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Thermax Ltd

Updated on January 20, 2020

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...Read more

Below is the details of THERMAX Thermax Ltd

Market Cap₹12,234 Cr.
Current Price ₹991.5 as on 10 Dec 19
52 Week High / Low Price₹1,198 / ₹927.4
Face Value₹2
Stock P/E40.83
Book Value₹229.96
Dividend Yield0.68 %
ROCE16.07 %
ROE11.70 %
Sales Growth (3yrs)-6.54 %
SectorCapital Goods-Non Electrical Equipment
IndustryEngineering
Listed onBSE  AND  NSE
Company WebsiteCompany Website
Pros: Company has reduced debt. Company is virtually debt free. Company is expected to give good quarter Company has been maintaining a healthy dividend payout of 36.56% Debtor days have improved from 110.46 to 86.26 days
Cons: The company has delivered a poor growth of -3.73% over past five years. Company has a low return on equity of 10.38% for last 3 years. Earnings include an other income of Rs.173.82 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 ₹758.85 9.45 ₹25,913.36 Cr. 2.56 ₹621.71 Cr. 114.62 32.21 3451.07 29.74
2. Thermax 40.83 ₹12,233.78 Cr. 0.68 ₹64.89 Cr. -6.42 10.53 838.30 16.07
3. Bharat Dynamics ₹287.2 12.61 ₹6,109.68 Cr. 2.08 ₹106.46 Cr. 275.65 8.83 659.48 31.60
4. BEML Ltd ₹985.6 49.65 ₹4,154.84 Cr. 0.70 -₹27.2 Cr. -263.56 -6.39 687.11 7.25
5. ISGEC Heavy ₹44.7 22.26 ₹3,169.12 Cr. 1.51 ₹45.13 Cr. 71.73 22.52 1430.54 15.24
6. GMM Pfaudler ₹1,642.6 37.86 ₹2,417.08 Cr. 0.27 ₹20.79 Cr. 51.09 27.74 153.05 28.72
7. Kennametal India ₹975.05 27.08 ₹2,234.97 Cr. 0.20 ₹20.3 Cr. -15.82 -12.74 197.90 25.15
8. Praj Inds. ₹97.95 24.02 ₹1,937.97 Cr. 2.00 ₹16.13 Cr. 80.43 17.17 294.14 10.59

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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

Dec 2016Mar 2017Jun 2017Sep 2017Dec 2017Mar 2018Jun 2018Sep 2018Dec 2018Mar 2019Jun 2019Sep 2019
Sales7851,3437138646588946087588471,328788838
YOY Sales Growth %-23.84%3.94%-9.86%2.19%-16.1%-33.42%-14.74%-12.21%28.62%48.49%29.51%10.53%
Expenses7041,1916707785958075737247781,215755775
Material Cost %52.22%59.04%51.73%56.28%53.86%58.06%54.31%60.21%60.68%68.18%61.01%58.46%
Employee Cost %13.96%9.71%15.64%13.18%13.65%9.85%15.38%12.77%11.77%7.78%12.77%12.72%
Operating Profit81152438664873534691123364
OPM %10%11%6%10%10%10%6%4%8%8%4%8%
Other Income21-10122223751407119604351
Interest120411111211
Depreciation161615151314131212121416
Profit before tax85335089871236091751586198
Tax %33%150%35%36%27%30%26%24%36%29%19%34%
Net Profit57-17325763864569481135065
EPS in Rs4.76-1.402.724.775.317.193.775.824.059.474.195.44
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 2008Mar 2009Mar 2010Mar 2011Mar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019TTM
Sales3,1573,0753,0444,8505,3004,6894,2834,6034,3383,7642,7273,5413,800
Sales Growth %52.72%-2.62%-0.98%59.32%9.27%-11.53%-8.65%7.46%-5.75%-13.25%-27.53%29.83%%
Expenses2,7902,7072,7484,3064,7074,1733,8644,1383,9603,3892,4883,2893,523
Material Cost %69.24%63.94%66.37%70.42%69.45%67.69%64.55%60.38%59.17%54.76%56.61%62.46%%
Manufacturing Cost %4.47%5.26%5.62%4.66%5.08%4.08%6.84%9.93%11.12%12.61%13.32%11.42%%
Employee Cost %7.43%8.21%9.54%7.6%7.31%8.56%9.87%9.84%10.42%12.2%13.17%11.15%%
Other Cost %7.23%10.62%8.71%6.09%6.98%8.67%8.95%9.75%10.58%10.47%8.11%7.85%%
Operating Profit367368297545593516419464378375240252278
OPM %12%12%10%11%11%11%10%10%9%10%9%7%7%
Other Income91933283707364117110-31151188174
Interest71011111518192054454
Depreciation22324043475558646165495054
Profit before tax430419277573601516407497423275337384393
Tax %35%31%49%33%32%32%38%32%30%47%29%28%
Net Profit281287141382407350253336297145238275276
EPS in Rs22.2123.2611.0430.6433.0128.1820.2126.7724.9712.1620.0023.1023.15
Dividend Payout %34%21%42%28%20%24%28%25%24%49%30%30%

