Thermax Ltd.
THERMAXIndustrials filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
19 transcript(s)/analyst meet(s) served; 14 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 19 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20210602 | 2021-03-31 | yes | |
| TRANSCRIPT | 20221118 | 2021-09-30 | yes | |
| TRANSCRIPT | 20230216 | 2021-12-31 | yes | |
| TRANSCRIPT | 20220527 | 2022-03-31 | yes | |
| COVER_LETTER | 20230522 | 2022-03-31 | no | |
| TRANSCRIPT | 20220809 | 2022-06-30 | yes | |
| COVER_LETTER | 20231109 | 2022-09-30 | no | |
| COVER_LETTER | 20240216 | 2022-12-31 | no | |
| COVER_LETTER | 20230807 | 2023-03-31 | no | |
| COVER_LETTER | 20240516 | 2023-03-31 | no | |
| COVER_LETTER | 20240806 | 2023-06-30 | no | |
| COVER_LETTER | 20241119 | 2023-09-30 | no | |
| COVER_LETTER | 20250211 | 2023-12-31 | no | |
| COVER_LETTER | 20250516 | 2024-03-31 | no | |
| COVER_LETTER | 20260209 | 2024-12-31 | no | |
| COVER_LETTER | 20260512 | 2025-03-31 | no | |
| COVER_LETTER | 20250805 | 2025-06-30 | no | |
| COVER_LETTER | 20251117 | 2025-09-30 | no | |
| COVER_LETTER | 20260806 | 2026-06-30 | no |
THERMAX
files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | general |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
No split, bonus or consolidation is on record for this company inside the period this price series covers, so the closes need no adjustment.
| Last close | 3,406.10 |
| 52-week range | 2773.8 – 5159.5 |
| Return 1M | -14.84% |
| Return 3M | -29.46% |
| Return 1Y | 2.68% |
| Return 3Y | 15.1% |
| Return 5Y | 143.8% |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 2,303.00 |
| Other income | 68.00 |
| Total income | 2,371.00 |
| Cost of materials consumed | 1,228.00 |
| Purchases of stock-in-trade | 44.00 |
| Changes in inventories | -51.00 |
| Employee benefit expense | 371.00 |
| Finance costs | 35.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.62 | 0.00 |
| institutions foreign | 0.11 | 0.00 |
| institutions domestic | 0.15 | -0.00 |
| mutual funds | 0.13 | -0.01 |
| public | 0.33 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| COVER_LETTER | 2026-06-30 | 14 |
| TRANSCRIPT | 2022-06-30 | 5 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2022-09-30 | 2022-12-31 | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,075.00 | 2,049.00 | 2,311.00 | 1,933.00 | 2,302.00 | 2,324.00 | 2,764.00 | 2,184.00 | 2,612.00 | 2,508.00 | 3,085.00 | 2,150.00 | 2,474.00 | 2,635.00 | 3,428.00 | 2,303.00 |
| Other income | 40.00 | 42.00 | 57.00 | 53.00 | 66.00 | 58.00 | 55.00 | 84.00 | 60.00 | 32.00 | 77.00 | 66.00 | 85.00 | 63.00 | 54.00 | 68.00 |
| Total income | 2,115.00 | 2,092.00 | 2,368.00 | 1,986.00 | 2,368.00 | 2,383.00 | 2,819.00 | 2,268.00 | 2,671.00 | 2,539.00 | 3,162.00 | 2,216.00 | 2,559.00 | 2,697.00 | 3,482.00 | 2,371.00 |
| Cost of materials consumed | 1,116.00 | 1,111.00 | 1,256.00 | 1,029.00 | 1,244.00 | 1,287.00 | 1,532.00 | 1,154.00 | 1,396.00 | 1,342.00 | 1,661.00 | 1,022.00 | 1,336.00 | 1,311.00 | 1,748.00 | 1,228.00 |
