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 ₹ 56,250 Cr.
- Current Price ₹ 4,723
- High / Low ₹ 5,840 / 2,691
- Stock P/E 88.7
- Book Value ₹ 388
- Dividend Yield 0.26 %
- ROCE 16.9 %
- ROE 14.2 %
- Face Value ₹ 2.00
Pros
- Company has been maintaining a healthy dividend payout of 26.1%
Cons
- Stock is trading at 12.2 times its book value
- Company has a low return on equity of 12.0% over last 3 years.
- Earnings include an other income of Rs.384 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: Electric Equipment
Part of BSE 500 BSE 400 MidSmallCap Index Nifty MidSmallcap 400 BSE MidCap Nifty 500 Multicap 50:25:25
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5,490 | 5,081 | 5,304 | 5,145 | 4,483 | 4,465 | 5,973 | 5,731 | 4,791 | 6,128 | 8,090 | 9,323 | 9,884 | |
4,989 | 4,631 | 4,842 | 4,712 | 4,049 | 4,088 | 5,516 | 5,331 | 4,435 | 5,715 | 7,489 | 8,526 | 9,005 | |
Operating Profit | 501 | 450 | 462 | 433 | 434 | 377 | 457 | 401 | 356 | 414 | 601 | 797 | 879 |
OPM % | 9% | 9% | 9% | 8% | 10% | 8% | 8% | 7% | 7% | 7% | 7% | 9% | 9% |
84 | 70 | 73 | 118 | 95 | 115 | 60 | 105 | 54 | 135 | 156 | 307 | 384 | |
Interest | 26 | 39 | 82 | 12 | 10 | 13 | 14 | 15 | 21 | 25 | 38 | 88 | 111 |
Depreciation | 77 | 92 | 134 | 72 | 82 | 82 | 92 | 117 | 115 | 113 | 117 | 148 | 164 |
Profit before tax | 481 | 389 | 319 | 467 | 438 | 397 | 410 | 375 | 275 | 410 | 603 | 869 | 988 |
Tax % | 37% | 44% | 54% | 31% | 36% | 42% | 21% | 43% | 25% | 24% | 25% | 26% | |
304 | 220 | 148 | 282 | 216 | 231 | 325 | 212 | 207 | 312 | 451 | 643 | 732 | |
EPS in Rs | 26.87 | 20.64 | 17.60 | 23.69 | 18.72 | 19.48 | 27.31 | 17.83 | 17.34 | 26.21 | 37.79 | 54.15 | 62.23 |
Dividend Payout % | 26% | 29% | 40% | 24% | 30% | 29% | 24% | 37% | 38% | 32% | 25% | 21% |
Compounded Sales Growth | |
---|---|
10 Years: | 6% |
5 Years: | 9% |
3 Years: | 25% |
TTM: | 15% |
Compounded Profit Growth | |
---|---|
10 Years: | 11% |
5 Years: | 10% |
3 Years: | 34% |
TTM: | 19% |
Stock Price CAGR | |
---|---|
10 Years: | 16% |
5 Years: | 36% |
3 Years: | 36% |
1 Year: | 70% |
Return on Equity | |
---|---|
10 Years: | 10% |
5 Years: | 10% |
3 Years: | 12% |
Last Year: | 14% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Sep 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 24 | 24 | 24 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 |
Reserves | 1,845 | 2,014 | 2,123 | 2,394 | 2,515 | 2,692 | 2,992 | 3,005 | 3,229 | 3,470 | 3,846 | 4,417 | 4,597 |
423 | 761 | 688 | 195 | 136 | 234 | 240 | 230 | 328 | 368 | 831 | 1,277 | 1,475 | |
2,696 | 3,142 | 3,255 | 2,554 | 2,371 | 2,980 | 3,535 | 2,693 | 2,921 | 3,598 | 4,137 | 4,424 | 4,873 | |
Total Liabilities | 4,988 | 5,942 | 6,089 | 5,166 | 5,044 | 5,929 | 6,790 | 5,951 | 6,500 | 7,458 | 8,836 | 10,141 | 10,969 |
873 | 1,527 | 1,431 | 827 | 811 | 973 | 1,312 | 1,283 | 1,242 | 1,195 | 1,248 | 1,906 | 2,077 | |
CWIP | 517 | 54 | 43 | 60 | 141 | 103 | 40 | 56 | 24 | 44 | 434 | 525 | 781 |
Investments | 443 | 708 | 822 | 1,050 | 1,083 | 1,472 | 829 | 875 | 234 | 1,477 | 1,626 | 1,765 | 1,891 |
