Ice Make Refrigeration Limited (ICEMAKE) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Ice Make Refrigeration Limited ₹162, price ₹624, upside -74.0%, quality 40 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range ₹58.05 – ₹1,043 · fair‑value band ₹121.68 – ₹202.80 · the ₹623.65 price screens above the ₹162.24 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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Ice Make Refrigeration Limited, together with its subsidiaries, manufactures and supplies refrigeration products and equipment under the Ice Make, Bharat, and TransFreez brands in India.
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Ice Make Refrigeration Limited, together with its subsidiaries, manufactures and supplies refrigeration products and equipment under the Ice Make, Bharat, and TransFreez brands in India. The company offers cold storage products, including modular, combi, walk-in, custom-built, and solar cold rooms, as well as blast freezers and chillers, glass door display chillers, ripening chambers, cold room PUF panel and accessories, and cold room refrigeration units; and chest freezers and visi coolers. It also provides commercial refrigeration consisting of dairy processing plant solutions; curd incubation and mortuary chambers; ice cream plants; bulk milk chillers; batch pasteurizers; ageing vat; ice candy production machines; ice cream hardeners; mini blast freezers and chillers; heat pump food dehydrators; vacuum freeze dryers; and commercial, reach-in, and merchandising freezers. In addition, the company offers continuous sandwich PUF panels; industrial refrigeration products, including chilling plants and ice building tanks; transport refrigeration products comprising refrigerator, eutectic mobile, dry insulated, and MS corrugated refrigerated containers; and ammonia refrigeration products, such as turnkey projects for cold storages, and glycol and water chillers. It sells its products through dealers. The company exports its products to approximately 24 countries. It serves the dairy, agriculture, cold chain, food processing, retail, pharmaceutical, ice cream, hospitality, hospital, logistics, chemical, and e-commerce industries. Ice Make Refrigeration Limited was founded in 1989 and is headquartered in Gandhinagar, India.
Stock analysis
Ice Make Refrigeration Limited (ICEMAKE) currently trades at ₹623.65, while our model-based Fair Value estimate is ₹162.24, 74.0% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹266.67 per share, and 0 of the 16 models we run sit above the ₹623.65 price.
Bear case: the Dividend Discount group reads lowest at ₹24.87, and 16 of the 16 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹121.68 (bear) to ₹202.80 (bull), the price of ₹623.65 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 40/100 (below-average quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Ice Make Refrigeration Limited reported revenue of ₹6.7B in FY2026 versus ₹2.1B in FY2022, a compound +34.2%/yr. Reported net income was ₹122M in FY2026, compounding +13.6%/yr from FY2022.
Key figures
Market cap ₹12.5B (≈ $130M) · P/E ratio 80.8 · P/S ratio 1.47 · EPS (TTM) ₹7.72 · Dividend yield 0.4% · Net margin 1.8% · Return on equity 9.5% · Return on assets (EBIT) 11.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (medium confidence).
What moves the price
The share trades about 30% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −49% fair-value upside, at −74%, ICEMAKE screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (₹24.87 to ₹366.37). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear ₹121.68Fair Value ₹162.24Bull ₹202.80
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹2.76 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+39.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+28.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+37.8%
Start year 2021 (pandemic). Over 10 years: +25.0% a year
Revenue growth 13 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+24.1%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+26.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+26.2%
Dividend (yield on the price)0.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.19.1% vs 16.4%, steady
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.5% → 4%
Compare Ice Make Refrigeration Limited with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Specialty Industrial Machinery · 800 stocks
Beats the industry median on 4/13 measures
Overall it trails its industry peers.
Valuation
Quality Score40 · Bottom 25%
Fair Value upside−74.0% · Bottom 25%
Profitability
Return on equity (TTM)9.5% · Above median
Return on assets4.1% · Above median
Net margin (TTM)1.8% · Below median
Operating margin (TTM)6.6% · Below median
Growth and dividend
Revenue growth41.9% · Top 25%
Dividend yield (TTM)0.4% · Bottom 25%
Balance sheet
Debt / equity0.59× · Highest 25%
Valuation Multiplesvs Specialty Industrial Machinery median · lower = cheaper
P/E (TTM)80.8× · Priciest 25%
P/B9.38× · Priciest 25%
P/S (TTM)1.87× · Cheaper than median
EV/EBITDA29.1× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)100· sector 28
PAST (return on equity)38· sector 28
HEALTH (low debt)70· sector 95
DIVIDEND (yield)7· sector 26
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Ice Make Refrigeration Limited Fair Value". https://www.fairvalue-calculator.com/stock/ICEMAKE
Frequently asked questions
Is Ice Make Refrigeration Limited (ICEMAKE) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of ₹162.24 versus a price of ₹623.65, about −74% upside (overvalued).
What is the fair value of ICEMAKE?
Our model-based fair value for Ice Make Refrigeration Limited is ₹162.24 (as of Sep 27, 2026), built from audited fundamentals. The current price: ₹623.65.
What is the quality score of ICEMAKE?
Ice Make Refrigeration Limited has a Quality Score of 40/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Ice Make Refrigeration Limited (ICEMAKE)?
Our model-based price target is the fair value of ₹162.24 (as of Sep 27, 2026) from 16 valuation models. Cautious scenario ₹121.68, optimistic scenario ₹202.80. It is a calculation from audited fundamentals, not an analyst target.
What is the Ice Make Refrigeration Limited stock forecast for 2026?
