Ice Make Refrigeration Limited (NSE: ICEMAKE) has announced a final dividend of ₹2.25 per equity share for the financial year ended March 2026, following a board meeting held on May 29, 2026. The outcome of this board meeting was formally communicated to the NSE on September 10, 2026. The dividend per share is flat compared to the previous year's payout of ₹2.25 per share declared in May 2025, signalling a consolidation in shareholder returns after consecutive years of increases.

Dividend Details and Yield

The declared final dividend of ₹2.25 per equity share carries a face value context that income-focused investors will note. With the quote data unavailable at the time of this report, a precise yield calculation cannot be confirmed. However, using publicly available historical price references, investors should compute the dividend yield against the current market price to assess income returns relative to prevailing market rates. The dividend is subject to applicable income tax in the hands of shareholders as per existing tax provisions.

Historical Dividend Trend

Ice Make Refrigeration has maintained an unbroken dividend payment record since at least FY2018, reflecting consistent cash generation from its core refrigeration and cold-chain equipment business. The progression of annual final dividends per share is as follows:

The compound growth in the annual dividend from ₹1.00 in FY2018 to ₹2.25 in FY2026 represents a 125% increase over eight years. The pace of growth accelerated notably between FY2022 and FY2025, with the per-share payout rising from ₹1.20 to ₹2.25, a jump of 87.5% over three years. The FY2026 payout being unchanged from FY2025 marks the first year of non-growth in the dividend since FY2021 to FY2022.

Company Background

Ice Make Refrigeration Limited, listed on the NSE with ISIN INE520Y01019, is an Ahmedabad-based manufacturer of refrigeration and cold-chain solutions. The company serves sectors including food processing, pharmaceuticals, horticulture, and industrial cooling. Its consistent dividend record across economic cycles, including the pandemic years of FY2020 and FY2021, underscores the relatively stable demand profile of its product segments.

What This Means for Investors

The flat dividend for FY2026 relative to FY2025 is a data point that warrants attention alongside the company's earnings performance for the corresponding financial year. A stable dividend in the absence of growth indicates the board's confidence in sustaining cash flows but does not reflect incremental shareholder value creation through the payout channel. Investors tracking the stock will note that the September 10 board meeting outcome announcement, which followed the May 29 dividend recommendation, likely pertained to procedural or regulatory compliance matters. The record date and payment date for the ₹2.25 dividend have not been specified in the available announcements and should be confirmed via the NSE corporate filings portal before investment decisions are made around dividend capture strategies.