Ice Make Refrigeration Share Price Target 2026 Analyst Forecast Bull and Bear Case

The Ice Make Refrigeration share price target 2026 is Rs 925, based on analyst estimates and the FY27 earnings recovery thesis for Ice Make Refrigeration (NSE: ICEMAKE). Q4 FY26 results announced May 30, 2026 are the immediate re-rating trigger. This article covers the complete Ice Make Refrigeration share price target analysis including sector tailwinds, peer context, key risks, and bull and bear case scenarios.

Click Here – Get Free Investment Predictions

Ice Make Refrigeration Share Price Target 2026: Key Takeaways

• Ice Make Refrigeration share price target 2026: Rs 925 (20% upside from CMP Rs 770.15)
• Bull case: Rs 1,100 | Bear case: Rs 615
• Ticker: ICEMAKE | Sector: Refrigeration Systems and Cold Chain | MCap: Rs 1,695 crore
• 52W range: Rs 485 to Rs 1,194 | PE: 30x
• Key catalyst: Q4 FY26 results confirming FY27 earnings recovery
• Key risk: FY27 earnings miss or sustained FII outflows

Ice Make Refrigeration Company Overview

Ice Make Refrigeration (NSE: ICEMAKE) is an Ahmedabad-based manufacturer of cold storage systems, blast freezers, deep freezers, and refrigerated transport units for food processing, pharmaceutical, and retail cold chain, listed August 2019, with FY26 revenue growing 30 percent year-on-year on food cold chain expansion. At CMP Rs 770.15 against a 52 week range of Rs 485 to Rs 1,194, the stock trades at a discount to its 52 week high. Market capitalisation is Rs 1,695 crore with trailing PE of 30x. Compared to peers in refrigeration like Daikin and Blue Star, Ice Make Refrigeration is positioned as a potential re-rating candidate toward the Ice Make Refrigeration share price target of Rs 925.

Parameter	Value
NSE Ticker	ICEMAKE
Sector	Refrigeration Systems and Cold Chain
CMP (May 30, 2026)	Rs 770.15
52 Week High	Rs 1,194
52 Week Low	Rs 485
Market Cap	Rs 1,695 crore
Trailing PE	30x
12-Month Analyst Target	Rs 925
Bull Case Target	Rs 1,100
Bear Case Target	Rs 615

Why Is the Ice Make Refrigeration Share Price Target Set at Rs 925 for 2026

FY27 Earnings Delivery and Revenue Acceleration

The Ice Make Refrigeration share price target 2026 of Rs 925 rests on analyst projections of 15 to 20 percent PAT growth in FY27. Q4 FY26 results confirming the earnings recovery trajectory are the most direct catalyst for re-rating from CMP Rs 770.15 toward Rs 925.

Structural Sector Tailwinds in Refrigeration Systems and Cold Chain

The Refrigeration Systems and Cold Chain sector is expanding on the back of India’s domestic demand growth, PLI scheme support, and rising investment. Ice Make Refrigeration’s market position among peers in refrigeration like Daikin and Blue Star creates a structural growth runway supporting the Ice Make Refrigeration share price target of Rs 925 and bull case of Rs 1,100.

RBI Rate Cut Cycle and Lower Cost of Capital

India’s RBI rate cut cycle, commencing early 2026, reduces Ice Make Refrigeration’s borrowing costs and stimulates end market demand. Lower interest costs improve EPS trajectory, directly supporting the Ice Make Refrigeration share price target of Rs 925.

Union Budget 2026-27 Policy Support

Budget 2026-27’s Rs 11.21 lakh crore infrastructure capex and PLI scheme continuity create a positive policy backdrop for Ice Make Refrigeration’s Refrigeration Systems and Cold Chain operations, improving the probability of achieving the Ice Make Refrigeration share price target of Rs 925.

Improving FII Flows Post the April 2026 Tariff Shock

As global macro conditions normalise post the April 2026 US tariff event, FII flows into quality Indian equities are recovering. At 30x PE, Ice Make Refrigeration is positioned as a beneficiary of institutional reallocation toward the Ice Make Refrigeration share price target of Rs 925.

Ice Make Refrigeration Share Price Targets: Short Term, 12 Month, and Long Term

Short Term Ice Make Refrigeration Share Price Target: 3 to 6 Months

The near-term Ice Make Refrigeration share price target is anchored to support near the 52 week low of Rs 485. A confirmed Q4 FY26 earnings recovery is the trigger for an initial 10 to 15 percent re-rating toward Rs 925.

12-Month Ice Make Refrigeration Share Price Target 2026

The 12-month Ice Make Refrigeration share price target 2026 is Rs 925, implying approximately 20 percent upside from CMP Rs 770.15. Track live on NSE ticker ICEMAKE.

Long Term Ice Make Refrigeration Share Price Target: FY27 to FY28

For investors with a 2 to 3 year horizon, the long-term Ice Make Refrigeration share price target is Rs 1,100 in the bull case, assuming full earnings delivery and sector re-rating among peers in refrigeration like Daikin and Blue Star.

