Investor presentationAug 2026
Aug 2026 · PPT
Source: Nse
Ice Make Refrigeration Limited (ICEMAKE)
Small CapIndustrials stocks · Small cap · NSE
Ice Make Refrigeration Limited operates in Refrigeration, within the Industrials sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result16 Aug, 01:08 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
33Bearishfull bear SMA stack · SMA20 -8.8% / mo · MACD + · near 52W low
Stock trend: 24
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ICEMAKED candles · FIT view-23.0%Latest close ₹625.20 on 2026-10-21
Bar
-1.5%
RSI
34
MACD hist
1.62
52W pos
7%
2026-10-21O ₹634.90H ₹653.95L ₹622.05C ₹625.20Vol 10,955 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ICEMAKENifty India ManufacturingNifty 500
- ICEMAKE
- -25.5%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- -19.0 pp
Chart stats
21 Oct 2026- From 52W high
- -32.0%
- 52W range position
- 7%
- ATR (14)
- 4.1%
- Volume vs 20D
- 0.45x
- Avg traded value
- ₹1.6 Cr
- 20D price channel
- ₹602 - ₹711
₹920
₹602 - ₹920
₹25.4
Latest completed session
20-session average
36.6% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED24
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad22
Revenue +60.4% · PAT NDF YoY
Technical
Bearish33
Price trend and sector-relative-strength timing.
Valuation
Legacy model-109.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence56
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 22/100margin compression · Rev +60% YoY
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹178.9 Cr | +60.4% | -30.1% |
| EBITDA | ₹3 Cr | -32.3% | -86.1% |
| Operating margin | 1.7% | -228 bps | -669 bps |
| PAT | ₹-1.7 Cr | NDF | -116.4% |
| PAT margin | -0.9% | +39 bps | -489 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 95.30
- P/B
- 7.46
- EV/EBITDA
- 22.02
- Market Cap
- 1141.00Cr
Profitability
- ROE
- 9.49%
- ROCE
- 11.60%
- ROA
- 2.38%
- Dividend Y
- 0.36%
Growth (CAGR)
- Revenue 5Y
- 38.00%
- EPS 5Y
- 28.00%
- Revenue 3Y
- 29.00%
- EPS 3Y
- -16.00%
Balance Sheet
- Debt/Equity
- 1.19
- Interest Coverage
- 3.14×
- Altman Z
- 4.01
- Book Value
- 84.30
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 4/5
- OCF
- -11.00 Cr
- EPS TTM
- 7.59
Shareholding
- Promoter Hold
- 64.52%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 8%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 179-30.1% vs prev
Net Profit
₹ CrLatest: -1.7-116.4% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 34.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~9.7% over last month) — short-term momentum negative.
- RSI(14) at 34 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
36
RS percentile
Stage 4 Downtrend
1M return
-9.9%
3M return
-25.5%
6M return
-22.0%
1Y return
-14.4%
RS 1D
0
RS 20D
-5
Sector rank
#2
Industry rank
#22
Stage evidence
- Price is 17.4% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.7%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 86.94-1.96%
RS vs Nifty 50087
Valuation & peers
U-Score 24 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 24 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth14/25
Quality0/20
Balance Sheet5/15
Cash Flow3/10
Piotroski
4/9 (+1)
Penalties
1
Raw sum
24
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
24/100 · legacy band OVERVALUED
Positive drivers
- Growth contributes 14/25 to the score.
- Balance sheet contributes 5/15 to the score.
- Cash flow contributes 3/10 to the score.
Main drags
- Fair-value margin of safety is negative at -109.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
95.3
PB
7.5
EV/EBITDA
22.0
ROE
9.5%
ROCE
11.6%
FCF Yield
—
Debt/Equity
1.2
MoS
-109.6%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
24
Previous: 24
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-109.6%
Previous: -115.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
24
24
24
24
24
24
24
24
24
24
24
24
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹119.98
-421.1% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹298.29
-109.6% MoS
PEG
3.40
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
MAMATA
Small
Mamata Machinery Limited
Industrial Machinery
match 60
26
89.8
9.6%
-901%
OVERVALUED
VELJAN
Small
Veljan Denison Limited
Industrial Machinery
match 60
42
41.4
10.8%
-5%
WATCHLIST
ELECTHERM
Small
Electrotherm (India) Limited
Industrial Machinery
match 59
30
—
—
—
OVERVALUED
CONTROLPR
Small
Control Print Limited
Industrial Machinery
match 59
40
25.4
9.5%
-71%
WATCHLIST
EIMCOELECO
Small
Eimco Elecon (India) Limited
Industrial Machinery
match 59
39
31.4
7.8%
+21%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Issuer presentation review pending
Ice Make Refrigeration Limited operates in Refrigeration, within the Industrials sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers. The structured result feed currently covers the quarter ended 30 Jun 2026. Investor presentations and earnings-call PDFs will be added as issuer-backed evidence before management claims appear here.
Trust Score
56Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 18th percentile of the scored universe and 14th percentile within Industrials. Main check: financial discipline is weak at 38/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
47 docs text-extracted · 26 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
18th percentile
overall median 67 · Industrials: 14th pctile, median 68 · Small: 20th pctile, median 66
Evidence depth
Financial-only
47 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
61
acceptable · leverage and solvency
Discipline
38
weak · capital discipline
Results
39
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 74.2%.
- ▸Promoter pledge is zero.
- ▸4 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-11 Cr.
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸Debt/equity is 1.19.
- ▸ROCE trend is -10.7%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Ice Make Refrigeration Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
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All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.