Thermax Limited provides engineering solutions in India and internationally.
Excellent balance sheet established dividend payer.
Share Price & News
How has Thermax's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: THERMAX's share price has been volatile over the past 3 months.
7 Day Return
1 Year Return
Return vs Industry: THERMAX matched the Indian Machinery industry which returned -29.3% over the past year.
Return vs Market: THERMAX underperformed the Indian Market which returned -17.6% over the past year.
Price Volatility Vs. Market
How volatile is Thermax's share price compared to the market and industry in the last 5 years?
Simply Wall St News
2 months ago | Simply Wall StThese 4 Measures Indicate That Thermax (NSE:THERMAX) Is Using Debt Reasonably Well
3 months ago | Simply Wall StVolatility 101: Should Thermax (NSE:THERMAX) Shares Have Dropped 31%?
3 months ago | Simply Wall StDoes Thermax Limited (NSE:THERMAX) Have A Place In Your Dividend Portfolio?
Is Thermax undervalued compared to its fair value and its price relative to the market?
Price to Earnings (PE) ratio
Share Price vs. Fair Value
Below Fair Value: THERMAX (₹729.1) is trading above our estimate of fair value (₹315.15)
Significantly Below Fair Value: THERMAX is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: THERMAX is poor value based on its PE Ratio (27.3x) compared to the Machinery industry average (10.9x).
PE vs Market: THERMAX is poor value based on its PE Ratio (27.3x) compared to the Indian market (10.4x).
Price to Earnings Growth Ratio
PEG Ratio: THERMAX is poor value based on its PEG Ratio (1.6x)
Price to Book Ratio
PB vs Industry: THERMAX is overvalued based on its PB Ratio (2.7x) compared to the IN Machinery industry average (0.9x).
How is Thermax forecast to perform in the next 1 to 3 years based on estimates from 18 analysts?
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: THERMAX's forecast earnings growth (17.5% per year) is above the savings rate (7.2%).
Earnings vs Market: THERMAX's earnings (17.5% per year) are forecast to grow slower than the Indian market (18% per year).
High Growth Earnings: THERMAX's earnings are forecast to grow, but not significantly.
Revenue vs Market: THERMAX's revenue (3.5% per year) is forecast to grow slower than the Indian market (7.1% per year).
High Growth Revenue: THERMAX's revenue (3.5% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: THERMAX's Return on Equity is forecast to be low in 3 years time (11.2%).
How has Thermax performed over the past 5 years?
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: THERMAX has high quality earnings.
Growing Profit Margin: THERMAX's current net profit margins (4.6%) are lower than last year (5.1%).
Past Earnings Growth Analysis
Earnings Trend: THERMAX's earnings have grown by 4.2% per year over the past 5 years.
Accelerating Growth: THERMAX's earnings growth over the past year (9.5%) exceeds its 5-year average (4.2% per year).
Earnings vs Industry: THERMAX earnings growth over the past year (9.5%) exceeded the Machinery industry -6.6%.
Return on Equity
High ROE: THERMAX's Return on Equity (10%) is considered low.
How is Thermax's financial position?
Financial Position Analysis
Short Term Liabilities: THERMAX's short term assets (₹43.0B) exceed its short term liabilities (₹32.1B).
Long Term Liabilities: THERMAX's short term assets (₹43.0B) exceed its long term liabilities (₹1.3B).
Debt to Equity History and Analysis
Debt Level: THERMAX's debt to equity ratio (5.4%) is considered satisfactory.
Reducing Debt: THERMAX's debt to equity ratio has reduced from 34% to 5.4% over the past 5 years.
Debt Coverage: THERMAX's debt is not well covered by operating cash flow (19.8%).
Interest Coverage: THERMAX earns more interest than it pays, so coverage of interest payments is not a concern.
What is Thermax's current dividend yield, its reliability and sustainability?
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: THERMAX's dividend (0.96%) is higher than the bottom 25% of dividend payers in the Indian market (0.82%).
High Dividend: THERMAX's dividend (0.96%) is low compared to the top 25% of dividend payers in the Indian market (3.37%).
Stability and Growth of Payments
Stable Dividend: THERMAX's dividends per share have been stable in the past 10 years.
Growing Dividend: THERMAX's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonably low payout ratio (26.2%), THERMAX's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: THERMAX's dividends in 3 years are forecast to be well covered by earnings (28.7% payout ratio).
