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Ice Make RefrigerationNSE:ICEMAKE +0.80%92 PB Ratio is 8.64 as of Aug. 19, 2026, which is 184% above its 10-year median of 3.04. GuruFocus rates NSE:ICEMAKE with a GF Score™ of 92/100 and a GF Value™ of ₹1,164.28 (Possible Value Trap). The stock has 4 warning signs investors should review. Among 2,986 Industrial Products companies, Ice Make Refrigeration ranks worse than 91.02% on this metric.
Ice Make Refrigeration Ltd stock PB Ratio (=8.92) is close to 2-year low of 8.41.
The historical rank and industry rank for Ice Make Refrigeration's PB Ratio or its related term are showing as below:
NSE:ICEMAKE'
s PB Ratio Range Over the Past 10 Years
Min: 0.98 Med: 3.04 Max: 12.97
Current: 8.64
During the past 13 years, Ice Make Refrigeration's highest PB Ratio was 12.97. The lowest was 0.98. And the median was 3.04.
NSE:ICEMAKE's PB Ratio is ranked worse than 91.02% of 2986
companies
in the Industrial Products industry
Industry Median: 2.18
vs NSE:ICEMAKE: 8.64
During the past 12 months, Ice Make Refrigeration's average Book Value Per Share Growth Rate was 7.30% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was 17.90% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was 20.70% per year.
During the past 10 years, the average Book Value Per Share Growth Rate was 25.10% per year.
During the past 13 years, the highest 3-Year average Book Value Per Share Growth Rate of Ice Make Refrigeration was 79.30% per year. The lowest was 7.20% per year. And the median was 26.00% per year.
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
* 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.
For the Specialty Industrial Machinery subindustry, Ice Make Refrigeration's PB Ratio, along with its competitors' market caps and PB Ratio 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 PB Ratio vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, Ice Make Refrigeration's PB Ratio distribution charts can be found below:
* The bar in red indicates where Ice Make Refrigeration's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
* 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.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
Ice Make Refrigeration (NSE:ICEMAKE) has a PB Ratio of 8.64 as of Aug. 19, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Ice Make Refrigeration and its competitors. This is 184% above median its historical median of 3.04. Over the past decade, Ice Make Refrigeration's PB Ratio has ranged from 0.98 to 12.97. According to the industry distribution chart, Ice Make Refrigeration ranks #2718 out of 2986 companies in the Industrial Products industry, placing it in the top 91%.
Is Ice Make Refrigeration's PB Ratio too high?
Ice Make Refrigeration's current PB Ratio of 8.64 is 184% above median its 10-year median of 3.04. Over the past 10 years, this metric has ranged from a low of 0.98 to a high of 12.97. The Industrial Products industry median PB Ratio is 2.18. Ice Make Refrigeration's value of 8.64 is 296.3% above this industry median. Based on the distribution chart, Ice Make Refrigeration ranks #2718 out of 2986 companies in the Industrial Products industry, which is in the bottom quartile relative to peers. 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 PB Ratio compare to GEV and ETN?
According to the Industrial Products industry distribution chart, Ice Make Refrigeration ranks #2718 out of 2986 companies for PB Ratio. This places Ice Make Refrigeration in the lower half of its industry. The industry median PB Ratio is 2.18. Ice Make Refrigeration's value of 8.64 is 296.3% above this benchmark. Historically, Ice Make Refrigeration's own PB Ratio has ranged from 0.98 to 12.97 over the past decade. While the company's 10-year median is 3.04 vs. the industry median of 2.18, 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 PB Ratio for an Industrial Products company?
The median PB Ratio among Industrial Products companies is 2.18, based on 2,986 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Ice Make Refrigeration's current PB Ratio of 8.64 is 296.3% 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 PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Ice Make Refrigeration and its competitors. For the Industrial Products industry, the median PB Ratio is 2.18 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Ice Make Refrigeration's current PB Ratio is 8.64, which is 184% above median its own 10-year median of 3.04. 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 ₹1,164.28, compared to a current price of ₹728.25 — trading 37.5% below its estimated fair value. The current PB Ratio is 8.64, which is 184% above median its 10-year median of 3.04 and 296.3% above the Industrial Products industry median of 2.18. Ice Make Refrigeration's overall GF Score™ is 92/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For Ice Make Refrigeration (NSE:ICEMAKE), the current PB Ratio is 8.64 as of Aug. 19, 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 ₹728.25 is trading 37.5% below its estimated GF Value™ of ₹1,164.28.
GuruFocus considers Ice Make Refrigeration to be Possible Value Trap.
Key valuation signals for NSE:ICEMAKE:
PB Ratio: 8.64 (184% above median its 10-year median of 3.04)
GF Value™: ₹1,164.28 vs. price of ₹728.25 (37.5% below fair value)
Industry Position: 296.3% above the Industrial Products median (#2718 of 2986)
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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