Thermax Limited (THERMAX) 📈: отчетность и дивиденды за 2025

Capitalization

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ₹	112.81	97.51	106.74	123.57	117.71	92.05	157.12	233.63	278.77		275.6	175.86	18.82
Выручка, млрд ₹		54.25	43.86	43.7	58.86	56.55	47.1	60.64	80.34	92.37	92.37	67.40	10.31
Чистая прибыль, млрд ₹		2.75	2.16	2.32	3.25	2.12	2.07	3.12	4.5	6.45	6.45	3.65	24.92
EV, млрд ₹		102.24	106.35	123.43	116.99	91.86	155.73	221.57	261.15	447.32	447.32	235.53	37.25
EBIT, млрд ₹		5.01	4.85	3.86	4	3.85	3.16	4.23	6.29	9.45	9.45	5.40	19.67
EBITDA, млрд ₹		6.31	5.67	4.67	4.93	5.03	4.32	5.37	7.46	10.8	10.8	6.60	16.51
OIBDA, млрд ₹						6.22	4.14	5.33	7.88	10.55	10.55	6.82	11.15
Баланс стоимость, млрд ₹		23.55	25.38	27.15	30.14	30.28	32.51	34.92	38.68	44.4	44.4	36.16	7.96
FCF, млрд ₹		2.59	2.16	3.33	-2.7	2.78	6.86	2.41	-1.9	-5.97	-5.97	0.8360	-216.52
Операционный денежный поток, млрд ₹		4.13	3.35	5.34	-1.15	3.26	7.69	3.25	4.6	2.47	2.47	4.25	-5.40
Операционная прибыль, млрд ₹		3.65	3.74	3.01	4.11	3.34	2.16	3.08	4.92	6.2	6.2	3.94	13.17
Операционные расходы, млрд ₹		13.23	11.35	11.8	13.18	14.38	12.69	14.52	25.95	30.66	30.66	19.64	16.35
CAPEX, млрд ₹		1.54	1.19	2	1.55	0.48	0.8337	0.8378	6.5	8.44	8.44	3.42	77.43

	2014Q4	2015Q4	2016Q4	2017Q4	2018Q4	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Капитализация, млрд ₹	116.79	98.48	100.03	118.1	115.31	120.34				92.48			175.87				235.57				323.81					189.61	21.89
Выручка, млрд ₹																20.75	20.49	23.11	19.33	23.02	23.24	27.64	21.84	26.12	25.08	24.78	1.54
Чистая прибыль, млрд ₹																1.09	1.26	1.56	0.5888	1.58	2.38	1.9	1.16	1.97	1.16	1.71	-13.39
EV, млрд ₹														226.12		249.24	243.3	251.02	282	356.57	377.5	447.16	605.86	585.44		474.51	10.43
EBIT, млрд ₹																1.5	1.74	2.28	1.55	2.38	3.36	2.79	1.89	2.96	1.85	2.57	-11.25
EBITDA, млрд ₹																1.8	2.03	2.58	1.85	2.7	3.72	3.28	2.25	3.38	2.21	2.97	-9.89
OIBDA, млрд ₹																					2.85	3.61	2.15	3.77	2.59	2.99	-1.90
Баланс стоимость, млрд ₹															34.92	35.43	35.48	38.68	38.7	39.89	39.93	44.4	44.4	46.2		42.96	2.98
FCF, млрд ₹						0.694	0.694	0.694	0.694							0.596	0.5814	0.5888	0.588	0.6592	0.7168					0.6268	4.28
Операционный денежный поток, млрд ₹									0.814		7.69	2.01		3.25		0.596	0.5814	0.5888	0.588	0.6592	0.7168					0.6268	4.28
Операционная прибыль, млрд ₹																1.5	1.74	2.28	1.55	2.37	1.51	2.23	1.05	2.36	1.54	1.74	0.39
Операционные расходы, млрд ₹																7.32	2.66	22.08	7.53	8.5	8.85	5.79	5.23	9.35	9.54	7.75	1.51
CAPEX, млрд ₹						0.12	0.12	0.12	0.12		0.8337	0.3064		0.8378		1.03		6.5		4.53						2.64	71.38

