Good morning :)
Place Order
Add to Watchlist

Thermax Limited

THERMAX

Thermax Limited

THERMAX
IndustrialsIndustrial Machinery
MidcapWith a market cap of ₹58,794 cr, stock is ranked 161
Moderate RiskStock is 2.77x as volatile as Nifty
5,220.550.00% (+0.00)
5,220.550.00% (+0.00)

Price Chart

High
Low
Returns
1D
1W
1M
1Y
5Y
Max
SIP
Loading...
1D
1W
1M
1Y
5Y
Max
SIP
IndustrialsIndustrial Machinery
MidcapWith a market cap of ₹58,794 cr, stock is ranked 161
Moderate RiskStock is 2.77x as volatile as Nifty
Scorecard

Performance

Avg

Price return has been average, nothing exciting

Valuation

High

Seems to be overvalued vs the market average

Growth

Avg

Financials growth has been moderate for a few years

Profitability

High

Showing good signs of profitability & efficiency

Entry point

Bad

The stock is overpriced and in the overbought zone

Red flags

Low

No red flag found

How to use scorecard? Learn more

IndustrialsIndustrial Machinery
MidcapWith a market cap of ₹58,794 cr, stock is ranked 161
Moderate RiskStock is 2.77x as volatile as Nifty

Key Metrics

No LabelNo LabelPB RatioPB RatioDividend YieldDiv. Yield
83.7313.240.23%
Sector PESector PESector PBSector PBSector Div YldSctr Div Yld
51.947.220.45%

Forecast & Ratings

Detailed Forecast 
19%
Analysts have suggested that investors can buy this stock

from 16 analysts

Price

Price Upside

Earnings

Earnings Growth

Revenue

Rev. Growth

See Detailed Forecast

Company Profile

Thermax Limited is engaged in the business of manufacture and sale of boilers, heating and cooling equipment, industrial chemicals, and water and waste management equipment.

Get more out of Tickertape, Go Pro!

Customise key metrics, see detailed forecasts, download stock data and more

Forecasts

Price

Revenue

Earnings

Income

Balance Sheet

Cash Flow

Income Statement

Industry refers to the sub-sector this company belongs to.

Lower than Industry Revenue Growth

A higher-than-industry revenue growth represents increased potential for the company to increase their market share

Over the last 5 years, revenue has grown at a yearly rate of 9.6%, vs industry avg of 10.65%

Decreasing Market Share

Market share is the percentage of an industry's total sales going to a particular company. It gives a general idea of the size of a company v/s its competitors

Over the last 5 years, market share decreased from 9.13% to 8.17%

Lower than Industry Net Income

Net income is equal to net earnings (profit) less expenses. This number is an important measure of how profitable the company is

Over the last 5 years, net income has grown at a yearly rate of 14.67%, vs industry avg of 23.71%

Loading...

Financial YearFY 2016FY 2017FY 2018FY 2019FY 2020FY 2021FY 2022FY 2023FY 2024TTM
Total Revenue5,267.374,597.134,581.276,123.055,831.314,898.996,255.478,249.999,682.159,964.78
Raw Materialssubtract2,750.722,244.462,380.813,360.643,100.422,550.793,627.564,595.435,254.558,769.57
Power & Fuel Costsubtract32.4633.3440.1151.0244.3638.5952.3161.9657.28
Employee Costsubtract662.24687.52682.52769.01799.12758.80812.93959.771,158.93
Selling & Administrative Expensessubtract357.92341.25367.71410.02491.87343.45463.12552.17617.85
Operating & Other expensessubtract912.50761.36617.981,015.65889.36796.96751.041,323.151,488.91
Depreciation/Amortizationsubtract72.2481.9082.4492.02116.63114.57113.24116.86148.08154.71
Interest & Other Itemssubtract12.199.7112.8514.3215.0220.6425.1737.5987.59101.70
Taxes & Other Itemssubtract184.83214.58164.7484.94162.0868.6197.79152.77223.68236.59
EPS24.3619.8020.6128.9018.8718.3427.7339.9857.3062.35
DPS6.006.006.007.007.007.009.0010.0012.0010.00
Payout ratio0.250.300.290.240.370.380.320.250.210.16

