Nifty

:

25044.35

Sensex

:

82055.11

72.45 (0.29%)
158.32 (0.19%)

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Nifty
Sensex

:
:

25044.35
82055.11

72.45 (0.29%)
158.32 (0.19%)

Thermax Ltd.

Engineering - Industrial Equipments

Rating :

55/99

BSE: 500411 | NSE: THERMAX

Watchlist

NSE BSE

3459.30

24-Jun-2025

Open
High
Low
Previous Close

3480
3489.9
3407
3477.70

Volume
Traded Value (lacs)
52 Week High
52 Week Low

151751
523114398.1
5839.95
2950.05

Stock Summary

Market Cap(Crs)
Stock P:E
Face Value

41,225.70
65.24
2

Enterprise Value(Crs)
Dividend Yield
Price:Book Value

41,764.50
0.40%
8.38

Chart

Price | P:E | P:BV | EV:EBITDA | MCap:Sales | EPS

Revenue CAGR (%)

10 Years
5 Years
3 Years

5.80
10.16
15.01

EBITDA CAGR (%)

10 Years
5 Years
3 Years

5.60
14.71
14.50

PAT CAGR (%)

10 Years
5 Years
3 Years

11.89
24.88
27.37

P:E (Median)

8 Years
5 Years
3 Years

66.43
72.66
72.26

P:BV (Average)

8 Years
5 Years
3 Years

6.40
7.59
9.30

EV:EBITDA (Average)

8 Years
5 Years
3 Years

32.74
39.28
43.72

Earnings Forecasts:

(Updated: 06-06-2025)

Description 2024 2025 2026 2027
Adj EPS 57.3 56.33 69.73 84.82
P/E Ratio 60.69 61.74 49.87 41.00
Revenue 9243 10389 11833 13633
EBITDA 767 908 1141 1392
Net Income 645 634 802 981
ROA 6.8 5.7 7.1 7.9
P/B Ratio 11.72 7.94 7.25 6.37
ROE 15.53 13.53 15.31 17.59
FCFF -592 931 68 323
FCFF Yield -1.46 2.3 0.17 0.8
Net Debt -1061 -1005 -658 -788
BVPS 296.81 438.25 479.55 545.88

Quarterly Results

Consolidated Figures in Rs. Crores /

Standalone

Description Mar 25 Mar 24 Var% Dec 24 Dec 23 Var% Sep 24 Sep 23 Var% Jun 24 Jun 23 Var%
Net Sales 1,971.65 1,737.64 13.47% 1,452.71 1,479.78 -1.83% 1,518.76 1,443.90 5.18% 1,310.95 1,160.61 12.95%
Expenses 1,754.83 1,602.69 9.49% 1,342.27 1,358.77 -1.21% 1,391.76 1,302.53 6.85% 1,238.54 1,076.87 15.01%
EBITDA 216.82 134.95 60.67% 110.44 121.01 -8.73% 127.00 141.37 -10.16% 72.41 83.74 -13.53%
EBIDTM 11.00% 7.77% 7.60% 8.18% 8.36% 9.79% 5.52% 7.22%
Other Income 55.65 51.85 7.33% 40.87 34.70 17.78% 37.48 57.79 -35.14% 68.53 49.15 39.43%
Interest 8.64 6.75 28.00% 8.49 6.16 37.82% 8.30 5.61 47.95% 5.97 5.32 12.22%
Depreciation 20.36 19.48 4.52% 18.93 17.98 5.28% 20.31 17.75 14.42% 18.79 17.53 7.19%
PBT 337.20 160.57 110.00% 123.89 257.69 -51.92% 135.87 102.39 32.70% 116.18 59.41 95.56%
Tax 62.15 32.02 94.10% 20.71 57.07 -63.71% 27.94 38.00 -26.47% 30.20 15.53 94.46%
PAT 275.05 128.55 113.96% 103.18 200.62 -48.57% 107.93 64.39 67.62% 85.98 43.88 95.94%
PATM 13.95% 7.40% 7.10% 13.56% 7.11% 4.46% 6.56% 3.78%
EPS 23.07 10.78 114.01% 8.66 16.83 -48.54% 9.05 5.40 67.59% 7.21 3.68 95.92%

