Ice Make Refrigeration Limited (ICEMAKE.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-604.8%

-₹3,235.46

vs ₹640.95 price

Levered DCF

-₹2,191.96

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	86.08×	59.26×	30.04×	19.88×	20.84×	28.9×	10.33×	16.78×
P/B	7.89×	11.04×	7.57×	5.1×	2.47×	1.86×	0.98×	2.51×
P/S	1.57×	2.86×	2.09×	1.32×	0.74×	0.78×	0.38×	0.95×
EV / EBITDA	26.61×	33.5×	19.81×	12.55×	11×	10×	4.89×	8.98×
Gross margin	21.0%	30.5%	31.2%	29.5%	27.9%	32.2%	15.6%	17.7%
Operating margin	4.2%	7.1%	9.9%	9.3%	5.4%	5.3%	6.4%	8.6%
Net margin	1.8%	4.8%	6.9%	6.7%	3.6%	2.7%	3.7%	5.7%
Current ratio	1.17×	1.17×	1.72×	1.7×	1.56×	1.58×	1.53×	1.87×
Debt / equity	1.19×	0.69×	0.26×	0.06×	0.18×	0.18×	0.32×	0.06×
Interest coverage	2.24×	8.31×	17.64×	23.21×	6.39×	3.71×	3.95×	10.06×
Dividend yield	0.3%	0.2%	0.4%	0.5%	1.2%	0.5%	4.3%	1.5%
Payout ratio	29.1%	13.7%	10.8%	9.1%	25.7%	15.6%	44.8%	25.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	9.2%	18.6%	25.2%	25.6%	11.9%	6.4%	9.5%	14.9%
Return on invested capital	7.2%	11.9%	21.0%	24.7%	11.2%	7.2%	9.1%	15.0%
Return on assets	2.4%	6.3%	12.4%	13.1%	5.9%	3.4%	4.8%	9.0%
Free cash flow yield	-6.0%	-3.8%	-2.9%	5.0%	2.8%	7.1%	-14.7%	-2.4%
Earnings yield	1.2%	1.7%	3.3%	5.0%	4.8%	3.5%	9.7%	6.0%
Enterprise value	₹12.1B	₹14.6B	₹8.1B	₹4.2B	₹1.6B	₹1.1B	₹683.2M	₹1.3B
Net debt / EBITDA	3.46×	1.97×	0.54×	0.11×	0.71×	0.83×	1.16×	0.09×
Cash conversion cycle (days)	90	69	71	64	100	122	117	89