THERMAX LIMITED |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 4,368 INR | +1.57% |
|
-9.23% | +41.74% |
| Apr. 22 | Thermax Board to Consider Dividend for Fiscal 2024 | MT |
| Apr. 15 | Thermax Opens New Manufacturing Facility for Water, Wastewater Treatment in Pune, India; Shares Jump 3% | MT |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 109,405 | 83,386 | 151,304 | 218,366 | 258,192 | 491,879 | - | - |
| Enterprise Value (EV) 1 | 107,915 | 80,740 | 134,962 | 212,385 | 254,982 | 478,191 | 474,097 | 468,459 |
| P/E ratio | 33.6 x | 39.2 x | 73.3 x | 69.9 x | 57.3 x | 85.2 x | 67.8 x | 56.5 x |
| Yield | 0.72% | 0.95% | 0.52% | 0.46% | - | 0.3% | 0.35% | 0.39% |
| Capitalization / Revenue | 1.83 x | 1.45 x | 3.16 x | 3.56 x | 3.19 x | 5.32 x | 4.6 x | 4.01 x |
| EV / Revenue | 1.81 x | 1.41 x | 2.82 x | 3.47 x | 3.15 x | 5.17 x | 4.43 x | 3.82 x |
| EV / EBITDA | 23.6 x | 19.9 x | 38 x | 50.4 x | 42.7 x | 62.9 x | 48.2 x | 40 x |
| EV / FCF | -40 x | 29.1 x | 19.7 x | 88 x | -134 x | 179 x | 109 x | 71.2 x |
| FCF Yield | -2.5% | 3.44% | 5.08% | 1.14% | -0.75% | 0.56% | 0.92% | 1.4% |
| Price to Book | 3.63 x | 2.75 x | 4.65 x | 6.25 x | - | 11.7 x | 10.4 x | 9.08 x |
| Nbr of stocks (in thousands) | 112,615 | 112,615 | 112,615 | 112,615 | 112,615 | 112,615 | - | - |
| Reference price 2 | 971.5 | 740.4 | 1,344 | 1,939 | 2,293 | 4,368 | 4,368 | 4,368 |
| Announcement Date | 5/22/19 | 6/18/20 | 5/25/21 | 5/20/22 | 5/17/23 | - | - | - |
1INR in Million2INR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 59,732 | 57,313 | 47,912 | 61,283 | 80,898 | 92,426 | 106,976 | 122,755 |
| EBITDA 1 | 4,574 | 4,062 | 3,552 | 4,214 | 5,976 | 7,606 | 9,832 | 11,707 |
| EBIT 1 | 3,654 | 2,896 | 2,406 | 3,081 | 4,807 | 6,249 | 8,341 | 10,132 |
| Operating Margin | 6.12% | 5.05% | 5.02% | 5.03% | 5.94% | 6.76% | 7.8% | 8.25% |
| Earnings before Tax (EBT) 1 | 4,114 | 3,745 | 2,752 | 4,101 | 6,031 | 7,869 | 10,048 | 12,081 |
| Net income 1 | 3,254 | 2,124 | 2,066 | 3,123 | 4,503 | 5,963 | 7,471 | 8,965 |
| Net margin | 5.45% | 3.71% | 4.31% | 5.1% | 5.57% | 6.45% | 6.98% | 7.3% |
| EPS 2 | 28.90 | 18.87 | 18.34 | 27.73 | 39.98 | 51.29 | 64.46 | 77.37 |
| Free Cash Flow 1 | -2,701 | 2,776 | 6,861 | 2,413 | -1,904 | 2,672 | 4,349 | 6,580 |
| FCF margin | -4.52% | 4.84% | 14.32% | 3.94% | -2.35% | 2.89% | 4.07% | 5.36% |
| FCF Conversion (EBITDA) | - | 68.34% | 193.17% | 57.27% | - | 35.13% | 44.24% | 56.21% |
| FCF Conversion (Net income) | - | 130.66% | 332.13% | 77.26% | - | 44.8% | 58.22% | 73.4% |
| Dividend per Share 2 | 7.000 | 7.000 | 7.000 | 9.000 | - | 13.06 | 15.23 | 17.14 |
| Announcement Date | 5/22/19 | 6/18/20 | 5/25/21 | 5/20/22 | 5/17/23 | - | - | - |