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Наличность, млрд ₹			2.46	1.73	2.46	3.08	2.54	4.61	2.95	4.53	4.87	4.87	3.90	13.90
Short Term Investments ₹			10.55	8.47	12.64	8.35	10.42	16.18	14.44	20.98	18.79	18.79	16.16	12.52
Long term investments ₹	0.0015	0.2415	1.85	2.84	2.55	1.09							1.71	35.18
Total Receivables ₹			24.89	18.75	21.99	30.73	22.17	19.7	18.34	22.69	26.13	26.13	21.81	3.34
Total Current Assets ₹			42.08	32.97	41.02	47.37	39.77	44.66	47.38	60.8	64.48	64.48	51.42	10.15
Чистые активы, млрд ₹		12.96	7.17	8.07	9.24	12.95	12.8	12.31	11.99	16.5		16.5	13.31	4.96
Активы, млрд ₹			62.36	50.6	59.45	68	59.56	65.07	74.61	88.39	101.53	101.53	77.83	11.26
Short Term Debt ₹			6.85	0.8971	1.81	2.05	2.01	3	3.06	3.93	4.75	4.75	3.35	18.77
Long Term Debt ₹			0.336	0.4515	0.5192	0.3128	0.3339	0.2216	0.6955	4.37	7.89	7.89	2.70	88.23
Задолженность, млрд ₹			37.81	25.21	32.3	37.86	29.28	32.55	39.69	49.68	57.13	57.13	41.67	14.30
Чистый долг, млрд ₹			4.73	-0.3728	-0.1263	-0.6797	-0.0954	-1.23	0.8466	3.78	8.09	8.09	2.28	-343.04
Долг, млрд ₹			7.19	1.35	2.33	2.36	2.35	3.23	3.79	8.31	12.96	12.96	6.13	40.70
Interest income ₹			0.6598	0.688	0.7941	0.8804	0.6454	0.2064	0.2504	0.3782			0.4722	-15.55
Расходы на обслуживание долга ₹			0.6344	0.0971	0.1285	0.1432	0.1502	0.2064	0.2517	0.3759	0.8759	0.8759	0.3720	42.28
Чист. проц. доходы, млрд ₹				0.1667	0.0794	0.0943	0.1365	-0.2064	-0.2517	-0.3759	1.12	0.3782	0.0845	52.34
Goodwill ₹	1.33	1.02	1.07	1.06	1.22	0.3307	0.3531	0.0303	0.0303	0.0303			0.1549	-38.00
Амортизация, млрд ₹			1.3	0.819	0.8114	0.9239	1.18	1.15	1.13	1.17	1.35	1.35	1.20	2.73
Себестоимость, млрд ₹			37.37	28.77	28.9	41.57	38.84	32.23	43.34	49.47	55.51	55.51	43.88	7.40
Товарно материальные запасы ₹			3.44	2.83	3.67	5.09	4.55	4.05	7.27	7.56	7.65	7.65	6.22	10.95

	2017Q1	2017Q3	2018Q1	2018Q3	2019Q1	2019Q3	2020Q1	2020Q3	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Наличность, млрд ₹														-17.19	3.77	-22.8	4.53	-25.24	3.27	-23.57	4.87	-23.38	4.02		-6.9580	4.22
Short Term Investments ₹														34.39	24.49	45.59	25.99	50.48	24.83	47.14	18.79	46.76	25.41		32.59	0.46
Long term investments ₹	2.84	2.95	2.55	0.9221	1.09	0.9714																			1.70	-19.92
Total Receivables ₹									19.7	10.3	10.3	14.24	14.24		16.33		17.96		18.61		26.28		21.2		20.08	5.36
Total Current Assets ₹														17.19	55.7	22.8	60.8	25.24	59.68	23.57	64.48	23.38	66.16		47.45	2.08
Чистые активы, млрд ₹					12.95	13.09	12.8	12.55	12.31		12.06		11.99		12.26		16.5		21.37						14.84	12.12
Активы, млрд ₹									65.07	66.44	66.44	74.61	74.61		78.38		88.39		93.13		101.53		109.69		94.22	6.95
Short Term Debt ₹									3	2.83	2.83	3	3		3.56		3.93		3.83		4.75		3.09		3.83	-2.79
Long Term Debt ₹							0.3339	0.306	0.2216		0.1877		0.6142		1.13		4.23		6.91		7.89		11.48		6.33	58.99
Задолженность, млрд ₹										33.41	33.41	39.69	39.69		42.9		49.68		53.2		57.13	-44.4	63.41		35.80	5.00
Чистый долг, млрд ₹														17.19	1	22.8	3.78	25.24	7.47	23.57	8.09	23.38	10.73		14.65	7.51
Долг, млрд ₹							2.35	2.45	3.23		3.02		3.61		4.69		8.16		10.74		12.77		14.75		10.22	25.75
Interest income ₹										0.0478	0.0505	0.0526	0.0995	0.0664	0.082	0.0938	0.136	0.1376	0.2005						0.1300	19.58
Расходы на обслуживание долга ₹															0.0798	0.0912	0.1392	0.1337	0.198	0.2661	0.2781	0.2745	0.2939	0.2866	0.2798	1.50
Чист. проц. доходы, млрд ₹											-0.0505	-0.0526	-0.1008	-0.0657	-0.0798	-0.0912	-0.1392	-0.1337	-0.198	-0.2661					-0.1656	23.88
Goodwill ₹							0.3531	0.3509	0.0303	0.0303	0.0303	0.0303	0.0303		0.0303		0.0303		0.0303						0.0303	0.00
Амортизация, млрд ₹															0.298	0.2907	0.2944	0.294	0.3296	0.3584	0.4988	0.3603	0.4207	0.3507	0.3978	-0.43
Себестоимость, млрд ₹															12.32	11.45	12.77	10.77	12.81	12.88	19.05	15.56	14.4	13.99	15.18	1.67
Товарно материальные запасы ₹									4.05	5.75	5.75	7.27	7.27		6.83		7.56		7.57		7.65		8.18		7.56	3.67

