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Market Closed -
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5-day change | 1st Jan Change | ||
| 4,053.10 INR | -1.75% |
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-0.78% | +34.09% |
Projected Income Statement: Thermax Limited
| Fiscal Period: March | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 47,912 | 61,283 | 80,898 | 93,235 | 1,03,887 | 1,06,281 | 1,23,522 | 1,42,408 |
| Change | - | 27.91% | 32.01% | 15.25% | 11.43% | 2.3% | 16.22% | 15.29% |
| EBITDA 1 | 3,552 | 4,214 | 5,976 | 7,966 | 9,075 | 9,536 | 12,622 | 15,515 |
| Change | - | 18.63% | 41.81% | 33.3% | 13.93% | 5.08% | 32.36% | 22.92% |
| EBIT 1 | 2,406 | 3,081 | 4,807 | 6,485 | 7,490 | 7,585 | 10,647 | 13,220 |
| Change | - | 28.06% | 56.01% | 34.91% | 15.5% | 1.26% | 40.38% | 24.16% |
| Interest Paid 1 | -206.4 | -251.7 | -375.9 | -875.9 | -1,168 | -1,309 | -1,470 | -1,596 |
| Earnings before Tax (EBT) 1 | 2,752 | 4,101 | 6,031 | 8,690 | 8,845 | 9,014 | 11,582 | 14,214 |
| Change | - | 49.02% | 47.05% | 44.09% | 1.78% | 1.92% | 28.48% | 22.73% |
| Net income 1 | 2,066 | 3,123 | 4,503 | 6,453 | 6,345 | 6,404 | 8,459 | 10,403 |
| Change | - | 51.18% | 44.18% | 43.3% | -1.68% | 0.93% | 32.08% | 22.99% |
| Announcement Date | 25/05/21 | 20/05/22 | 17/05/23 | 10/05/24 | 09/05/25 | - | - | - |
Forecast Balance Sheet: Thermax Limited
| Fiscal Period: March | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | -16,341 | -5,981 | -3,210 | 2,806 | 5,388 | 9,455 | 5,256 | 7,863 |
| Change | - | 63.4% | 46.33% | 187.41% | 92.02% | 75.48% | -44.41% | 49.6% |
| Announcement Date | 25/05/21 | 20/05/22 | 17/05/23 | 10/05/24 | 09/05/25 | - | - | - |
Cash Flow Forecast: Thermax Limited
| Fiscal Period: March | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|---|---|---|
| CAPEX 1 | 833.7 | 837.8 | 6,499 | 7,185 | 9,002 | 8,007 | 7,143 | 6,362 |
| Change | - | 0.49% | 675.77% | 10.55% | 25.29% | -11.05% | -10.79% | -10.94% |
| Free Cash Flow (FCF) 1 | 6,861 | 2,413 | -1,904 | -5,966 | 1,401 | 3,886 | 3,004 | 5,647 |
| Change | - | -64.83% | -178.9% | -213.39% | 123.48% | 177.32% | -22.69% | 87.96% |
| Announcement Date | 25/05/21 | 20/05/22 | 17/05/23 | 10/05/24 | 09/05/25 | - | - | - |
Forecast Financial Ratios: Thermax Limited
| Fiscal Period: March | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|---|---|---|
Profitability | ||||||||
| EBITDA Margin (%) | 7.41% | 6.88% | 7.39% | 8.54% | 8.74% | 8.97% | 10.22% | 10.89% |
| EBIT Margin (%) | 5.02% | 5.03% | 5.94% | 6.96% | 7.21% | 7.14% | 8.62% | 9.28% |
| EBT Margin (%) | 5.74% | 6.69% | 7.45% | 9.32% | 8.51% | 8.48% | 9.38% | 9.98% |
| Net margin (%) | 4.31% | 5.1% | 5.57% | 6.92% | 6.11% | 6.03% | 6.85% | 7.31% |
| FCF margin (%) | 14.32% | 3.94% | -2.35% | -6.4% | 1.35% | 3.66% | 2.43% | 3.97% |
| FCF / Net Income (%) | 332.13% | 77.26% | -42.28% | -92.46% | 22.08% | 60.68% | 35.52% | 54.28% |
Profitability | ||||||||
| ROA | 3.32% | 4.47% | 5.52% | - | 5.72% | 5.15% | 6.62% | 7.43% |
| ROE | 6.58% | 9.26% | 12.24% | 15.5% | 13.53% | 12.08% | 14.44% | 15.85% |
Financial Health | ||||||||
| Leverage (Debt/EBITDA) | - | - | - | 0.35x | 0.59x | 0.99x | 0.42x | 0.51x |
| Debt / Free cash flow | - | - | - | -0.47x | 3.85x | 2.43x | 1.75x | 1.39x |
Capital Intensity | ||||||||
| CAPEX / Current Assets (%) | 1.74% | 1.37% | 8.03% | 7.71% | 8.67% | 7.53% | 5.78% | 4.47% |
| CAPEX / EBITDA (%) | 23.47% | 19.88% | 108.77% | 90.2% | 99.19% | 83.97% | 56.59% | 41.01% |
| CAPEX / FCF (%) | 12.15% | 34.72% | -341.39% | -120.43% | 642.46% | 206.07% | 237.78% | 112.66% |
Items per share | ||||||||
| Cash flow per share 1 | 68.33 | 28.84 | 40.8 | 21.95 | 92.55 | 59.24 | 73.42 | 88.46 |
| Change | - | -57.8% | 41.49% | -46.2% | 321.59% | -35.99% | 23.94% | 20.48% |
| Dividend per Share 1 | 7 | 9 | 10 | 12 | 14 | 14.13 | 16.83 | 21.01 |
| Change | - | 28.57% | 11.11% | 20% | 16.67% | 0.91% | 19.12% | 24.86% |
| Book Value Per Share 1 | 288.8 | 310.2 | 343.4 | 394.2 | 438.2 | 459 | 512.3 | 578.7 |
| Change | - | 7.42% | 10.72% | 14.79% | 11.15% | 4.75% | 11.62% | 12.97% |
| EPS 1 | 18.34 | 27.73 | 39.98 | 57.28 | 56.31 | 54.45 | 71.95 | 88.54 |
| Change | - | 51.2% | 44.18% | 43.27% | -1.69% | -3.3% | 32.14% | 23.05% |
| Nbr of stocks (in thousands) | 1,12,615 | 1,12,615 | 1,12,615 | 1,12,615 | 1,12,621 | 1,12,640 | 1,12,640 | 1,12,640 |
| Announcement Date | 25/05/21 | 20/05/22 | 17/05/23 | 10/05/24 | 09/05/25 | - | - | - |
| 2026 * | 2027 * | |
|---|---|---|
| P/E ratio | 75.8x | 57.3x |
| PBR | 8.99x | 8.05x |
| EV / Sales | 4.38x | 3.74x |
| Yield | 0.34% | 0.41% |
EPS & Dividend
Y-o-Y evolution of P/E
Year-on-year evolution of the Yield
Trader
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Investor
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Global
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Quality
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ESG MSCI
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Quarterly revenue - Rate of surprise
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- THERMAX Stock
- Financials Thermax Limited
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