Financials Thermax Limited

Equities

THERMAX

INE152A01029

Industrial Machinery & Equipment

Delayed NSE India S.E. 10:56:29 23/07/2024 am IST 5-day change 1st Jan Change
5,024 INR +0.92% Intraday chart for Thermax Limited -1.23% +63.42%

Valuation

Fiscal Period: March 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 83,386 1,51,304 2,18,366 2,58,192 4,72,121 5,60,626 - -
Enterprise Value (EV) 1 80,740 1,34,962 2,12,385 2,54,982 4,74,927 5,57,997 5,56,646 5,51,333
P/E ratio 39.2 x 73.3 x 69.9 x 57.3 x 73.2 x 76.3 x 61.7 x 49 x
Yield 0.95% 0.52% 0.46% - 0.29% 0.32% 0.35% 0.46%
Capitalization / Revenue 1.45 x 3.16 x 3.56 x 3.19 x 5.06 x 5.19 x 4.45 x 3.78 x
EV / Revenue 1.41 x 2.82 x 3.47 x 3.15 x 5.09 x 5.16 x 4.41 x 3.72 x
EV / EBITDA 19.9 x 38 x 50.4 x 42.7 x 59.6 x 54.5 x 44.2 x 34.4 x
EV / FCF 29.1 x 19.7 x 88 x -134 x -79.6 x 112 x 102 x 61.7 x
FCF Yield 3.44% 5.08% 1.14% -0.75% -1.26% 0.89% 0.98% 1.62%
Price to Book 2.75 x 4.65 x 6.25 x - 10.6 x 11.5 x 10.1 x 8.39 x
Nbr of stocks (in thousands) 1,12,615 1,12,615 1,12,615 1,12,615 1,12,615 1,12,621 - -
Reference price 2 740.4 1,344 1,939 2,293 4,192 4,978 4,978 4,978
Announcement Date 18/06/20 25/05/21 20/05/22 17/05/23 10/05/24 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2020 2021 2022 2023 2024 2025 2026 2027
Net sales 1 57,313 47,912 61,283 80,898 93,235 1,08,106 1,26,115 1,48,137
EBITDA 1 4,062 3,552 4,214 5,976 7,966 10,233 12,586 16,038
EBIT 1 2,896 2,406 3,081 4,807 6,485 8,417 10,439 13,988
Operating Margin 5.05% 5.02% 5.03% 5.94% 6.96% 7.79% 8.28% 9.44%
Earnings before Tax (EBT) 1 3,745 2,752 4,101 6,031 8,690 10,215 12,515 15,609
Net income 1 2,124 2,066 3,123 4,503 6,453 7,528 9,340 11,676
Net margin 3.71% 4.31% 5.1% 5.57% 6.92% 6.96% 7.41% 7.88%
EPS 2 18.87 18.34 27.73 39.98 57.28 65.26 80.71 101.5
Free Cash Flow 1 2,776 6,861 2,413 -1,904 -5,966 4,974 5,455 8,933
FCF margin 4.84% 14.32% 3.94% -2.35% -6.4% 4.6% 4.33% 6.03%
FCF Conversion (EBITDA) 68.34% 193.17% 57.27% - - 48.61% 43.34% 55.7%
FCF Conversion (Net income) 130.66% 332.13% 77.26% - - 66.08% 58.4% 76.51%
Dividend per Share 2 7.000 7.000 9.000 - 12.00 15.77 17.47 22.82
Announcement Date 18/06/20 25/05/21 20/05/22 17/05/23 10/05/24 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4
Net sales 1 16,147 19,919 16,545 20,753 20,492 23,108 19,330 23,025 23,244 27,637 22,513 25,944 27,736 32,595
EBITDA 1 1,131 1,352 960.3 1,406 1,608 1,999 1,318 2,044 1,874 2,733 1,917 2,603 2,769 3,208
EBIT 1 841.3 1,058 674.8 1,108 1,318 1,705 1,024 1,714 1,516 2,234 1,660 1,442 1,639 3,072
Operating Margin 5.21% 5.31% 4.08% 5.34% 6.43% 7.38% 5.3% 7.44% 6.52% 8.08% 7.37% 5.56% 5.91% 9.42%
Earnings before Tax (EBT) 1 1,080 1,315 813.8 1,424 1,650 2,144 1,425 2,175 3,092 2,509 1,796 2,462 2,624 3,039
Net income 1 794.5 1,025 589.5 1,092 1,262 1,560 588.8 1,586 2,383 1,903 1,346 1,839 1,960 2,270
Net margin 4.92% 5.15% 3.56% 5.26% 6.16% 6.75% 3.05% 6.89% 10.25% 6.89% 5.98% 7.09% 7.07% 6.96%
EPS 2 7.060 9.100 5.230 9.700 11.20 13.85 5.230 14.00 21.17 16.88 12.31 11.87 13.92 19.34
Dividend per Share - - - - - - - - - - - - - -
Announcement Date 04/02/22 20/05/22 02/08/22 11/11/22 07/02/23 17/05/23 01/08/23 03/11/23 08/02/24 10/05/24 - - - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2020 2021 2022 2023 2024 2025 2026 2027
Net Debt 1 - - - - 2,806 - - -
Net Cash position 1 2,646 16,341 5,981 3,210 - 2,629 3,980 9,293
Leverage (Debt/EBITDA) - - - - 0.3523 x - - -
Free Cash Flow 1 2,776 6,861 2,413 -1,904 -5,966 4,974 5,455 8,933
ROE (net income / shareholders' equity) 7% 6.58% 9.26% 12.2% 15.5% 15.9% 17.3% 18.5%
ROA (Net income/ Total Assets) 3.3% 3.32% 4.47% 5.53% - - - -
Assets 1 64,379 62,314 69,840 81,500 - - - -
Book Value Per Share 2 269.0 289.0 310.0 - 394.0 431.0 491.0 593.0
Cash Flow per Share 2 28.80 68.30 28.80 40.80 22.00 74.40 80.60 109.0
Capex 1 480 834 838 6,499 7,185 1,944 1,725 1,833
Capex / Sales 0.84% 1.74% 1.37% 8.03% 7.71% 1.8% 1.37% 1.24%
Announcement Date 18/06/20 25/05/21 20/05/22 17/05/23 10/05/24 - - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
23
Last Close Price
4,978 INR
Average target price
3,950 INR
Spread / Average Target
-20.65%
Consensus
  1. Stock Market
  2. Equities
  3. THERMAX Stock
  4. Financials Thermax Limited