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 ₹ 52,979 Cr.
- Current Price ₹ 4,446
- High / Low ₹ 5,840 / 2,500
- Stock P/E 89.0
- Book Value ₹ 373
- Dividend Yield 0.27 %
- 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 11.9 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.390 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
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 | 9,575 | |
4,989 | 4,631 | 4,842 | 4,712 | 4,049 | 4,088 | 5,516 | 5,331 | 4,435 | 5,715 | 7,489 | 8,526 | 8,770 | |
Operating Profit | 501 | 450 | 462 | 433 | 434 | 377 | 457 | 401 | 356 | 414 | 601 | 797 | 805 |
OPM % | 9% | 9% | 9% | 8% | 10% | 8% | 8% | 7% | 7% | 7% | 7% | 9% | 8% |
84 | 70 | 73 | 118 | 95 | 115 | 60 | 105 | 54 | 135 | 156 | 307 | 390 | |
Interest | 26 | 39 | 82 | 12 | 10 | 13 | 14 | 15 | 21 | 25 | 38 | 88 | 102 |
Depreciation | 77 | 92 | 134 | 72 | 82 | 82 | 92 | 117 | 115 | 113 | 117 | 148 | 155 |
Profit before tax | 481 | 389 | 319 | 467 | 438 | 397 | 410 | 375 | 275 | 410 | 603 | 869 | 939 |
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 | 693 | |
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 | 58.93 |
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: | 14% |
Compounded Profit Growth | |
---|---|
10 Years: | 11% |
5 Years: | 10% |
3 Years: | 34% |
TTM: | 23% |
Stock Price CAGR | |
---|---|
10 Years: | 18% |
5 Years: | 35% |
3 Years: | 48% |
1 Year: | 58% |
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 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 24 | 24 | 24 | 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 |
423 | 761 | 688 | 195 | 136 | 234 | 240 | 230 | 328 | 368 | 831 | 1,277 | |
2,696 | 3,142 | 3,255 | 2,554 | 2,371 | 2,980 | 3,535 | 2,693 | 2,921 | 3,598 | 4,137 | 4,424 | |
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 |
873 | 1,527 | 1,431 | 827 | 811 | 973 | 1,312 | 1,283 | 1,242 | 1,195 | 1,248 | 1,906 | |
CWIP | 517 | 54 | 43 | 60 | 141 | 103 | 40 | 56 | 24 | 44 | 434 | 525 |
Investments | 443 | 708 | 822 | 1,050 | 1,083 | 1,472 | 829 | 875 | 234 | 1,477 | 1,626 | 1,765 |
3,154 | 3,654 | 3,793 | 3,228 | 3,009 | 3,381 | 4,609 | 3,737 | 4,999 | 4,742 | 5,528 | 5,945 | |
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 |
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 Aug
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
6 Aug - Thermax Limited has informeds about transcript of analyst call for Q1 FY 2024-25.
- Approval Of Shareholders For Continuation Of Directorship Of Mrs. Meher Pudumjee As Non-Executive Non-Independent Director, Not Liable To Retire By Rotation 2 Aug
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Announcement under Regulation 30 (LODR)-Amendments to Memorandum & Articles of Association
2 Aug - Thermax Limited has informeds about shareholders approval on amendment to Object Clause of the Memorandum of Association of the Company
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
2 Aug - Thermax Limited has submitted the audio recording for the earnings call for Q1 FY25
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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Aug 2024Transcript PPT
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May 2024Transcript PPT REC
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Nov 2016TranscriptPPT
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Aug 2016TranscriptPPT
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May 2016TranscriptPPT
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Jan 2016TranscriptPPT
Energy Segment (71% of revenues) [1]
The company's energy segment comprises Process Heating, Absorption Cooling and Heating, Boiler and Heater and Power (EPC and Solar) businesses and related services. It is among the leaders in vapor absorption cooling and heating systems, with its chillers used worldwide for industrial refrigeration, air conditioning, process cooling and heating.
The company has domain experience in setting up captive power, cogeneration and trigeneration plants on an EPC basis, with an installed base of more than 3,500 MW.