Share

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS		14.49	22.09	28.9	18.87	18.34	27.73	39.98	57.28		57.28	32.44	24.87
Цена акции ао		1249.8	1132	1093	910.9	1789.25	1958	3075.2	4040	3550.8	3550.8	2882.65	14.69
Число акций ао, млн	119.16	112.65	112.67	112.68	112.67	112.54	112.61	112.64	112.66		112.66	112.62	-0.00
FCF/акцию	21.73	19.15	29.58	-23.97	24.64	60.97	21.39	-16.9	-52.96		-52.96	7.43	-216.54

	2014Q4	2015Q4	2016Q4	2017Q4	2018Q4	2019Q4	2020Q4	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	5 quarters average	CAGR 5
EPS											9.7	11.2	13.85	5.23	14.01	21.17	16.9	10.28	17.49	10.29			15.23	-13.44
Цена акции ао									1928.56	2037.78	2235.22	2091.78	2084.88	2308.53	2631.62	2875.34					3477.65	3550.8	2968.79	8.99
Число акций ао, млн	119.16	112.57	119.16	112.65	112.67	112.68	112.67	112.54				112.61				112.61							112.62	-0.01
FCF/акцию		5.75	4.53	7.4	-5.99	6.16						5.16	5.23	5.22	5.85	6.37							5.57	4.30

Efficiency

IFRS

Reporting Annual Quarterly

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %			11.69	8.52	8.55	10.8	7.02	6.35	9.26	12.24	15.53		15.53	15.40	10.08	17.21
ROA, %			4.42	4.27	3.9	4.79	3.57	3.17	4.47	5.53	6.8		6.8	10.29	4.71	13.75
ROIC, %		10.63	12.23	11.17	10.67	12.51	12.34	7.99	10.7	11.98			11.98	19.55	11.10	-0.86
ROS, %				4.93	5.31	5.53	3.76	4.39	5.15	5.6	6.99	6.99	6.99	11.72	5.82	9.75
ROCE, %				19.11	14.22	13.28	12.71	9.72	11.43	14.2	17.41	21.29	21.29	28.06	14.81	16.98
Ebit margin, %							6.77	6.09	6.98	7.83	10.23	10.23	10.23		8.27	10.93
Рентаб EBITDA, %				12.93	10.69	8.37	8.89	9.16	8.85	9.28	11.7	11.7	11.7	20.13	10.14	5.02
Чистая рентаб, %			5.08	4.93	5.31	5.53	3.76	4.39	5.15	5.6	6.99		6.99	11.72	5.18	13.20
Operation Margin, %				8.53	6.88	6.98	5.9	4.59	5.08	6.13	6.71	6.71	6.71	19.24	5.84	7.89
Доходность FCF, %	0.8714	2.56	2.66	2.02	2.7	-2.29	3.02	4.37	1.03	-0.6829					1.09	-21.49