Company Updates

Annual Report and Investor Presentation updates mentioned here are as reported by the company to the exchange
FY 2022

Annual report

PDF

Investor Presentation

May 20PDF
Feb 4PDF
Nov 11PDF
+2 more
FY 2023

Annual report

PDF

Investor Presentation

May 17PDF
Feb 8PDF
Nov 11PDF
Aug 2PDF
FY 2024

Annual report

PDF

Investor Presentation

Aug 1PDF
 

Peers & Comparison

Comparing 3 stocks from 
IndustrialsIndustrial Machinery

Loading...

StockPE RatioPE RatioPB RatioPB RatioDiv. YieldDividend Yield
Thermax Limited91.1213.240.23%
Cummins India Ltd60.6415.781.01%
AIA Engineering Ltd35.776.09
Carborundum Universal Ltd61.808.730.27%

Price Comparison

Compare THERMAX with any stock or ETF
Compare THERMAX with any stock or ETF
THERMAX
Loading...

Shareholdings

Promoter Holdings Trend

Total Promoter Holding

Increasing promoter holding is considered good and reflects management’s positive view about the future outlook

In last 6 months, promoter holding in the company has almost stayed constant

Low Pledged Promoter Holding

Lower pledged promoter holdings is considered better

Pledged promoter holdings is insignificant

Institutional Holdings Trend

Total Retail Holding

Increasing retail holding can be considered bad as it can reflect that institutions and promoters are selling their stake which is being absorbed by retail investors.

In last 3 months, retail holding in the company has almost stayed constant

Increased Foreign Institutional Holding

Foreign Institutional Holding is quantum of stock held by foreign large-quantities-trading entities. Increasing value indicates growing support and comfort for the stock

In last 3 months, foreign institutional holding of the company has increased by 2.91%

Tickertape Separator

Shareholding Pattern

Retail and OthersForeign InstitutionsOther Domestic InstitutionsMutual FundsTotal Promoter Holding61.98%12.06%0.83%15.14%9.99%

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Shareholding History

MarJunSepDec '23MarJun12.29%12.35%12.54%12.01%12.24%15.14%

Mutual Funds Holding Trend

Decreased Mutual Fund Holding

Increasing Mutual Fund holdings are generally considered good, as it reflects that fund managers are becoming more bullish about the stock

In last 3 months, mutual fund holding of the company has decreased by 1.50%

Top 5 Mutual Funds holding Thermax Limited




Funds (Top 5)Market-cap heldWeight3M holding changePortfolio rank
(3M change)
Kotak Flexicap Fund - Growth - Direct Plan

Growth
1.8095%1.98%-0.56%19/62 (-6)
SBI Focused Equity Fund - Growth - Direct Plan

Growth
1.5589%2.58%0.23%22/31 (-2)
SBI Blue Chip Fund - Growth - Direct Plan

Growth
1.2838%1.46%-0.42%23/60 (-5)

Compare 3-month MF holding change on Screener

Insider Trades & Bulk Deals

Loading...

smallcases

Looks like this stock is not in any smallcase yet.

Events

Dividend Trend

No Dividend Cuts

Dividends are the portion of earnings that a company distributes to all its shareholders every year

THERMAX has increased or maintained dividend levels over the last 5 years

Dividend Yield

Dividend return is one of the most important things to be considered while investing for long term. It is the additional return on top of what investors earn through price appreciation

Current dividend yield is 0.23%. An investment of ₹1,000 in the stock is expected to generate dividend of ₹2.30 every year