Bull Case and Bear Case for the Ice Make Refrigeration Share Price Target

Bull Case Ice Make Refrigeration Share Price Target: Rs 1,100

The bull case of Rs 1,100 materialises when FY27 earnings beat estimates, Refrigeration Systems and Cold Chain tailwinds accelerate, and FII flows return strongly, enabling re-rating toward higher peer multiples.

Bear Case Ice Make Refrigeration Share Price Target: Rs 615

The bear case of Rs 615 materialises if FY27 earnings disappoint and FII outflows persist, with the stock approaching the 52 week low of Rs 485.

Scenario	Target	Key Conditions
Bull Case	Rs 1,100	FY27 earnings beat, re-rating, FII inflows
Base Case	Rs 925	In-line FY27 delivery, partial FII recovery
Bear Case	Rs 615	FY27 miss, guidance cut, FII outflows

Key Risks to the Ice Make Refrigeration Share Price Target 2026

US Tariff and Global Macro Risk

Prolonged US tariff tension remains a key macro risk to the Ice Make Refrigeration share price target 2026 of Rs 925.

Valuation and Earnings Miss Risk

Any FY27 earnings miss or guidance cut could compress multiples, posing the most direct risk to the Ice Make Refrigeration share price target of Rs 925.

Competitive Pressure in Refrigeration Systems and Cold Chain

Intensifying competition among peers in refrigeration like Daikin and Blue Star could compress Ice Make Refrigeration’s pricing power, a structural risk when evaluating the Ice Make Refrigeration share price target of Rs 925.

FII Selling Pressure and Liquidity Risk

Sustained FII outflows can delay re-rating toward the Ice Make Refrigeration share price target of Rs 925 regardless of company-level improvement through FY27.

How to Invest in Ice Make Refrigeration

Check the Univest Screener for live data

Begin by reviewing Ice Make Refrigeration’s Q4 FY26 results, annual report, and FY27 guidance before forming a view on the Ice Make Refrigeration share price target of Rs 925. Focus on revenue growth, margin trends, and management commentary on Refrigeration Systems and Cold Chain sector opportunities.

Open a Demat and trading account with a SEBI registered stockbroker to buy Ice Make Refrigeration (NSE: ICEMAKE) with full regulatory protection. Understand the competitive dynamics among peers in refrigeration like Daikin and Blue Star before executing any position.

Plan your entry near the 52 week low support of Rs 485. A confirmed Q4 FY26 earnings uptick and positive FY27 guidance strengthen the entry case for the Ice Make Refrigeration share price target of Rs 925. Set a disciplined stop loss below the 52 week low.

Restrict any single stock to 3 to 5 percent of your total equity portfolio to manage concentration risk in the Refrigeration Systems and Cold Chain space where sectoral cycles can amplify volatility.

Always consult a SEBI registered financial advisor before investing based on any Ice Make Refrigeration share price target estimate. SEBI Registration No. INH000013776.

Download the Univest iOS App or the Univest Android App to track Ice Make Refrigeration’s live price and get daily stock recommendations.

FAQs on Ice Make Refrigeration Share Price Target 2026

What is the Ice Make Refrigeration share price target for 2026?

Ans. The Ice Make Refrigeration share price target 2026 is Rs 925, implying approximately 20 percent upside from CMP Rs 770.15. Bull case is Rs 1,100, bear case is Rs 615.

What is the Ice Make Refrigeration share price target for 2025?

Ans. The Ice Make Refrigeration share price target for 2025 was based on FY26 earnings projections. The current 2026 analyst target is Rs 925, reflecting FY27 growth potential from CMP Rs 770.15.

Is Ice Make Refrigeration a good buy at Rs 770.15?

Ans. At Rs 770.15, Ice Make Refrigeration offers potential upside to the share price target of Rs 925 if FY27 earnings recover. Consult a SEBI registered financial advisor before investing.

What is the 52 week high and low of Ice Make Refrigeration?

Ans. The 52 week high of Ice Make Refrigeration is Rs 1,194 and the 52 week low is Rs 485. At CMP Rs 770.15, the stock offers upside toward the 12-month share price target of Rs 925.

What are the key risks to the Ice Make Refrigeration share price target?

Ans. Key risks include FY27 earnings miss, US tariff-driven FII outflows, competitive pressure among peers in refrigeration like Daikin and Blue Star, and broader market volatility.

What are the catalysts for the Ice Make Refrigeration share price target?

Ans. Primary catalysts include FY27 PAT recovery, Refrigeration Systems and Cold Chain tailwinds, RBI rate cut support, Budget 2026-27 policy uplift, and FII flow normalisation into Indian equities.

How does Ice Make Refrigeration compare to its peers?

Ans. Ice Make Refrigeration operates in Refrigeration Systems and Cold Chain alongside peers in refrigeration like Daikin and Blue Star. At CMP Rs 770.15 with MCap Rs 1,695 crore, the company is a potential re-rating candidate toward the share price target of Rs 925.

What is the Ice Make Refrigeration share price target for 2027?

Ans. The long-term Ice Make Refrigeration share price target for FY27 to FY28 is Rs 1,100 in the bull case, assuming earnings growth, sector re-rating, and FII inflows. Consult a SEBI registered financial advisor for personalised guidance.