Thermax Ltd

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

Thermax Ltd

₹ 4,500 -2.12%
15 May - close price
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 ₹ 53,615 Cr.
  • Current Price ₹ 4,500
  • High / Low ₹ 4,880 / 2,743
  • Stock P/E 92.9
  • Book Value ₹ 372
  • Dividend Yield 0.31 %
  • ROCE 17.0 %
  • ROE 13.8 %
  • Face Value ₹ 2.00
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Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 22.1% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 32.8%

Cons

  • Stock is trading at 12.1 times its book value
  • Company has a low return on equity of 13.4% over last 3 years.
  • Earnings include an other income of Rs.372 Cr.

* 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

Industrials Capital Goods Electrical Equipment Heavy Electrical Equipment

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

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
1,490 1,161 1,444 1,480 1,738 1,311 1,523 1,469 1,942 1,189 1,505 1,599 2,226
1,344 1,077 1,303 1,359 1,603 1,239 1,396 1,358 1,729 1,134 1,399 1,460 1,981
Operating Profit 146 84 141 121 135 72 127 110 212 55 106 139 245
OPM % 10% 7% 10% 8% 8% 6% 8% 8% 11% 5% 7% 9% 11%
53 -1 -16 161 52 69 37 41 149 35 178 124 35
Interest 7 5 6 6 7 6 8 8 9 3 5 8 8
Depreciation 18 18 18 18 19 19 20 19 16 24 26 27 20
Profit before tax 174 59 102 258 161 116 136 124 337 62 253 227 252
Tax % 30% 26% 37% 22% 20% 26% 21% 17% 18% 25% 11% 23% 20%
122 44 64 201 129 86 108 103 275 46 226 175 201
EPS in Rs 10.25 3.68 5.40 16.84 10.79 7.22 9.06 8.66 23.08 3.90 18.96 14.73 16.87
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
4,603 4,338 3,764 2,727 3,541 3,215 3,131 4,015 5,141 5,822 6,254 6,518
4,138 3,960 3,389 2,488 3,289 3,000 2,914 3,797 4,757 5,341 5,725 5,974
Operating Profit 465 378 375 240 252 215 218 218 384 481 529 545
OPM % 10% 9% 10% 9% 7% 7% 7% 5% 7% 8% 8% 8%
116 110 -31 151 188 141 38 118 140 195 294 372
Interest 20 5 4 4 5 5 9 13 20 24 31 25
Depreciation 64 61 65 49 50 63 64 67 73 73 78 97
Profit before tax 497 423 275 337 384 288 183 256 431 580 713 795
Tax % 32% 30% 47% 29% 28% 26% 23% 22% 24% 25% 20% 18%
336 297 145 238 275 214 141 201 329 437 572 649
EPS in Rs 28.19 24.97 12.15 19.99 23.10 17.96 11.83 16.85 27.63 36.71 48.02 54.46
Dividend Payout % 25% 24% 49% 30% 30% 39% 59% 53% 36% 33% 29% 37%
Compounded Sales Growth
10 Years: 4%
5 Years: 16%
3 Years: 8%
TTM: 4%
Compounded Profit Growth
10 Years: 7%
5 Years: 22%
3 Years: 21%
TTM: 15%
Stock Price CAGR
10 Years: 20%
5 Years: 26%
3 Years: 23%
1 Year: 31%
Return on Equity
10 Years: 11%
5 Years: 12%
3 Years: 13%
Last Year: 14%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 24 24 24 24 24 24 24 24 24 24 24 24
Reserves 2,243 2,318 2,386 2,542 2,712 2,714 2,856 2,977 3,194 3,513 3,944 4,403
105 91 66 116 40 73 142 185 224 314 90 132
2,639 2,259 2,120 2,693 3,363 1,599 2,011 2,239 2,709 2,897 3,188 2,999
Total Liabilities 5,011 4,692 4,596 5,375 6,139 4,410 5,032 5,425 6,151 6,747 7,246 7,558
609 584 555 671 713 748 771 746 714 750 977 1,045
CWIP 39 59 129 92 29 55 23 15 45 112 83 45
Investments 1,257 1,378 1,404 1,796 1,424 1,410 903 1,995 2,270 2,393 2,705 2,781
3,105 2,672 2,507 2,816 3,972 2,197 3,335 2,669 3,123 3,493 3,481 3,687
Total Assets 5,011 4,692 4,596 5,375 6,139 4,410 5,032 5,425 6,151 6,747 7,246 7,558

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
294 288 346 507 -117 253 409 94 419 91 374 416
-16 -170 -151 -456 254 -98 -375 -100 -338 103 -126 -287
-237 -119 -115 -38 -51 -239 63 -53 -81 -51 -394 -146
Net Cash Flow 41 -1 80 12 87 -84 97 -59 -0 143 -145 -17
Free Cash Flow 245 231 239 362 -242 164 343 62 369 61 106 276
CFO/OP 89% 116% 128% 276% 22% 170% 225% 80% 140% 44% 83% 110%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 122 103 93 152 86 86 96 87 86 94 96 85
Inventory Days 41 32 40 71 38 50 52 56 48 44 40 49
Days Payable 115 117 164 223 132 119 178 148 127 119 115 146
Cash Conversion Cycle 49 18 -31 0 -8 17 -30 -5 7 19 21 -11
Working Capital Days -13 -14 -9 -59 8 -16 -53 -53 -40 -25 -13 35
ROCE % 21% 18% 17% 14% 16% 9% 10% 9% 14% 17% 17% 17%

Insights

In beta
Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Order Booking (Consolidated)
Rs. Crore

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Revenue from International Operations (% of Total)
%
Order Balance (Consolidated)
Rs. Crore
Manufacturing Locations
Number
Biomass Sourced
Lakh Metric Tonnes
Chemical Production Capacity (Annual)
Metric Tonnes
Green Solutions Commissioned Capacity
MWp

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Shareholding Pattern

Numbers in percentages

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
61.99% 61.99% 61.99% 61.99% 61.99% 61.99% 61.99% 61.99% 61.99% 61.99% 61.99% 61.99%
12.35% 12.54% 12.01% 12.24% 15.15% 15.38% 15.49% 15.86% 16.02% 13.44% 12.36% 11.25%
15.50% 15.46% 15.86% 15.82% 12.88% 12.72% 12.66% 12.25% 11.74% 13.95% 14.84% 15.49%
4.67% 4.54% 4.66% 4.48% 4.50% 4.45% 4.39% 4.43% 4.77% 5.16% 5.35% 5.82%
5.49% 5.48% 5.48% 5.48% 5.48% 5.47% 5.47% 5.47% 5.47% 5.46% 5.46% 5.46%
No. of Shareholders 39,81535,61639,54740,81948,96651,87650,75553,68762,98671,20877,45589,964

* 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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