Dividends

Corp. Actions

Announcements

Legal Orders

Upcoming Dividends

No upcoming dividends are available

Past Dividends

Cash Dividend

Ex DateEx DateJul 5, 2024

Final
Final | Div/Share: ₹12.00

Dividend/Share

12.00

Ex DateEx Date

Jul 5, 2024

Cash Dividend

Ex DateEx DateJul 21, 2023

Final
Final | Div/Share: ₹10.00

Dividend/Share

10.00

Ex DateEx Date

Jul 21, 2023

Cash Dividend

Ex DateEx DateJul 21, 2022

Final
Final | Div/Share: ₹9.00

Dividend/Share

9.00

Ex DateEx Date

Jul 21, 2022

Cash Dividend

Ex DateEx DateJul 22, 2021

Final
Final | Div/Share: ₹7.00

Dividend/Share

7.00

Ex DateEx Date

Jul 22, 2021

Cash Dividend

Ex DateEx DateMar 20, 2020

Interim
Interim | Div/Share: ₹7.00

Dividend/Share

7.00

Ex DateEx Date

Mar 20, 2020

News & Opinions
Spotlight
Thermax arm bags repeat order of Rs 516 crore

This order is part of the second phase of a 600 MW project being developed by the major, positioning Thermax as the sole partner for the entire project. TBWES will supply two 550 TPH CFBC (circulating fluidised bed combustion) boilers and will undertake complete responsibility for designing, engineering, manufacturing, testing, supply, supervision of erection & commissioning, and performance testing. The project will supply power to the national utility grid, addressing the power needs of the region, and strengthening energy security. Commenting on the project win, MD and CEO Ashish Bhandari said, 'Winning the second order for the same project is a testament to the trust the customer has placed in our capabilities. With this project in Botswana, we look forward to contributing to the broader energy landscape in Southern Africa, enhancing its power infrastructure, and setting new benchmarks with best-in-class solutions for efficiency and environmental performance.' TBWES provides equipment and solutions for generating steam for process and power through the combustion of various solid, liquid and gaseous fuels, as well as through heat recovery from turbine/engine exhaust and (waste) heat recovery from industrial processes. Thermax, a leading energy and environment solutions provider, is one of the few companies in the world that offers integrated innovative solutions in the areas of heating, cooling, power, water and waste management, air pollution control and chemicals. Thermax has manufacturing facilities in India, Europe and Southeast Asia. The company had reported consolidated net profit of Rs 115.81 crore in Q1 FY25, registering a growth of 96.68% as against with Rs 58.88 crore posted in Q1 FY24. Revenue from operations stood at Rs 2,184.41 crore during the quarter, grew by 13.01% year on year. The scrip ended 1.80% higher at Rs 4,727.25 on Friday, 13 September 2024.Powered by Capital Market - Live

4 days agoCapital Market - Live
Corporate
Thermax to avail loan of Rs 250 cr from subsidiary

Thermax has entered into a loan agreement with Thermax Babcock and Wilcox Energy Solutions (TBWES), wholly owned subsidiary of the Company for availing loan upto Rs. 250 crore in one or more tranches from TBWES.Powered by Capital Market - Live

5 days agoCapital Market - Live
Spotlight
Thermax collaborates with Ceres Power for green hydrogen production

