Nifty
:
24461.15
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:
80796.84
114.45 (0.47%)
294.85 (0.37%)
Nifty
Sensex
:
:
24461.15
80796.84
114.45 (0.47%)
294.85 (0.37%)

Thermax Ltd.

Engineering - Industrial Equipments

Rating :
N/A

BSE: 500411 | NSE: THERMAX

NSE BSE
3315.50
06-Feb-2025
  • Open
  • High
  • Low
  • Previous Close
  •  3349.65
  •  3356.90
  •  3233.60
  •  3345.05
  • Volume
  • Traded Value (lacs)
  • 52 Week High
  • 52 Week Low
  •  191529
  •  6283.59
  •  5839.95
  •  2950.05

Stock Summary

  • Market Cap(Crs)
  • Stock P:E
  • Face Value
  • 38,708.52
  • 62.53
  • 2
  • Enterprise Value(Crs)
  • Dividend Yield
  • Price:Book Value
  • 39,393.74
  • 0.37%
  • 8.17

Shareholding Pattern

  • Promoter
  • Corporate
  • Public
  • 61.98%
  • 0.19%
  • 3.71%
  • FII
  • DII
  • Others
  • 15.86%
  • 12.19%
  • 6.07%

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
  • 66.34
  • 72.66
  • 73.50

P:BV (Average)

  • 8 Years
  • 5 Years
  • 3 Years
  • 6.33
  • 7.43
  • 9.23

EV:EBITDA (Average)

  • 8 Years
  • 5 Years
  • 3 Years
  • 32.48
  • 38.64
  • 43.94

Earnings Forecasts:

Description
2024
2025
2026
2027
Adj EPS
57.3
62.81
82.03
102.05
P/E Ratio
80.48
73.42
56.22
45.19
Revenue
9243
10676
12596
14809
EBITDA
767
955
1257
1541
Net Income
645
717
946
1173
ROA
6.8
7.4
8.6
9.5
P/B Ratio
12.38
10.59
9.19
7.87
ROE
15.53
15.2
17.53
18.49
FCFF
-591.57
262.42
388.89
526.96
FCFF Yield
-1.09
0.48
0.72
0.97

Quarterly Results

Consolidated Figures in Rs. Crores /

Standalone
Description
Dec 24
Dec 23
Var%
Sep 24
Sep 23
Var%
Jun 24
Jun 23
Var%
Mar 24
Mar 23
Var%
Net Sales
2,507.76
2,324.36
7.89%
2,611.59
2,302.46
13.43%
2,184.41
1,932.96
13.01%
2,763.68
2,310.82
19.60%
Expenses
2,318.77
2,136.94
8.51%
2,333.62
2,097.84
11.24%
2,043.26
1,800.76
13.47%
2,490.53
2,110.92
17.98%
EBITDA
188.99
187.42
0.84%
277.97
204.62
35.85%
141.15
132.20
6.77%
273.15
199.90
36.64%
EBIDTM
7.54%
8.06%
10.64%
8.89%
6.46%
6.84%
9.88%
8.65%
Other Income
31.51
58.40
-46.04%
59.77
65.86
-9.25%
84.09
53.06
58.48%
55.25
57.49
-3.90%
Interest
28.66
26.61
7.70%
29.39
19.80
48.43%
27.48
13.37
105.53%
27.81
13.92
99.78%
Depreciation
35.07
35.84
-2.15%
42.07
32.96
27.64%
36.03
29.40
22.55%
49.88
29.44
69.43%
PBT
156.77
309.49
-49.35%
266.28
217.72
22.30%
161.73
91.86
76.06%
250.71
214.03
17.14%
Tax
42.54
72.10
-41.00%
68.25
58.87
15.93%
51.89
31.52
64.63%
63.28
58.14
8.84%
PAT
114.23
237.39
-51.88%
198.03
158.85
24.66%
109.84
60.34
82.04%
187.43
155.89
20.23%
PATM
4.56%
10.21%
7.58%
6.90%
5.03%
3.12%
6.78%
6.75%
EPS
10.29
21.17
-51.39%
17.49
14.01
24.84%
10.29
5.23
96.75%
16.90
13.85
22.02%

Annual Results

Consolidated Figures in Rs. Crores /

Standalone
Description
TTM
Mar 24
Mar 23
Mar 22
Mar 21
Mar 20
Mar 19
Mar 18
Mar 17
Mar 16
Mar 15
Net Sales
10,067.44
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
13.49%
15.25%
32.01%
27.91%
-16.65%
-3.78%
33.80%
-0.41%
-12.86%
-3.01%
 
Cost Of Goods Sold
5,642.31
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
4,425.13
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
43.95%
44.02%
42.83%
43.13%
47.02%
46.32%
44.15%
47.38%
49.49%
46.74%
45.97%
Total Expenditure
9,186.18
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
881.26
795.76
597.56
404.32
355.19
400.69
457.44
400.94
432.99
415.98
461.41
EBITDA Margin
8.75%
8.54%
7.39%
6.60%
7.41%
6.97%
7.66%
8.98%
9.66%
8.09%
8.70%
Other Income
230.62
234.20
160.18
144.06
107.74
105.49
149.88
116.39
114.05
122.41
123.04
Interest
113.34
87.59
37.59
25.17
20.64
15.02
14.32
12.85
9.71
12.19
81.95
Depreciation
163.05
148.08
116.86
113.24
114.57
116.63
92.02
82.44
81.90
59.10
134.12
PBT
835.49
794.29
603.29
409.97
327.72
374.53
500.98
422.04
455.43
467.10
368.38
Tax
225.96
225.77
152.36
97.79
68.61
162.08
84.94
165.75
155.99
143.94
170.83
Tax Rate
27.05%
25.96%
25.25%
23.85%
24.93%
43.28%
20.64%
39.27%
35.65%
30.82%
53.56%
PAT
609.53
645.28
450.29
312.31
206.58
212.45
326.50
257.30
288.47
323.16
209.77
PAT before Minority Interest
619.87
643.19
450.70
312.31
206.58
212.45
326.50
256.29
281.60
323.16
148.13
Minority Interest
10.34
2.09
-0.41
0.00
0.00
0.00
0.00
1.01
6.87
0.00
61.64
PAT Margin
6.05%
6.92%
5.57%
5.10%
4.31%
3.70%
5.47%
5.76%
6.43%
6.28%
3.95%
PAT Growth
-0.48%
43.30%
44.18%
51.18%
-2.76%
-34.93%
26.89%
-10.81%
-10.73%
54.05%
 
EPS
51.14
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
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
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
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

Annual Reports:

FY 2024
FY 2023
FY 2022
FY 2021
FY 2020
FY 2019
FY 2018
FY 2017
FY 2016
FY 2015

News Update:


  • 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
  • Thermax’s arm enters into shareholder’s agreement with Brazil-Based OCQ
    11th Mar 2025, 10:36 AM

    Thermax will hold a majority 51% stake in this new company, while OCQ will have a 49% share

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