Description Mar 25 Mar 24 Var% Dec 24 Dec 23 Var% Sep 24 Sep 23 Var% Jun 24 Jun 23 Var%
Net Sales 3,084.93 2,763.68 11.62% 2,507.76 2,324.36 7.89% 2,611.59 2,302.46 13.43% 2,184.41 1,932.96 13.01%
Expenses 2,785.26 2,490.53 11.83% 2,318.77 2,136.94 8.51% 2,333.62 2,097.84 11.24% 2,043.26 1,800.76 13.47%
EBITDA 299.67 273.15 9.71% 188.99 187.42 0.84% 277.97 204.62 35.85% 141.15 132.20 6.77%
EBIDTM 9.71% 9.88% 7.54% 8.06% 10.64% 8.89% 6.46% 6.84%
Other Income 76.85 55.25 39.10% 31.51 58.40 -46.04% 59.77 65.86 -9.25% 84.09 53.06 58.48%
Interest 31.25 27.81 12.37% 28.66 26.61 7.70% 29.39 19.80 48.43% 27.48 13.37 105.53%
Depreciation 45.34 49.88 -9.10% 35.07 35.84 -2.15% 42.07 32.96 27.64% 36.03 29.40 22.55%
PBT 299.93 250.71 19.63% 156.77 309.49 -49.35% 266.28 217.72 22.30% 161.73 91.86 76.06%
Tax 95.09 63.28 50.27% 42.54 72.10 -41.00% 68.25 58.87 15.93% 51.89 31.52 64.63%
PAT 204.84 187.43 9.29% 114.23 237.39 -51.88% 198.03 158.85 24.66% 109.84 60.34 82.04%
PATM 6.64% 6.78% 4.56% 10.21% 7.58% 6.90% 5.03% 3.12%
EPS 18.26 16.90 8.05% 10.29 21.17 -51.39% 17.49 14.01 24.84% 10.29 5.23 96.75%

