Thermax Ltd Q1 FY27 Share Price & Earnings Call Analysis

Financials of Thermax Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of Thermax Ltd

Quarterly Results

Quarter-by-quarter operating performance

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales +2,3111,9332,3022,3242,7642,1842,6162,5293,0462,1582,4742,6353,428
Expenses +2,1111,8012,0982,1372,4912,0442,3382,3402,7471,9332,3022,3803,054
Operating Profit200132204187273141278188300225172255374
OPM %9%7%9%8%10%6%11%7%10%10%7%10%11%
Other Income +582661855584603278668512156
Interest14132027282729293130323442
Depreciation29293336503642354549515354
Profit before tax21491217309251161266156301211174289334
Tax %27%34%27%23%25%32%26%27%32%28%31%29%27%
Net Profit +15660159237188109198114206151119205244
EPS in Rs13.094.9413.2420.0015.979.7216.549.7317.2712.7910.0417.1420.50

Financials of Thermax Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales +5,3045,1454,4834,4655,9735,7314,7916,1288,0909,32310,38910,694
Expenses +4,8424,7124,0494,0885,5165,3314,4355,7157,4898,5269,4799,668
Operating Profit4624334343774574013564146017979101,026
OPM %9%8%10%8%8%7%7%7%7%9%9%10%
Other Income +73118951156010554135156307250329
Interest82121013141521253888117139
Depreciation13472828292117115113117148159208
Profit before tax3194674383974103752754106038698841,008
Tax %54%31%36%42%21%43%25%24%25%26%29%29%
Net Profit +148282216231325212207312451643627720
EPS in Rs17.6023.6918.7219.4827.3117.8317.3426.2137.7954.1553.2560.47
Dividend Payout %40%24%30%29%24%37%38%32%25%21%25%31%

Financials of Thermax Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital242323232323232323232323
Reserves2,1232,3942,5152,6922,9923,0053,2293,4703,8464,4174,9145,527
Borrowings +6881951362342402303283688311,2771,7182,353
Other Liabilities +3,2552,5542,3712,9803,5352,6932,9213,5984,1374,4245,3535,380
Total Liabilities6,0895,1665,0445,9296,7905,9516,5007,4588,83610,14112,00813,282
Fixed Assets +1,4318278119731,3121,2831,2421,1951,2481,9062,8063,098
CWIP4360141103405624444345255631,392
Investments8221,0501,0831,4728298752341,4771,6261,7651,6991,784
Other Assets +3,7933,2283,0093,3814,6093,7374,9994,7425,5285,9456,9417,009
Total Assets6,0895,1665,0445,9296,7905,9516,5007,4588,83610,14112,00813,282

Financials of Thermax Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +311253335534-1153267693254602471,043542
Cash from Investing Activity +80-127-99-507266-140-627-420-664-514-1,220-587
Cash from Financing Activity +-351-112-126-20-65-23277-21349285124248
Net Cash Flow3913110785-47220-11514419-54202
Free Cash Flow282120216333-270278686241-190-471143-401
CFO/OP98%98%114%188%16%114%243%103%102%54%135%87%

Financials of Thermax Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days12295841028488948580838575
Inventory Days553946575654587660534560
Days Payable135126162161150114164153118107107135
Cash Conversion Cycle427-32-3-1028-118212924-0
Working Capital Days-20-12-7-40-4-7-50-44-39-24-373
ROCE %14%18%18%15%17%12%10%12%15%17%16%15%