Ceres Power is a subsidiary of Ceres Power Holdings plc (CWR.L), a leading developer of clean energy technology. In a regulatory filing made today, the energy and environment solutions provider stated that have entered a non-exclusive, global license agreement for Thermax to manufacture, sell and service stack array modules (SAM) based on Ceres' advanced solid oxide electrolysis cell (SOEC) technology. Thermax will also develop, commercialise and sell SAM balance of modules (SBM) and multi-megawatt SOEC electrolyser modules. The partnership marks a significant step towards accelerating the deployment of SOEC technology in India and worldwide that will enable cost-effective green hydrogen production,' Thermax said in a statement. Under this partnership, Thermax will leverage its extensive experience in heat integration and waste heat recovery to manufacture a first-of-its-kind pressurised SAM and design, engineer, and develop SAM balance of module (SBM), a building block for further development of a multi-MW SOEC electrolyser module. The collaboration would deliver systems that are up to 25% more efficient than incumbent low-temperature electrolysis technologies and effectively utilise steam generated from industrial process heat/waste heat recovery. This makes it an optimal solution for decarbonising hard-to-abate industries such as ammonia/fertiliser, steel, refineries and chemical production. As a step towards commercialisation, Thermax plans to establish a manufacturing facility for the electrolysers, develop the supply chain, and localise critical components. This collaboration would position Thermax among the few companies globally to provide large-scale SOEC systems for commercial applications. Ashish Bhandari, Managing Director & CEO, Thermax: 'In India, significant strides are being made towards embracing renewable energy sources, particularly green hydrogen, as the country targets to produce 5 million metric tonnes of green hydrogen by 2030. We are excited to partner with Ceres to bring advanced solid oxide electrolysis (SOEC) technology to India. By leveraging our expertise in thermal management, we aim to offer a highly efficient and cost-effective hydrogen production solution that will accelerate the energy transition in India and globally. This collaboration aligns with our commitment to driving sustainable solutions for accelerating decarbonisation for hard to abate industries. Thermax, a leading energy and environment solutions provider, is one of the few companies in the world that offers integrated innovative solutions in the areas of heating, cooling, power, water and waste management, air pollution control and chemicals. Thermax has manufacturing facilities in India, Europe and Southeast Asia. The company had reported consolidated net profit of Rs 115.81 crore in Q1 FY25, registering a growth of 96.68% as against with Rs 58.88 crore posted in Q1 FY24. Revenue from operations stood at Rs 2,184.41 crore during the quarter, grew by 13.01% year on year. The scrip jumped 4% to end at Rs 4654.90 on the BSE today. Powered by Capital Market - Live

6 days agoCapital Market - Live
Corporate
Thermax enters into strategic collaboration with Ceres Power

Thermax has announced a strategic collaboration with Ceres Power, a subsidiary of Ceres Power Holdings plc (CWR.L), a leading developer of clean energy technology. The two companies have entered a non-exclusive, global license agreement for Thermax to manufacture, sell and service stack array modules (SAM) based on Ceres' advanced solid oxide electrolysis cell (SOEC) technology. Thermax will also develop, commercialise and sell SAM balance of modules (SBM) and multimegawatt SOEC electrolyser modules. The partnership marks a significant step towards accelerating the deployment of SOEC technology in India and worldwide that will enable cost-effective green hydrogen production. Under this partnership, Thermax will leverage its extensive experience in heat integration and waste heat recovery to manufacture a first-of-its-kind pressurised SAM and design, engineer, and develop SAM balance of module (SBM), a building block for further development of a multi-MW SOEC electrolyser module. The collaboration is set to revolutionise the hydrogen production landscape by delivering systems that are up to 25% more efficient than incumbent low-temperature electrolysis technologies and effectively utilise steam generated from industrial process heat/waste heat recovery. This makes it an optimal solution for decarbonising hard-to-abate industries such as ammonia/fertiliser, steel, refineries and chemical production. As a step towards commercialisation, Thermax plans to establish a manufacturing facility for the electrolysers, develop the supply chain, and localise critical components. This collaboration positions Thermax among the few companies globally to provide large-scale SOEC systems for commercial applications.Powered by Capital Market - Live

6 days agoCapital Market - Live

Reduce Thermax, target price Rs 4237: Prabhudas Lilladher

1 month agoEconomic Times

Stock market positive on Thermax despite profit margin decline in Q1

1 month agoBusiness Standard

Thermax Q1 Results Review - A Strong Quarter Marred By One-Off: ICICI Securities

1 month agoBloomberg Quint

Thermax and 2 other stocks close below VWAP

1 month agoEconomic Times

Thermax Q1 PAT soars 97% YoY to Rs 116 cr

1 month agoBusiness Standard
Thermax Q1 Results Post Strategy: मुनाफा में 97% की ग्रोथ, नतीजों पर Management से बातचीत | Business
1 month agoCNBC Awaaz.