Ice Make Refrigeration Limited Net Assets
Ice Make Refrigeration Limited net assets. Based on the latest financial reports, Ice Make Refrigeration Limited (ICEMAKE) has net assets worth Rs1.33 Billion INR (≈ $14.42 Million USD) as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (Rs5.04 Billion ≈ $54.46 Million USD) and total liabilities (Rs3.70 Billion ≈ $40.05 Million USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Also explore Ice Make Refrigeration Limited (ICEMAKE) equity growth momentum to track the company's year-over-year net asset growth rate.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | Rs1.33 Billion |
| % of Total Assets | 26.47% |
| Annual Growth Rate | 29.51% |
| 5-Year Change | 116.12% |
| 10-Year Change | 755.97% |
| Growth Volatility | 46.11 |
Net Assets of Ice Make Refrigeration Limited (2013–2026)
Net assets of Ice Make Refrigeration Limited from 2013 to 2026. This chart illustrates how Ice Make Refrigeration Limited's net assets have evolved over time, based on quarterly financial data. See net asset quality index of Ice Make Refrigeration Limited to measure how much of total assets are equity-financed.
Annual Net Assets for Ice Make Refrigeration Limited (2013–2026)
The table below shows the annual net assets of Ice Make Refrigeration Limited from 2013 to 2026. For live market cap and overall valuation, see Ice Make Refrigeration Limited market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2026-03-31 | Rs1.33 Billion ≈ $14.42 Million |
+7.76% |
| 2025-03-31 | Rs1.24 Billion ≈ $13.38 Million |
+18.86% |
| 2024-03-31 | Rs1.04 Billion ≈ $11.26 Million |
+28.29% |
| 2023-03-31 | Rs811.26 Million ≈ $8.77 Million |
+31.52% |
| 2022-03-31 | Rs616.81 Million ≈ $6.67 Million |
+9.53% |
| 2021-03-31 | Rs563.16 Million ≈ $6.09 Million |
+5.72% |
| 2020-03-31 | Rs532.70 Million ≈ $5.76 Million |
+6.39% |
| 2019-03-31 | Rs500.71 Million ≈ $5.42 Million |
+12.28% |
| 2018-03-31 | Rs445.96 Million ≈ $4.82 Million |
+186.36% |
| 2017-03-31 | Rs155.74 Million ≈ $1.68 Million |
+50.04% |
| 2016-03-31 | Rs103.80 Million ≈ $1.12 Million |
+34.17% |
| 2015-03-31 | Rs77.36 Million ≈ $836.64K |
+13.73% |
| 2014-03-31 | Rs68.02 Million ≈ $735.63K |
+47.18% |
| 2013-03-31 | Rs46.22 Million ≈ $499.81K |
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Equity Component Analysis
This analysis shows how different components contribute to Ice Make Refrigeration Limited's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 5958.0% over the analyzed period, indicating profitable operations and earnings retention.
Ice Make Refrigeration Limited Net Assets Breakdown (March 2026)
Ice Make Refrigeration Limited net assets breakdown by equity component as of March 2026.
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | Rs980.85 Million | 73.75% |
| Common Stock | Rs157.80 Million | 11.87% |
| Other Components | Rs191.25 Million | 14.38% |
| Total Equity | Rs1.33 Billion | 100.00% |
Ice Make Refrigeration Limited Competitors by Market Cap
The table below lists competitors of Ice Make Refrigeration Limited ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Bajaj Healthcare Limited
NSE:BAJAJHCARE
|
$111.44 Million |
|
MDxHealth SA ADR
NASDAQ:MDXH
|
$111.46 Million |
|
Paramount Gold Nevada Corp
NYSE MKT:PZG
|
$111.47 Million |
|
GalaxiaMoneytree Co.Ltd
KQ:094480
|
$111.57 Million |
|
Clal Industries and Beverages Ltd
TA:CLBV
|
$111.42 Million |
|
Business Alignment Public Company Limited
BK:BIZ
|
$111.41 Million |
|
ARRAIL GROUP LTD.
F:I1D
|
$111.29 Million |
|
Shaver Shop Group Ltd
AU:SSG
|
$111.24 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Ice Make Refrigeration Limited's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2025 to 2026, total equity changed from 1,240,250,000 to 1,329,894,000, a change of 89,644,000 (7.2%).
- Net income of 121,908,000 contributed positively to equity growth.
- Dividend payments of 35,462,000 reduced retained earnings.
