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Frick India Limited Unlisted Shares
DRHP Status : Not Filed
1840
Fundamentals About Frick India Limited
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Frick India Limited
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 227 | 280 | 363 | 481 |
| Cost of Material Consumed | 139 | 204 | 256 | 326 |
| Gross Margins | 38.77 | 27.14 | 29.48 | 32.22 |
| Change in Inventory | 5 | -13 | -13 | 10 |
| Employee Benefit Expenses | 37 | 43 | 51 | 60 |
| Other Expenses | 25 | 27 | 33 | 39 |
| EBITDA | 21 | 19 | 36 | 46 |
| OPM | 9.25 | 6.79 | 9.92 | 9.56 |
| Other Income | 10 | 7 | 6 | 12 |
| Finance Cost | 2 | 2 | 2 | 3 |
| D&A | 2 | 2 | 2 | 2 |
| EBIT | 19 | 17 | 34 | 44 |
| EBIT Margins | 8.37 | 6.07 | 9.37 | 9.15 |
| PBT | 27 | 22 | 38 | 53 |
| PBT Margins | 11.89 | 7.86 | 10.47 | 11.02 |
| Tax | 6 | 5 | 10 | 11 |
| PAT | 21 | 17 | 28 | 42 |
| NPM | 9.25 | 6.07 | 7.71 | 8.73 |
| EPS | 350 | 283.33 | 466.67 | 700 |
Financial Ratios |
2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 9.25 | 6.79 | 9.92 | 9.56 |
| Net Profit Margin | 9.25 | 6.07 | 7.71 | 8.73 |
| Earning Per Share (Diluted) | 350 | 283.33 | 466.67 | 700 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 9 | 9 | 10 | 11 |
| CWIP | 0.5 | 0 | 0 | 0 |
| Investments | 25 | 26 | 31 | 42 |
| Trade Receivables | 84 | 76 | 86 | 113 |
| Inventory | 39 | 61 | 90 | 88 |
| Other Assets | 112.5 | 118 | 130 | 135 |
| Total Assets | 270 | 290 | 347 | 389 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 0.6 | 0.6 | 0.6 | 0.6 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 187 | 203 | 231 | 273 |
| Borrowings | 15 | 15 | 17 | 21 |
| Trade Payables | 19 | 15 | 21 | 24 |
| Other Liabilities | 48.4 | 56.4 | 77.4 | 70.4 |
| Total Liabilities | 270 | 290 | 347 | 389 |
About Company
Frick India Limited is a long-standing Indian manufacturer of industrial refrigeration and cooling equipment. Incorporated in 1962, Frick builds compressors, chillers, evaporators, condensers, air-cooling units and complete turnkey refrigeration systems for food, dairy, cold-chain, pharma and process industries.
The company operates a large manufacturing complex in Faridabad (Haryana) with design, fabrication, machining and testing facilities. Frick combines indigenous engineering with international collaborations to supply customised industrial refrigeration solutions and after-sales service across India and overseas.
Frick focuses on heavy industrial customers - cold storage chains, food processors, meat & poultry units, dairy processors, breweries, and chemical/process plants. The company is known for durability of product, engineering depth and long product life cycles.
Frick has recently pursued technology partnerships and JV initiatives to improve energy efficiency and expand its product portfolio for growing cold-chain requirements.
The following table shows a 10-point analysis of Frick India Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue ~₹437 cr · PAT ~₹20–25 cr · PAT margin ~5% | Leading Indian manufacturer of industrial refrigeration and cooling systems (compressors, chillers, cold storage, food processing plants); 60+ years legacy; serves dairy, beverages, pharma and cold chain sectors; cyclical demand profile. |
| Industry & Market Position | Dominant industrial refrigeration player · Wide compressor portfolio · Cold chain beneficiary | High entry barriers via technology and certifications; strong domestic edge over imports; exposed to capex cycles in dairy and pharma sectors. |
| Revenue Growth Trend | FY23–FY25 CAGR ~15–20% · FY24 peak ~₹481 cr · FY25 dip ~9% YoY | Strong FY24 execution-led growth; moderation in FY25 due to capex slowdown; long-term tailwinds from cold chain and food processing expansion. |
| Profitability & Margins | EBITDA margin ~9–10% · PAT margin ~5% · ROE moderate | Healthy capital goods margins supported by efficiency gains; strong interest coverage; cyclical profitability trends. |
| Cash Flow Quality | OCF positive · Low bank utilization · Liquid investments ~₹44 cr | Reliable cash generation with prudent working capital management; low capex dependence and strong liquidity support. |
| Balance Sheet Strength | Net worth ~₹300 cr · Gearing ~0.06x · TOL/ANW ~0.4x | Conservative capital structure with minimal leverage; comfortable liquidity buffers and strong downside protection. |
| Valuation Comfort | Unlisted price ~₹1,755–3,100 (Feb 2026) · P/E ~30–60x+ | Premium valuation reflecting niche leadership and balance sheet strength; sensitive to cyclical demand and pricing variations. |
| Management & Governance | Promoter/family-led · CRISIL BBB+/Stable · Clean disclosures | Strong legacy track record; transparent reporting; stable governance framework with no major concerns. |
| Growth Triggers & Catalysts | Cold chain expansion · Dairy/pharma capex recovery · Margin stability | Upside from policy support and sector revival; incremental gains from product expansion; no near-term IPO plans. |
| Liquidity & Exit Visibility | OTC liquidity · No confirmed IPO · Inactive MSE listing | Moderate to low liquidity; exit primarily via OTC; listing or strategic action not imminent. |
Business Model & Key Offerings
- Core products: High-speed reciprocating compressors, screw compressors, air- and water-cooled chillers, evaporators, condensers, fan coil units and complete cold-room solutions.
