Shares of Thermax declined by 2.01% to Rs 3,384.60 in Thursday's session. This marks a notable change for the stock, which is included as one of the stocks in the NIFTY MIDCAP 150 index. The stock's movement reflects a decline from the previous day's close.
Thermax's consolidated financial performance reveals the following:
Financial Performance:
The revenue and net profit have seen fluctuations over the recent quarters. The following table displays the consolidated quarterly results:
| Heading | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 |
|---|---|---|---|---|---|
| Revenue | Rs 2,184.41 Crore | Rs 2,611.59 Crore | Rs 2,507.76 Crore | Rs 3,084.93 Crore | Rs 2,150.18 Crore |
| Net Profit | Rs 109.84 Crore | Rs 198.03 Crore | Rs 114.23 Crore | Rs 204.84 Crore | Rs 151.63 Crore |
| EPS | 10.28 | 17.49 | 10.29 | 18.27 | 13.53 |
The following table displays the consolidated yearly results:
| Heading | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | Rs 4,791.25 Crore | Rs 6,128.33 Crore | Rs 8,089.81 Crore | Rs 9,323.46 Crore | Rs 10,388.69 Crore |
| Net Profit | Rs 206.58 Crore | Rs 312.18 Crore | Rs 450.93 Crore | Rs 644.01 Crore | Rs 626.94 Crore |
| EPS | 18.34 | 27.73 | 39.98 | 57.30 | 56.33 |
| BVPS | 288.76 | 310.17 | 343.71 | 394.30 | 438.25 |
| ROE | 6.35 | 8.94 | 11.64 | 14.53 | 12.85 |
| Debt to Equity | 0.09 | 0.10 | 0.21 | 0.28 | 0.34 |
Income Statement:
The yearly income statement shows consistent growth in sales and total income. Key figures are summarized below:
| Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | |
|---|---|---|---|---|---|
| Sales | Rs 10,388 Crore | Rs 9,323 Crore | Rs 8,089 Crore | Rs 6,128 Crore | Rs 4,791 Crore |
| Other Income | Rs 252 Crore | Rs 232 Crore | Rs 160 Crore | Rs 127 Crore | Rs 107 Crore |
| Total Income | Rs 10,640 Crore | Rs 9,556 Crore | Rs 8,249 Crore | Rs 6,255 Crore | Rs 4,898 Crore |
| Total Expenditure | Rs 9,639 Crore | Rs 8,598 Crore | Rs 7,609 Crore | Rs 5,820 Crore | Rs 4,603 Crore |
| EBIT | Rs 1,001 Crore | Rs 957 Crore | Rs 640 Crore | Rs 435 Crore | Rs 295 Crore |
| Interest | Rs 116 Crore | Rs 87 Crore | Rs 37 Crore | Rs 25 Crore | Rs 20 Crore |
| Tax | Rs 257 Crore | Rs 225 Crore | Rs 152 Crore | Rs 97 Crore | Rs 68 Crore |
| Net Profit | Rs 626 Crore | Rs 644 Crore | Rs 450 Crore | Rs 312 Crore | Rs 206 Crore |
The cash flow statement provides insights into the company's liquidity and financial activities:
| Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | |
|---|---|---|---|---|---|
| Operating Activities | Rs 1,042 Crore | Rs 247 Crore | Rs 459 Crore | Rs 324 Crore | Rs 769 Crore |
| Investing Activities | Rs -1,240 Crore | Rs -509 Crore | Rs -679 Crore | Rs -421 Crore | Rs -635 Crore |
| Financing Activities | Rs 123 Crore | Rs 285 Crore | Rs 348 Crore | Rs -20 Crore | Rs 77 Crore |
| Others | Rs 20 Crore | Rs -4 Crore | Rs 15 Crore | Rs 2 Crore | Rs 8 Crore |
| Net Cash Flow | Rs -53 Crore | Rs 19 Crore | Rs 144 Crore | Rs -115 Crore | Rs 219 Crore |
The balance sheet reflects the company's assets, liabilities, and equity:
| Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | |
|---|---|---|---|---|---|
| Share Capital | Rs 22 Crore | Rs 22 Crore | Rs 22 Crore | Rs 22 Crore | Rs 22 Crore |
| Reserves & Surplus | Rs 4,914 Crore | Rs 4,417 Crore | Rs 3,845 Crore | Rs 3,469 Crore | Rs 3,228 Crore |
| Current Liabilities | Rs 5,635 Crore | Rs 4,725 Crore | Rs 4,409 Crore | Rs 3,758 Crore | Rs 3,070 Crore |
| Other Liabilities | Rs 1,466 Crore | Rs 987 Crore | Rs 561 Crore | Rs 210 Crore | Rs 184 Crore |
| Total Liabilities | Rs 12,038 Crore | Rs 10,153 Crore | Rs 8,838 Crore | Rs 7,461 Crore | Rs 6,506 Crore |
| Fixed Assets | Rs 3,288 Crore | Rs 2,427 Crore | Rs 1,678 Crore | Rs 1,236 Crore | Rs 1,263 Crore |
| Current Assets | Rs 7,321 Crore | Rs 6,448 Crore | Rs 6,080 Crore | Rs 4,737 Crore | Rs 4,466 Crore |
| Other Assets | Rs 1,427 Crore | Rs 1,277 Crore | Rs 1,079 Crore | Rs 1,487 Crore | Rs 777 Crore |
| Total Assets | Rs 12,038 Crore | Rs 10,153 Crore | Rs 8,838 Crore | Rs 7,461 Crore | Rs 6,506 Crore |
| Contingent Liabilities | Rs 728 Crore | Rs 1,086 Crore | Rs 956 Crore | Rs 529 Crore | Rs 1,806 Crore |
Key financial ratios for Thermax are as follows:
| Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | |
|---|---|---|---|---|---|
| Basic EPS (Rs.) | 56.33 | 57.30 | 39.98 | 27.73 | 18.34 |
| Diluted Eps (Rs.) | 56.31 | 57.28 | 39.98 | 27.73 | 18.34 |
| Book Value /Share (Rs.) | 438.25 | 394.30 | 343.71 | 310.17 | 288.76 |
| Dividend/Share (Rs.) | 14.00 | 12.00 | 10.00 | 9.00 | 7.00 |
| Face Value | 2 | 2 | 2 | 2 | 2 |
| Gross Profit Margin (%) | 11.16 | 11.04 | 9.36 | 8.94 | 9.66 |
| Operating Margin (%) | 9.64 | 9.45 | 7.92 | 7.10 | 7.27 |
| Net Profit Margin (%) | 6.03 | 6.90 | 5.57 | 5.09 | 4.31 |
| Return on Networth / Equity (%) | 12.85 | 14.53 | 11.64 | 8.94 | 6.35 |
| ROCE (%) | 15.64 | 16.24 | 14.46 | 11.75 | 10.13 |
| Return On Assets (%) | 5.27 | 6.35 | 5.09 | 4.18 | 3.17 |
| Current Ratio (X) | 1.30 | 1.36 | 1.38 | 1.26 | 1.45 |
| Quick Ratio (X) | 1.17 | 1.20 | 1.21 | 1.07 | 1.32 |
| Debt to Equity (x) | 0.34 | 0.28 | 0.21 | 0.10 | 0.09 |
| Interest Coverage Ratios (X) | 9.93 | 11.76 | 20.16 | 21.79 | 22.43 |
| Asset Turnover Ratio (%) | 0.94 | 0.98 | 0.99 | 0.67 | 0.57 |
| Inventory Turnover Ratio (X) | 13.81 | 6.70 | 5.99 | 6.04 | 4.66 |
| 3 Yr CAGR Sales (%) | 30.20 | 39.50 | 18.81 | 1.29 | 3.59 |
| 3 Yr CAGR Net Profit (%) | 41.71 | 76.56 | 45.69 | -2.22 | -10.22 |
| P/E (x) | 64.87 | 73.16 | 57.35 | 69.93 | 73.26 |
| P/B (x) | 8.34 | 10.64 | 6.67 | 6.26 | 4.66 |
| EV/EBITDA (x) | 35.95 | 46.14 | 33.61 | 38.80 | 29.21 |
| P/S (x) | 3.96 | 5.07 | 3.19 | 3.57 | 3.16 |
The company announced a final dividend of Rs 14 per share on May 9, 2025, with an effective date of July 4, 2025. Thermax had a bonus issue on September 8, 2003, with a ratio of 2:1. The company had a stock split on March 31, 2006, with old FV of 10 and new FV of 2.
Moneycontrol analysis on August 1, 2025, indicated a bullish sentiment for the stock.
With the stock currently trading at Rs 3,384.60, Thermax has experienced a downturn in today's session.
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