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ICEMAKE · Industrials · 2026-08-21

Ice Make Refrigeration Ltd

3.3WatchWeak -8.9Stage 2 · wk 4In scan: Prop Scan · Breakout Watch · Pullback HunterMARKET: BULL RISING · 2026-08-21
₹721.7
-0.60% today
₹1,139 Cr · Small cap
About this companyIndustrials· Electrical Components & Equipments
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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.

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P/E (TTM)
100.1
Forward —
Earnings Growth (YoY)
-48.9%
Revenue +38.7%
Dividend Yield
0.25%
P/B 11.5
vs 52W High
-18.5%
₹665.4 lo₹886 hi
18.5% below 52W high — deeper pullback
How far this stock is from its 52-week high. A pullback of 3–20% while Stage 2 structure holds is typically a better entry than chasing near the high.
Stage Maturity
Week 4
1w13w26w
Week 4 — early Stage 2, building
How long this stock has been in Stage 2. The sweet spot is typically 13–26 weeks — enough time to prove the structure holds, not so long it's extended. Very fresh (wk 1–4) often needs more time to confirm.
vs 200 DMA
-6.2%
200 DMA: ₹769.4 · rising
Long-term trend anchor. When stock and Nifty are both above their 200 DMA, the macro backdrop supports continuation.
Rel Volume
0.73x
vs 50-day avg
Low vol (0.5–1x) on pullbacks = resting, not being sold. High vol on breakouts = commitment. Volume spike on down days is a warning sign.
Trend Health
MA20 rolling over · -3.5% vs MA50 +0.7%
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.
Sector
Industrials
↑ Building
Stage 2%
37.6%
20d Δ
+1.4pp
1M return
+4.5%
3M return
+8.2%
Sector Stage-2 % · last 20 days
This stock ranks #112 of 162 Stage 2 stocks in Industrials by RS.
Industry
Electrical Components & Equipments
→ Flat
Stage 2%
46.1%
20d Δ
+0.0pp
1M return
+10.4%
3M return
+14.3%
Industry Stage-2 % · last 20 days
Ranks #16 of 18 Stage 2 stocks in this industry.
Price + Volume Chart
Loading price chart…
Stage Cycle Timeline2023-05-29 → 2026-08-21
S2 32w
S4 22w
2023-05-292026-08-21
S1S2S3S4Setup score (0–10, dashed line at 5)
S2 32w → 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 current
Total tracked: 168 weeks across 21 stage runs.
1M
-15.5%
3M
-9.1%
6M
-7.1%
YTD
-11.0%
1Y
-0.4%
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.
Stocks that stay in the scan for 13+ weeks are in the highest observed-return cohort — they keep qualifying because the structure remains intact, not by luck. Persistence in the scan is itself a quality signal.
Recent Stage Timeline
2026-08-21S2
Wk 4 · Vol x
2026-08-20S2
Wk 4 · Vol x
2026-08-19S2
Wk 4 · Vol x
2026-08-18S2
Wk 4 · Vol x
2026-08-17S2
Wk 3 · Vol x
2026-08-14S2
Wk 3 · Vol x
2026-08-13S2
Wk 3 · Vol x
2026-08-12S2
Wk 3 · Vol x
2026-08-11S2
Wk 3 · Vol x
2026-08-10S2
Wk 2 · Vol x
2026-08-07S2
Wk 2 · Vol x
2026-08-06S2
Wk 2 · Vol x
Sector Peers — Stage 2All →
MARINE
wk 13 · -0.3% from hi
9.8
RATNAVEER
wk 14 · -0.8% from hi
9.8
UNIVCABLES
wk 14 · -8.7% from hi
9.4
TIIL
wk 13 · 0.0% from hi
9.3
RKFORGE
wk 3 · -2.4% from hi
9.2
Moving averages & range
50 DMA
₹791
200 DMA
₹769.4
52W High
₹886
52W Low
₹665.4
5D Low
₹721.7
Resistance levels (recent highs)
20d High
₹863.3
60d High
₹878.9
120d High
₹886
250d High
₹886
Next resistance
+19.6%
to 20d High

All analytics based on EOD data. Data as of 2026-08-21. Past data patterns are not indicative of future results. This page is a data analytics tool only.