The Indian stock market has produced numerous multibaggers in recent years, creating substantial wealth for retail investors who believe that long-term investments are key to achieving phenomenal returns.
One such stock in this regard is ICE Make Refrigeration, which has maintained a steady upward trend on Dalal Street, surging to new highs year after year.
The company’s shares have maintained a steady one-way run over the last five years, except for a sharp pullback in recent months. Nevertheless, they have continued to deliver multibagger returns, making the stock one of the biggest wealth creators.
The shares began their bull run in February 2022 and continued until April 2025, resulting in a massive gain of 1240%. During this period, the stock also scaled a fresh record high of ₹1,088 apiece.
The stock, which once stood in double digits, is now trading at triple digits. The rally has not only made shareholders wealthier but has also significantly boosted the company’s market capitalization, which now stands at ₹1,200 crore as of Thursday’s close.
ICE Make Refrigeration share price history
The stock remained largely range-bound for a prolonged period before gaining momentum in 2022, as investors began accumulating the counter and driving sustained gains.
This helped it maintain a strong winning streak even during periods of market volatility, with the stock closing each of the last four calendar years in positive territory.
From a March 2020 low of ₹25.65, the shares have surged nearly 3,096% to the current market price of ₹820 apiece.
Impact on investment
The massive rise in the share price over a prolonged period has significantly enhanced investor wealth.
An investor who had invested ₹1 lakh in the stock 5 years ago and held on to it would have seen the investment grow to approximately ₹11.54 lakh, highlighting the wealth-creating potential of the stock market when the right stocks are chosen.
Notably, a significant portion of these gains has accrued to retail investors, who collectively owned a 24% stake in the company at the end of the June quarter, according to BSE data.
Nearly 29 lakh investors holding capital of up to ₹2 lakh collectively own 18.86% of the company, underlining strong participation from individual shareholders in ICE Make Refrigeration’s growth story.
The company is engaged in the business of providing customized cooling solutions to a diverse set of clients across a wide range of industries by manufacturing and supplying refrigeration products & equipment.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