Annual Results

Consolidated Figures in Rs. Crores /

Standalone

Right to Left

Description TTM Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16 Mar 15
Net Sales 6,254.07 5,821.93 5,141.16 4,015.39 3,131.48 4,184.30 5,189.10 3,874.50 3,763.65 4,338.28 4,602.71 Net Sales Growth 7.42% 13.24% 28.04% 28.23% -25.16% -19.36% 33.93% 2.95% -13.25% -5.75% Cost Of Goods Sold 3,511.48 3,287.84 2,979.01 2,404.32 1,720.45 1,847.11 2,206.02 1,540.07 2,060.48 2,567.48 2,776.03 Gross Profit 2,742.59 2,534.09 2,162.15 1,611.07 1,411.03 2,337.19 2,983.08 2,334.43 1,703.17 1,770.80 1,826.68 GP Margin 43.85% 43.53% 42.06% 40.12% 45.06% 55.86% 57.49% 60.25% 45.25% 40.82% 39.69% Total Expenditure 5,727.40 5,343.55 4,760.48 3,803.48 2,913.50 3,880.33 4,765.16 3,517.36 3,389.86 3,976.81 4,138.48 Power & Fuel Cost - 43.77 46.24 39.03 27.03 30.40 32.42 25.75 28.02 27.50 30.17 % Of Sales - 0.75% 0.90% 0.97% 0.86% 0.73% 0.62% 0.66% 0.74% 0.63% 0.66% Employee Cost - 683.61 564.40 477.81 453.79 430.94 393.34 357.05 458.92 450.21 450.28 % Of Sales - 11.74% 10.98% 11.90% 14.49% 10.30% 7.58% 9.22% 12.19% 10.38% 9.78% Manufacturing Exp. - 903.75 790.60 550.59 452.80 407.59 381.25 344.23 459.29 470.44 440.34 % Of Sales - 15.52% 15.38% 13.71% 14.46% 9.74% 7.35% 8.88% 12.20% 10.84% 9.57% General & Admin Exp. - 173.60 158.95 132.87 100.93 135.07 123.72 113.46 143.01 147.07 160.44 % Of Sales - 2.98% 3.09% 3.31% 3.22% 3.23% 2.38% 2.93% 3.80% 3.39% 3.49% Selling & Distn. Exp. - 177.43 150.48 158.45 98.43 101.25 94.74 74.07 131.61 137.91 167.63 % Of Sales - 3.05% 2.93% 3.95% 3.14% 2.42% 1.83% 1.91% 3.50% 3.18% 3.64% Miscellaneous Exp. - 73.55 70.80 40.41 60.07 927.97 1,533.67 1,062.73 108.53 176.20 167.63 % Of Sales - 1.26% 1.38% 1.01% 1.92% 22.18% 29.56% 27.43% 2.88% 4.06% 2.47% EBITDA 526.67 478.38 380.68 211.91 217.98 303.97 423.94 357.14 373.79 361.47 464.23 EBITDA Margin 8.42% 8.22% 7.40% 5.28% 6.96% 7.26% 8.17% 9.22% 9.93% 8.33% 10.09% Other Income 202.53 196.18 136.34 138.67 140.53 104.40 122.80 99.36 102.65 114.02 116.62 Interest 31.40 23.84 19.58 13.33 8.57 5.23 5.26 4.02 3.59 4.60 19.69 Depreciation 78.39 72.74 73.15 67.19 63.99 62.61 50.13 49.37 65.43 48.20 64.12 PBT 713.14 577.98 424.29 270.06 285.95 340.53 491.35 403.11 407.42 422.69 497.04 Tax 141.00 142.62 102.23 55.27 41.90 111.65 168.26 139.86 129.75 125.20 161.10 Tax Rate 19.77% 24.59% 23.69% 21.58% 22.91% 34.29% 37.94% 36.99% 47.25% 29.62% 32.41% PAT 572.14 437.44 329.26 200.79 141.02 213.99 275.24 238.25 144.83 297.49 335.94 PAT before Minority Interest 572.14 437.44 329.26 200.79 141.02 213.99 275.24 238.25 144.83 297.49 335.94 Minority Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 PAT Margin 9.15% 7.51% 6.40% 5.00% 4.50% 5.11% 5.30% 6.15% 3.85% 6.86% 7.30% PAT Growth 30.79% 32.86% 63.98% 42.38% -34.10% -22.25% 15.53% 64.50% -51.32% -11.45% EPS 48.00 36.70 27.62 16.84 11.83 17.95 23.09 19.99 12.15 24.96 28.18

