ICE Make Refrigeration Ltd
The Emerging Companies 2025
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OVERVIEW
FINANCIALS
About
Ice Make Refrigeration Ltd. is a leading manufacturer of a wide range of refrigeration and cooling solutions, including Cold Rooms, Chilling Plants, Freezers, and Dairy Machinery. Headquartered in Ahmedabad, the company was established in 1993 and has since grown into a trusted name in the cold chain industry, catering to diverse sectors such as dairy, food processing, pharmaceuticals, and agriculture. Under the leadership of Chairman and Managing Director Chandrakant Patel, Ice Make has consistently focused on innovation, energy efficiency, and customised solutions to meet client needs. The company has a strong presence across India and exports to several international markets. Ice Make Refrigeration Ltd. is publicly listed on the National Stock Exchange (NSE), underscoring its credibility, transparency, and commitment to long-term growth.
Incorporation Year: 2009
Headquarters: Gujarat
Top Management: Chandrakant P Patel - Chairman & Managing Director
Industry: Capital Goods - Electrical Equipment
Website: www.icemakeindia.com
Featured In Fortune India Ranking
The Emerging Companies
#96(2025)
#96(2025)
Financial Data 2024
Revenue
440
(INR Cr)
Net Operating Income
365
(INR Cr)
Assets
864
(INR Cr)
Profit
128
(INR Cr)
Net Worth
852
(INR Cr)
Financial Data
RevenueNet Operating IncomeProfitAssetsNet Worth
| PARAMETERS | 2024 | 2024 | 2023 | 2023 | 2022 | 2022 | 2021 | 2021 | 2020 | 2020 | 2019 | 2019 | 2018 | 2018 | 2017 | 2017 | 2016 | 2016 | 2015 | 2015 | 2014 | 2014 | 2013 | 2013 | 2012 | 2012 | 2011 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (INR Cr) | 440 -12.72% | 382 23.47% | 504 46.06% | 310 50.01% | 345 77.90% | 206 47.90% | 194 -34.13% | 140 -3.09% | 295 -5.28% | 144 6.20% | 311 15.29% | 136 29.07% | 270 12.30% | 105 17.38% | 240 -7.59% | 89 22.69% | 260 16.01% | 73 44.50% | 224 27.54% | 50 25.24% | 176 10.19% | 40 -1.64% | 159 34.79% | 41 47.75% | 118 23.22% | 28 42.13% | 96 29.55% | 20 - | 74 2.02% | 73 - |
| Net Operating Income (INR Cr) | 365 -19.28% | 378 21.19% | 452 40.17% | 312 51.48% | 323 52.73% | 206 53.06% | 211 -21.75% | 135 -2.18% | 270 -2.91% | 138 4.57% | 278 7.25% | 132 28.10% | 259 10.22% | 103 16.89% | 235 -5.64% | 88 22.64% | 249 11.63% | 72 42.00% | 223 25.54% | 50 28.87% | 178 15.58% | 39 -3.14% | 154 33.83% | 40 48.79% | 115 19.29% | 27 50.58% | 96 30.35% | 18 - | 74 21.52% | 61 - |
| Profit (INR Cr) | 128 3.85% | 26 26.20% | 123 40.76% | 21 184.15% | 87 76.26% | 7 102.77% | 50 -41.18% | 4 -28.51% | 84 13.82% | 5 -32.49% | 74 0.82% | 7 12.82% | 73 18.09% | 7 32.60% | 62 5.93% | 5 89.39% | 59 40.66% | 3 183.87% | 42 39.37% | 1 4.49% | 30 30.90% | 1 7.23% | 23 81.59% | 1 53.70% | 13 35.19% | 1 217.65% | 9 236.46% | 0 - | 3 241.98% | 1 - |
| Assets (INR Cr) | 864 9.26% | 132 51.63% | 791 4.42% | 87 18.46% | 757 12.94% | 74 9.43% | 670 21.16% | 67 -5.17% | 553 4.10% | 71 32.95% | 532 4.45% | 53 -2.25% | 509 16.61% | 55 78.19% | 436 81.09% | 31 21.79% | 241 23.54% | 25 17.41% | 195 71.73% | 21 15.91% | 114 8.13% | 18 43.81% | 105 25.91% | 13 20.54% | 83 7.78% | 11 7.03% | 77 0.47% | 10 - | 77 -4.65% | 81 - |
