration Ltd is next at 11.6%. The same company also holds the highest ROCE change, at 0 percentage points. 2 of 2 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Refex Industries Ltd leads ROCE at 22.7%, 11.1 percentage points above ICE Make Refrigeration Ltd. Refex Industries Ltd has the strongest latest improvement at 0 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

LeaderRefex Industries Ltd · 22.7%

Gap95.7% versus #2 · ICE Make Refrigeration Ltd

PersistenceNot enough history

Coverage2/2 companies · 15 observations

Investor read: Refex Industries Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

ROCEhighest

1Refex Industries Ltd REFEX23%

2ICE Make Refrigeration Ltd ICEMAKE⚠ unverified12%

ROCE changefastest improvers

1Refex Industries Ltd REFEX0.0 pp

2ICE Make Refrigeration Ltd ICEMAKE⚠ unverified−6.4 pp

Return on capital · company comparison

2/2 level · 2/2 change

Withheld from this chart: Refex Industries Ltd (REFEX) — its two data sources disagree by up to 23% on reported income across 13 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

All-company data · latest reported quarter

Company	ROCE	ROCE change	Reported
ICE Make Refrigeration Ltd ICEMAKE⚠ unverified	13%	−6.4 pp	Jun 2026

Full 20-quarter history · every available company

ROCE · reported quarter history

ICE Make Refrigeration Ltd · ICEMAKE⚠ unverified

Sep 202110%

Dec 2021—

Mar 202217%

Jun 2022—

Sep 202228%

Dec 2022—

Mar 202333%

Jun 2023—

Sep 202332%

Dec 202334%

Mar 202429%

Jun 202433%

Sep 202422%

Dec 202429%

Mar 202519%

Jun 202520%

Sep 202514%

Dec 202516%

Mar 202613%

Jun 2026—

ROCE change · reported quarter history

ICE Make Refrigeration Ltd · ICEMAKE⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+18.4 pp

Dec 2022—

Mar 2023+16.5 pp

Jun 2023—

Sep 2023+3.6 pp

Dec 2023—

Mar 2024−4.4 pp

Jun 2024—

Sep 2024−9.6 pp

Dec 2024−5.2 pp

Mar 2025−9.4 pp

Jun 2025−12.8 pp

Sep 2025−8.5 pp

Dec 2025−12.3 pp

Mar 2026−6.4 pp

Jun 2026—

09 · compare level, then change

Valuation Against Growth & Quality

No company in this Refrigeration comparison reports a valuation figure this section can compare, so the PEG rank is empty. On P/E, Refex Industries Ltd is lowest at 14.3×, across 2 of 2 companies with a usable reading. PEG asks what price is being paid for growth; P/E keeps that answer anchored to the actual earnings multiple.

What the numbers say: There is not enough comparable evidence to name a reliable peg leader.

LeaderNo comparable leader

GapNot enough peers

PersistenceNot enough history

Coverage0/2 companies · 0 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

PEGlowest PEG

—Not enough comparable data—

P/Elowest P/E

1Refex Industries Ltd REFEX14.3

2ICE Make Refrigeration Ltd ICEMAKE⚠ unverified99.1

Valuation · company comparison

0/2 level · 2/2 change

All-company data · latest reported quarter

Company	PEG	P/E	Reported
Refex Industries Ltd REFEX	—	19.4	Jun 2026
ICE Make Refrigeration Ltd ICEMAKE⚠ unverified	—	99.4	Jun 2026

Full 20-quarter history · every available company

No consistent historical series is available for peg.

P/E · reported quarter history

ICE Make Refrigeration Ltd · ICEMAKE⚠ unverified

Sep 202128.2

Dec 202131.0

Mar 202235.7

Jun 202224.4

Sep 202234.8

Dec 202227.4

Mar 202323.4

Jun 202329.6

Sep 202337.9

Dec 202342.4

Mar 202436.4

Jun 202451.6

Sep 202446.1

Dec 202449.1

Mar 202555.3

Jun 202552.9

Sep 202565.8

Dec 202585.9

Mar 202679.6

Jun 202699.4

Refex Industries Ltd · REFEX

Sep 20217.4

Dec 20218.7

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 202317.2

Jun 202328.0

Sep 202312.1

Dec 202311.4

Mar 202413.5

Jun 202418.6

Sep 202463.6

Dec 202449.9

Mar 202529.5

Jun 202537.0

Sep 202526.0

Dec 202517.2

Mar 202612.9

Jun 202619.4

10 · before the conclusion, check the blind spots

What can make this comparison misleading?

