Ice Make Refrigeration Limited (ICEMAKE) - Net Assets
Based on the latest financial reports, Ice Make Refrigeration Limited (ICEMAKE) has net assets worth Rs1.21 Billion INR (≈ $13.06 Million USD) as of September 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (Rs4.26 Billion ≈ $46.11 Million USD) and total liabilities (Rs3.06 Billion ≈ $33.05 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 balance sheet size of Ice Make Refrigeration Limited for the complete picture of this company's asset base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | Rs1.21 Billion |
| % of Total Assets | 28.32% |
| Annual Growth Rate | 31.51% |
| 5-Year Change | 119.66% |
| 10-Year Change | 1091.81% |
| Growth Volatility | 47.3 |
Ice Make Refrigeration Limited - Net Assets Trend (2013–2025)
This chart illustrates how Ice Make Refrigeration Limited's net assets have evolved over time, based on quarterly financial data. Check Ice Make Refrigeration Limited (ICEMAKE) tangible equity ratio to evaluate the tangible quality of the company's equity base.
Annual Net Assets for Ice Make Refrigeration Limited (2013–2025)
The table below shows the annual net assets of Ice Make Refrigeration Limited from 2013 to 2025. For live valuation and market cap data, see Ice Make Refrigeration Limited (ICEMAKE) total market value.
| Year | Net Assets | Change |
|---|---|---|
| 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 5404.3% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (March 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | Rs891.20 Million | 71.86% |
| Common Stock | Rs157.80 Million | 12.72% |
| Other Components | Rs191.25 Million | 15.42% |
| Total Equity | Rs1.24 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 |
|---|---|
|
Eastern Communications Co Ltd B
SHG:900941
|
$141.90 Million |
|
Mi Chang Oil
KO:003650
|
$141.90 Million |
|
King Core Electronics Inc
TW:6155
|
$141.99 Million |
|
AirBoss of America Corp.
TO:BOS
|
$141.99 Million |
|
Warehouses Estates Belgium SCA
BR:WEB
|
$141.87 Million |
|
GTS Internasional Tbk PT
JK:GTSI
|
$141.82 Million |
|
Global Lighting Technologies Inc
TW:4935
|
$141.69 Million |
|
PHA Co. Ltd
KQ:043370
|
$141.64 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 2024 to 2025, total equity changed from 1,041,930,000 to 1,240,250,000, a change of 198,320,000 (19.0%).
- Net income of 231,102,000 contributed positively to equity growth.
- Dividend payments of 31,555,000 reduced retained earnings.
- Other comprehensive income decreased equity by 884,133,000.
- Other factors increased equity by 882,906,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | Rs231.10 Million | +18.63% |
| Dividends Paid | Rs31.55 Million | -2.54% |
| Other Comprehensive Income | Rs-884.13 Million | -71.29% |
| Other Changes | Rs882.91 Million | +71.19% |
| Total Change | Rs- | 19.03% |
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: 10.58x
- 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 281.91x to 10.58x 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 | Rs831.35 | x |
| 2014-03-31 | Rs4.34 | Rs831.35 | x |
| 2015-03-31 | Rs4.94 | Rs831.35 | x |
| 2016-03-31 | Rs6.62 | Rs831.35 | x |
| 2017-03-31 | Rs9.94 | Rs831.35 | x |
| 2018-03-31 | Rs34.81 | Rs831.35 | x |
| 2019-03-31 | Rs31.89 | Rs831.35 | x |
| 2020-03-31 | Rs33.99 | Rs831.35 | x |
| 2021-03-31 | Rs35.81 | Rs831.35 | x |
| 2022-03-31 | Rs39.16 | Rs831.35 | x |
| 2023-03-31 | Rs51.46 | Rs831.35 | x |
| 2024-03-31 | Rs66.03 | Rs831.35 | x |
| 2025-03-31 | Rs78.60 | Rs831.35 | 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): 18.63%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 4.82%
- • Asset Turnover: 1.30x
- • Equity Multiplier: 2.96x
- Recent ROE (18.63%) is above the historical average (17.52%), indicating improving 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 |
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: $11,959,780,835
- Average return on equity (ROE) among peers: 19.20%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Ice Make Refrigeration Limited (ICEMAKE) | Rs1.21 Billion | 17.95% | 2.53x | $141.87 Million |
| Aaron Industries Limited (AARON) | $204.79 Million | 26.39% | 0.89x | $30.76 Million |
| Ador Welding Limited (ADORWELD) | $1.16 Billion | 27.94% | 0.42x | $184.52 Million |
| The Anup Engineering Limited (ANUP) | $3.23 Billion | 13.31% | 0.31x | $470.72 Million |
| ATAM VALVES ORD (BSE) (ATAM) | $43.62 Million | 14.95% | 2.96x | $7.99 Million |
| Azad Engineering Limited (AZAD) | $908.92 Million | 12.65% | 1.82x | $1.60 Billion |
| Bharat Heavy Electricals Limited (BHEL) | $87.88 Billion | 27.48% | 1.65x | $15.33 Billion |
| Cummins India Limited (CUMMINSIND) | $23.87 Billion | 32.01% | 0.54x | $16.54 Billion |
| Diamond Power Infrastructure Limited (DIACABS) | $1.09 Billion | 25.24% | 2.50x | $1.85 Billion |
| Diffusion Engineers Ltd (DIFFNKG) | $953.91 Million | 11.68% | 0.77x | $154.04 Million |
| Ducon Infratechnologies Limited (DUCON) | $257.90 Million | 0.37% | 0.46x | $10.37 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