Equity Change Factors (2025 to 2026)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | Rs121.91 Million | +9.17% |
| Dividends Paid | Rs35.46 Million | -2.67% |
| Other Changes | Rs3.20 Million | +0.24% |
| Total Change | Rs- | 7.23% |
Book Value vs Market Value Analysis
This analysis compares Ice Make Refrigeration Limited's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 7.74x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 221.40x to 7.74x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2013-03-31 | Rs2.95 | Rs652.90 | x |
| 2014-03-31 | Rs4.34 | Rs652.90 | x |
| 2015-03-31 | Rs4.94 | Rs652.90 | x |
| 2016-03-31 | Rs6.62 | Rs652.90 | x |
| 2017-03-31 | Rs9.94 | Rs652.90 | x |
| 2018-03-31 | Rs34.81 | Rs652.90 | x |
| 2019-03-31 | Rs31.89 | Rs652.90 | x |
| 2020-03-31 | Rs33.99 | Rs652.90 | x |
| 2021-03-31 | Rs35.81 | Rs652.90 | x |
| 2022-03-31 | Rs39.16 | Rs652.90 | x |
| 2023-03-31 | Rs51.46 | Rs652.90 | x |
| 2024-03-31 | Rs66.03 | Rs652.90 | x |
| 2025-03-31 | Rs78.60 | Rs652.90 | x |
| 2026-03-31 | Rs84.33 | Rs652.90 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Ice Make Refrigeration Limited utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 9.17%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 1.82%
- • Asset Turnover: 1.33x
- • Equity Multiplier: 3.79x
- Recent ROE (9.17%) is below the historical average (16.92%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2013 | 17.95% | 2.05% | 1.93x | 4.53x | Rs3.67 Million |
| 2014 | 13.09% | 2.27% | 1.38x | 4.17x | Rs2.10 Million |
| 2015 | 12.07% | 1.85% | 1.51x | 4.32x | Rs1.60 Million |
| 2016 | 25.47% | 3.69% | 1.85x | 3.73x | Rs16.05 Million |
| 2017 | 32.11% | 5.69% | 1.59x | 3.54x | Rs34.43 Million |
| 2018 | 14.88% | 6.46% | 1.26x | 1.83x | Rs21.75 Million |
| 2019 | 14.94% | 5.68% | 1.59x | 1.65x | Rs24.73 Million |
| 2020 | 9.48% | 3.67% | 1.31x | 1.97x | Rs-2.75 Million |
| 2021 | 6.42% | 2.68% | 1.25x | 1.91x | Rs-20.19 Million |
| 2022 | 11.87% | 3.55% | 1.65x | 2.03x | Rs11.52 Million |
| 2023 | 25.64% | 6.66% | 1.96x | 1.96x | Rs126.89 Million |
| 2024 | 25.20% | 6.94% | 1.79x | 2.03x | Rs158.34 Million |
| 2025 | 18.63% | 4.82% | 1.30x | 2.96x | Rs107.08 Million |
| 2026 | 9.17% | 1.82% | 1.33x | 3.79x | Rs-11.08 Million |
Industry Comparison
This section compares Ice Make Refrigeration Limited's net assets metrics with peer companies in the Specialty Industrial Machinery industry.
Industry Context
- Industry: Specialty Industrial Machinery
- Average net assets among peers: $31,788,404,103
- Average return on equity (ROE) among peers: 7.02%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Ice Make Refrigeration Limited (ICEMAKE) | Rs1.33 Billion | 17.95% | 2.78x | $111.42 Million |
| Aaron Industries Limited (AARON) | $2.90 Million | 17.03% | 7.81x | $30.42 Million |
| Ador Welding Limited (ADORWELD) | $1.64 Billion | 15.70% | 0.29x | $184.52 Million |
| The Anup Engineering Limited (ANUP) | $670.69 Million | 27.06% | 0.28x | $294.73 Million |
| ATAM VALVES ORD (BSE) (ATAM) | $380.61 Million | 6.35% | 0.53x | $6.76 Million |
| Azad Engineering Limited (AZAD) | $908.92 Million | 12.65% | 1.82x | $1.79 Billion |
| Bharat Heavy Electricals Limited (BHEL) | $286.52 Billion | -5.12% | 1.12x | $15.06 Billion |
| Cummins India Limited (CUMMINSIND) | $20.43 Billion | 28.94% | 0.52x | $13.94 Billion |
| Diamond Power Infrastructure Limited (DIACABS) | $6.22 Billion | -43.87% | 4.42x | $2.38 Billion |
| Diffusion Engineers Ltd (DIFFNKG) | $878.85 Million | 10.80% | 0.52x | $161.29 Million |
| Ducon Infratechnologies Limited (DUCON) | $238.32 Million | 0.60% | 0.42x | $4.64 Million |
About Ice Make Refrigeration Limited
Ice Make Refrigeration Limited, together with its subsidiaries, manufactures and supplies refrigeration products and equipment under the Ice Make, Bharat, and TransFreez brands in India. The company offers cold storage products, including modular, combi, walk-in, custom-built, and solar cold rooms, as well as blast freezers and chillers, glass door display chillers, ripening chambers, cold room P… Read more