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Consolidated Standalone

Thermax

₹4581 94.6 | 2.1%

Market Cap ₹54586 Cr.

Stock P/E 79.9

P/B 12.3

Current Price ₹4581

Book Value ₹ 372.7

Face Value 2

52W High ₹4980

Dividend Yield 0.26%

52W Low ₹ 2192.7

Edit Ratio

Thermax Research see more...

Overview Inc. Year: 1980Industry: Engineering - Industrial Equipments

Thermax Ltd. Is an India-based organisation, which gives solutions to the energy, surroundings, and chemical sectors. It operates through three segments: Energy, which incorporates boilers and warmers, absorption chillers/heat pumps, power plants, solar device, and related offerings; Environment, which incorporates air pollutants control device/structures, water and waste recycle plants and associated offerings and Chemical, which incorporates ion exchange resins, performance chemical compounds, water treatment chemical substances, oil field chemical substances, paper chemical compounds and production chemical substances. The Company designs, builds and commissions boilers for steam and electricity generation, turnkey power plant , business and municipal wastewater remedy plant, waste heat healing structures and air pollution control projects. It serves various industries, which include vehicles, cement, chemicals and fertilizers, soft beverages, strength era, plywood, dairy, plywood, food, textiles, sugar, metals, and paper and pulp.

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Thermax Share Price

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Peer Comparison

Thermax Quarterly Results

#(Fig in Cr.) Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Net Sales 1615 1992 1654 2075 2049 2311 1933 2302 2324 2764
Other Income 29 36 21 40 42 57 53 66 58 55
Total Income 1644 2028 1675 2115 2092 2368 1986 2368 2383 2819
Total Expenditure 1502 1857 1558 1935 1888 2111 1801 2098 2137 2491
Operating Profit 142 171 117 180 203 257 185 270 246 328
Interest 5 10 7 8 9 14 13 20 27 28
Depreciation 29 29 29 30 29 29 29 33 36 50
Exceptional Income / Expenses 0 0 0 0 0 0 -51 0 126 0
Profit Before Tax 108 131 81 143 165 214 92 218 309 251
Provision for Tax 29 29 22 33 39 58 32 59 72 63
Profit After Tax 79 102 59 109 127 156 60 159 237 187
Adjustments 0 0 -0 -0 -0 0 -1 -1 1 3
Profit After Adjustments 79 103 59 109 126 156 59 158 238 190
Adjusted Earnings Per Share 7.1 9.1 5.2 9.7 11.2 13.9 5.2 14 21.2 16.9

Thermax Profit & Loss

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
Net Sales 5492 5100 5304 5145 4483 4465 5974 5748 4791 6128 8090 9323
Other Income 85 72 123 122 114 116 150 105 108 144 160 232
Total Income 5577 5171 5427 5267 4597 4581 6124 5854 4899 6272 8250 9556
Total Expenditure 4992 4651 4843 4729 4050 4064 5517 5348 4436 5724 7492 8527
Operating Profit 585 520 584 538 547 517 607 506 463 548 758 1029
Interest 26 39 82 12 10 13 14 15 21 25 38 88
Depreciation 77 92 134 59 82 82 92 117 115 113 117 148
Exceptional Income / Expenses 0 0 -49 0 -18 0 -90 0 -53 0 0 75
Profit Before Tax 481 389 319 467 438 397 410 375 275 410 603 870
Provision for Tax 177 170 171 144 156 166 85 162 69 98 152 226
Profit After Tax 304 220 148 323 282 231 325 212 207 312 451 643
Adjustments 16 26 62 -41 -59 1 0 0 0 0 -0 2
Profit After Adjustments 320 246 210 282 223 232 325 212 207 312 450 645
Adjusted Earnings Per Share 26.9 20.6 17.6 25.1 19.8 20.6 28.9 18.9 18.3 27.7 40 57.3

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 32% 12% 13% 4%
Operating Profit CAGR 38% 14% 8% 3%
PAT CAGR 45% 29% 14% 4%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 94% 45% 37% 20%
ROE Average 12% 9% 9% 11%
ROCE Average 15% 12% 12% 15%

Thermax Balance Sheet

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Shareholder's Funds 1869 2038 2146 2416 2538 2715 3014 3028 3251 3492 3868
Minority's Interest 110 140 78 0 1 0 0 0 0 0 2
Borrowings 383 517 494 34 46 53 35 33 22 61 423
Other Non-Current Liabilities 94 248 86 -5 -5 -10 -125 -48 2 19 28
Total Current Liabilities 2532 2999 3274 2615 2365 3079 3654 2787 3071 3758 4409
Total Liabilities 4988 5942 6079 5061 4945 5837 6578 5801 6346 7331 8730
Fixed Assets 873 1527 1431 827 811 973 1312 1283 1242 1195 1248
Other Non-Current Assets 806 290 462 623 837 763 529 540 637 1398 1402
Total Current Assets 3309 4125 4185 3610 3297 4102 4737 3977 4466 4738 6072
Total Assets 4988 5942 6079 5061 4945 5837 6578 5801 6346 7331 8730

