Ice Make Refrigeration Ltd

Stage 4 · Declining · week 4

As of 16 Oct 2026, Ice Make Refrigeration is in Stage 4 — declining, a downtrend, in week 4 (since 21 Sep 2026). It closed at ₹665, 25.0% below its 52-week high and below its 200-day average, which is falling. In Industrials, 26.3% of stocks are in Stage 2.

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. More about the company

₹664.9
-0.35% today
₹1,049 Cr · Small cap
Market Neutral — FadingIndustrials 26.3% in Stage 2-1.5 pts / 20dElectrical Components & Equipments 37.2%+2.3 pts

Pro read

Pro

Our read

Declining — below its long-term trend

Setup score

—

Momentum

Steady

Edge

—

Is ICEMAKE early, or has it already run? Pro answers that for every NSE stock, after every close.

₹2,999 · 12 months₹1,999 · 6 months
Loading price chart…
vs 52W High
-25.0%
₹623.7 lo₹886 hi
25.0% below 52W high — ongoing decline
In Stage 4, distance from the 52W high reflects ongoing decline — not a discount. Avoid catching falling knives.
Stage Maturity
Week 4
1w13w26w
Week 4 — early Stage 4 decline
How long this stock has been in Stage 4 decline. The longer the downtrend, the more entrenched the selling pressure — there's no 'bottom' time to buy.
vs 200 DMA
-13.0%
200 DMA: ₹764.3 · sloping down
In Stage 4, the stock is below its 200 DMA — the hallmark of a downtrend. No long positions warranted until this reverses structurally.
Rel Volume
0.23x
vs 50-day avg
High volume on down days in Stage 4 confirms institutional selling. Low volume bounces are typical — they lack real buyers and should not be mistaken for reversals.
Trend Health
↓
MA20 rolling over · -3.9% vs MA50 -8.0%
Two-layer momentum read: the glyph shows whether the 20-day MA is rising (↑/↗), flat (→), or rolling over (↓). The ⇈ flag fires when the 20-day MA is pulling away from the 50-day MA — short-term momentum building on top of the longer trend. Best when both glyphs agree.
1M
-1.0%
3M
-17.0%
6M
-18.2%
YTD
-16.7%
1Y
-10.2%
Sector
Industrials
↓ Peaking
Stage 2%
26.3%
20d Δ
-1.5pp
1M return
-0.9%
3M return
-2.4%
Sector Stage-2 % · last 20 days
Sector has 129 Stage 2 leaders. See Industrials Stage 2 →
Industry
Electrical Components & Equipments
↑ Building
Stage 2%
37.2%
20d Δ
+2.3pp
1M return
-1.3%
3M return
+5.5%
Industry Stage-2 % · last 20 days
Stage Cycle Timeline2023-07-20 → 2026-10-16
S2 25w
S4 22w
2023-07-202026-10-16
S1S2S3S4Setup score (0–10, dashed line at 5)
S2 25w → S3 10w → S4 9w → S1 3w → S2 12w → S3 8w → S2 10w → S3 5w → S4 6w → S1 3w → S2 9w → S3 6w → S4 22w → S1 7w → S2 6w → S3 3w → S2 4w → S3 4w → S2 4w → S3 2w → S2 4w → S3 3w → S4 4w current
Total tracked: 168 weeks across 23 stage runs.
Scan Membership
Prop Scan
Latest: 2026-08-13
Breakout Watch
Latest: 2026-07-28
Pullback Hunter
Latest: 2026-05-21
24 appearances in last 60 days. First seen: 2024-06-14.
A stock that keeps qualifying week after week does so because its Stage 2 structure keeps holding — staying power in the scan says more about the trend than any single appearance.
Recent Stage Timeline
2026-10-16S4
Wk 4 · Vol 0.23x
2026-10-15S4
Wk 4 · Vol 0.15x
2026-10-14S4
Wk 4 · Vol 0.33x
2026-10-13S4
Wk 4 · Vol 0.29x
2026-10-12S4
Wk 3 · Vol 0.50x
2026-10-09S4
Wk 3 · Vol 0.68x
2026-10-08S4
Wk 3 · Vol 1.55x
2026-10-07S4
Wk 3 · Vol 2.42x
2026-10-06S4
Wk 3 · Vol 0.37x
2026-10-05S4
Wk 2 · Vol 0.45x
2026-10-01S4
Wk 2 · Vol 0.89x
2026-09-30S4
Wk 2 · Vol 0.61x
Sector Peers — Stage 2All →
BHAGYANGR
wk 25 · 0.0% from hi
9.8
LOKESHMACH
wk 28 · -8.0% from hi
8.9
SHIVAUM
wk 28 · 0.0% from hi
8.4
SHREEJISPG
wk 17 · 0.0% from hi
8.4
ROSSTECH
wk 31 · -6.1% from hi
8.2
Moving averages & range
50 DMA
₹712.3
200 DMA
₹764.3
52W High
₹886
52W Low
₹623.7
5D Low
₹664.9
Resistance levels (recent highs)
20d High
₹702.1
60d High
₹865.7
120d High
₹886
250d High
₹886
Next resistance
+5.6%
to 20d High
Ask the Market AI about ICEMAKEAsk →
P/E (TTM)
100.1
Forward —
Earnings Growth (YoY)
-48.9%
Revenue +38.7%
Dividend Yield
0.25%
P/B 11.5
About this companyIndustrials· Electrical Components & Equipments

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 PUF panel and accessories, and cold room refrigeration units; and chest freezers and visi coolers. It also provides commercial refrigeration consisting of dairy processing plant solutions; curd incubation and mortuary chambers; ice cream plants; bulk milk chillers; batch pasteurizers; ageing vat; ice candy production machines; ice cream hardeners; mini blast freezers and chillers; heat pump food dehydrators; vacuum freeze dryers; and commercial, reach-in, and merchandising freezers. In addition, the company offers continuous sandwich PUF panels; industrial refrigeration products, including chilling plants and ice building tanks; transport refrigeration products comprising refrigerator, eutectic mobile, dry insulated, and MS corrugated refrigerated containers; and ammonia refrigeration products, such as turnkey projects for cold storages, and glycol and water chillers. It sells its products through dealers. The company exports its products to approximately 24 countries. It serves the dairy, agriculture, cold chain, food processing, retail, pharmaceutical, ice cream, hospitality, hospital, logistics, chemical, and e-commerce industries. Ice Make Refrigeration Limited was founded in 1989 and is headquartered in Gandhinagar, India.

Visit company website →

All analytics based on EOD data. Data as of 2026-10-16. Past data patterns are not indicative of future results. This page is a data analytics tool only.