Thermax Ltd

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

Thermax Ltd

₹ 4,368 1.57%
26 Apr - close price
thermaxindia.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

Energy Segment (71% of revenues) [1]
The company's energy segment comprises Process Heating, Absorption Cooling and Heating, Boiler and Heater and Power (EPC and Solar) businesses and related services. It is among the leaders in vapor absorption cooling and heating systems, with its chillers used worldwide for industrial refrigeration, air conditioning, process cooling and heating.
The company has domain experience in setting up captive power, cogeneration and trigeneration plants on an EPC basis, with an installed base of more than 3,500 MW.

Website BSE NSE
  • Market Cap ₹ 52,045 Cr.
  • Current Price ₹ 4,368
  • High / Low ₹ 4,980 / 2,192
  • Stock P/E 128
  • Book Value ₹ 269
  • Dividend Yield 0.23 %
  • ROCE 13.5 %
  • ROE 10.5 %
  • Face Value ₹ 2.00
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Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 49.6%

Cons

  • Stock is trading at 16.2 times its book value
  • Company has a low return on equity of 8.41% over last 3 years.
  • Earnings include an other income of Rs.197 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

Sector: Capital Goods-Non Electrical Equipment Industry: Engineering

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
903 1,085 710 1,007 1,017 1,281 947 1,373 1,331 1,490 1,161 1,444 1,480
807 1,000 676 940 964 1,210 910 1,274 1,232 1,344 1,077 1,303 1,359
Operating Profit 96 85 34 68 53 71 37 99 98 146 84 141 121
OPM % 11% 8% 5% 7% 5% 6% 4% 7% 7% 10% 7% 10% 8%
-62 62 23 31 19 38 16 38 37 53 -1 -16 161
Interest 2 3 2 2 3 6 4 5 5 7 5 6 6
Depreciation 17 17 16 16 17 18 18 18 19 18 18 18 18
Profit before tax 15 127 39 80 52 86 32 114 112 174 59 102 258
Tax % 123% 11% 21% 25% 24% 17% 22% 19% 20% 30% 26% 37% 22%
-3 113 31 60 39 71 24 93 90 122 44 64 201
EPS in Rs -0.29 9.46 2.56 5.03 3.29 5.97 2.06 7.77 7.55 10.25 3.68 5.40 16.84
Raw PDF
Upcoming result date: 10 May 2024

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
5,300 4,689 4,283 4,603 4,338 3,764 2,727 3,541 3,215 3,131 4,015 5,141 5,574
4,706 4,172 3,864 4,138 3,960 3,389 2,488 3,289 3,000 2,914 3,797 4,757 5,082
Operating Profit 594 517 419 465 378 375 240 252 215 218 218 384 492
OPM % 11% 11% 10% 10% 9% 10% 9% 7% 7% 7% 5% 7% 9%
69 72 64 116 110 -31 151 188 141 38 118 140 197
Interest 15 18 19 20 5 4 4 5 5 9 13 20 24
Depreciation 47 55 58 64 61 65 49 50 63 64 67 73 71
Profit before tax 601 516 407 497 423 275 337 384 288 183 256 431 593
Tax % 32% 32% 38% 32% 30% 47% 29% 28% 26% 23% 22% 24%
407 350 253 336 297 145 238 275 214 141 201 329 431
EPS in Rs 34.15 29.37 21.23 28.19 24.97 12.15 19.99 23.10 17.96 11.83 16.85 27.63 36.17
Dividend Payout % 20% 24% 28% 25% 24% 49% 30% 30% 39% 59% 53% 36%
Compounded Sales Growth
10 Years: 1%
5 Years: 14%
3 Years: 17%
TTM: 13%
Compounded Profit Growth
10 Years: 0%
5 Years: 5%
3 Years: 13%
TTM: 46%
Stock Price CAGR
10 Years: 20%
5 Years: 35%
3 Years: 43%
1 Year: 91%
Return on Equity
10 Years: 10%
5 Years: 9%
3 Years: 8%
Last Year: 11%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 24 24 24 24 24 24 24 24 24 24 24 24 24
Reserves 1,577 1,845 2,001 2,243 2,318 2,386 2,542 2,712 2,714 2,856 2,977 3,194 3,182
166 12 189 105 91 66 116 40 73 148 185 224 279
2,202 2,245 2,640 2,639 2,259 2,120 2,693 3,363 1,599 2,005 2,239 2,709 2,823
Total Liabilities 3,970 4,127 4,854 5,011 4,692 4,596 5,375 6,139 4,410 5,032 5,425 6,151 6,307
532 555 640 609 584 555 671 713 748 771 746 714 701
CWIP 42 91 24 39 59 129 92 29 55 23 15 45 92
Investments 553 804 1,096 1,257 1,378 1,404 1,796 1,424 1,410 903 1,995 2,270 2,393
2,843 2,677 3,094 3,105 2,672 2,507 2,816 3,972 2,197 3,335 2,669 3,123 3,121
Total Assets 3,970 4,127 4,854 5,011 4,692 4,596 5,375 6,139 4,410 5,032 5,425 6,151 6,307

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
175 207 331 294 288 346 507 -117 253 409 94 419
-188 -293 -304 -16 -170 -151 -456 254 -98 -375 -100 -338
-12 -262 71 -237 -119 -115 -38 -51 -239 63 -53 -81
Net Cash Flow -26 -347 98 41 -1 80 12 87 -84 97 -59 -0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 86 111 115 122 103 93 152 86 86 96 87 86
Inventory Days 62 24 33 41 32 40 71 38 50 52 56 48
Days Payable 89 102 111 115 117 164 223 132 119 178 148 127
Cash Conversion Cycle 59 33 38 49 18 -31 0 -8 17 -30 -5 7
Working Capital Days -1 6 10 -5 -6 -3 -44 12 -8 -36 -36 -24
ROCE % 39% 29% 20% 21% 18% 17% 14% 16% 11% 10% 9% 14%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
61.98% 61.98% 61.98% 61.98% 61.98% 61.99% 61.99% 61.99% 61.99% 61.99% 61.99% 61.99%
12.73% 12.35% 12.28% 11.84% 11.93% 12.35% 12.27% 12.29% 12.35% 12.54% 12.01% 12.24%
14.45% 15.00% 15.02% 15.68% 15.77% 15.34% 15.35% 15.63% 15.50% 15.46% 15.86% 15.82%
5.35% 5.18% 5.23% 5.01% 4.83% 4.84% 4.90% 4.59% 4.67% 4.54% 4.66% 4.48%
5.49% 5.49% 5.49% 5.49% 5.49% 5.49% 5.49% 5.49% 5.49% 5.48% 5.48% 5.48%
No. of Shareholders 32,51532,01534,08834,44036,25537,91039,94336,10339,81535,61639,54740,819

* 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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