Thermax Ltd

Thermax Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Thermax Ltd

₹ 3,528 0.75%
21 May 10:35 a.m.
thermaxglobal.com BSE: 500411 NSE: THERMAX
About

Thermax Limited offers solutions to energy, environment and chemical sectors. The Company’s portfolio includes boilers and heaters, absorption chillers/ heat pumps, power plants, solar equipment, air pollution control equipment/system, water and waste recycle plant, ion exchange resins and performance chemicals and related services. [1]

Key Points

Business Segments
1) Industrial Products (40% in Q2 FY25 vs 39% in FY22): [1] [2] The company offers small capacity boilers & heating equipment, absorption chillers/heat pumps, air pollution control equipment/systems, water & waste recycle including associated services and EPC. [3] The segment revenue grew by 55% between FY22 and FY24, supported by strong growth in the metal, cement and food & beverage sectors. [4] [5]

Website BSE NSE
  • Market Cap ₹ 42,038 Cr.
  • Current Price ₹ 3,528
  • High / Low ₹ 5,840 / 2,930
  • Stock P/E 83.8
  • Book Value ₹ 333
  • Dividend Yield 0.34 %
  • ROCE 16.5 %
  • ROE 13.4 %
  • Face Value ₹ 2.00
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Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 32.7%

Cons

  • Stock is trading at 10.5 times its book value
  • Company has a low return on equity of 12.4% over last 3 years.
  • Earnings include an other income of Rs.296 Cr.
  • Working capital days have increased from 12.3 days to 67.0 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Capital Goods-Non Electrical Equipment Industry: Electric Equipment

Part of BSE 500 BSE Capital Goods BSE 200 Nifty 500 BSE MidCap

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025
1,281 947 1,373 1,331 1,490 1,161 1,444 1,480 1,738 1,311 1,519 1,453 1,972
1,210 910 1,274 1,232 1,344 1,077 1,303 1,359 1,603 1,239 1,392 1,342 1,755
Operating Profit 71 37 99 98 146 84 141 121 135 72 127 110 217
OPM % 6% 4% 7% 7% 10% 7% 10% 8% 8% 6% 8% 8% 11%
38 16 38 37 53 -1 -16 161 52 69 37 41 149
Interest 6 4 5 5 7 5 6 6 7 6 8 8 9
Depreciation 18 18 18 19 18 18 18 18 19 19 20 19 20
Profit before tax 86 32 114 112 174 59 102 258 161 116 136 124 337
Tax % 17% 22% 19% 20% 30% 26% 37% 22% 20% 26% 21% 17% 18%
71 24 93 90 122 44 64 201 129 86 108 103 275
EPS in Rs 5.97 2.06 7.77 7.55 10.25 3.68 5.40 16.84 10.79 7.22 9.06 8.66 23.08
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
4,283 4,603 4,338 3,764 2,727 3,541 3,215 3,131 4,015 5,141 5,822 6,254
3,864 4,138 3,960 3,389 2,488 3,289 3,000 2,914 3,797 4,757 5,341 5,727
Operating Profit 419 465 378 375 240 252 215 218 218 384 481 527
OPM % 10% 10% 9% 10% 9% 7% 7% 7% 5% 7% 8% 8%
64 116 110 -31 151 188 141 38 118 140 195 296
Interest 19 20 5 4 4 5 5 9 13 20 24 31
Depreciation 58 64 61 65 49 50 63 64 67 73 73 78
Profit before tax 407 497 423 275 337 384 288 183 256 431 580 713
Tax % 38% 32% 30% 47% 29% 28% 26% 23% 22% 24% 25% 20%
253 336 297 145 238 275 214 141 201 329 437 572
EPS in Rs 21.23 28.19 24.97 12.15 19.99 23.10 17.96 11.83 16.85 27.63 36.71 48.02
Dividend Payout % 28% 25% 24% 49% 30% 30% 39% 59% 53% 36% 33% 29%
Compounded Sales Growth
10 Years: 3%
5 Years: 14%
3 Years: 16%
TTM: 7%
Compounded Profit Growth
10 Years: 5%
5 Years: 17%
3 Years: 35%
TTM: 15%
Stock Price CAGR
10 Years: 13%
5 Years: 38%
3 Years: 17%
1 Year: -30%
Return on Equity
10 Years: 10%
5 Years: 11%
3 Years: 12%
Last Year: 13%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Equity Capital 24 24 24 24 24 24 24 24 24 24 24 24
Reserves 2,001 2,243 2,318 2,386 2,542 2,712 2,714 2,856 2,977 3,194 3,513 3,944
189 105 91 66 116 40 73 148 185 224 314 90
2,640 2,639 2,259 2,120 2,693 3,363 1,599 2,005 2,239 2,709 2,897 3,188
Total Liabilities 4,854 5,011 4,692 4,596 5,375 6,139 4,410 5,032 5,425 6,151 6,747 7,246
640 609 584 555 671 713 748 771 746 714 750 978
CWIP 24 39 59 129 92 29 55 23 15 45 112 82
Investments 1,096 1,257 1,378 1,404 1,796 1,424 1,410 903 1,995 2,270 2,393 2,695
3,094 3,105 2,672 2,507 2,816 3,972 2,197 3,335 2,669 3,123 3,493 3,491
Total Assets 4,854 5,011 4,692 4,596 5,375 6,139 4,410 5,032 5,425 6,151 6,747 7,246

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
331 294 288 346 507 -117 253 409 94 419 91 374
-304 -16 -170 -151 -456 254 -98 -375 -100 -338 103 -126
71 -237 -119 -115 -38 -51 -239 63 -53 -81 -51 -394
Net Cash Flow 98 41 -1 80 12 87 -84 97 -59 -0 143 -145

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 115 122 103 93 152 86 86 96 87 86 94 96
Inventory Days 33 41 32 40 71 38 50 52 56 48 44 40
Days Payable 111 115 117 164 223 132 119 178 148 127 119 115
Cash Conversion Cycle 38 49 18 -31 0 -8 17 -30 -5 7 19 21
Working Capital Days 10 -5 -6 -3 -44 12 -8 -36 -36 -24 -6 67
ROCE % 20% 21% 18% 17% 14% 16% 11% 10% 9% 14% 17% 16%

Shareholding Pattern

Numbers in percentages

Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025
61.98% 61.99% 61.99% 61.99% 61.99% 61.99% 61.99% 61.99% 61.99% 61.99% 61.99% 61.99%
11.93% 12.35% 12.27% 12.29% 12.35% 12.54% 12.01% 12.24% 15.15% 15.38% 15.49% 15.86%
15.77% 15.34% 15.35% 15.63% 15.50% 15.46% 15.86% 15.82% 12.88% 12.72% 12.66% 12.25%
4.83% 4.84% 4.90% 4.59% 4.67% 4.54% 4.66% 4.48% 4.50% 4.45% 4.39% 4.43%
5.49% 5.49% 5.49% 5.49% 5.49% 5.48% 5.48% 5.48% 5.48% 5.47% 5.47% 5.47%
No. of Shareholders 36,25537,91039,94336,10339,81535,61639,54740,81948,96651,87650,75553,687

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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