	2013Q4	2014Q4	2015Q4	2016Q4	2017Q4	2018Q1	2018Q4	2019Q1	2019Q3	2019Q4	2020Q1	2020Q3	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	Industry average	5 quarters average	CAGR 5
ROE, %																		1.69	3.08	3.56	4.03	1.52	4.19	6.15	4.76	2.79	4.59			15.40	4.50	1.84
ROA, %													1.65	0.6381	1.32	1.06	1.37		1.39		1.76		3.39		3.75		3.59			10.29	2.78	20.90
ROIC, %						3.27		4.52	3.82		2.65	2.39			4.63		4.71		5.25		5.51		5.35							19.55	5.09	2.93
ROS, %																				6.16	6.75	3.05	6.85	10.25	6.89	5.3	7.55	4.62	6.99	11.72	6.27	0.29
ROCE, %														1.85	3.61	3.24	2.41		4.24		5.9		5.13		5.43		5.13		21.29	28.06	8.58	29.26
Ebit margin, %																							10.32	14.46	10.08	8.66	11.32	7.39	10.23		9.54	0.30
Рентаб EBITDA, %																				9.91	11.15	9.56	11.75	16	11.88	10.31	12.93	8.79	11.7	20.13	11.12	-0.30
Чистая рентаб, %																			5.26	6.16	6.75	3.05	6.85	10.25	6.89	5.3	7.55	4.62		11.72	6.92	-14.73
Operation Margin, %																				8.49	9.88	8.04	10.31	6.51	8.08	4.81	9.03	6.14	6.71	19.24	6.95	-3.65
Доходность FCF, %	0.288	0.6183	0.6572	0.5392	0.7054		-0.5855			0.5767										0.2468				0.2214							0.2330	-20.69

Coefficients

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E	35.41	49.38	53.24	36.17	43.33	76.06	70.68	57.16	68.07		68.07	157.78	63.06	9.45
P/BV	4.14	4.21	4.55	3.91	3.04	4.83	6.32	6.65	9.89		9.89	17.14	6.15	26.61
P/S	1.8	2.43	2.83	2	1.63	3.34	3.64	3.2	4.76		4.76	22.19	3.31	23.90
P/FCF		49.47	37.08	-43.59	33.16	22.9	96.97	-146.43	-46.19	-46.19	-46.19	43.23	-23.7880	-215.06
E/P		0.0203	0.0188	0.0276	0.0231	0.0131	0.0134	0.0162	0.0234	0.0234	0.0234	0.08	0.0179	12.30
EV/EBIT					20.99	51.57	52.33	41.52	47.33	47.33	47.33		48.02	-1.70
EV/EBITDA	16.21	18.75	26.42	23.74	18.28	36.09	41.29	35.02	41.4		41.4	104.63	34.42	17.76
EV/S		2.42	2.82	1.99	1.62	3.31	3.65	3.25	4.84	4.84	4.84	22.33	3.98	7.90
EV/FCF		49.29	37.04	-43.32	33.09	22.7	91.97	-137.18	-74.97	-74.97	-74.97	160.12	-34.4900	-226.99
Debt/EBITDA		0.2378	0.498	0.4799	0.4672	0.7476	0.7065	1.11	1.2	1.2	1.2	1.16	0.9928	9.93
Netdebt/Ebitda		-0.0657	-0.027	-0.1379	-0.019	-0.2845	0.1577	0.5065	0.7488	0.7488	0.7488	0.67	0.3755	-221.35
Debt/Ratio		0.0266	0.0391	0.0348	0.0394	0.0496	0.0508	0.094	0.1276	0.1276	0.1276	0.12	0.0899	20.80
Debt/Equity		0.0531	0.0857	0.0784	0.0776	0.0992	0.1086	0.2147	0.2918	1.29	1.29	0.88	0.4009	67.04
Debt/Net Income		0.6239	1	0.7266	1.11	1.56	1.21	1.84	2.01	2.01	2.01	6.66	1.73	5.20
PEG										-2.31	-2.31		-2.3100	0.00
Бета								0.8264	0.9235	1.16	1.16	2.87	0.9700	11.97
Индекс Альтмана		-9.15	-40.36	-8.18	-77.37	-2.13	13.34	7.67	5.64	5.64	5.64	11.77	6.03	-221.50

