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Ice Make Refrigeration Ltd vs Thermax Ltd Stock Comparison

Ice Make Refrigeration Ltd vs Thermax Ltd Stock Comparison

Last Updated on: Jul 17, 2025

Key Highlights

  • The Latest Trading Price of ICE Make Refrigeration Ltd is ₹ 817.95 as of 17 Jul 15:31.
  • The P/E Ratio of ICE Make Refrigeration Ltd changed from 10.3 on March 2020 to 0 on March 2025 . This represents a CAGR of -100.00% over 6 yearsThe P/E Ratio of Thermax Ltd changed from 39.2 on March 2020 to 64.9 on March 2025 . This represents a CAGR of 8.77% over 6 years.
  • The Market Cap of ICE Make Refrigeration Ltd changed from ₹ 52.11 crore on March 2020 to ₹ 0 crore on March 2025 . This represents a CAGR of -100.00% over 6 yearsThe Market Cap of Thermax Ltd changed from ₹ 8811 crore on March 2020 to ₹ 43539 crore on March 2025 . This represents a CAGR of 30.51% over 6 years.
  • The revenue of ICE Make Refrigeration Ltd for the Mar '25 is ₹ 180.82 crore as compare to the Dec '24 revenue of ₹ 110.77 crore. This represent the growth of 63.24% The revenue of Thermax Ltd for the Mar '25 is ₹ 3162 crore as compare to the Dec '24 revenue of ₹ 2539 crore. This represent the growth of 24.54%.
  • The ebitda of ICE Make Refrigeration Ltd for the Mar '25 is ₹ 21.85 crore as compare to the Dec '24 ebitda of ₹ 6.89 crore. This represent the growth of 217.13% The ebitda of Thermax Ltd for the Mar '25 is ₹ 377.23 crore as compare to the Dec '24 ebitda of ₹ 220 crore. This represent the growth of 71.47%.
  • The net profit of ICE Make Refrigeration Ltd changed from ₹ 5.36 crore to ₹ 11.66 crore over 8 quarters. This represents a CAGR of 47.49% The net profit of Thermax Ltd changed from ₹ 59.95 crore to ₹ 205.55 crore over 8 quarters. This represents a CAGR of 85.17% .
  • The Dividend Payout of ICE Make Refrigeration Ltd changed from 41.88 % on March 2021 to 0 % on March 2025 . This represents a CAGR of -100.00% over 5 yearsThe Dividend Payout of Thermax Ltd changed from 42.37 % on March 2020 to 29.16 % on March 2025 . This represents a CAGR of -6.04% over 6 years.

Share Price

* All values are in Rupees

P/E Ratio Over Time

No data available

Market Cap Over Time

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* All values are in crore

Historical Share Prices

* All values are in Rupees

Revenue Over Time

No data available

* All values are in crore

EBITDA Over Time

No data available

* All values are in crore

Net Profit Over Time

No data available

* All values are in crore

Dividend Payout Over Time

No data available

* All values are in %

About ICE Make Refrigeration Ltd

  • Ice Make Refrigeration Limited was originally incorporated on March 31, 2009 as a private limited company with the name 'Ic Ice Make Refrigeration Private Limited'.
  • Subsequently, the name of the Company was changed to 'Ice Make Refrigeration Private Limited' on August 04, 2015.
  • Further, the Company converted into a public limited company on August 29, 2017 and the name of the Company was changed to 'Ice Make Refrigeration Limited'. Ice Make is a refrigeration equipment manufacturer, engaged in providing cooling solutions.
  • The Company provides cooling solutions for cooling systems and accessories used in industries such as dairy, ice-cream, food processing, agriculture, pharmaceuticals, cold chains, logistics, hospital, hospitality and retail, among others.
  • The Company operates its business verticals under the brand of 'Ice Make'.

About Thermax Ltd

  • Incorporated in 1966 as Wanson India by A.S. Bhathena, Thermax Group is a Rs. 8,090 crore company headquartered in Pune, India.
  • The Company offers integrated solutions in heating, cooling, power generation, water treatment and recycling, air pollution control and chemicals, with an emphasis on ensuring clean air, clean energy and clean water.
  • As a one-stop utility solutions provider, Thermax extends comprehensive operations and maintenance support allied to each of its business verticals as well as a multitude of several specialised services, including retrofitting, revamping, upgrading, and auditing. Additionally, the Company has expanded its services portfolio by introducing digital solutions catering to all asset lifecycle need for a diverse range of its products.
  • It operate globally through 34 international and 22 domestic offices, 14 manufacturing facilities - 10 in India and 4 overseas, spanning Europe and South East Asia.