Description TTM Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16 Mar 15
Net Sales 10,388.69 9,323.46 8,089.81 6,128.33 4,791.25 5,748.25 5,974.10 4,464.88 4,483.08 5,144.96 5,304.41 Net Sales Growth 11.43% 15.25% 32.01% 27.91% -16.65% -3.78% 33.80% -0.41% -12.86% -3.01% Cost Of Goods Sold 5,813.50 5,219.56 4,624.68 3,485.04 2,538.63 3,085.69 3,336.66 2,349.34 2,264.32 2,740.36 2,865.83 Gross Profit 4,575.19 4,103.90 3,465.13 2,643.29 2,252.62 2,662.56 2,637.44 2,115.54 2,218.76 2,404.60 2,438.58 GP Margin 44.04% 44.02% 42.83% 43.13% 47.02% 46.32% 44.15% 47.38% 49.49% 46.74% 45.97% Total Expenditure 9,480.91 8,527.70 7,492.25 5,724.01 4,436.06 5,347.56 5,516.66 4,063.94 4,050.09 4,728.98 4,843.00 Power & Fuel Cost - 57.28 61.96 52.31 38.59 44.36 51.02 40.11 33.34 32.46 38.59 % Of Sales - 0.61% 0.77% 0.85% 0.81% 0.77% 0.85% 0.90% 0.74% 0.63% 0.73% Employee Cost - 1,148.29 955.30 812.93 758.76 799.02 767.45 680.50 686.40 659.74 706.13 % Of Sales - 12.32% 11.81% 13.27% 15.84% 13.90% 12.85% 15.24% 15.31% 12.82% 13.31% Manufacturing Exp. - 1,365.94 1,197.76 848.77 684.36 799.20 822.71 557.61 615.02 767.78 701.54 % Of Sales - 14.65% 14.81% 13.85% 14.28% 13.90% 13.77% 12.49% 13.72% 14.92% 13.23% General & Admin Exp. - 326.82 278.47 215.82 157.66 236.60 221.01 189.71 182.59 186.46 209.14 % Of Sales - 3.51% 3.44% 3.52% 3.29% 4.12% 3.70% 4.25% 4.07% 3.62% 3.94% Selling & Distn. Exp. - 291.03 273.70 247.30 185.79 255.27 189.01 153.02 142.36 142.10 187.02 % Of Sales - 3.12% 3.38% 4.04% 3.88% 4.44% 3.16% 3.43% 3.18% 2.76% 3.53% Miscellaneous Exp. - 118.78 100.38 61.84 72.27 127.42 128.80 93.65 126.06 200.08 187.02 % Of Sales - 1.27% 1.24% 1.01% 1.51% 2.22% 2.16% 2.10% 2.81% 3.89% 2.54% EBITDA 907.78 795.76 597.56 404.32 355.19 400.69 457.44 400.94 432.99 415.98 461.41 EBITDA Margin 8.74% 8.54% 7.39% 6.60% 7.41% 6.97% 7.66% 8.98% 9.66% 8.09% 8.70% Other Income 252.22 234.20 160.18 144.06 107.74 105.49 149.88 116.39 114.05 122.41 123.04 Interest 116.78 87.59 37.59 25.17 20.64 15.02 14.32 12.85 9.71 12.19 81.95 Depreciation 158.51 148.08 116.86 113.24 114.57 116.63 92.02 82.44 81.90 59.10 134.12 PBT 884.71 794.29 603.29 409.97 327.72 374.53 500.98 422.04 455.43 467.10 368.38 Tax 257.77 225.77 152.36 97.79 68.61 162.08 84.94 165.75 155.99 143.94 170.83 Tax Rate 29.14% 25.96% 25.25% 23.85% 24.93% 43.28% 20.64% 39.27% 35.65% 30.82% 53.56% PAT 626.94 645.28 450.29 312.31 206.58 212.45 326.50 257.30 288.47 323.16 209.77 PAT before Minority Interest 634.71 643.19 450.70 312.31 206.58 212.45 326.50 256.29 281.60 323.16 148.13 Minority Interest 7.77 2.09 -0.41 0.00 0.00 0.00 0.00 1.01 6.87 0.00 61.64 PAT Margin 6.03% 6.92% 5.57% 5.10% 4.31% 3.70% 5.47% 5.76% 6.43% 6.28% 3.95% PAT Growth -2.65% 43.30% 44.18% 51.18% -2.76% -34.93% 26.89% -10.81% -10.73% 54.05% EPS 52.60 54.13 37.78 26.20 17.33 17.82 27.39 21.59 24.20 27.11 17.60

