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 ₹ 40,659 Cr.
- Current Price ₹ 3,412
- High / Low ₹ 5,840 / 2,930
- Stock P/E 64.9
- Book Value ₹ 414
- Dividend Yield 0.41 %
- 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 8.24 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
Industrials Capital Goods Electrical Equipment Heavy Electrical 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: | 35% |
3 Years: | 19% |
1 Year: | -36% |
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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Closure of Trading Window
27 Jun - Trading window closed from July 1 until 48 hours post Q1 June 30, 2025 results declaration.
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Appointment of Company Secretary and Compliance Officer
27 Jun - Appointed Ms. Sangeet Hunjan as Company Secretary and Compliance Officer effective June 27, 2025.
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Board Meeting Outcome for Outcome Of The Board Meeting
27 Jun - Appointment of Ms. Sangeet Hunjan as Company Secretary and Compliance Officer from June 27, 2025.
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Announcement under Regulation 30 (LODR)-Restructuring
21 Jun - MRF Limited acquired 27.2% stake in FE8PL from FEPL; FE8PL no longer wholly owned subsidiary.
- Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 13 Jun
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
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Financial Year 2011
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Concalls
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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]