ICE Make Refrigeration Ltd News Hub

News

Board of ICE Make Refrigeration recommends Final Dividend

ICE Make Refrigeration announced that the Board of Directors of the Company at its meeting...

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17 May 2025 15:48

News

ICE Make Refrigeration to convene board meeting

ICE Make Refrigeration will hold a meeting of the Board of Directors of the Company on 17 ...

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10 May 2025 11:14

News

ICE Make Refrigeration schedules board meeting

ICE Make Refrigeration will hold a meeting of the Board of Directors of the Company on 8 F...

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01 Feb 2025 13:49

News

ICE Make Refrigeration to discuss results

ICE Make Refrigeration will hold a meeting of the Board of Directors of the Company on 14 ...

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30 Oct 2024 16:19

News

ICE Make Refrigeration to hold AGM

ICE Make Refrigeration announced that the 15th Annual General Meeting (AGM) of the company...

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09 Aug 2024 16:38

News

ICE Make Refrigeration schedules board meeting

ICE Make Refrigeration will hold a meeting of the Board of Directors of the Company on 08 ...

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01 Aug 2024 13:48

Thermax Ltd News Hub

News

Thermax Ltd soars 10.6%, up for third straight session

Thermax Ltd rose for a third straight session today. The stock is quoting at Rs 4032.4, up...

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17 Jul 2025 13:05

News

Volumes jump at Thermax Ltd counter

PNC Infratech Ltd, AWL Agri Business Ltd, Godawari Power & Ispat Ltd, Sona BLW Precision F...

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17 Jul 2025 14:30

News

Thermax schedules board meeting

Thermax will hold a meeting of the Board of Directors of the Company on 31 July 2025. Powe...

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09 Jul 2025 10:12

News

Thermax to hold AGM

Thermax announced that the 44th Annual General Meeting(AGM) of the company will be held on...

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07 Jul 2025 10:05

News

Board of Thermax recommends final dividend

Thermax announced that the Board of Directors of the Company at its meeting held on 9 May ...

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10 May 2025 09:52

News

Thermax Q4 PAT jumps 8% YoY to Rs 206 cr; declares dividend of Rs 14/sh

Revenue from operations grew by 11.62% to Rs 3,084.93 crore in the quarter ended 31 March ...

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10 May 2025 12:44

SWOT Analysis Of ICE Make Refrigeration Ltd

Strength

4

S

Weakness

2

W

Opportunity

0

O

Threats

0

T

SWOT Analysis Of Thermax Ltd

Strength

3

S

Weakness

1

W

Opportunity

0

O

Threats

1

T

BlinkX Score for ICE Make Refrigeration Ltd

Revenue

Profitability

Affordability

Liquidity

Dividend

BlinkX Score for Thermax Ltd

Revenue

Profitability

Affordability

Liquidity

Dividend

FAQs for the comparison of ICE Make Refrigeration Ltd and Thermax Ltd

Which company has a larger market capitalization, ICE Make Refrigeration Ltd or Thermax Ltd?

Market cap of ICE Make Refrigeration Ltd is 1,265 Cr while Market cap of Thermax Ltd is 43,459 Cr

What are the key factors driving the stock performance of ICE Make Refrigeration Ltd and Thermax Ltd?

The stock performance of ICE Make Refrigeration Ltd and Thermax Ltd is primarily driven by its robust global client base, consistent revenue growth, strong operational efficiency, strategic investments in digital transformation, client acquisition, and the overall health of the industry. Both companies' performances are also influenced by macroeconomic conditions, currency fluctuations, and industry-specific trends.

What are the recent stock price for ICE Make Refrigeration Ltd and Thermax Ltd?

As of July 17, 2025, the ICE Make Refrigeration Ltd stock price is INR ₹802.1. On the other hand, Thermax Ltd stock price is INR ₹3647.3.

How do dividend payouts of ICE Make Refrigeration Ltd and Thermax Ltd compare?

To compare the dividend payouts of ICE Make Refrigeration Ltd and Thermax Ltd, examine their dividend payout ratio, which indicates how much the companies pay out relative to their share price and earnings. Moreover, consider the consistency and growth of their dividends to gauge their commitment towards returning value to the respective shareholders.
Disclaimer: This information provided above is for informational purposes only and does not constitute investment advice. We use third-party data and recommend conducting thorough research and consulting a certified financial advisor before making investment decisions. We do not endorse specific stocks. Make decisions based on your own research and professional guidance.
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