Results Balance Sheet

Consolidated Figures in Rs. Crores /

Standalone

Right to Left

Description Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16 Mar 15
Shareholder's Funds 3,536.70 3,217.76 3,001.00 2,879.38 2,737.49 2,735.85 2,565.56 2,409.76 2,342.15 2,266.82 Share Capital 23.83 23.83 23.83 23.83 23.83 23.83 23.83 23.83 23.83 23.83 Total Reserves 3,506.90 3,191.41 2,977.17 2,855.55 2,713.66 2,712.02 2,541.73 2,385.93 2,318.32 2,242.99 Non-Current Liabilities 21.78 13.18 55.59 62.95 31.91 -62.09 -33.91 -34.52 -37.58 33.73 Secured Loans 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.18 Unsecured Loans 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.54 0.54 Long Term Provisions 26.15 24.08 18.06 11.79 11.13 7.49 9.84 9.74 5.05 4.61 Current Liabilities 3,136.40 2,872.51 2,320.24 2,036.86 1,600.06 3,344.40 2,739.31 2,116.63 2,282.61 2,692.77 Trade Payables 1,072.83 1,038.08 975.34 841.26 602.59 1,263.12 943.12 924.51 826.14 871.92 Other Current Liabilities 1,541.43 1,484.36 1,015.98 925.91 826.67 1,789.39 1,520.60 981.10 1,197.31 1,371.75 Short Term Borrowings 307.80 220.00 180.00 140.75 72.38 153.63 116.49 66.22 90.75 104.21 Short Term Provisions 214.34 130.07 148.92 128.94 98.42 138.26 159.10 144.80 168.41 344.89 Total Liabilities 6,694.88 6,103.45 5,376.83 4,979.19 4,369.46 6,018.16 5,270.96 4,491.87 4,587.18 4,993.32 Net Block 749.51 713.80 746.10 770.68 748.08 796.38 671.48 554.63 583.58 609.31 Gross Block 1,424.85 1,339.69 1,338.84 1,318.47 1,245.67 1,254.09 1,259.19 1,090.24 1,058.62 1,039.06 Accumulated Depreciation 675.34 625.89 592.74 547.79 497.59 457.71 587.71 535.61 475.04 429.75 Non Current Assets 2,649.44 2,193.21 2,659.44 1,894.82 2,046.39 1,847.09 1,699.53 1,631.64 1,453.56 1,427.72 Capital Work in Progress 111.61 44.91 14.97 23.36 55.42 30.28 92.33 129.11 58.92 39.17 Non Current Investment 1,427.46 1,086.01 1,460.95 788.17 772.36 767.48 639.29 639.73 539.21 474.19 Long Term Loans & Adv. 346.38 328.68 411.31 312.04 469.70 216.26 255.62 266.33 152.03 214.42 Other Non Current Assets 14.48 19.81 26.11 0.57 0.83 36.69 40.81 41.84 119.82 90.63 Current Assets 4,045.44 3,903.71 2,717.39 3,084.37 2,323.07 4,171.07 3,571.43 2,860.23 3,133.62 3,565.60 Current Investments 965.79 1,183.88 534.30 114.94 637.14 656.92 1,156.51 764.73 839.04 783.07 Inventories 397.33 390.78 370.35 245.94 255.01 467.82 298.30 228.65 224.77 315.95 Sundry Debtors 1,501.64 1,210.22 953.37 823.52 753.36 1,257.79 1,139.30 955.37 1,225.43 1,538.72 Cash & Bank 346.76 408.48 441.57 1,386.78 230.12 218.82 119.35 70.93 178.36 257.21 Other Current Assets 833.92 58.06 74.57 70.56 447.44 1,569.72 857.97 840.55 666.02 670.65 Short Term Loans & Adv. 776.02 652.29 343.23 442.63 376.49 306.58 307.86 258.42 184.06 173.44 Net Current Assets 909.04 1,031.20 397.15 1,047.51 723.01 826.67 832.12 743.60 851.01 872.83 Total Assets 6,694.88 6,096.92 5,376.83 4,979.19 4,369.46 6,018.16 5,270.96 4,491.87 4,587.18 4,993.32

