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ICE Make Refrigeration shares surge nearly 3,096% over five years
The stock climbed 1,240% from February 2022 to April 2025, reaching a record high of ₹1,088 before trading around ₹820 as of Thursday’s close.
ICE Make Refrigeration has become a standout multibagger on India’s Dalal Street, with its shares rising to record territory and extending a multi year uptrend, LiveMint Markets reports. The stock is trading at about ₹820, after nearly 3,096% growth from a March 2020 low of ₹25.65, with the rise interrupted by only a sharp pullback in recent months.
The company’s bull run began in February 2022 and lasted until April 2025, delivering a gain of 1,240% and lifting the shares to a fresh record high of ₹1,088. Over this period, the stock also shifted from double digits into triple digits, as it scaled higher year after year, and closed positive in each of the last four calendar years.
The rally has also boosted the firm’s scale, with market capitalization now at about ₹1,200 crore as of Thursday’s close. LiveMint Markets adds that an investor who put ₹1 lakh into the stock five years ago and held it would have seen the value grow to roughly ₹11.54 lakh.
Retail participation has been a notable feature of the move, with retail investors holding a 24% stake at the end of the June quarter, according to BSE data. The outlet also notes that nearly 29 lakh investors with capital up to ₹2 lakh collectively own 18.86% of the company.