Thermax Ltd

Thermax Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Thermax Ltd

₹ 4,369 -5.69%
21 Nov - 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 ₹ 52,056 Cr.
  • Current Price ₹ 4,369
  • High / Low ₹ 5,840 / 2,500
  • Stock P/E 123
  • Book Value ₹ 301
  • Dividend Yield 0.27 %
  • ROCE 16.5 %
  • ROE 12.9 %
  • Face Value ₹ 2.00
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Pros

  • Company has been maintaining a healthy dividend payout of 40.8%

Cons

  • Stock is trading at 14.5 times its book value
  • Company has a low return on equity of 10.3% over last 3 years.
  • Earnings include an other income of Rs.319 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: Engineering

Part of BSE 400 MidSmallCap Index BSE Capital Goods Nifty 500 Multicap 50:25:25 BSE Allcap BSE Industrials

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
1,007 1,017 1,281 947 1,373 1,331 1,490 1,161 1,444 1,480 1,738 1,311 1,519
940 964 1,210 910 1,274 1,232 1,344 1,077 1,303 1,359 1,603 1,239 1,392
Operating Profit 68 53 71 37 99 98 146 84 141 121 135 72 127
OPM % 7% 5% 6% 4% 7% 7% 10% 7% 10% 8% 8% 6% 8%
31 19 38 16 38 37 53 -1 -16 161 52 69 37
Interest 2 3 6 4 5 5 7 5 6 6 7 6 8
Depreciation 16 17 18 18 18 19 18 18 18 18 19 19 20
Profit before tax 80 52 86 32 114 112 174 59 102 258 161 116 136
Tax % 25% 24% 17% 22% 19% 20% 30% 26% 37% 22% 20% 26% 21%
60 39 71 24 93 90 122 44 64 201 129 86 108
EPS in Rs 5.03 3.29 5.97 2.06 7.77 7.55 10.25 3.68 5.40 16.84 10.79 7.22 9.06
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

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
4,689 4,283 4,603 4,338 3,764 2,727 3,541 3,215 3,131 4,015 5,141 5,822 6,047
4,172 3,864 4,138 3,960 3,389 2,488 3,289 3,000 2,914 3,797 4,757 5,341 5,592
Operating Profit 517 419 465 378 375 240 252 215 218 218 384 481 455
OPM % 11% 10% 10% 9% 10% 9% 7% 7% 7% 5% 7% 8% 8%
72 64 116 110 -31 151 188 141 38 118 140 195 319
Interest 18 19 20 5 4 4 5 5 9 13 20 24 27
Depreciation 55 58 64 61 65 49 50 63 64 67 73 73 77
Profit before tax 516 407 497 423 275 337 384 288 183 256 431 580 670
Tax % 32% 38% 32% 30% 47% 29% 28% 26% 23% 22% 24% 25%
350 253 336 297 145 238 275 214 141 201 329 437 523
EPS in Rs 29.37 21.23 28.19 24.97 12.15 19.99 23.10 17.96 11.83 16.85 27.63 36.71 43.91
Dividend Payout % 24% 28% 25% 24% 49% 30% 30% 39% 59% 53% 36% 33%
Compounded Sales Growth
10 Years: 3%
5 Years: 10%
3 Years: 23%
TTM: 11%
Compounded Profit Growth
10 Years: 6%
5 Years: 7%
3 Years: 27%
TTM: 8%
Stock Price CAGR
10 Years: 15%
5 Years: 34%
3 Years: 37%
1 Year: 67%
Return on Equity
10 Years: 10%
5 Years: 9%
3 Years: 10%
Last Year: 13%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

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 24 24 24 24 24 24 24 24 24 24
Reserves 1,845 2,001 2,243 2,318 2,386 2,542 2,712 2,714 2,856 2,977 3,194 3,513 3,561
12 189 105 91 66 116 40 73 148 185 224 314 364
2,245 2,640 2,639 2,259 2,120 2,693 3,363 1,599 2,005 2,239 2,709 2,897 2,912
Total Liabilities 4,127 4,854 5,011 4,692 4,596 5,375 6,139 4,410 5,032 5,425 6,151 6,747 6,861
555 640 609 584 555 671 713 748 771 746 714 750 760
CWIP 91 24 39 59 129 92 29 55 23 15 45 112 171
Investments 804 1,096 1,257 1,378 1,404 1,796 1,424 1,410 903 1,995 2,270 2,393 2,561
2,677 3,094 3,105 2,672 2,507 2,816 3,972 2,197 3,335 2,669 3,123 3,493 3,370
Total Assets 4,127 4,854 5,011 4,692 4,596 5,375 6,139 4,410 5,032 5,425 6,151 6,747 6,861

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
207 331 294 288 346 507 -117 253 409 94 419 91
-293 -304 -16 -170 -151 -456 254 -98 -375 -100 -338 103
-262 71 -237 -119 -115 -38 -51 -239 63 -53 -81 -51
Net Cash Flow -347 98 41 -1 80 12 87 -84 97 -59 -0 143

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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 111 115 122 103 93 152 86 86 96 87 86 94
Inventory Days 24 33 41 32 40 71 38 50 52 56 48 44
Days Payable 102 111 115 117 164 223 132 119 178 148 127 119
Cash Conversion Cycle 33 38 49 18 -31 0 -8 17 -30 -5 7 19
Working Capital Days 6 10 -5 -6 -3 -44 12 -8 -36 -36 -24 -6
ROCE % 29% 20% 21% 18% 17% 14% 16% 11% 10% 9% 14% 17%

Shareholding Pattern

Numbers in percentages

Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024
61.98% 61.98% 61.98% 61.99% 61.99% 61.99% 61.99% 61.99% 61.99% 61.99% 61.99% 61.99%
12.28% 11.84% 11.93% 12.35% 12.27% 12.29% 12.35% 12.54% 12.01% 12.24% 15.15% 15.38%
15.02% 15.68% 15.77% 15.34% 15.35% 15.63% 15.50% 15.46% 15.86% 15.82% 12.88% 12.72%
5.23% 5.01% 4.83% 4.84% 4.90% 4.59% 4.67% 4.54% 4.66% 4.48% 4.50% 4.45%
5.49% 5.49% 5.49% 5.49% 5.49% 5.49% 5.49% 5.48% 5.48% 5.48% 5.48% 5.47%
No. of Shareholders 34,08834,44036,25537,91039,94336,10339,81535,61639,54740,81948,96651,876

* 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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