Description Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16 Mar 15
Shareholder's Funds 4,439.80 3,868.07 3,492.49 3,251.39 3,027.90 3,014.29 2,714.74 2,537.62 2,416.16 2,146.41 Share Capital 22.52 22.52 22.52 22.52 22.52 22.52 22.52 22.52 22.52 23.83 Total Reserves 4,411.31 3,843.03 3,469.97 3,228.87 3,005.38 2,991.77 2,692.22 2,515.10 2,393.64 2,122.58 Non-Current Liabilities 879.31 450.58 80.34 23.79 -14.21 -90.08 43.37 40.89 29.17 580.24 Secured Loans 789.48 422.52 61.42 22.16 33.39 35.07 53.01 46.02 33.06 493.70 Unsecured Loans 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.17 0.54 Long Term Provisions 42.43 38.40 32.41 25.86 20.97 16.06 10.01 10.16 5.57 8.85 Current Liabilities 4,725.35 4,409.19 3,758.07 3,070.65 2,786.84 3,653.81 3,078.74 2,365.23 2,615.29 3,274.14 Trade Payables 1,532.89 1,497.86 1,459.76 1,138.01 960.24 1,370.65 1,038.60 1,004.19 947.61 1,062.70 Other Current Liabilities 2,432.90 2,319.87 1,791.87 1,429.49 1,467.76 1,942.04 1,688.49 1,109.16 1,334.14 1,716.43 Short Term Borrowings 413.19 363.31 276.25 282.90 178.15 185.00 164.24 85.27 137.94 127.47 Short Term Provisions 346.37 228.15 230.19 220.25 180.69 156.12 187.41 166.61 195.60 367.54 Total Liabilities 10,044.46 8,729.99 7,330.90 6,345.83 5,800.53 6,578.02 5,836.85 4,945.13 5,060.62 6,078.80 Net Block 1,906.12 1,248.17 1,194.74 1,242.04 1,282.98 1,311.86 972.68 810.73 827.31 1,431.41 Gross Block 3,228.38 2,469.47 2,351.78 2,328.06 2,255.44 2,236.29 1,741.27 1,515.42 1,437.85 2,051.24 Accumulated Depreciation 1,309.45 1,221.30 1,157.04 1,086.02 972.46 924.43 768.59 704.69 610.54 619.83 Non Current Assets 3,596.38 2,649.83 2,593.11 1,879.37 1,823.25 1,840.90 1,735.29 1,647.77 1,450.62 1,893.53 Capital Work in Progress 524.79 433.77 44.32 24.16 56.00 40.12 103.37 141.30 60.01 42.92 Non Current Investment 401.63 233.21 709.99 119.21 59.13 54.28 254.65 283.97 184.65 0.10 Long Term Loans & Adv. 538.40 555.56 475.37 373.36 326.55 291.93 320.72 329.11 212.53 286.49 Other Non Current Assets 225.44 179.12 168.69 120.60 98.59 142.71 83.87 82.66 166.12 132.61 Current Assets 6,448.08 6,072.26 4,737.79 4,466.46 3,977.28 4,737.12 4,101.56 3,297.36 3,610.00 4,185.27 Current Investments 1,363.46 1,392.87 766.54 115.25 816.07 775.06 1,217.08 799.07 865.16 821.66 Inventories 764.90 755.63 727.01 404.74 454.56 508.62 366.62 283.25 290.32 430.97 Sundry Debtors 2,116.43 1,762.06 1,423.72 1,237.10 1,386.33 1,378.13 1,243.21 1,034.24 1,334.09 1,775.74 Cash & Bank 975.32 1,131.58 953.50 1,939.20 481.49 369.06 293.99 220.99 297.64 384.36 Other Current Assets 1,227.97 102.41 139.75 122.01 838.83 1,706.25 980.66 959.81 822.79 772.54 Short Term Loans & Adv. 1,121.75 927.71 727.27 648.16 718.50 445.58 334.89 256.09 214.17 217.78 Net Current Assets 1,722.73 1,663.07 979.72 1,395.81 1,190.44 1,083.31 1,022.82 932.13 994.71 911.13 Total Assets 10,044.46 8,722.09 7,330.90 6,345.83 5,800.53 6,578.02 5,836.85 4,945.13 5,060.62 6,078.80