Compounded Sales Growth

  • 10 Years:: 1.42%
  • 5 Years:: -3.73%
  • 3 Years:: -6.54%
  • TTM:: 30.19%

Compounded Profit Growth

  • 10 Years:: 0.92%
  • 5 Years:: 5.30%
  • 3 Years:: 1.16%
  • TTM:: 8.86%

Return on Equity

  • 10 Years:: 5.76%
  • 5 Years:: 0.29%
  • 3 Years:: 7.37%
  • 1 Year:: -1.40%

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 2008Mar 2009Mar 2010Mar 2011Mar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Sep 2019
Share Capital24242424242424242424242424
Equity Capital23.8323.8323.8323.8323.8323.8323.8323.8323.8323.8323.8323.8323.83
Reserves7129381,0271,2691,5771,8452,0012,2432,3182,3862,5422,7122,716
Borrowings000481661218910591661164041
Other Liabilities1,1951,3222,0882,3172,2352,2822,6962,7062,3212,2002,7913,5162,844
Trade Payables429.45397.15729.88783.04783.01827.67791.89876.33829.73939.09965.68808.33617.41
Total Liabilities1,9312,2843,1393,6574,0034,1644,9105,0784,7554,6765,4736,2925,625
Fixed Assets279440494487532555640609584555671713748
Gross Block419.3602.89688.44717.13804.6873.481008.111039.061058.621090.241259.191170.59
Accumulated Depreciation140.7162.98194.59230.52272.98318.87367.69429.75475.04535.61587.71457.71
CWIP481811304291243959129922954
Investments5801763784045538041,0961,2571,3781,4041,7961,4241,394
Other Assets1,0251,6502,2552,7372,8762,7143,1503,1722,7342,5882,9134,1253,429
Inventories255.33493.28522.53639.43629.96210.33252.85315.95224.77228.65298.3230.44235.63
Trade receivables505.31540.78747.05961.171245.631423.891352.361538.721225.43955.371139.3836.9770.94
Cash Equivalents27.91356.61605.55595.69569.75222.62320.14257.21178.3670.93119.35118.76147.73
Loans n Advances236.81259.04380.35344.84298.82633.111030.99755.14833.891024.9410602686.1416.22
Other Assets etc000195.41132.15224.47194.02305.05271.85308.17296.43252.952258.3
Total Assets1,9312,2843,1393,6574,0034,1644,9105,0784,7554,6765,4736,2925,625

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 2008Mar 2009Mar 2010Mar 2011Mar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019
Cash from Operating Activity14114858353175207331294288346507-117
Profit from operations431.44435.28412.24565.75604.71528.43450.77562.11499.08462.41408.38492.45
Working Capital Changes-144.51-147.92324.02-177.05-261.86-118.7265.79-148.23-59.3717.68252.54-436.81
Taxes paid-141.93-139.33-134.61-179.62-168.31-202.58-185.73-119.79-151.64-133.96-153.86-172.79
Cash from Investing Activity-138280-247-40-188-293-304-16-170-151-456254
Fixed Assets Purchased-179.56-164.79-88.77-57.31-108.12-127.3-75.64-48.81-56.95-107.49-144.8-125.14
Fixed Assets Sold000004.662.370.150000
Capital WIP05.270.73000000000
Investments purchased-1224.26-735.94-620.86-829.25-1054.5-1202.82-1989.5-1927.61-118.040-320.810
Investments sold1256.261154.86434.41996.011002.271007.371788.551809.66062.490592.98
Cash from Financing Activity-38-115-71-23-12-26271-237-119-115-38-51
Proceeds from Borrowings00048.12118.320000000
Repayment of Borrowings0000000-133.580000
Interest Paid-1.27-3.27-1.52-2.08-5.71-10.58-8.83-19.68-4.6-3.59-2.38-3.76
Dividends Paid-36.22-111.39-69.64-69.46-124.55-96.94-97.53-83.62-100.36-86.09-86.04-83.96
Net Cash Flow-35313265-10-26-3479841-1801287

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Ratios

Mar 2008Mar 2009Mar 2010Mar 2011Mar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019
ROCE %66%50%40%49%39%29%20%21%18%17%14%16%
Debtor Days58649072861111151221039315286
Inventory Turnover11.898.215.998.358.3511.1618.5016.1816.0516.6010.3513.39

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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.