	2013Q4	2014Q4	2015Q4	2016Q4	2017Q4	2018Q4	2019Q4	2020Q3	2020Q4	2021Q1	2021Q3	2021Q4	2022Q1	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E														70.92	186.68	54.91	57.02	69.99	57.95	68.04	82.92	77.46	72.95			157.78	71.86	4.71
P/BV									3.03			5.32	6.45	7	6.64	6.39		8.74	8.11	9.89		12.42				17.14	9.11	14.22
P/S														3.41	11.5	3.06	3.07	4.06	3.99	4.71	6.08	5.81	4.49			22.19	5.02	2.39
P/FCF	347.28	161.73	152.16	185.44	141.76	-170.78	173.41								405.17				451.74						-46.19	43.23	162.67	-23.01
E/P			0.0055	0.0055	0.005	0.0065	0.0071		0.009			0.0045			0.0054				0.0074						0.0234	0.08	0.0099	21.06
EV/EBIT																		150.12	112.32	160.55	320.2	198.02			47.33		167.68	-15.87
EV/EBITDA													46.03	45.1	39.65	33.14	152.54	41.18	36.49	40.45	50.65	46.34				104.63	43.02	2.39
EV/S																	14.59	15.49	16.24	16.18	27.74	22.42			4.84	22.33	17.48	-21.50
EV/FCF																	479.59	540.92	526.65						-74.97	160.12	368.05	-162.88
Debt/EBITDA								2.4		1.82	2.06		3.17	2.6		3.17		3.97		3.89		4.37			1.2	1.16	3.32	-17.66
Netdebt/Ebitda														0.5562	11.22	1.47	13.65	2.76	6.34	2.46	10.38	3.18			0.7488	0.67	4.62	-34.77
Debt/Ratio								0.0411		0.0496	0.0454		0.0484	0.0598		0.0923		0.1153		0.1258		0.1345			0.1276	0.12	0.1191	6.69
Debt/Equity								0.0802		0.0992	0.0913		0.1034	0.1323		0.2109		0.2692		0.2877		0.3194			1.29	0.88	0.4754	43.65
Debt/Net Income								7.84		3.01	3.43		3.52	4.3		5.23		6.81		6.71		7.49			2.01	6.66	5.65	-17.41
PEG																									-2.31		-2.3100	0.00
Бета																								3.63	1.16	2.87	2.40	-43.47
Индекс Альтмана																								5.64	5.64	11.77	5.64	0.00

Dividends

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	0.8399	1.01	0.8234	0.8239	0.8129	1.9	0.7883	1.02	1.13			1.13		1.13	6.81
Дивиденд		6	6	6	7	7	7	9	10	12		12		9.00	11.38
Див доход, ао, %		0.7332	0.6333	0.5471	0.6701	0.8568	0.5014	0.7756	0.7572	0.1887		0.1887	0.92	0.6159	-26.11
Дивиденды / прибыль, %		36.51	38.1	35.5	24.98	89.46	38.16	25.24	22.68	17.47		17.47	24.58	38.60	-27.87
Dividend Coverage Ratio											5.72	5.72		5.72	0.00

	2014Q3	2015Q3	2016Q3	2017Q3	2018Q3	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2021Q3	2022Q1	2022Q3	2023Q1	2023Q3	2025Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд						0.9518	0.4752	0.4752	0.4752	0.4752	0.7908	0.7883	1.01	1.02	1.13			0.9478	7.40
Дивиденд	6	7	6	6	6	7		7			7		9		1			6.20	-32.24
Див доход, ао, %	0.6789	0.7037	0.6913	0.6669	0.5802	0.6624		0.7301			0.4963		0.4026		0.38		0.92	0.5343	-10.52
Дивиденды / прибыль, %						370.35	55.93	121.74	-311.17	152.1	89.95	76.88	92.85	65.47	71.6		24.58	79.35	-4.46
Dividend Coverage Ratio																5.72		5.72	0.00

Other

IFRS

Reporting Annual

	2020	2021	2022	2023	2024	LTM	CAGR 5
CAPEX/Выручка, %	0.8487	1.77	1.38	8.09	9.14	9.14	60.86
Персонал, чел				4 818	4 818		0.00

	CAGR 5

	CAGR 5

Investing Port

Thermax Limited

Reporting Thermax Limited

Capitalization

Balance sheet

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Efficiency

Coefficients

Dividends

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