| Net Worth (INR Cr) | 852 9.88% | 104 28.42% | 775 4.65% | 81 31.53% | 740 11.22% | 62 9.54% | 666 22.14% | 56 5.71% | 545 3.02% | 53 6.39% | 529 5.07% | 50 12.29% | 504 15.82% | 45 186.20% | 435 87.38% | 16 0.00% | 232 25.19% | 10 34.11% | 185 89.46% | 8 13.82% | 98 32.08% | 7 47.19% | 74 33.39% | 5 21.58% | 56 22.31% | 4 74.31% | 45 19.73% | 2 0.00% | 38 5.10% | 36 2.30% |
| Employee Cost (INR Cr) | 69 -0.76% | 18 26.93% | 69 30.80% | 14 17.44% | 53 32.34% | 12 17.08% | 40 -17.36% | 10 -7.01% | 49 9.20% | 11 18.13% | 44 17.64% | 10 23.90% | 38 10.07% | 8 24.19% | 34 6.68% | 6 61.46% | 32 22.85% | 4 32.87% | 26 20.40% | 3 31.36% | 22 15.37% | 2 15.18% | 19 18.53% | 2 60.50% | 16 18.54% | 1 72.46% | 13 29.88% | 1 - | 10 15.27% | 9 - |
| Interest Cost (INR Cr) | 6 | 2 | 7 | 1 | 4 | 1 | 0 | 1 | 0 | 2 | 0 | 1 | 0 | 1 | 1 | 1 | 0 | 1 | 0 | 1 | 3 | 1 | 4 | 0 | 4 | 0 | 3 | 0 | 4 | 4 |
| Cash & Bank Balance (INR Cr) | 0 | 8 | 4 | 9 | 4 | 2 | 4 | 1 | 3 | 1 | 3 | 4 | 2 | 17 | 1 | 7 | 0 | 4 | 0 | 4 | 9 | 2 | 0 | 2 | 0 | 0 | 0 | 0 | 1 | 0 |
| Total Debt (INR Cr) | 9 | 27 | 12 | 4 | 14 | 11 | 1 | 9 | 5 | 17 | 0 | 3 | 3 | 9 | 0 | 15 | 6 | 14 | 7 | 13 | 14 | 10 | 29 | 8 | 25 | 6 | 29 | 7 | 39 | 44 |
Key Financial Ratios
Profit As % Of RevenuesRONW %Interest Cost to EBITDA %ROCE %Debt to Equity Ratio
| PARAMETERS | 2024 | 2024 | 2023 | 2023 | 2022 | 2022 | 2021 | 2021 | 2020 | 2020 | 2019 | 2019 | 2018 | 2018 | 2017 | 2017 | 2016 | 2016 | 2015 | 2015 | 2014 | 2014 | 2013 | 2013 | 2012 | 2012 | 2011 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Profit As % Of Revenues | 29.02% | 6.87% | 24.39% | 6.72% | 25.31% | 3.55% | 25.55% | 2.59% | 28.61% | 3.51% | 23.81% | 5.52% | 27.22% | 6.31% | 25.89% | 5.59% | 22.59% | 3.62% | 18.63% | 1.84% | 17.05% | 2.21% | 14.35% | 2.03% | 10.65% | 1.95% | 9.71% | 0.87% | 3.74% | 1.12% |
| Profit As % Of Assets | 14.78% | 19.85% | 15.55% | 23.86% | 11.54% | 9.95% | 7.39% | 5.37% | 15.23% | 7.12% | 13.93% | 14.02% | 14.43% | 12.15% | 14.25% | 16.32% | 24.36% | 10.50% | 21.40% | 4.34% | 26.36% | 4.82% | 21.78% | 6.46% | 15.10% | 5.07% | 12.04% | 1.71% | 3.59% | 1.00% |
| Profit As % Of Networth | 15.00% | 25.19% | 15.87% | 25.64% | 11.80% | 11.87% | 7.45% | 6.41% | 15.46% | 9.48% | 13.99% | 14.94% | 14.58% | 14.87% | 14.30% | 32.09% | 25.30% | 25.43% | 22.52% | 12.02% | 30.61% | 13.09% | 30.89% | 17.97% | 22.69% | 14.21% | 20.53% | 7.80% | 7.30% | 2.25% |
| Interest Cost to EBITDA % | 4.76% | 5.20% | 4.35% | 3.89% | 3.54% | 11.95% | 0.37% | 18.39% | 0.55% | 16.99% | 0.54% | 8.18% | 0.79% | 14.09% | 1.52% | 12.71% | 1.13% | 22.00% | 1.27% | 32.66% | 6.56% | 36.99% | 10.17% | 31.50% | 15.21% | 37.66% | 16.56% | 43.95% | 34.73% | 46.83% |
| Debt to Equity Ratio | 0.01 | 0.17 | 0.02 | 0.11 | 0.01 | 0.18 | 0.01 | 0.25 | 0.01 | 0.20 | 0.00 | 0.14 | 0.00 | 0.42 | 0.01 | 0.97 | 0.03 | 1.51 | 0.08 | 1.65 | 0.26 | 1.65 | 0.42 | 1.74 | 0.54 | 2.45 | 0.82 | 3.57 | 1.13 | 1.09 |
| RONW | 15.71% | 28.21% | 16.23% | 29.13% | 12.43% | 12.41% | 8.19% | 6.59% | 15.69% | 9.77% | 14.34% | 15.80% | 15.65% | 22.04% | 18.65% | 32.09% | 28.13% | 29.14% | 29.48% | 12.79% | 34.85% | 15.59% | 35.31% | 17.97% | 24.97% | 18.06% | 22.37% | 7.80% | 7.49% | 2.27% |
| ROCE | 19.13% | 34.00% | 22.25% | 36.48% | 16.89% | 16.40% | 10.50% | 10.39% | 19.40% | 14.77% | 21.77% | 21.64% | 22.49% | 27.09% | 25.78% | 28.31% | 36.19% | 23.70% | 36.67% | 13.53% | 40.28% | 15.64% | 38.92% | 16.19% | 27.82% | 16.48% | 21.92% | 9.34% | 10.83% | 7.81% |