Thermax Ltd

Thermax Ltd

₹ 3,597 1.53%
22 May - close price
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]

  • Market Cap 42,798 Cr.
  • Current Price 3,597
  • High / Low 5,840 / 2,930
  • Stock P/E 68.3
  • Book Value 414
  • Dividend Yield 0.33 %
  • ROCE 16.2 %
  • ROE 13.4 %
  • Face Value 2.00

Pros

  • Company has delivered good profit growth of 24.5% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 23.6%

Cons

  • Stock is trading at 8.68 times its book value
  • Company has a low return on equity of 13.3% over last 3 years.

* 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.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

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
1,992 1,654 2,075 2,049 2,311 1,933 2,302 2,324 2,764 2,184 2,612 2,508 3,085
1,857 1,559 1,935 1,888 2,111 1,801 2,098 2,137 2,491 2,044 2,334 2,319 2,785
Operating Profit 135 96 140 161 200 132 204 187 273 141 278 188 300
OPM % 7% 6% 7% 8% 9% 7% 9% 8% 10% 6% 11% 8% 10%
36 21 40 42 58 2 66 185 55 84 60 32 78
Interest 10 7 8 9 14 13 20 27 28 27 29 29 31
Depreciation 29 29 30 29 29 29 33 36 50 36 42 35 45
Profit before tax 132 81 142 165 214 91 217 309 251 161 266 156 301
Tax % 22% 28% 23% 23% 27% 34% 27% 23% 25% 32% 26% 27% 32%
103 59 109 126 156 60 159 237 188 109 198 114 206
EPS in Rs 8.61 4.95 9.16 10.59 13.09 4.94 13.24 20.00 15.97 9.72 16.54 9.73 17.27
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
5,081 5,304 5,145 4,483 4,465 5,973 5,731 4,791 6,128 8,090 9,323 10,389
4,631 4,842 4,712 4,049 4,088 5,516 5,331 4,435 5,715 7,489 8,526 9,481
Operating Profit 450 462 433 434 377 457 401 356 414 601 797 908
OPM % 9% 9% 8% 10% 8% 8% 7% 7% 7% 7% 9% 9%
70 73 118 95 115 60 105 54 135 156 307 252
Interest 39 82 12 10 13 14 15 21 25 38 88 117
Depreciation 92 134 72 82 82 92 117 115 113 117 148 159
Profit before tax 389 319 467 438 397 410 375 275 410 603 869 884
Tax % 44% 54% 31% 36% 42% 21% 43% 25% 24% 25% 26% 29%
220 148 282 216 231 325 212 207 312 451 643 627
EPS in Rs 20.64 17.60 23.69 18.72 19.48 27.31 17.83 17.34 26.21 37.79 54.15 53.25
Dividend Payout % 29% 40% 24% 30% 29% 24% 37% 38% 32% 25% 21% 25%
Compounded Sales Growth
10 Years: 7%
5 Years: 13%
3 Years: 19%
TTM: 11%
Compounded Profit Growth
10 Years: 15%
5 Years: 25%
3 Years: 27%
TTM: 7%
Stock Price CAGR
10 Years: 13%
5 Years: 39%
3 Years: 21%
1 Year: -29%
Return on Equity
10 Years: 11%
5 Years: 12%
3 Years: 13%
Last Year: 13%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 23 23 23 23 23 23 23 23 23 23
Reserves 2,014 2,123 2,394 2,515 2,692 2,992 3,005 3,229 3,470 3,846 4,417 4,914
761 688 195 136 234 240 230 328 368 831 1,277 1,718
3,142 3,255 2,554 2,371 2,980 3,535 2,693 2,921 3,598 4,137 4,424 5,383
Total Liabilities 5,942 6,089 5,166 5,044 5,929 6,790 5,951 6,500 7,458 8,836 10,141 12,038
1,527 1,431 827 811 973 1,312 1,283 1,242 1,195 1,248 1,906 2,808
CWIP 54 43 60 141 103 40 56 24 44 434 525 561
Investments 708 822 1,050 1,083 1,472 829 875 234 1,477 1,626 1,765 1,699
3,654 3,793 3,228 3,009 3,381 4,609 3,737 4,999 4,742 5,528 5,945 6,971
Total Assets 5,942 6,089 5,166 5,044 5,929 6,790 5,951 6,500 7,458 8,836 10,141 12,038

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
321 311 253 335 534 -115 326 769 325 460 247 1,043
-382 80 -127 -99 -507 266 -140 -627 -420 -664 -514 -1,241
191 -351 -112 -126 -20 -65 -232 77 -21 349 285 124
Net Cash Flow 130 39 13 110 7 85 -47 220 -115 144 19 -74

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 105 122 95 84 102 84 88 94 85 80 83 85
Inventory Days 53 55 39 46 57 56 54 58 76 60 53 45
Days Payable 119 135 126 162 161 150 114 164 153 118 107 107
Cash Conversion Cycle 40 42 7 -32 -3 -10 28 -11 8 21 29 24
Working Capital Days 14 -12 -2 -0 -26 8 5 -28 -26 -21 -6 38
ROCE % 15% 14% 18% 18% 15% 17% 12% 10% 12% 15% 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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