1INR in Million2INR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 2020 S1 | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 29,983 | 14,106 | 15,745 | 10,524 | 14,693 | 16,147 | 19,919 | 16,545 | 20,753 | 20,492 | 23,108 | 19,330 | 23,323 | 23,511 | 26,645 | 22,400 |
| EBITDA 1 | - | 1,476 | 1,397 | 630.4 | 1,100 | 1,131 | 1,352 | 960.3 | 1,406 | 1,608 | 1,999 | 1,318 | 1,822 | 2,081 | 2,340 | - |
| EBIT 1 | - | 1,185 | 1,109 | 356.5 | 825.9 | 841.3 | 1,058 | 674.8 | 1,108 | 1,318 | 1,705 | 1,024 | 1,344 | 1,553 | 1,958 | 1,612 |
| Operating Margin | - | 8.4% | 7.04% | 3.39% | 5.62% | 5.21% | 5.31% | 4.08% | 5.34% | 6.43% | 7.38% | 5.3% | 5.76% | 6.61% | 7.35% | 7.2% |
| Earnings before Tax (EBT) 1 | - | 1,132 | 1,404 | 562.6 | 1,143 | 1,080 | 1,315 | 813.8 | 1,424 | 1,650 | 2,144 | 1,425 | 1,824 | 2,038 | 2,257 | - |
| Net income 1 | 884.6 | 832.6 | 1,074 | 424 | 879.2 | 794.5 | 1,025 | 589.5 | 1,092 | 1,262 | 1,560 | 588.8 | 1,326 | 1,548 | 1,833 | - |
| Net margin | 2.95% | 5.9% | 6.82% | 4.03% | 5.98% | 4.92% | 5.15% | 3.56% | 5.26% | 6.16% | 6.75% | 3.05% | 5.69% | 6.59% | 6.88% | - |
| EPS 2 | - | 7.390 | 9.530 | 3.770 | 7.800 | 7.060 | 9.100 | 5.230 | 9.700 | 11.20 | 13.85 | 5.230 | 10.68 | 13.14 | 16.42 | 12.23 |
| Dividend per Share | - | - | 7.000 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 11/13/19 | 2/3/21 | 5/25/21 | 8/5/21 | 11/10/21 | 2/4/22 | 5/20/22 | 8/2/22 | 11/11/22 | 2/7/23 | 5/17/23 | 8/1/23 | - | - | - | - |
1INR in Million2INR
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 1,490 | 2,646 | 16,341 | 5,981 | 3,210 | 13,688 | 17,782 | 23,420 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | -2,701 | 2,776 | 6,861 | 2,413 | -1,904 | 2,672 | 4,349 | 6,580 |
| ROE (net income / shareholders' equity) | 11.4% | 7% | 6.58% | 9.26% | 12.2% | 14.1% | 15.9% | 17% |
| ROA (Net income/ Total Assets) | 5.11% | 3.3% | 3.32% | 4.47% | 5.53% | - | - | - |
| Assets 1 | 63,722 | 64,379 | 62,314 | 69,840 | 81,500 | - | - | - |
| Book Value Per Share 2 | 268.0 | 269.0 | 289.0 | 310.0 | - | 374.0 | 421.0 | 481.0 |
| Cash Flow per Share 2 | -10.30 | 28.80 | 68.30 | 28.80 | 40.80 | 51.00 | 64.60 | 78.40 |
| Capex 1 | 1,547 | 480 | 834 | 838 | 6,499 | 1,347 | 1,888 | 1,769 |
| Capex / Sales | 2.59% | 0.84% | 1.74% | 1.37% | 8.03% | 1.46% | 1.77% | 1.44% |
| Announcement Date | 5/22/19 | 6/18/20 | 5/25/21 | 5/20/22 | 5/17/23 | - | - | - |
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
Sell
Buy
Mean consensus
HOLD
Number of Analysts
23
Last Close Price
4,368
INR
Average target price
3,273
INR
Spread / Average Target
-25.07%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +41.74% | 5.9B | |
| +11.73% | 82.35B | |
| +20.17% | 71.09B | |
| +20.89% | 37.72B | |
| +15.77% | 32.01B | |
| +9.19% | 27.2B | |
| +3.18% | 26.74B | |
| +4.22% | 26B | |
| +16.93% | 25.5B | |
| +17.14% | 24.76B |
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- Financials Thermax Limited
