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Thermax Ltd

Updated on May 14, 2019

Stock/Share Code - THERMAX

Thermax 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.

Below is the details of THERMAX Thermax Ltd

Market Cap₹11,784 Cr.
Current Price ₹998.25 as on 20 May 19
52 Week High / Low Price₹1,247 / ₹878.05
Face Value₹2
Stock P/E43.11
Book Value₹214.12
Dividend Yield0.61 %
ROCE15.96 %
ROE10.22 %
Sales Growth (3yrs)-5.63 %
SectorCapital Goods-Non Electrical Equipment
IndustryEngineering
Listed onBSE  AND  NSE
Company WebsiteCompany Website
Pros: Company is virtually debt free. Company has been maintaining a healthy dividend payout of 34.47%
Cons: The company has delivered a poor growth of -3.78% over past five years. Company has a low return on equity of 10.71% for last 3 years. Earnings include an other income of Rs.130.24 Cr.

Thermax Ltd Price Chart

Thermax Ltd Price Chart

Thermax Ltd Peer Comparison in Capital Goods-Non Electrical Equipment

S.No. Name CMP Rs. P/E Mar Cap Rs.Cr. Div Yld % NP Qtr Rs.Cr. Qtr Profit Var % Qtr Sales Var % Sales Qtr Rs.Cr. ROCE %
1. Hind.Aeronautics ₹653.15 9.79 ₹21,828.81 Cr. 4.93 ₹455.19 Cr. -17.03 3.44 4425.26 25.16
2. Bharat Dynamics ₹293.8 8.77 ₹5,571.76 Cr. 2.85 ₹188.3 Cr. 2946.93 26.20 1037.96 37.40
3. Thermax 37.35 ₹11,783.96 Cr. 0.61 ₹75.04 Cr. 98.50 28.62 1436.60 15.52
4. Thermax 43.11 ₹11,783.96 Cr. 0.61 ₹48.22 Cr. -5.27 28.62 846.83 15.96
5. Va Tech Wabag ₹298.4 13.58 ₹1,682.83 Cr. 1.30 ₹15.42 Cr. -48.70 -23.45 661.90 19.35
6. ISGEC Heavy ₹65.95 27.63 ₹3,417.07 Cr. 0.34 ₹37.31 Cr. 26.73 58.80 1052.54 13.54
7. Elecon Engg.Co ₹50.05 5.69 ₹645.15 Cr. 0.35 ₹3.04 Cr. 228.27 5.23 272.64 6.15
8. Kennametal India ₹89.9 24.31 ₹2,282 Cr. 0.19 ₹30.7 Cr. 233.33 25.24 233.70 19.53

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Thermax Ltd Fundamentals

Quarterly Results

Quarterly reports are issued by companies every three months. Most companies have a financial year-end of Mar. 31 and quarters that end on June 30, Sept. 30, Dec. 31 and March 31.

Standalone Figures in Rs. Crores

Mar 2016Jun 2016Sep 2016Dec 2016Mar 2017Jun 2017Sep 2017Dec 2017Mar 2018Jun 2018Sep 2018Dec 2018
Sales1,2927918457851,3437138646581,310849758847
YOY Sales Growth %-14.35%-22.2%-21.94%-23.84%3.94%-9.86%2.19%-16.1%-2.44%19.05%-12.21%28.62%
Expenses1,1687287687041,1916707785951,160791724778
Material Cost %57.75%49.42%55.19%52.22%59.04%51.73%56.28%53.86%57.13%54.15%60.21%60.68%
Employee Cost %9.42%14.7%12.14%13.96%9.71%15.64%13.18%13.65%9.13%14.29%12.77%11.77%
Operating Profit124647781152438664150593469
OPM %10%8%9%10%11%6%10%10%11%7%4%8%
Other Income49212921-10122223713287119
Interest111120412211
Depreciation131717161615151317171212
Profit before tax15867898533508987143689175
Tax %27%33%33%33%150%35%36%27%40%34%24%36%
Net Profit116456057-1732576386456948
NotesNotesNotesNotesNotesNotesNotesNotesNotesNotesNotesNotes

Profit & Loss

The profit and loss (P&L) statement is a financial statement that summarizes the revenues, costs and expenses incurred during a specified period, usually a fiscal quarter or year. The P&L statement is synonymous with the income statement. These records provide information about a company's ability or inability to generate profit" by increasing revenue, reducing costs or both. Some refer to the P&L statement as a statement of profit and loss, income statement, statement of operations, statement of financial results or income, earnings statement or expense statement.

Standalone Figures in Rs. Crores

Mar 2007Mar 2008Mar 2009Mar 2010Mar 2011Mar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018TTM
Sales2,0683,1603,0773,0484,8525,3044,6914,3024,6034,3383,7643,8683,765
Sales Growth %38.98%52.79%-2.63%-0.94%59.19%9.31%-11.56%-8.29%6.99%-5.75%-13.25%2.77%%
Expenses1,8022,7932,7092,7514,3084,7114,1753,8834,1383,9603,3893,4963,453
Material Cost %65.88%69.18%63.89%66.29%70.4%69.4%67.66%64.26%60.38%59.17%54.76%55.49%%
Manufacturing Cost %4.68%4.47%5.26%5.62%4.65%5.07%4.08%6.81%9.93%11.12%12.61%13.28%%
Employee Cost %9.15%7.42%8.21%9.53%7.6%7.3%8.56%9.82%9.84%10.42%12.2%11.92%%
Other Cost %7.39%7.31%10.68%8.82%6.13%7.05%8.71%9.35%10.01%10.67%10.54%9.88%%
Operating Profit267367368297545593516419464378375372312
OPM %13%12%12%10%11%11%11%10%10%9%10%10%8%
Other Income5091933283707364117110-3178130
Interest77101111151819205486
Depreciation19223240434755586461656459
Profit before tax291430419277573601516407497423275378377
Tax %35%35%31%49%33%32%32%38%32%30%47%37%
Net Profit188281287141382407350253336297145238248
EPS in Rs14.8422.2123.2611.0430.6433.0128.1820.2126.7724.9712.1620.00
Dividend Payout %38%34%21%42%28%20%24%28%25%24%49%30%

