Thermax Adjusts Evaluation Amidst Flat Performance and Resilient Earnings Growth

Thermax, a prominent player in the Heavy Electrical Equipment industry, has recently undergone an adjustment in its evaluation. The company, which boasts a market capitalization of Rs 45,183 crore, holds a significant position in its sector, representing 22.15% of the entire industry.
In the latest quarter, Q4 FY24-25, Thermax reported flat financial performance, with annual sales amounting to Rs 10,388.69 crore, accounting for 17.22% of the industry. The company maintains a low Debt to Equity ratio, currently at 0.35 times, indicating a conservative approach to leverage. Additionally, its operating profit has demonstrated healthy long-term growth, increasing at an annual rate of 20.94%.

Institutional holdings stand at 27.77%, reflecting the confidence of larger investors who typically possess greater analytical resources. Despite a return of -24.99% over the past year, Thermax's profits have risen by 9.1%, showcasing resilience in its earnings amidst market challenges. The company’s return on equity (ROE) is recorded at 12.9, with a Price to Book Value ratio of 9.2, suggesting a premium valuation relative to its peers.

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