ICE Make Refrigeration Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

ICE Make Refrigeration Ltd trades at ₹752, in a confirmed uptrend and 25 weeks into that stage. That is −3.8% against its own 200-day average. It sits at 38% of a 52-week range of ₹683 to ₹866. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (1 week and counting).

Today the stock is in a confirmed uptrend — week 25 of stage 2, confirmed. At ₹752 it trades −3.8% versus its 200-day average and sits at 38% of its 52-week range (₹683–₹866).

Against the market, two honest reads. Cumulative: over the last 8.7 years the stock moved +999% while the NIFTY 500 moved +159% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (1 week and counting; last ahead the week of 2026-08-07) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

ICE Make Refrigeration Ltd trades at 99.1× P/E, about the priciest it has ever traded. Its long-run median P/E is 29.4×, measured across 8.7 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 99.1× is about the priciest it has ever traded, against a long-run median of 29.4× measured over 8.7 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

🚨 Why the multiple sits where it does: over the past year annual EPS moved −47.2% against a +4.0% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +57.5%/yr price move, ~+23.5%/yr came from earnings growth and ~+34.0 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

At its price on 13 June 2026, ICE Make Refrigeration Ltd was priced for profit growth of about 40.3% a year. Profit itself has compounded 10.2% a year over the past 9 years. The market pays that at 99.1× P/E, the 98th percentile of its own 9-year range.

What the two numbers say together. The multiple is full against its own past, and the growth the price is paying for is far above what this company has actually delivered. Both readings sit on the same earnings, so they are one reading rather than two.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements. Every other number on this page is read off the live quote.

Stage: Deteriorating Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

ICE Make Refrigeration Ltd reads as deteriorating on its fundamental arc. Deteriorating — profit and EPS growth are shrinking (profit growth −32.9% latest against +22.2% at its 12-quarter best), ROCE slipping at 12.0%. The read is built from 8 quarters across 4 curves, on partial evidence.

🚨 Why it matters: falling curves mean every cheap-looking ratio below needs a discount for direction.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

4-Factor Sector Score

27.9/100 — rank 2 of 2 in Refrigeration · 76% evidence confidence

ICE Make Refrigeration Ltd scores 27.9 out of 100 against the 2 companies it is compared with in Refrigeration, ranking 2. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 13.9 + 6.3 + 6.7 + 1 = 27.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

ICE Make Refrigeration Ltd reported ₹179 Cr of revenue in the Jun 26 quarter, +60.4% year on year. That is the 11th straight quarter of year-on-year growth. Over 9 years it has compounded at 25.3% a year. The last full year, FY26, came in at ₹668 Cr. The last four reported quarters add to ₹736 Cr.

FY26 revenue came in at ₹668 Cr (+39.2% on the year), capping 9 years at 25.3% compound. The latest quarter (Jun 26) printed ₹179 Cr, +60.4% year on year — the 11th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +45.9% growth against the decade's 25.3% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +45.4% over the last 4 quarters against +38.3%/yr over the last 8 — accelerating; TTM profit −32.9% vs −30.1%/yr — stabilising.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

ICE Make Refrigeration Ltd's operating margin is 1.7% in the Jun 26 quarter, −2.3 percentage points against the same quarter a year ago. Across 10 fiscal years the operating margin has ranged 7.0% to 12.0%. The current quarter is running below every full year in that window.

The latest quarter's operating margin is 1.7%, −2.3 pp against the same quarter a year ago. Across 10 fiscal years the operating margin has ranged 7.0%–12.0%.

🚨 Why the margin moved: operating margin went −2.3 pp year on year while gross margin went −6.6 pp — the loss came mostly from the gross line: input costs and pricing.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

ICE Make Refrigeration Ltd posted a net loss of ₹1.7 Cr in the Jun 26 quarter. Full-year FY26 profit was ₹12.0 Cr. The 9-year compound rate is 10.2%. That loss is 0.9% of the quarter's revenue. The same quarter a year earlier lost ₹1.5 Cr. 2 of the last 12 reported quarters were loss-making.

Jun 26 profit was ₹−1.7 Cr, null year on year. On the full year, FY26 printed ₹12.0 Cr (−47.8%), and the 9-year compound rate is 10.2%.

Pace comparison, last four quarters: profit −39.8% vs revenue +45.9%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 48% of ICE Make Refrigeration Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−11.0 Cr of operating cash against ₹12.0 Cr of profit. After ₹43.0 Cr of capital spending, ₹−54.0 Cr was left as free cash.

FY26: operating cash of ₹−11.0 Cr against reported profit of ₹12.0 Cr, leaving free cash of ₹−54.0 Cr after ₹43.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 48% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at 48%: the cash cycle tightened 36 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: the bigger cash user is investment — capital spending ran 5.6× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

ICE Make Refrigeration Ltd's cash conversion cycle runs 89 days in FY26, down from 125 days in FY21. Capital spending ran ₹162 Cr over the last 3 years. At FY26 sales of ₹668 Cr each day of that cycle holds about ₹1.8 Cr, so roughly ₹163 Cr sits inside the business at any moment.

FY26: debtors at 84 days, inventory at 114 days — roughly 3.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 89 days, tighter than FY21's 125.

The full loop: cash goes out to suppliers and production on day 0; stock waits 114 days to sell; customers pay about 84 days after that; and suppliers themselves are paid at 108 days — netting out to the 89-day cycle.

In money terms: at FY26 sales of ₹668 Cr, each day of the cycle holds about ₹1.8 Cr — so the 89-day loop keeps roughly ₹163 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹162 Cr over the last 3 fiscal years against ₹29.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹25.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

ICE Make Refrigeration Ltd earns a ROCE of 12% in FY26. That is up from a trough of 10% in FY21. Return on invested capital clears the cost of that capital by −4.6 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 1.8% net margin on 1.33× asset turns.

FY26 ROCE is 12%, recovered from a FY21 trough of 10% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 1.8% net margin × 1.33× asset turns × 3.79× balance-sheet leverage ≈ 9.1% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 7.4% − 12.0% = a −4.6 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified

ICE Make Refrigeration Ltd carries total debt of ₹158 Cr against shareholder equity of ₹133 Cr as of Mar 26, a debt-to-equity of 1.19. On the annual view that ratio went from 0.18 in FY22 to 1.19 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹158 Cr against shareholder equity of ₹133 Cr — a debt-to-equity of 1.19. On the annual view, debt-to-equity went from 0.18 (FY22) to 1.19 (FY26). Read the returns on this page with that leverage in mind.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions added 1.4 points of ICE Make Refrigeration Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 1.4% of the company. Promoters moved −0.3 points over the same window, to 74.2%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +1.4 points over 8 quarters to 1.4%; Promoters: −0.3 points over 8 quarters to 74.2%; Foreign institutions: +0.3 points over 8 quarters to 0.3%.

Why the register moved: domestic institutions drove it (+1.4 points) — steady accumulation by institutions reading the same numbers this page reads.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

ICE Make Refrigeration Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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