Cash Flow

Consolidated Figures in Rs. Crores /

Standalone

Right to Left

Description Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16 Mar 15
Cash From Operating Activity 90.79 418.68 93.87 409.01 253.18 -117.15 507.06 346.12 288.07 294.09 PBT 580.06 431.49 256.06 182.92 325.64 443.50 378.11 274.58 422.69 497.04 Adjustment -14.88 12.56 -18.74 72.78 36.59 48.95 30.27 187.83 76.39 65.07 Changes in Working Capital -351.30 95.03 -61.75 235.75 3.40 -436.81 252.54 17.68 -59.37 -148.23 Cash after chg. in Working capital 213.88 539.08 175.57 491.45 365.63 55.64 660.92 480.09 439.71 413.88 Interest Paid 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Tax Paid -123.09 -120.40 -81.70 -82.44 -112.45 -172.79 -153.86 -133.97 -151.64 -119.79 Other Direct Exp. Paid 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Extra & Other Items 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Cash From Investing Activity 103.39 -337.63 -100.17 -375.16 -98.40 254.34 -456.48 -150.99 -170.46 -16.21 Net Fixed Assets -151.86 -30.79 -11.98 -40.74 -16.72 67.15 -132.17 -101.81 -39.31 -46.62 Net Investments -123.36 -274.64 -1,092.14 506.39 14.90 371.40 -391.34 -26.21 -120.99 -161.74 Others 378.61 -32.20 1,003.95 -840.81 -96.58 -184.21 67.03 -22.97 -10.16 192.15 Cash from Financing Activity -51.38 -81.49 -52.64 62.92 -238.59 -50.58 -38.15 -114.76 -118.59 -236.88 Net Cash Inflow / Outflow 142.80 -0.44 -58.94 96.77 -83.81 86.61 12.43 80.37 -0.98 41.00 Opening Cash & Equivalents 120.82 121.26 180.20 83.43 167.24 80.63 68.20 -12.17 -11.19 7.82 Closing Cash & Equivalent 263.62 120.82 121.26 180.20 83.43 167.24 80.63 68.20 -12.17 48.82

Description Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16 Mar 15
Cash From Operating Activity 247.30 459.56 324.71 769.48 325.58 -115.42 533.59 334.58 252.58 310.75 PBT 869.78 603.29 409.97 275.19 374.53 411.44 422.04 437.59 467.10 318.96 Adjustment 39.80 70.31 18.28 114.66 60.48 108.65 13.84 81.50 94.22 179.90 Changes in Working Capital -475.95 -62.80 -0.54 473.43 21.83 -448.51 274.84 -26.69 -137.94 -48.08 Cash after chg. in Working capital 433.63 610.80 427.71 863.28 456.84 71.58 710.72 492.40 423.38 450.78 Interest Paid 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Tax Paid -186.33 -151.24 -103.00 -93.80 -131.26 -187.00 -177.13 -157.82 -170.80 -140.03 Other Direct Exp. Paid 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Extra & Other Items 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Cash From Investing Activity -509.21 -679.68 -421.58 -635.68 -168.51 265.52 -531.09 -74.98 -145.79 79.62 Net Fixed Assets -151.86 -30.79 -11.98 -40.74 -16.72 67.15 -132.17 -101.81 -39.31 -46.62 Net Investments -123.36 -274.64 -1,092.14 506.39 14.90 371.40 -391.34 -26.21 -120.99 -161.74 Others -233.99 -374.25 682.54 -1,101.33 -166.69 -173.03 -7.58 53.04 14.51 287.98 Cash from Financing Activity 285.40 348.54 -20.58 77.24 -232.45 -65.37 -20.32 -125.58 -112.25 -351.23 Net Cash Inflow / Outflow 23.49 128.42 -117.45 211.04 -75.38 84.73 -17.82 134.02 -5.46 39.14 Opening Cash & Equivalents 447.73 303.44 418.81 199.00 245.89 160.70 153.98 44.31 31.09 77.05 Closing Cash & Equivalent 466.75 447.73 303.44 418.81 199.00 245.89 160.70 153.98 44.31 116.19

