Ice Make Refrigeration

Frozen food, health awareness, global warming to boost long term demand

ICE Make Refrigeration is engaged in the business of manufacturing of Cold Rooms, Freezer, Refrigeration System and Chilling Plant etc.

Key Drivers:

  1. Frozen food: As already mentioned in case of Shree Bajarang Alliance, frozen food has a huge growth potential. That in turn will translate in demand for Ice Make products for transportation, storage at dealers/warehouses etc.
  2. Health awareness: Though pandemic will end sometime but people have now become more health conscious especially towards their food. Need for cleaner and hygienic cold storages will increase.
  3. Rising temperatures: This coupled with increasing urbanization will need for more cold storage.

Company Strengths:

Promoters’ experience in the refrigeration equipment industry: IMRL’s key promoter, Mr. Chandrakant Patel, has over two decades of experience in the refrigeration equipment manufacturing industry.

Established and diversified clientele: Over the years, IMRL has established a strong clientele across industries. Some of the industries to which it has provided refrigeration solutions include pharmaceuticals, dairy and ice-cream, healthcare and food products. Further, the diversification in IMRL’s client profile also remained healthy with top clients contributing only around 30% of its total revenue over the last three years ended FY20. Around 60-70% of IMRL’s revenue is generated from direct sales whereas the balance is through its dealers and distributors spread across the country. Cold room and related storage products contribute the highest (~45-55% of its total sales in FY20 & H1FY21) to IMRL’s overall revenue, as they are generally of larger ticket size with on-site installation and commissioning requirements.  

Key Financials:

P/E ratio: 17.8

Sales growth 3 years: 16%

Profit growth 3 years: 13%

ROIC: 14.7%

ROCE: 18.9%

Promoter holding: 75%


Buy at current Rs 68 (date 22 March, 2021). It should be held for 3-4 years.

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