3,154 | 3,654 | 3,793 | 3,228 | 3,009 | 3,381 | 4,609 | 3,737 | 4,999 | 4,742 | 5,528 | 5,945 | 6,221 | |
Total Assets | 4,988 | 5,942 | 6,089 | 5,166 | 5,044 | 5,929 | 6,790 | 5,951 | 6,500 | 7,458 | 8,836 | 10,141 | 10,969 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
87 | 321 | 311 | 253 | 335 | 534 | -115 | 326 | 769 | 325 | 460 | 247 | |
-498 | -382 | 80 | -127 | -99 | -507 | 266 | -140 | -627 | -420 | -664 | -514 | |
35 | 191 | -351 | -112 | -126 | -20 | -65 | -232 | 77 | -21 | 349 | 285 | |
Net Cash Flow | -377 | 130 | 39 | 13 | 110 | 7 | 85 | -47 | 220 | -115 | 144 | 19 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 103 | 105 | 122 | 95 | 84 | 102 | 84 | 88 | 94 | 85 | 80 | 83 |
Inventory Days | 36 | 53 | 55 | 39 | 46 | 57 | 56 | 54 | 58 | 76 | 60 | 53 |
Days Payable | 107 | 119 | 135 | 126 | 162 | 161 | 150 | 114 | 164 | 153 | 118 | 107 |
Cash Conversion Cycle | 31 | 40 | 42 | 7 | -32 | -3 | -10 | 28 | -11 | 8 | 21 | 29 |
Working Capital Days | 3 | 14 | -12 | -2 | -0 | -26 | 8 | 5 | -28 | -26 | -21 | -6 |
ROCE % | 22% | 15% | 14% | 18% | 18% | 15% | 17% | 12% | 10% | 12% | 15% | 17% |
Documents
Announcements
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 6 Dec
-
Announcement under Regulation 30 (LODR)-Change in Management
30 Nov - Executive Vice President Hemant Mohgaonkar has left the company.
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 21 Nov
-
Announcement under Regulation 30 (LODR)-Earnings Call Transcript
19 Nov - Transcript of Q2 FY 2024-25 analysts conference call available.
-
Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate
18 Nov - Intimation for loss of share certificates and request for duplicates.
Annual reports
-
Financial Year 2024
from bse
-
Financial Year 2023
from bse
-
Financial Year 2022
from bse
-
Financial Year 2021
from bse
-
Financial Year 2020
from bse
-
Financial Year 2019
from bse
-
Financial Year 2018
from bse
-
Financial Year 2017
from bse
-
Financial Year 2016
from bse
-
Financial Year 2015
from bse
-
Financial Year 2014
from bse
-
Financial Year 2013
from bse
-
Financial Year 2012
from bse
-
Financial Year 2011
from nse
-
Financial Year 2011
from bse
Concalls
-
Nov 2024Transcript PPT
-
Aug 2024Transcript PPT
-
May 2024Transcript PPT REC
-
Feb 2024Transcript PPT
-
Nov 2023Transcript PPT
-
Aug 2023Transcript PPT
-
May 2023Transcript PPT
-
Feb 2023Transcript PPT
-
Nov 2022Transcript PPT
-
Aug 2022Transcript PPT
-
May 2022Transcript PPT
-
Feb 2022Transcript PPT
-
Nov 2021TranscriptNotesPPT
-
Aug 2021Transcript PPT
-
Aug 2021TranscriptPPT
-
Jun 2021Transcript PPT
-
Feb 2021TranscriptNotesPPT
-
Nov 2020Transcript PPT
-
Aug 2020Transcript PPT
-
Jun 2020TranscriptPPT
-
Jan 2020TranscriptPPT
-
Nov 2019TranscriptPPT
-
Aug 2019TranscriptPPT
-
May 2019TranscriptPPT
-
Feb 2019TranscriptPPT
-
Nov 2018TranscriptPPT
-
Aug 2018TranscriptPPT
-
May 2018TranscriptPPT
-
Feb 2018TranscriptPPT
-
Nov 2017TranscriptPPT
-
Aug 2017TranscriptPPT
-
May 2017TranscriptPPT
-
Feb 2017TranscriptPPT
-
Nov 2016TranscriptPPT
-
Aug 2016TranscriptPPT
-
May 2016TranscriptPPT
-
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]