Frick India Ltd
India's leading industrial refrigeration maker: compressors, chillers and cold-chain plants, growing revenue at 30% a year.
Market cap
₹1,008 Cr
0.60 Cr shares
P/E ratio
24.00
Sector average 35
Book value
₹475.00
P/B 3.54
1-year return
-35.33%
52w ₹1,600 – ₹2,975
Currently 6% of the way through its 52-week range.
Indicative price history
1Y change
-36.92% ₹2,663 → ₹1,680
52-week band in this window: ₹1,680.00 – ₹2,663.38. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Industrial ammonia refrigeration leader since 1962 with a Faridabad plant.
- Dealer data imply ~31% three-year revenue growth, PAT ~₹42 Cr and ROE ~15%.
- Listed-era CIN L74899HR1962PLC002618; now trades only off-market.
About Frick India
Frick India Ltd, incorporated in 1962 and long associated with the US Frick brand, designs and manufactures industrial refrigeration systems from its Faridabad works: screw and reciprocating ammonia compressors, condensers, evaporators, chillers and complete cold-storage, ice-plant, dairy, brewery and food-processing installations, plus turnkey cold-chain projects and after-sales service. Its registry record carries a listed-company CIN (L74899HR1962PLC002618) from its earlier listing on the Delhi Stock Exchange, but the shares now trade only through unlisted dealers.
Dealer valuation data imply about 60 lakh shares of ₹10, profit after tax near ₹42 Cr, net worth around ₹285 Cr and return on equity of roughly 15%, with revenue estimated near ₹450 Cr after three-year growth of about 31% a year on cold-chain and food-processing capex. Dealer quotes ranged from ₹6,000 to ₹9,900 in 2023-24 and ₹1,700 to ₹3,000 more recently, which suggests a change in the share base; confirm the current share count with the dealer before trading.
Demand comes from cold-chain expansion, dairy and pharma capacity, and the replacement of synthetic refrigerants with ammonia and CO2 systems where Frick has technology. Competition includes Johnson Controls (which owns the Frick brand globally), Kirloskar Pneumatic, Danfoss and imported Chinese compressors.
Revenue and balance-sheet lines are estimates built from dealer ratios; the exact incorporation date within 1962 was not available. Line items are reconstructed around reported totals; treat them as approximate.
Where the revenue comes from
- Compressors and refrigeration equipment55%
Screw and reciprocating compressors, chillers, heat exchangers
- Turnkey cold-chain and process projects30%
Cold stores, ice plants, dairy and brewery installations
- Spares and service15%
Annual maintenance and parts
Products & services
Screw and reciprocating compressors
Ammonia and CO2 compressors for industrial refrigeration.
Cold-chain projects
Turnkey cold stores, blast freezers and ice plants.
Chillers and heat exchangers
Process cooling for dairy, brewery and pharma.
What works
- • Dominant domestic position in ammonia refrigeration with a 60-year installed base and service revenue.
- • Revenue growing about 30% a year on cold-chain and food-processing capex, with ROE near 15%.
- • Natural-refrigerant technology aligned with the phase-down of HFCs under the Kigali Amendment.
What to watch
- • Project-based revenue is lumpy and working-capital heavy.
- • Uncertainty about the share count after the sharp change in quoted price levels between 2024 and 2025.
- • Very illiquid; lots of 10-100 shares and wide dealer spreads.