Compounded Sales Growth

  • 10 Years:: 2.04%
  • 5 Years:: -3.78%
  • 3 Years:: -5.63%
  • TTM:: 5.20%

Compounded Profit Growth

  • 10 Years:: -0.87%
  • 5 Years:: -5.77%
  • 3 Years:: -6.82%
  • TTM:: 82.83%

Return on Equity

  • 10 Years:: 17.11%
  • 5 Years:: 11.74%
  • 3 Years:: 10.71%
  • TTM:: 10.22%

Balance Sheet

A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity at a specific point in time, and provides a basis for computing rates of return and evaluating its capital structure. It is a financial statement that provides a snapshot of what a company owns and owes, as well as the amount invested by shareholders. It is used alongside other important financial statements such as the income statement and statement of cash flows in conducting fundamental analysis or calculating financial ratios.

Standalone Figures in Rs. Crores

Mar 2007Mar 2008Mar 2009Mar 2010Mar 2011Mar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Sep 2018
Share Capital24242424242424242424242424
Equity Capital23.8323.8323.8323.8323.8323.8323.8323.8323.8323.8323.8323.83
Reserves5557129381,0271,2691,5771,8452,0012,2432,3182,3862,5422,528
Borrowings00004816612189105916611686
Other Liabilities1,4981,1951,3222,0882,3172,2352,2822,6962,7062,3212,2002,7912,950
Trade Payables293.14429.45397.15729.88783.04783.01827.67791.89876.33829.73939.09965.68930.35
Total Liabilities2,0771,9312,2843,1393,6574,0034,1644,9105,0784,7554,6765,4735,588
Fixed Assets158279440494487532555640609584555671679
Gross Block279.1419.3602.89688.44717.13804.6873.481008.111039.061058.621090.241259.19
Accumulated Depreciation121.22140.7162.98194.59230.52272.98318.87367.69429.75475.04535.61587.71
CWIP1248181130429124395912992135
Investments5785801763784045538041,0961,2571,3781,4041,7961,644
Other Assets1,3301,0251,6502,2552,7372,8762,7143,1503,1722,7342,5882,9133,129
Inventories275.56255.33493.28522.53639.43629.96210.33252.85315.95224.77228.65298.3359.09
Trade receivables382.51505.31540.78747.05961.171245.631423.891352.361538.721225.43955.371139.31021.36
Cash Equivalents62.4727.91356.61605.55595.69569.75222.62320.14257.21178.3670.93119.3526.31
Loans n Advances609.68236.81259.04380.35344.84298.82633.111030.99755.14833.891024.94106018.91
Total Assets2,0771,9312,2843,1393,6574,0034,1644,9105,0784,7554,6765,4735,588

Cash Flows

Cash flow is the net amount of cash and cash-equivalents being transferred into and out of a business. At the most fundamental level, a company’s ability to create value for shareholders is determined by its ability to generate positive cash flows, or more specifically, maximize long-term free cash flow.

Standalone Figures in Rs. Crores

Mar 2007Mar 2008Mar 2009Mar 2010Mar 2011Mar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018
Cash from Operating Activity32414114858353175207331294288346507
Profit from operations302.14431.44435.28412.24565.75604.71528.43450.77562.11499.08462.41408.38
Working Capital Changes125.69-144.51-147.92324.02-177.05-261.86-118.7265.79-148.23-59.3717.68252.54
Taxes paid-109.05-141.93-139.33-134.61-179.62-168.31-202.58-185.73-119.79-151.64-133.96-153.86
Cash from Investing Activity-204-138280-247-40-188-293-304-16-170-151-456
Fixed Assets Purchased-50.24-179.56-164.79-88.77-57.31-108.12-127.3-75.64-48.81-56.95-107.49-144.8
Fixed Assets Sold0000004.662.370.15000
Capital WIP005.270.7300000000
Investments purchased-2174.2-1224.26-735.94-620.86-829.25-1054.5-1202.82-1989.5-1927.61-118.040-325.32
Investments sold2001.391256.261154.86434.41996.011002.271007.371788.551809.66062.490
Cash from Financing Activity-94-38-115-71-23-12-26271-237-119-115-38
Proceeds from Borrowings000048.12118.32000000
Repayment of Borrowings00000000-133.58000
Interest Paid-1.3-1.27-3.27-1.52-2.08-5.71-10.58-8.83-19.68-4.6-3.59-2.38
Dividends Paid-92.29-36.22-111.39-69.64-69.46-124.55-96.94-97.53-83.62-100.36-86.09-86.04
Net Cash Flow26-35313265-10-26-3479841-18012

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Ratios

Mar 2007Mar 2008Mar 2009Mar 2010Mar 2011Mar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018
ROCE %61%66%50%40%49%39%29%20%21%18%17%16%
Debtor Days68586489728611111512210393108
Inventory Turnover9.4511.908.226.008.358.3611.1618.5816.1816.0516.6014.68

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Disclaimer:
All efforts have been made to ensure the information provided here is accurate as per time to time filling by company to exchanges. However, no guarantees are made regarding correctness of data. Investors are advised to validate/check information with exchanges or companies website before making any investment decisions.