Ice Make RefrigerationNSE:ICEMAKE -0.98%92 Operating Margin % is 6.60% as of Mar. 2026, which is 16% below its 10-year median of 7.89. GuruFocus rates NSE:ICEMAKE with a GF Score™ of 92/100 and a GF Value™ of ₹1,132.30 (Possible Value Trap). The stock has 5 warning signs investors should review. Among 3,031 Industrial Products companies, Ice Make Refrigeration ranks worse than 61.86% on this metric.
Ice Make Refrigeration Ltd operating margin has been in a 5-year decline. The average rate of decline per year is -1.1%.
The historical rank and industry rank for Ice Make Refrigeration's Operating Margin % or its related term are showing as below:
NSE:ICEMAKE'
s Operating Margin % Range Over the Past 10 Years
Min: 4.23 Med: 7.89 Max: 10.78
Current: 4.23
NSE:ICEMAKE's Operating Margin % is ranked worse than 61.86% of 3031
companies
in the Industrial Products industry
Industry Median: 6.53
vs NSE:ICEMAKE: 4.23
Ice Make Refrigeration's 5-Year Average Operating Margin % Growth Rate was -1.10% per year.
Ice Make Refrigeration (NSE:ICEMAKE) Operating Margin % Explanation
Just like Gross Margin %, it is important to see a company maintains its operating margin over time. Among the same industry, a company with higher operating margin is more efficient in its operation. It is also more stable during industry slowdown or recessions. Peter Lynch prefers those with higher margins than those with lower margins.
Be Aware
Operating Margin % can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).
If a company is facing competition, its Operating Margin % may decline. Often the Operating Margin % declines well before the company's Revenue or even profit decline. Therefore, Operating Margin % is a very important indicator of whether the company is facing problems.
For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokias Operating Margin % had already been in decline since 2002, although its Earnings per Share (Diluted) were still rising. Investors who paid attention to Operating Margin % would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).
Therefore, Operating Margin % is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.
Ice Make Refrigeration Operating Margin % Related Terms
Ice Make Refrigeration Operating Margin % Historical Data
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The historical data trend for Ice Make Refrigeration's Operating Margin % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
NSE:ICEMAKE vs GEV, ETN, PH: Operating Margin % Comparison
For the Specialty Industrial Machinery subindustry, Ice Make Refrigeration's Operating Margin %, along with its competitors' market caps and Operating Margin % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Ice Make Refrigeration Operating Margin % vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, Ice Make Refrigeration's Operating Margin % distribution charts can be found below:
* The bar in red indicates where Ice Make Refrigeration's Operating Margin % falls into.
Ice Make Refrigeration Operating Margin % Calculation
Operating Margin % - also known as operating income margin, operating profit margin and return on sales (ROS) - is the ratio of Operating Income divided by net sales or Revenue, usually presented in percent.
Ice Make Refrigeration's Operating Margin % for the fiscal year that ended in Mar. 2026 is calculated as
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Ice Make Refrigeration (NSE:ICEMAKE) has a Operating Margin % of 6.60% as of Mar. 2026. Operating margin is the ratio of total operating income to net sales. View historical data on Ice Make Refrigeration and its competitors. This is 16% below median its historical median of 7.89. Over the past decade, Ice Make Refrigeration's Operating Margin % has ranged from 4.23 to 10.78. According to the industry distribution chart, Ice Make Refrigeration ranks #1875 out of 3031 companies in the Industrial Products industry, placing it in the top 61.9%.
Is Ice Make Refrigeration's Operating Margin % too high?
Ice Make Refrigeration's current Operating Margin % of 6.60% is 16% below median its 10-year median of 7.89. Over the past 10 years, this metric has ranged from a low of 4.23 to a high of 10.78. The Industrial Products industry median Operating Margin % is 6.53. Ice Make Refrigeration's value of 6.60% is 1.1% above this industry median. Based on the distribution chart, Ice Make Refrigeration ranks #1875 out of 3031 companies in the Industrial Products industry, which is below the industry midpoint. Overall, Ice Make Refrigeration has a GF Score™ of 92/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Ice Make Refrigeration's Operating Margin % compare to GEV and ETN?
According to the Industrial Products industry distribution chart, Ice Make Refrigeration ranks #1875 out of 3031 companies for Operating Margin %. This places Ice Make Refrigeration in the lower half of its industry. The industry median Operating Margin % is 6.53. Ice Make Refrigeration's value of 6.60% is 1.1% above this benchmark. Historically, Ice Make Refrigeration's own Operating Margin % has ranged from 4.23 to 10.78 over the past decade. While the company's 10-year median is 7.89 vs. the industry median of 6.53, Ice Make Refrigeration has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Margin % for an Industrial Products company?
The median Operating Margin % among Industrial Products companies is 6.53, based on 3,031 companies in the industry. Companies in the top quartile (top 25%) have a Operating Margin % significantly above this median, while those in the bottom quartile fall well below. However, Operating Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Ice Make Refrigeration's current Operating Margin % of 6.60% is 1.1% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Margin % mean?
A high Operating Margin % can signal that a stock is expensive relative to its fundamentals. Operating margin is the ratio of total operating income to net sales. View historical data on Ice Make Refrigeration and its competitors. For the Industrial Products industry, the median Operating Margin % is 6.53 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Ice Make Refrigeration's current Operating Margin % is 6.60%, which is 16% below median its own 10-year median of 7.89. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ice Make Refrigeration stock overvalued right now?
Based on GuruFocus' analysis, Ice Make Refrigeration (NSE:ICEMAKE) is currently considered Possible Value Trap. The stock's GF Value™ is ₹1,132.30, compared to a current price of ₹761.20 — trading 32.8% below its estimated fair value. The current Operating Margin % is 6.60%, which is 16% below median its 10-year median of 7.89 and 1.1% above the Industrial Products industry median of 6.53. Ice Make Refrigeration's overall GF Score™ is 92/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Margin % calculated?
Operating Margin % is calculated from a company's financial statements. For Ice Make Refrigeration (NSE:ICEMAKE), the current Operating Margin % is 6.60% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Ice Make Refrigeration (NSE:ICEMAKE) Overvalued in 2026?
Based on GuruFocus' analysis, Ice Make Refrigeration stock appears to be undervalued.
The current stock price of ₹761.20 is trading 32.8% below its estimated GF Value™ of ₹1,132.30.
GuruFocus considers Ice Make Refrigeration to be Possible Value Trap.
Key valuation signals for NSE:ICEMAKE:
Operating Margin %: 6.60% (16% below median its 10-year median of 7.89)
GF Value™: ₹1,132.30 vs. price of ₹761.20 (32.8% below fair value)
Industry Position: 1.1% above the Industrial Products median (#1875 of 3031)
No single metric tells the full story. See the NSE:ICEMAKE stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Ice Make Refrigeration Ltd is a refrigeration equipment manufacturer, engaged in providing cooling solutions. The company's only operating segment is the Manufacturing of Cold Rooms, freezers, Refrigeration Systems, and chilling plants. It serves dairy, ice cream, food processing, agriculture, pharmaceuticals, cold chain, logistics, hospitals, hospitality, retail, and other industries. Its product offering includes Bulk Milk Chiller, Curd Incubation Chamber, Glass Door Display Chiller, Mortuary Chamber, Refrigerated Container, and other related products.
92GF Score
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