Our models put fair value at ₹162.24, about −74% upside versus a price of ₹623.65 (overvalued). Cautious scenario ₹121.68, optimistic scenario ₹202.80. The calculation is refreshed regularly with new filings.
What is the revenue of Ice Make Refrigeration Limited (ICEMAKE)?
Ice Make Refrigeration Limited reported trailing-twelve-month revenue of about ₹6.7B (latest available figure, as of Sep 27, 2026).
Does Ice Make Refrigeration Limited pay a dividend?
Ice Make Refrigeration Limited currently shows a dividend yield of about 0.36% relative to its recent price (as of Sep 27, 2026).
What is the intrinsic value of Ice Make Refrigeration Limited (ICEMAKE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ice Make Refrigeration Limited it is ₹162.24 per share (as of Sep 27, 2026), against a price of ₹623.65. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Ice Make Refrigeration Limited stock overvalued or undervalued in 2026?
As of Sep 27, 2026, ICEMAKE trades above its calculated fair value: price ₹623.65, fair value ₹162.24, a gap of about −74% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ICEMAKE?
No. The price is what the market pays today (₹623.65); the fair value is what the company's own numbers justify (₹162.24). For Ice Make Refrigeration Limited the two are ₹461.41 per share apart. That gap is exactly why we show both numbers side by side.
How much is Ice Make Refrigeration Limited worth?
The market values Ice Make Refrigeration Limited at about ₹12.5B (market capitalisation, as of Sep 27, 2026). Per share that is ₹623.65; our models calculate a fair value of ₹162.24 per share.
What do the bullish and bearish scenarios say about ICEMAKE?
Our models span a range for Ice Make Refrigeration Limited: cautious scenario ₹121.68, base ₹162.24, optimistic ₹202.80 per share (as of Sep 27, 2026, price ₹623.65). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ICEMAKE?
Ice Make Refrigeration Limited trades at a price-to-earnings ratio of 80.8 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹162.24 is built from several models across several years. Other multiples: P/B 9.4, P/S 1.9, EV/EBITDA 29.1.
How solid is the balance sheet of Ice Make Refrigeration Limited (ICEMAKE)?
Balance-sheet figures for Ice Make Refrigeration Limited (as of Sep 27, 2026): return on equity 9.5%, debt of 0.59 per unit of equity. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
How far is ICEMAKE from its 52-week high?
Ice Make Refrigeration Limited trades at ₹623.65, about 30% below its 52-week high of ₹885.95 and at the low of ₹623.65 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹162.24 is for.
Which stocks are comparable to Ice Make Refrigeration Limited?
From the same area (Industrials) we also value GE Vernova Inc, SIE, Eaton Corporation, Parker-Hannifin Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Ice Make Refrigeration Limited stock attractive at the current price?
The data as of Sep 27, 2026: price ₹623.65, calculated fair value ₹162.24 (−74%), Quality Score 40/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ICEMAKE calculated?
We run Ice Make Refrigeration Limited through 16 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹162.24, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.7 % above its aggregate fair value. Ice Make Refrigeration Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Ice Make Refrigeration Limited (ICEMAKE)?
The closing price on Oct 1, 2026 was ₹623.65. Our model-based fair value is ₹162.24, about −74% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ice Make Refrigeration Limited right now?
The price sits above even our optimistic bull case (₹202.80). The favourable scenario is already priced in. Weak quality (40/100) and above fair value at the same time, the margin of safety is missing on both counts.
Where does the earnings growth of Ice Make Refrigeration Limited (ICEMAKE) come from?
Earnings per share at Ice Make Refrigeration Limited grew +24.4 % a year from 2015 to 2026. Broken into its drivers: revenue per share +24.6 %, EBIT margin −2.3 %, tax rate +1.1 %, residual (interest, one-offs) +1.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Ice Make Refrigeration Limited
How large is the market capitalisation of Ice Make Refrigeration Limited (ICEMAKE)?
The market capitalisation of Ice Make Refrigeration Limited is ₹12.5B (≈ $130M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Ice Make Refrigeration Limited (ICEMAKE)?
The price-to-sales ratio of Ice Make Refrigeration Limited is 1.47 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Ice Make Refrigeration Limited (ICEMAKE)?
Earnings per share at Ice Make Refrigeration Limited are ₹7.72 (price ÷ EPS = P/E 80.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Ice Make Refrigeration Limited (ICEMAKE)?
The dividend yield of Ice Make Refrigeration Limited is 0.4% (payout 29.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Ice Make Refrigeration Limited (ICEMAKE)?
The net margin of Ice Make Refrigeration Limited is 1.8% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Ice Make Refrigeration Limited (ICEMAKE)?
The return on equity (ROE) of Ice Make Refrigeration Limited is 9.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Ice Make Refrigeration Limited (ICEMAKE)?
On an EBIT basis the return on assets of Ice Make Refrigeration Limited is 11.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Ice Make Refrigeration Limited (ICEMAKE)?
The operating margin of Ice Make Refrigeration Limited is 6.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ice Make Refrigeration Limited (ICEMAKE)?
Revenue at Ice Make Refrigeration Limited is growing +41.9% versus a year earlier (3y avg +28.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Ice Make Refrigeration Limited (ICEMAKE)?
Earnings per share at Ice Make Refrigeration Limited are growing −13.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Ice Make Refrigeration Limited (ICEMAKE) generate?
The free cash flow of Ice Make Refrigeration Limited is −₹627M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Ice Make Refrigeration Limited (ICEMAKE) carry?
The net debt of Ice Make Refrigeration Limited is ₹1.5B (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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