Ice Make Refrigeration (NSE:ICEMAKE) ROCE %: 31.51% (As of Mar. 2026)


NSE:ICEMAKE Ice Make Refrigeration Ltd NSE:ICEMAKE
93 GF Score
Price ₹766.90
GF Value ₹1,139.41
Valuation Possible Value Trap
! 5 Warning Signs
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What is Ice Make Refrigeration ROCE %?

Ice Make Refrigeration NSE:ICEMAKE -0.96% 93 ROCE % is 31.51% as of Mar. 2026. GuruFocus rates NSE:ICEMAKE with a GF Score™ of 93/100 and a GF Value™ of ₹1,139.41 (Possible Value Trap). The stock has 5 warning signs investors should review.

ROCE % measures how well a company generates profits from its capital. It is calculated as EBIT divided by Capital Employed, where Capital Employed is calculated as Total Assets minus Total Current Liabilities. Ice Make Refrigeration's annualized ROCE % for the quarter that ended in Mar. 2026 was 31.51%.

Ice Make Refrigeration  (NSE:ICEMAKE) ROCE % Explanation

ROCE % can be especially useful when comparing the performance of capital-intensive companies. Unlike ROE %, which indicates the profitability of Shareholders Equity, ROCE % also considers long-term debt in Capital Employed. This can be helpful when analyzing companies with significant debt, as the result is neutralized by taking debt into consideration.

Generally speaking, a higher ROCE % indicates a stonger profitability for a company. Moreover, it is important to look at the ratio from a long term perspective. Investors tend to favor companies with stable and rising ROCE % trend over those with volatile ones.

Ice Make Refrigeration ROCE % Related Terms

Ice Make Refrigeration ROCE % Historical Data

* Premium members only.

The historical data trend for Ice Make Refrigeration's ROCE % 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.

Ice Make Refrigeration ROCE % Chart

Ice Make Refrigeration Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
ROCE %
Get a 7-Day Free Trial Premium Member Only Premium Member Only 17.34 37.72 34.08 22.81 14.59

Ice Make Refrigeration Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
ROCE % Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 39.76 1.01 11.12 11.63 31.51
NSE:ICEMAKE
93GF Score
Ice Make Refrigeration Ltd NSE:ICEMAKE
ROCE % is just one metric. See GF Score™, valuation, warning signs, and more.
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Ice Make Refrigeration ROCE % Calculation

Ice Make Refrigeration's annualized ROCE % for the fiscal year that ended in Mar. 2026 is calculated as:

ROCE %=EBIT/( (Capital Employed+Capital Employed)/ count )
(A: Mar. 2026 )  (A: Mar. 2025 )(A: Mar. 2026 )
=EBIT/( ( (Total Assets - Total Current Liabilities)+(Total Assets - Total Current Liabilities) )/ count )
(A: Mar. 2026 )  (A: Mar. 2025 )(A: Mar. 2026 )
=289.799/( ( (3677.213 - 1897.78) + (5035.97 - 2843.34) )/ 2 )
=289.799/( (1779.433+2192.63)/ 2 )
=289.799/1986.0315
=14.59 %

Ice Make Refrigeration's ROCE % of for the quarter that ended in Mar. 2026 is calculated as:

ROCE %=EBIT (1)/( (Capital Employed+Capital Employed)/ count )
(Q: Mar. 2026 )  (Q: Dec. 2025 )(Q: Mar. 2026 )
=EBIT/( ( (Total Assets - Total Current Liabilities)+(Total Assets - Total Current Liabilities) )/ count )
(Q: Mar. 2026 )  (Q: Dec. 2025 )(Q: Mar. 2026 )
=690.964/( ( (0 - 0) + (5035.97 - 2843.34) )/ 1 )
=690.964/( ( 0 + 2192.63 )/ 1 )
=690.964/2192.63
=31.51 %

(1) Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

* 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.

Frequently Asked Questions Learn more about ROCE % →
What does a ROCE % of 31.51% mean?
Ice Make Refrigeration (NSE:ICEMAKE) has a ROCE % of 31.51% as of Mar. 2026.
Is Ice Make Refrigeration's ROCE % too high?
Ice Make Refrigeration's current ROCE % is 31.51%. The Industrial Products industry median ROCE % is 7.04. Ice Make Refrigeration's value of 31.51% is 347.9% above this industry median. Overall, Ice Make Refrigeration has a GF Score™ of 93/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Ice Make Refrigeration's ROCE % compare to GEV and ETN?
Ice Make Refrigeration's ROCE % of 31.51% can be compared against companies in the Industrial Products industry. The industry median ROCE % is 7.04. Ice Make Refrigeration's value of 31.51% is 347.9% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROCE % for an Industrial Products company?
The median ROCE % among Industrial Products companies is 7.04, based on 3,024 companies in the industry. Companies in the top quartile (top 25%) have a ROCE % significantly above this median, while those in the bottom quartile fall well below. However, ROCE % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Ice Make Refrigeration's current ROCE % of 31.51% is 347.9% 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 ROCE % mean?
A high ROCE % can signal that a stock is expensive relative to its fundamentals. For the Industrial Products industry, the median ROCE % is 7.04 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Ice Make Refrigeration's current ROCE % is 31.51%. 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 ₹1,139.41, compared to a current price of ₹766.90 — trading 32.7% below its estimated fair value. The current ROCE % is 31.51% and 347.9% above the Industrial Products industry median of 7.04. Ice Make Refrigeration's overall GF Score™ is 93/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROCE % calculated?
ROCE % is calculated from a company's financial statements. For Ice Make Refrigeration (NSE:ICEMAKE), the current ROCE % is 31.51% 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 ₹766.90 is trading 32.7% below its estimated GF Value™ of ₹1,139.41. GuruFocus considers Ice Make Refrigeration to be Possible Value Trap.

Key valuation signals for NSE:ICEMAKE:

  • ROCE %: 31.51%
  • GF Value™: ₹1,139.41 vs. price of ₹766.90 (32.7% below fair value)
  • GF Score™: 93/100 with 5 warning signs
  • Industry Position: 347.9% above the Industrial Products median

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 Business Description

Address 226, Gota-Vadsar Road, Dantali Industrial Estate, Taluka Kalol, Dantali, Near Ahmedabad City, Gandhinagar, GJ, IND, 382721
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.
93GF Score

Get the complete analysis for NSE:ICEMAKE

ROCE % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₹766.90
Price
₹1,139.41
GF Value