How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Unny Unnikrishnan (58yo)
Mr. M. S. Unnikrishnan, also known as Unny, has been the Chief Executive Officer and Managing Director at Thermax Ltd. since July 1, 2007. Mr. Unnikrishnan serves as Additional Independent Directors at KEC ...
CEO Compensation Analysis
Compensation vs Market: Unny's total compensation ($USD693.65K) is above average for companies of similar size in the Indian market ($USD450.15K).
Compensation vs Earnings: Unny's compensation has been consistent with company performance over the past year.
|MD, CEO||12.92yrs||₹52.26m||no data|
|Company Secretary & Compliance Officer||2.83yrs||₹3.14m||no data|
|Joint Managing Director||0.17yr||no data||no data|
|Executive VP||1yr||no data||no data|
|Executive VP of Research||13.42yrs||no data||no data|
|Executive VP of Cooling & Heating and Member of Executive Council||no data||no data||no data|
|Executive VP of HR||10yrs||no data||no data|
|Executive VP of Boiler & Heater Group and Member of Executive Council||9.83yrs||no data||no data|
|Executive VP of Power & Member of the Executive Council||6.83yrs||no data||no data|
|Executive VP||1.58yrs||no data||no data|
Experienced Management: THERMAX's management team is seasoned and experienced (6.8 years average tenure).
|MD, CEO||12.92yrs||₹52.26m||no data|
|Joint Managing Director||0.17yr||no data||no data|
|Non-Executive Independent Director||3.58yrs||₹2.40m||no data|
|Non-Executive Independent Director||3.08yrs||₹1.95m||no data|
|Non-Executive Director||19.42yrs||₹2.85m||0.0053% ₹4.5m|
|Independent Director||9.08yrs||₹4.05m||no data|
|Independent Director||17.42yrs||₹2.30m||no data|
|Independent Director||13.92yrs||₹3.65m||no data|
|Independent Director||1.58yrs||₹775.00k||no data|
Experienced Board: THERMAX's board of directors are considered experienced (9.1 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Thermax Limited's company bio, employee growth, exchange listings and data sources
- Name: Thermax Limited
- Ticker: THERMAX
- Exchange: NSEI
- Founded: 1966
- Industry: Industrial Machinery
- Sector: Capital Goods
- Market Cap: ₹83.881b
- Shares outstanding: 112.61m
- Website: https://www.thermaxglobal.com
Number of Employees
- Thermax Limited
- Thermax House
- 14 Mumbai-Pune Road
|Ticker||Exchange||Primary Security||Security Type||Country||Currency||Listed on|
|500411||BSE (Mumbai Stock Exchange)||Yes||Equity Shares||IN||INR||Aug 1995|
|THERMAX||NSEI (National Stock Exchange of India)||Yes||Equity Shares||IN||INR||Aug 1995|
Thermax Limited provides engineering solutions in India and internationally. It operates through three segments: Energy, Environment, and Chemical. The company offers vapor absorption chillers, heat pumps and transformers, and solar-based and process cooling products; waste heat recovery systems, industrial boilers, solar-based heating, and fired heaters; and power plants, balance of plant, and operation and maintenance services. It also provides solar thermal and photovoltaic systems; and steam boilers, thermic fluid heaters, hot water and air heaters/generators, waste HRB, and energy plants. In addition, the company offers steam accessories, such as condensate recovery systems, steam traps, pre-fabricated modules, pressure reducing stations, pressure reducing and desuper heating systems, valves, steam line mountings, boiler house products, and monitoring equipment. Further, it provides electrostatic precipitators, bag filters, particulate and gaseous scrubbers, combofilters, flue gas desulphurization, selective catalytic and non-catalytic reduction, and thermax modular gas coolers; water and waste management systems and solutions, such as water treatment, effluent and sewage treatment and recycling, and incineration; and chemicals, such as water treatment, fireside, green, sugar industry, paper, and oil field chemicals, as well as fuel additives and ion exchange resins. The company also provides energy, retrofit and revamp, utility outsourcing, customer training, and specialized services and solutions; and spares. It serves oil and gas, steel, automobile, food, cement, chemical, power generation, textile, hotel and commercial complex, pharmaceutical, refineries and petrochemical, and brewery industries. The company was founded in 1966 and is headquartered in Pune, India.
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2020/06/04 13:11|
|End of Day Share Price||2020/06/04 00:00|
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.