ICE Make Refrigeration Share: How a ₹71 Stock Turned Into a Multibagger

The Indian stock market has produced several stocks that delivered extraordinary returns over long periods, and ICE Make Refrigeration is one company that has attracted attention for its sharp rise in share value. According to the latest report, the stock has climbed from around ₹71 to approximately ₹820, creating substantial wealth for investors who held it for several years.

The stock's performance highlights how a relatively low-priced share can undergo a dramatic re-rating over time. However, its recent movement also shows that even a stock with a strong long-term record can experience periods of decline.

From ₹71 to ₹820

ICE Make Refrigeration has delivered a significant increase in its market price over the past five years. An investment of ₹1 lakh made around five years ago would have grown to roughly ₹11.5 lakh based on the returns highlighted in the report.

The calculation illustrates the scale of the stock's long-term appreciation. A share that was available at around ₹71 has moved into the ₹800-plus range, marking a major change in its valuation over the period.

Such returns are generally what investors look for when identifying potential multibagger stocks. But the stock's journey has not been a straight upward line.

Rally Began in 2022

One of the most notable phases of ICE Make Refrigeration's rise began in February 2022. The stock continued to record positive returns through April 2025, according to the report.

During this period, the share generated a return of about 1,240%. The sustained rise pushed the stock from its earlier two-digit price range into the three-digit territory.

The company also reached a record share price of around ₹1,088 during its rally. That level represented a major milestone compared with its earlier trading history.

From Pandemic-Era Low to Major Gains

The stock's longer-term performance becomes even more striking when its March 2020 low is considered. ICE Make Refrigeration had fallen to approximately ₹25.65 at that time.

From that low, the stock subsequently recorded a rise of about 3,096%, according to the figures cited in the report.

The dramatic recovery demonstrates how strongly the share price changed over the following years. From trading in the ₹20 range during March 2020, it eventually reached above ₹1,000 before later moving lower.

Recent Pullback Draws Attention

Despite its impressive historical performance, ICE Make Refrigeration has recently experienced some weakness. The report notes that the stock had retreated from its previous highs, with its price around ₹820 at the time of the report.

The decline has made some investors more cautious about entering the stock. This is an important aspect of the company's market journey because strong historical returns do not necessarily mean that the same performance will continue in the future.

Stocks that have already delivered substantial gains can also experience corrections after extended rallies. Therefore, the recent movement in ICE Make Refrigeration is being watched alongside its longer-term record.

What the Five-Year Record Shows

The central feature of ICE Make Refrigeration's story is the amount of wealth it created for investors who were able to hold the stock through its major growth phase.

The difference between its earlier prices and its subsequent peak demonstrates the power of long-term share-price appreciation. An investment that appeared relatively small at the beginning of the period could have become considerably larger after several years.

The stock's performance from February 2022 through April 2025 was particularly strong, with the reported 1,240% gain standing out as one of its major phases of growth.

At the same time, the share's movement from the March 2020 low to its later levels shows that its multibagger journey extended well beyond a single rally.

Should Investors Buy After Such a Rally?

ICE Make Refrigeration's past performance may make it interesting to investors searching for multibagger stocks, but historical returns alone cannot establish whether a stock is attractive at its current price.

The report itself highlights that the share has recently moved back from higher levels. Investors therefore need to distinguish between studying a company's past performance and deciding whether to buy its shares today.

A stock that has already risen several times from its earlier levels can behave very differently from the period in which it was initially discovered by investors.

For potential investors, the key takeaway is the extraordinary historical wealth creation rather than an automatic buy signal. The company's future performance, financial results, valuation and broader market conditions would all matter when assessing its prospects.

A Multibagger With a Volatile Journey

ICE Make Refrigeration's stock market journey is a clear example of how dramatically share prices can change over several years. From about ₹25.65 in March 2020 to a reported peak of ₹1,088, the stock went through a remarkable period of appreciation.

Even after its recent decline, the share was around ₹820, according to the report. Its five-year performance has therefore remained notable, with the reported ₹1 lakh investment example illustrating the scale of its wealth creation.

For investors, the story serves as a reminder that multibagger returns can emerge over time, but they also come with price fluctuations and uncertainty. Past performance can provide useful historical context, but it should not be treated as a guarantee of future returns.