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 ₹ 53,625 Cr.
  • Current Price ₹ 4,500
  • High / Low ₹ 4,880 / 2,743
  • Stock P/E 79.2
  • Book Value ₹ 466
  • Dividend Yield 0.31 %
  • ROCE 14.9 %
  • ROE 12.9 %
  • Face Value ₹ 2.00
Edit ratios

Pros

  • Company has been maintaining a healthy dividend payout of 25.7%

Cons

  • Stock is trading at 9.66 times its book value
  • Company has a low return on equity of 13.5% over last 3 years.
  • Earnings include an other income of Rs.329 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

Edit Columns
Loading peers table ...

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

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
2,311 1,933 2,302 2,324 2,764 2,184 2,616 2,529 3,046 2,158 2,474 2,635 3,428
2,111 1,801 2,098 2,137 2,491 2,044 2,338 2,340 2,747 1,933 2,302 2,380 3,054
Operating Profit 200 132 204 187 273 141 278 188 300 225 172 255 374
OPM % 9% 7% 9% 8% 10% 6% 11% 7% 10% 10% 7% 10% 11%
58 2 66 185 55 84 60 32 78 66 85 121 56
Interest 14 13 20 27 28 27 29 29 31 30 32 34 42
Depreciation 29 29 33 36 50 36 42 35 45 49 51 53 54
Profit before tax 214 91 217 309 251 161 266 156 301 211 174 289 334
Tax % 27% 34% 27% 23% 25% 32% 26% 27% 32% 28% 31% 29% 27%
156 60 159 237 188 109 198 114 206 151 119 205 244
EPS in Rs 13.09 4.94 13.24 20.00 15.97 9.72 16.54 9.73 17.27 12.79 10.04 17.14 20.50
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
5,304 5,145 4,483 4,465 5,973 5,731 4,791 6,128 8,090 9,323 10,389 10,694
4,842 4,712 4,049 4,088 5,516 5,331 4,435 5,715 7,489 8,526 9,479 9,668
Operating Profit 462 433 434 377 457 401 356 414 601 797 910 1,026
OPM % 9% 8% 10% 8% 8% 7% 7% 7% 7% 9% 9% 10%
73 118 95 115 60 105 54 135 156 307 250 329
Interest 82 12 10 13 14 15 21 25 38 88 117 139
Depreciation 134 72 82 82 92 117 115 113 117 148 159 208
Profit before tax 319 467 438 397 410 375 275 410 603 869 884 1,008
Tax % 54% 31% 36% 42% 21% 43% 25% 24% 25% 26% 29% 29%
148 282 216 231 325 212 207 312 451 643 627 720
EPS in Rs 17.60 23.69 18.72 19.48 27.31 17.83 17.34 26.21 37.79 54.15 53.25 60.47
Dividend Payout % 40% 24% 30% 29% 24% 37% 38% 32% 25% 21% 25% 31%
Compounded Sales Growth
10 Years: 8%
5 Years: 17%
3 Years: 10%
TTM: 3%
Compounded Profit Growth
10 Years: 9%
5 Years: 23%
3 Years: 14%
TTM: 6%
Stock Price CAGR
10 Years: 20%
5 Years: 26%
3 Years: 22%
1 Year: 31%
Return on Equity
10 Years: 11%
5 Years: 13%
3 Years: 14%
Last Year: 13%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 23 23 23 23 23 23 23 23 23 23 23
Reserves 2,123 2,394 2,515 2,692 2,992 3,005 3,229 3,470 3,846 4,417 4,914 5,527
688 195 136 234 240 230 328 368 831 1,277 1,718 2,353
3,255 2,554 2,371 2,980 3,535 2,693 2,921 3,598 4,137 4,424 5,353 5,380
Total Liabilities 6,089 5,166 5,044 5,929 6,790 5,951 6,500 7,458 8,836 10,141 12,008 13,282
1,431 827 811 973 1,312 1,283 1,242 1,195 1,248 1,906 2,806 3,098
CWIP 43 60 141 103 40 56 24 44 434 525 563 1,392
Investments 822 1,050 1,083 1,472 829 875 234 1,477 1,626 1,765 1,699 1,784
3,793 3,228 3,009 3,381 4,609 3,737 4,999 4,742 5,528 5,945 6,941 7,009
Total Assets 6,089 5,166 5,044 5,929 6,790 5,951 6,500 7,458 8,836 10,141 12,008 13,282

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
311 253 335 534 -115 326 769 325 460 247 1,043 542
80 -127 -99 -507 266 -140 -627 -420 -664 -514 -1,220 -587
-351 -112 -126 -20 -65 -232 77 -21 349 285 124 248
Net Cash Flow 39 13 110 7 85 -47 220 -115 144 19 -54 202
Free Cash Flow 282 120 216 333 -270 278 686 241 -190 -471 143 -401
CFO/OP 98% 98% 114% 188% 16% 114% 243% 103% 102% 54% 135% 87%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 95 84 102 84 88 94 85 80 83 85 75
Inventory Days 55 39 46 57 56 54 58 76 60 53 45 60
Days Payable 135 126 162 161 150 114 164 153 118 107 107 135
Cash Conversion Cycle 42 7 -32 -3 -10 28 -11 8 21 29 24 -0
Working Capital Days -20 -12 -7 -40 -4 -7 -50 -44 -39 -24 -37 3
ROCE % 14% 18% 18% 15% 17% 12% 10% 12% 15% 17% 16% 15%

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

Log in to view insights

Please log in to see hidden values.

Login
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

Extracted by Screener AI

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.

Click on the line-items to see the names of individual entities.

Documents

Announcements

Annual reports

Credit ratings

Concalls