Financial Ratios

Consolidated /

Standalone

Right to Left

Description Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16 Mar 15
Book Value (Rs.) 296.33 269.85 251.87 241.66 229.75 229.61 215.32 202.25 196.57 190.25 ROA 6.84% 5.74% 3.88% 3.02% 4.12% 4.88% 4.88% 3.19% 6.21% 6.82% ROE 12.97% 10.59% 6.83% 5.02% 7.82% 10.38% 9.58% 6.10% 12.91% 15.65% ROCE 16.59% 13.63% 8.69% 6.57% 11.61% 16.11% 14.82% 11.33% 17.78% 22.53% Fixed Asset Turnover 4.21 3.84 3.02 2.44 3.35 4.13 3.31 3.60 4.25 4.64 Receivable days 85.01 76.80 80.76 91.90 87.72 84.31 98.19 102.83 113.13 111.07 Inventory Days 24.70 27.02 28.01 29.19 31.53 26.94 24.70 21.38 22.13 21.85 Payable days 117.17 123.35 137.89 153.16 117.65 127.57 142.30 99.52 83.55 77.33 Cash Conversion Cycle -7.46 -19.52 -29.12 -32.06 1.59 -16.32 -19.40 24.69 51.72 55.59 Total Debt/Equity 0.09 0.07 0.06 0.05 0.03 0.06 0.05 0.03 0.04 0.05 Interest Cover 25.33 23.04 20.21 22.34 63.26 85.32 95.06 77.48 92.89 26.24

Description Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16 Mar 15
Book Value (Rs.) 393.77 343.30 310.17 288.76 268.91 267.70 241.10 225.37 214.58 180.14 ROA 6.85% 5.61% 4.57% 3.40% 3.43% 5.26% 4.75% 5.63% 5.80% 2.46% ROE 15.50% 12.25% 9.26% 6.58% 7.03% 11.40% 9.76% 11.37% 14.17% 7.08% ROCE 18.44% 15.03% 11.74% 8.67% 11.96% 13.73% 15.47% 16.93% 17.60% 14.23% Fixed Asset Turnover 3.27 3.36 2.62 2.09 2.56 3.00 2.75 3.11 3.02 2.66 Receivable days 75.92 71.87 79.24 99.93 87.77 80.08 92.66 94.17 107.78 108.48 Inventory Days 29.76 33.45 33.70 32.73 30.58 26.74 26.44 22.81 25.00 28.31 Payable days 105.97 116.71 136.04 150.84 83.20 83.40 96.25 93.25 83.04 76.38 Cash Conversion Cycle -0.29 -11.40 -23.09 -18.18 35.15 23.41 22.85 23.73 49.74 60.41 Total Debt/Equity 0.28 0.21 0.10 0.10 0.08 0.08 0.09 0.05 0.08 0.32 Interest Cover 10.92 17.04 17.29 14.33 25.94 29.73 33.84 46.07 39.32 4.89

Top Investors:

sbi energy opportunities fund

nalanda india equity fund limited

kotak equity opportunities fund

kotak funds - india midcap fund

investor education and protection fund (iepf)

Annual Reports:

News Update:

Thermax - Quarterly Results
9th May 2025, 18:31 PM

Read More
Thermax incorporates wholly owned step-down subsidiary
12th Apr 2025, 11:27 AM

The certificate of incorporation has been issued by Ministry of Corporate Affairs for the same
Read More
Thermax divests stake in Covacsis Technologies
4th Apr 2025, 15:11 PM

The consideration received from the sale of stake is approximately Rs 10 crore
Read More

Source: www.accordfintech.com | DISCLAIMER: Information is provided " as is" and solely for informational purposes, not for trading purposes or advice, and may be delayed.

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