ScoreWhy is Thermax Ltd. ?
1
The company is Net-Debt Free
2
Healthy long term growth as Operating profit has grown by an annual rate 35.87%
3
Flat results in Dec 25
- ROCE(HY) Lowest at 14.05%
- DEBT-EQUITY RATIO(HY) Highest at 0.36 times
4
With ROE of 11.8, it has a Very Expensive valuation with a 9.6 Price to Book Value
- The stock is trading at a premium compared to its peers' average historical valuations
- Over the past year, while the stock has generated a return of 26.38%, its profits have risen by 3.4% ; the PEG ratio of the company is 22.2
5
High Institutional Holdings at 26.73%
- These investors have better capability and resources to analyse fundamentals of companies than most retail investors.
6
Market Beating performance in long term as well as near term
- Along with generating 26.38% returns in the last 1 year, the stock has outperformed BSE500 in the last 3 years, 1 year and 3 months
7
With its market cap of Rs 48,866 cr, it is the biggest company in the sector and constitutes 19.05% of the entire sector
- Its annual Sales of Rs 10,351.04 are 13.54% of the industry
Real-Time Research ReportHow much should you hold?
- Overall Portfolio exposure to Thermax should be less than 10%
- Overall Portfolio exposure to Heavy Electrical Equipment should be less than 30%
(If sector exposure > 30%, please use optimiser tool to see which are the best stocks to hold in Heavy Electrical Equipment)
When to exit? - We will constantly monitor the company and suggest at the appropriate time to exit from the stock
Is Thermax for you?
Medium Risk, High Return
Absolute
Risk Adjusted
Volatility
Thermax
26.38%
0.89
29.66%
Sensex
-3.33%
-0.25
13.43%
Quality
Management Risk
Growth
Capital StructureQuality key factors
Factor
Value
Sales Growth (5y)
17.92%
EBIT Growth (5y)
35.87%
EBIT to Interest (avg)
9.46
Debt to EBITDA (avg)
1.36
Net Debt to Equity (avg)
-0.14
Sales to Capital Employed (avg)
1.60
Tax Ratio
30.07%
Dividend Payout Ratio
24.86%
Pledged Shares
0
Institutional Holding
26.73%
ROCE (avg)
18.80%
ROE (avg)
11.85%
ValuationValuation Key Factors 
Factor
Value
P/E Ratio
76
Industry P/E
39
Price to Book Value
9.60
EV to EBIT
63.51
EV to EBITDA
50.23
EV to Capital Employed
11.02
EV to Sales
4.62
PEG Ratio
22.17
Dividend Yield
0.34%
ROCE (Latest)
16.25%
ROE (Latest)
11.75%
Loading Valuation Snapshot...
TechnicalsTechnical key factors
Indicator
Weekly
Monthly
MACD
Bullish
Bullish
RSI
Bearish
No Signal
Bollinger Bands
Mildly Bullish
Mildly Bullish
Moving Averages
Bullish (Daily)
KST
Bullish
Bearish
Dow Theory
Mildly Bearish
No Trend
OBV
Mildly Bullish
Mildly Bullish
Technical Indicator Scale: Bearish, Mildly Bearish, Sideways, Mildly Bullish, Bullish Turned 
Financial Trend5What is working for the Company
PAT(Q)
At Rs 162.46 cr has Grown at 40.2%
CASH AND CASH EQUIVALENTS(HY)
Highest at Rs 1,293.90 cr
DEBTORS TURNOVER RATIO(HY)
Highest at 4.71 times
PBT LESS OI(Q)
At Rs 167.19 cr has Grown at 34.01%
-6What is not working for the Company
ROCE(HY)
Lowest at 14.05%
DEBT-EQUITY RATIO(HY)
Highest at 0.36 times
Loading Valuation Snapshot...
Here's what is working for Thermax
Profit After Tax (PAT) - Quarterly
At Rs 162.46 cr has Grown at 40.2%
Year on Year (YoY)MOJO Watch
Near term PAT trend is very positive
PAT (Rs Cr)
Profit Before Tax less Other Income (PBT) - Quarterly
At Rs 167.19 cr has Grown at 34.01%
Year on Year (YoY)MOJO Watch
Near term PBT trend is positive
PBT less Other Income (Rs Cr)
Cash and Cash Equivalents - Half Yearly
Highest at Rs 1,293.90 cr
in the last six half yearly periodsMOJO Watch
Short Term liquidity is improving
Cash and Cash Equivalents
Debtors Turnover Ratio- Half Yearly
Highest at 4.71 times
in the last five half yearly periodsMOJO Watch
Company has been able to settle its Debtors faster
Debtors Turnover Ratio
Here's what is not working for Thermax
Debt-Equity Ratio - Half Yearly
Highest at 0.36 times and Grown
each half year in the last five half yearly periodsMOJO Watch
The company is borrowing more to fund its operations; it's liquidity situation may be stressed
Debt-Equity Ratio
InfinHub Market Technologies FZ-LLC, Building-2, Unit 112, Dubai Internet City, Dubai, United Arab Emirates
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