- Turnkey projects: Engineering, procurement and installation of industrial refrigeration and air-conditioning systems for greenfield and brownfield clients.
- Service & spares: Installation, commissioning, preventive maintenance, retrofits, energy audits and spare-parts support - a meaningful recurring revenue stream.
- Special projects: Solutions for IQF freezers, blast freezers, cold stores, seafood & meat processing lines, dairy plants and process-gas refrigeration for chemical industries.
Plants & Manufacturing Footprint
- Main plant: Faridabad - manufacturing, fabrication, testing and R&D.
- Service network: Multiple service branches and trained field teams to support national projects and installations.
- Engineering resources: In-house design, CAD and testing facilities to deliver customised systems.
Leadership & Promoters
Frick is promoted and run by an experienced leadership team with engineering and industrial pedigree. The management has long tenures in the company and deep domain expertise in industrial refrigeration.
Key leadership and board members include veteran industry professionals and independent directors who support engineering, finance and strategy.
Market & Customers
- Core customers are large processors, cold-chain operators, institutional buyers and OEMs needing heavy duty refrigeration.
- Frick benefits from rising cold-chain demand in India, growth in meat/seafood exports, expanding organised food processing and stricter cold-chain standards.
- The company competes on engineering depth, customisation and lifecycle service rather than pure price.
Strengths & Risks
Strengths
- Long legacy (since 1962) and deep domain expertise in industrial refrigeration.
- Strong engineering and manufacturing capability with a proven installed base.
- Low or conservative leverage historically, and good cash conversion on projects.
- Growing recurring revenue via service, spares and long-term maintenance contracts.
Risks
- Project execution cycles and working-capital intensity can fluctuate with large turnkey orders.
- Commodity inflation (steel, copper) and logistics costs affect margins on new projects.
- Competition from global OEMs and specialised Chinese suppliers can pressure pricing on commodity components.
- Unlisted-share investors face liquidity constraints and valuation opacity.
Valuation & Unlisted Share Context
- Frick trades in the unlisted market at a premium to standard industrial peers because of its niche position and small equity base (per-share EPS appears large).
- Investors should note that per-share metrics are magnified by a small number of shares outstanding, so absolute EPS and P/E comparisons require care.
- For unlisted investors, focus on absolute cash profits, order book quality and the pipeline for cold-chain projects rather than only per-share ratios.
Quick Summary
Frick India Limited is a niche leader in heavy-duty industrial refrigeration with six decades of experience, robust engineering capabilities and a growing service business. The company showed meaningful revenue and profit improvement in FY24 after steady FY23 performance. Its strengths are engineering depth, a loyal industrial customer base and rising demand from food processing and cold-chain expansion. Key risks are working-capital swings, raw-material costs and limited liquidity in the unlisted market. For conservative investors, Frick looks like a fundamentally sound industrial franchise — but as an unlisted play, liquidity and clear exit planning are essential.
Shareholding Pattern of Frick India Limited
| Name | Holding |
|---|---|
| Promoters | 62.53% |
| Public | 37.47% |
Promoters of Frick India Limited
| Name | Designation | Linkedin Profile |
|---|---|---|
| Mr. Jasmohan Singh | Managing Director |  |
| Mr. Sharad Bhatnagar | Director – Finance & Taxation | |
| Mr. Ramesh Chandra Jain | Independent Director / Board Member | |
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Frequently Asked Questions
Frick India Limited unlisted shares refer to equity in a private company that operates in industrial refrigeration and HVAC solutions, and which is not listed on NSE or BSE. These shares can be acquired via private investments through platforms like UnlistedKraft.
Yes, UnlistedKraft offers verified access to Frick India Limited unlisted shares. Once you complete your KYC and place your order, the shares are credited to your demat account, usually within 24 hours.
All unlisted investments carry risk due to limited liquidity and fewer public disclosures. However, Frick India is a well-established industrial brand. Investing through UnlistedKraft ensures secure, verified transactions and transparency.
The price is based on recent private trades, company performance, market demand, and valuation metrics. UnlistedKraft updates pricing regularly to reflect fair and current market rates.
Yes, an active demat account is required to receive and hold unlisted shares like those of Frick India Limited.
There is no mandatory holding period unless the company goes public. Investors often hold such shares until a liquidity event like an IPO or acquisition for potential long-term gains.
Yes, you can sell your shares through UnlistedKraft’s resale channel, subject to buyer demand and prevailing market conditions.
Yes. Under SEBI regulations, pre-IPO investors are subject to a six-month lock-in period following the listing of the company.
If held for more than two years, gains are taxed as long-term capital gains at 20 percent with indexation. If sold within two years, gains are considered short-term and taxed as per your income tax slab.
UnlistedKraft offers verified access to reputable private companies like Frick India Limited, backed by transparent pricing, expert guidance, secure transactions, and fast processing, making it a reliable platform for unlisted share investments.
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