This Refrigeration comparison names 7 specific ways its own evidence can mislead, all listed below. All 2 companies here report on comparable dates, so no rank carries a stale marker. 1 draws at least one figure from a second feed with too little overlap to cross-check. 1 has second-feed figures withheld because the two sources disagree.

Keep these limits visible

A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
Thin comparisons: Valuation have fewer than three usable current readings.

11 · evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 2 Refrigeration companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-08-14. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Jun 2026 · up to 20 quarters per company

Market dataThrough 2026-08-14 · weekly price and relative-strength history

Derived metricsGrowth, changes and PEG are calculated only when their inputs are comparable.

Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.

Source standing0 cross-checked · 1 unverified · 1 withheld, of 2 graded companies.

How a second data feed is admitted, and what happens when it disagrees

A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from.

12 · questions investors ask, short speakable answers

Refrigeration company comparison FAQs

These 21 answers restate the Refrigeration comparison above in question form. Every one is computed from the same 2 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-08-14. Nothing here is estimated, and none of it is a recommendation.

Is the Refrigeration sector outperforming NIFTY 500?

Refrigeration has underperformed NIFTY 500 by 5.5% over 52 weeks and 0.9% over 13 weeks. 0 of 2 covered companies beat NIFTY on Mansfield relative strength, while 1 of 2 beat the sector itself.

Which Refrigeration company is largest by revenue?

Refex Industries Ltd leads with revenue of ₹2,841 crore, based on 2 of 2 comparable companies through Jun 2026.

Which Refrigeration company is growing fastest?

ICE Make Refrigeration Ltd has the fastest current revenue growth at 45.4%, across 2 of 2 comparable companies.

Which Refrigeration company has the strongest 4-Factor Sector Score?

Refex Industries Ltd ranks first at 70.6/100 with 72.3% evidence confidence. The score prioritizes research; it is not a buy recommendation.

How much history does this Refrigeration comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

Is there a Nifty Refrigeration index?

NSE India maintains Nifty indices for several broad sector categories — Nifty Bank, Nifty IT, Nifty Pharma and others — but not for every sub-sector grouping on this site. Whether or not an official Nifty index covers Refrigeration, this page builds its own equal-weight basket of 2 listed Refrigeration companies — one company, one vote, regardless of market value — so no single large company dominates the reading. Figures are as of Jun 2026.

Which are the best Refrigeration stocks in India?

Ranked by this page's four-factor score, Refex Industries Ltd places first among 2 listed Refrigeration companies, followed by ICE Make Refrigeration Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

How many Refrigeration stocks are listed in India?

This comparison covers 2 listed Refrigeration companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

Which Refrigeration company is the biggest?

Refex Industries Ltd is the largest, with trailing-twelve-month revenue of ₹2,841 crore, ahead of ICE Make Refrigeration Ltd at ₹736 crore. That covers 2 of 2 companies with comparable reporting through Jun 2026.

Which Refrigeration company has the best profit margins?

Refex Industries Ltd has the highest operating margin at 12%, from 2 of 2 comparable companies. Refex Industries Ltd shows the biggest recent improvement, at +2 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

Which Refrigeration company makes the most profit?

Refex Industries Ltd earns the most, at ₹248 crore of trailing-twelve-month net profit, from 2 of 2 comparable companies. Refex Industries Ltd has the fastest profit growth at 66.4%, though growth off a small or recovering profit base overstates how much has actually changed.

Which Refrigeration company earns the highest return on capital?

Refex Industries Ltd leads on return on capital employed at 22.7%, across 2 of 2 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

Is the Refrigeration sector beating the market?

Refrigeration has underperformed NIFTY 500 by 5.5% over the last 52 weeks and 0.9% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 0 of 2 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

Which Refrigeration stock has the strongest price momentum?

Refex Industries Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

Which Refrigeration company scores highest for research priority?

Refex Industries Ltd scores 70.6 out of 100 with 72.3% evidence confidence, from 27.9 points on growth and earnings, 20 on capital efficiency, 10 on valuation and 12.7 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

How many Refrigeration companies does this comparison cover, and over what period?

It compares 2 listed companies over up to 20 reported quarters of fundamentals, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

What is the total market cap of the Refrigeration sector?

The 2 Refrigeration companies on this page carry ₹5,265 crore of combined market value. Refex Industries Ltd is the largest at ₹4,079 crore, about 77% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-20.

How is the Refrigeration sector performing?

0 of the 2 covered Refrigeration companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 5.5% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-20.

Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.