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The BSE, founded in 1875, is Asia's oldest stock exchange — it started under a banyan tree on Dalal Street, where the bronze bull stands today.
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The BSE, founded in 1875, is Asia's oldest stock exchange — it started under a banyan tree on Dalal Street, where the bronze bull stands today.
The BSE, founded in 1875, is Asia's oldest stock exchange — it started under a banyan tree on Dalal Street, where the bronze bull stands today.
Ice Make Refrigeration Limited is an India-based commercial & industrial refrigeration equipment manufacturer. It is engaged in the business of providing customized cooling solutions to various clients across a wide range of industries by manufacturing and supplying…
Weekly engine runs — movement reflects the numbers, not analyst opinion.
A weak, stagnant business, priced for perfection.
ICE Make Refrigeration is scored on the general / industrial framework. It keeps a thin 1.8% of every rupee of sales as net profit. Cash conversion lags the reported profit (CFO/PAT -0.87×) — worth a closer look. Free cash flow is worth about -4.1% of its market value.
Over the last 3 years revenue compounded at 29%/yr and profit at -17%/yr. Book value itself has compounded 18%/yr — the hallmark of a genuine compounder. Return on equity is a modest 9.2%. In the latest quarter profit fell 116% versus the prior quarter.
At 89× earnings, the stock sits at the 87th percentile of its own 3.6-year range — the expensive end of where it has historically traded. Today's price already implies ~31%/yr earnings growth sustained for a decade — a demanding bar. The books come through clean — a forensic grade of A, and Altman puts distress risk in the safe zone.
A plain-English restatement of the figures on this page — rules-based, for education and research context, not investment advice or a recommendation.
| Ratio | Company | Sector | Read |
|---|---|---|---|
| P/E | 99.07 | 31.55 | worse |
| P/B | 3.95 | 4.25 | better |
| EV/EBITDA | 31.99 | 28.53 | worse |
| ROE | 9.17 | 15.79 | worse |
| ROCE | 9.9 | 13.24 | worse |
| ROA | 1.8 | 2.94 | worse |
| Quick Ratio | 0.65 | 2.52 | worse |
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Lakshmi Machines | 89.0 | 6.0 | 6.8% |
| Bonfiglioli Trans | 0.0 | 0.0 | 25.7% |
| Skipper | 25.8 | 3.3 | 12.6% |
Revenue has grown every year across all 4 financial years shown. 29% CAGR over 3 years — high-growth territory. Growth is accelerating — latest year outpaced the prior year's rate.
Revenue is outpacing profit (29% vs -16%) — costs are rising faster than the top line. The latest year saw a -47% swing — check if it's a one-off or structural.
Operating margin has compressed from 9% to 2% — costs or competition are eating into profitability.
ROE at 9% — modest; the capital isn't working hard. Capital efficiency declining — ROE down 16pp.
EPS dropped in the latest year despite possible profit changes — dilution or a profit dip could be at play. -16% EPS CAGR — this is the rate at which each share's claim on earnings is compounding.
1 of 4 years had negative operating cash flow — profitability on paper may not translate to cash. Investing outflows exceed operating cash — the company relies on external funding to finance expansion.
When operating cash keeps pace with reported profit, earnings are cash-backed; a persistent shortfall is a quality flag.
Revenue fell 30% QoQ — could be seasonality or a genuine slowdown. Wide quarterly swings (42% spread) — likely seasonality, lumpy orders, or project-based revenue. Run-rate stepping up — recent quarters average 45% above earlier ones.
1 of 4 quarters loss-making — quarterly profitability is uneven. Profit fell 116% QoQ — one-quarter drops can be noise, but a pattern matters. Quarterly margins are compressing (1% → -1%) — more revenue isn't translating to proportionally more profit.
How today's P/E compares to the stock's own historical range. Dashed line = the 3.6y median.
Promoter holding at 64.5% — majority control intact. Promoters reduced 9.7pp over 4 quarters — watch whether this is planned divestment or pledge invocations.
Produced by a rules-based engine over licensed exchange fundamentals — every sentence above is derived from the numbers shown, no analyst or AI opinion involved. Education and research context, not investment advice. We are not SEBI-registered as an Investment Adviser or Research Analyst.