ICE Make Refrigeration Ltd Share Price ₹776

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of ICE Make Refrigeration Ltd

Quarter-by-quarter operating performance

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales +	66.68	113.56	79.14	76.89	82.43	139.92	85.23	103.39	110.56	180.35	111.50	147.49	153.36
Expenses +	59.37	101.41	70.96	69.31	78.13	119.23	79.19	94.94	103.89	158.96	107.10	137.88	143.46
Operating Profit	7.31	12.15	8.18	7.58	4.30	20.69	6.04	8.45	6.67	21.39	4.40	9.61	9.90
OPM %	10.96%	10.70%	10.34%	9.86%	5.22%	14.79%	7.09%	8.17%	6.03%	11.86%	3.95%	6.52%	6.46%
Other Income +	0.14	0.73	0.17	0.13	0.10	0.23	0.10	0.12	0.22	0.46	0.13	0.09	0.13
Interest	0.57	0.19	0.23	0.70	0.66	0.52	0.45	0.90	1.15	1.63	2.29	2.73	3.85
Depreciation	1.00	1.06	0.97	1.01	1.03	1.07	0.95	1.04	2.15	4.16	4.08	4.20	4.28
Profit before tax	5.88	11.63	7.15	6.00	2.71	19.33	4.74	6.63	3.59	16.06	-1.84	2.77	1.90
Tax %	24.66%	25.80%	25.17%	25.17%	25.46%	26.23%	23.00%	27.75%	22.01%	27.40%	-20.11%	27.08%	23.68%
Net Profit +	4.43	8.63	5.36	4.49	2.02	14.26	3.64	4.79	2.81	11.67	-1.47	2.03	1.45
EPS in Rs	2.81	5.47	3.40	2.86	1.28	9.06	2.35	3.05	1.82	7.42	-0.90	1.29	0.93

Financials of ICE Make Refrigeration Ltd

Annual income statement trend

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales +	88	103	132	138	135	206	312	378	480	593
Expenses +	78	90	118	125	124	192	280	338	437	547
Operating Profit	10	13	14	13	10	14	32	41	43	45
OPM %	11%	12%	10%	9%	8%	7%	10%	11%	9%	8%
Other Income +	0	0	0	0	1	1	1	1	1	1
Interest	1	2	1	2	2	2	1	2	4	10
Depreciation	2	2	2	3	4	4	4	4	8	17
Profit before tax	7	10	11	8	5	10	28	35	31	19
Tax %	32%	32%	29%	26%	32%	25%	26%	26%	26%
Net Profit +	5	7	7	6	4	7	21	26	23	14
EPS in Rs	6.95	4.23	4.77	3.64	2.30	4.66	13.18	16.64	14.65	8.74
Dividend Payout %	0%	24%	25%	33%	52%	26%	14%	12%	15%

Financials of ICE Make Refrigeration Ltd

Capital structure and asset base

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	7	16	16	16	16	16	16	16	16	16
Reserves	8	29	34	38	41	46	65	88	108	105
Borrowings +	15	10	3	17	10	11	5	27	86	169
Other Liabilities +	25	27	29	34	42	52	73	80	158	137
Total Liabilities	55	81	83	105	108	125	159	211	368	426
Fixed Assets +	11	13	23	27	30	32	32	50	133	141
CWIP	0	1	0	0	1	0	0	12	6	12
Investments	0	0	0	0	0	0	5	0	0	0
Other Assets +	44	68	60	78	77	93	122	149	229	274
Total Assets	55	81	83	105	108	125	159	211	368	426

Financials of ICE Make Refrigeration Ltd

Operating, investing and financing cash movement

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	8	-2	8	-1	12	8	24	10	30
Cash from Investing Activity +	-4	-4	-12	-7	-3	-5	-14	-23	-83
Cash from Financing Activity +	-0	16	-10	6	-9	-3	-9	17	49
Net Cash Flow	3	11	-13	-2	-0	0	1	4	-5
Free Cash Flow	4	-7	-3	-9	7	4	21	-23	-52
CFO/OP	95%	14%	87%	12%	140%	74%	97%	47%	91%

Financials of ICE Make Refrigeration Ltd

Working capital efficiency and return ratios

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	66	78	60	69	68	60	63	63	72
Inventory Days	114	135	121	156	161	123	86	84	118
Days Payable	109	96	85	92	103	83	84	76	121
Cash Conversion Cycle	71	116	96	132	125	100	64	71	69
Working Capital Days	9	52	64	62	69	53	43	48	21
ROCE %		27%	22%	15%	10%	17%	37%	34%	21%