Thermax Ltd
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]
- 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.
Peer comparison
Sector: Capital Goods-Non Electrical Equipment Industry: Electric Equipment
Part of BSE 500 BSE Capital Goods BSE 200 Nifty 500 BSE MidCap
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
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% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS
2d - Thermax Limited has informed the stock exchange regarding update on grant of ESOP.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
2d - Thermax Limited has submitted copies of newspaper publication relating to IEPF
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
16 May - Q4 FY 2024-25 analyst call transcript available on Thermax website.
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Compliances-Reg.24(A)-Annual Secretarial Compliance
14 May - Thermax's Annual Secretarial Compliance Report confirms full regulatory compliance for FY 2024-25.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
12 May - Audio recording of Thermax investor call on May 12, 2025, now available online.
Annual reports
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
from nse
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Financial Year 2011
from bse
Concalls
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May 2025Transcript PPT
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Feb 2025Transcript PPT REC
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Nov 2024Transcript PPT
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May 2024Transcript PPT REC
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Nov 2021TranscriptNotesPPT
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Jun 2021Transcript PPT
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Feb 2021TranscriptNotesPPT
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Nov 2020Transcript PPT
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Nov 2016TranscriptPPT
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Aug 2016TranscriptPPT
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May 2016TranscriptPPT
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Jan 2016TranscriptPPT
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]