Thermax Cash Flow

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Opening Cash & Cash Equivalents 698 321 77 31 44 154 161 246 199 419 303
Cash Flow from Operating Activities 87 321 311 253 335 534 -115 326 769 325 460
Cash Flow from Investing Activities -498 -382 80 -146 -75 -531 266 -169 -636 -422 -680
Cash Flow from Financing Activities 35 191 -351 -112 -126 -20 -65 -232 77 -21 349
Net Cash Inflow / Outflow -377 130 39 -5 134 -18 85 -75 211 -117 128
Closing Cash & Cash Equivalent 321 451 116 44 154 161 246 199 419 303 448

Thermax Ratios

# Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Earnings Per Share (Rs) 26.87 20.65 17.61 25.07 19.81 20.61 28.9 18.87 18.35 27.74 39.99
CEPS(Rs) 31.99 26.18 23.69 33.95 32.28 27.85 37.07 29.23 28.52 37.79 50.4
DPS(Rs) 7 6 7 6 6 6 7 7 7 9 10
Book NAV/Share(Rs) 156.83 171.07 180.14 214.58 225.37 241.1 267.7 268.91 288.76 310.17 343.3
Core EBITDA Margin(%) 8.89 8.62 8.45 7.9 9.43 8.94 7.66 6.97 7.41 6.6 7.39
EBIT Margin(%) 9.03 8.23 7.35 9.1 9.75 9.13 7.11 6.78 6.17 7.1 7.92
Pre Tax Margin(%) 8.56 7.49 5.84 8.87 9.53 8.85 6.87 6.52 5.74 6.69 7.45
PAT Margin (%) 5.41 4.23 2.71 6.14 6.14 5.15 5.45 3.7 4.31 5.1 5.57
Cash Profit Margin (%) 6.78 6 5.17 7.26 7.92 6.99 6.99 5.72 6.7 6.94 7.02
ROA(%) 6.29 4.02 2.46 5.8 5.63 4.29 5.24 3.43 3.4 4.57 5.61
ROE(%) 17.38 11.25 7.08 14.17 11.37 8.8 11.36 7.03 6.58 9.26 12.25
ROCE(%) 24.22 16.81 14.23 17.6 16.93 14.58 13.69 11.96 8.67 11.74 15.03
Receivable days 94.67 105.8 108.48 107.78 94.17 92.66 80.08 87.77 99.93 79.24 71.87
Inventory Days 22.41 25.96 28.31 25 22.81 26.44 26.74 30.58 32.73 33.7 33.45
Payable days 97.34 114.44 123.88 133.88 157.31 158.69 131.77 137.86 150.84 136.04 116.71
PER(x) 21.17 36.21 60.45 30.06 48.89 54.85 33.64 39.19 73.37 70.05 57.26
Price/Book(x) 3.63 4.37 5.91 3.51 4.3 4.69 3.63 2.75 4.66 6.26 6.67
Dividend Yield(%) 1.23 0.8 0.66 0.8 0.62 0.53 0.72 0.95 0.52 0.46 0.44
EV/Net Sales(x) 1.25 1.81 2.45 1.63 2.41 2.84 1.81 1.4 2.82 3.47 3.15
EV/Core EBITDA(x) 11.76 17.72 22.21 15.57 19.77 24.49 17.81 15.95 29.24 38.8 33.61
Net Sales Growth(%) -9.84 -7.13 4.01 -3.01 -12.86 -0.41 33.8 -3.78 -16.65 27.91 32.01
EBIT Growth(%) -17.92 -15.73 -6.32 19.55 -6.67 -8.41 3.66 -8.27 -24.06 47.14 47.18
PAT Growth(%) -22.46 -27.73 -32.59 118.16 -12.86 -17.93 40.82 -34.72 -2.76 51.18 44.31
EPS Growth(%) -20.67 -23.16 -14.72 42.39 -20.99 4.08 40.2 -34.72 -2.76 51.18 44.18
Debt/Equity(x) 0.23 0.37 0.32 0.08 0.05 0.09 0.08 0.08 0.1 0.1 0.21
Current Ratio(x) 1.31 1.38 1.28 1.38 1.39 1.33 1.3 1.43 1.45 1.26 1.38
Quick Ratio(x) 1.18 1.24 1.17 1.31 1.27 1.23 1.16 1.27 1.32 1.07 1.21
Interest Cover(x) 19.23 11.08 4.89 39.32 46.07 31.88 29.66 25.94 14.33 17.29 17.04
Total Debt/Mcap(x) 0.06 0.09 0.05 0.02 0.01 0.02 0.02 0.03 0.02 0.02 0.03

Thermax Shareholding Pattern

# Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Promoter 61.98 61.98 61.98 61.98 61.98 61.98 61.98 61.98 61.98 61.98
FII 12.28 11.84 11.93 12.35 12.27 12.29 12.35 12.54 12.01 12.24
DII 15.02 15.69 15.77 15.34 15.34 15.63 15.5 15.46 15.86 15.82
Public 10.72 10.5 10.32 10.33 10.4 10.09 10.16 10.02 10.14 9.96
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Debtor days have improved from 136.04 to 116.71days.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 9% over the last 3 years.
  • Stock is trading at 12.3 times its book value.

* 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.

Thermax News

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