| Purchases of stock-in-trade | 43.00 | 36.00 | 45.00 | 29.00 | 43.00 | 37.00 | 54.00 | 37.00 | 44.00 | 54.00 | 58.00 | 42.00 | 48.00 | 40.00 | 55.00 | 44.00 |
| Changes in inventories | 74.00 | -2.00 | -25.00 | 20.00 | -7.00 | -35.00 | -12.00 | 37.00 | 1.00 | 3.00 | 25.00 | -4.00 | -74.00 | 19.00 | 9.00 | -51.00 |
| Employee benefit expense | 237.00 | 237.00 | 265.00 | 256.00 | 284.00 | 292.00 | 316.00 | 291.00 | 323.00 | 323.00 | 332.00 | 329.00 | 340.00 | 360.00 | 391.00 | 371.00 |
| Finance costs | 8.00 | 9.00 | 14.00 | 13.00 | 20.00 | 27.00 | 28.00 | 27.00 | 29.00 | 29.00 | 31.00 | 30.00 | 32.00 | 34.00 | 42.00 | 35.00 |
| Depreciation and amortisation | 30.00 | 29.00 | 29.00 | 29.00 | 33.00 | 36.00 | 50.00 | 36.00 | 42.00 | 35.00 | 45.00 | 49.00 | 51.00 | 53.00 | 54.00 | 60.00 |
| Other expenses | 466.00 | 506.00 | 569.00 | 468.00 | 533.00 | 557.00 | 601.00 | 523.00 | 570.00 | 597.00 | 708.00 | 536.00 | 652.00 | 649.00 | 851.00 | 642.00 |
| Total expenses | 1,972.00 | 1,926.00 | 2,154.00 | 1,844.00 | 2,151.00 | 2,199.00 | 2,568.00 | 2,107.00 | 2,405.00 | 2,382.00 | 2,862.00 | 2,004.00 | 2,386.00 | 2,467.00 | 3,150.00 | 2,329.00 |
| Profit before exceptional items and tax | 143.00 | 165.00 | 214.00 | 142.00 | 218.00 | 183.00 | 251.00 | 162.00 | 266.00 | 157.00 | 300.00 | 212.00 | 174.00 | 230.00 | 332.00 | 42.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | -51.00 | 0.00 | 126.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 59.00 | 2.00 | 0.00 |
| Profit before tax | 143.00 | 165.00 | 214.00 | 92.00 | 218.00 | 309.00 | 251.00 | 162.00 | 266.00 | 157.00 | 300.00 | 212.00 | 174.00 | 289.00 | 334.00 | 42.00 |
| Current tax | 27.00 | 43.00 | 41.00 | 25.00 | 52.00 | 68.00 | 69.00 | 48.00 | 85.00 | 34.00 | 132.00 | 59.00 | 43.00 | 85.00 | 81.00 | 27.00 |
| Deferred tax | 6.00 | -4.00 | 18.00 | 7.00 | 7.00 | 4.00 | -6.00 | 4.00 | -17.00 | 8.00 | -37.00 | 1.00 | 11.00 | -2.00 | 9.00 | -6.00 |
| Tax expense | 33.00 | 39.00 | 58.00 | 32.00 | 59.00 | 72.00 | 63.00 | 52.00 | 68.00 | 43.00 | 95.00 | 60.00 | 54.00 | 84.00 | 90.00 | 20.00 |
| Profit for the period | 109.00 | 126.00 | 156.00 | 60.00 | 159.00 | 237.00 | 188.00 | 109.00 | 198.00 | 114.00 | 206.00 | 151.00 | 119.00 | 205.00 | 244.00 | 22.00 |
| Profit attributable to owners | 109.00 | 126.00 | 156.00 | 59.00 | 158.00 | 238.00 | 190.00 | 116.00 | 197.00 | 116.00 | 206.00 | 152.00 | 120.00 | 204.00 | 244.00 | 25.00 |
| Profit attributable to non-controlling interests | -0.00 | 0.00 | 0.00 | 1.00 | 1.00 | -1.00 | -3.00 | -6.00 | 1.00 | -2.00 | -0.00 | -1.00 | -0.00 | 1.00 | 0.00 | -3.00 |
| Other comprehensive income | -15.00 | 7.00 | 11.00 | 4.00 | -7.00 | 6.00 | -12.00 | -7.00 | 10.00 | -23.00 | 19.00 | 28.00 | -24.00 | 5.00 | -28.00 | 29.00 |
| Total comprehensive income | 94.00 | 133.00 | 167.00 | 64.00 | 152.00 | 243.00 | 175.00 | 102.00 | 208.00 | 90.00 | 224.00 | 179.00 | 96.00 | 210.00 | 217.00 | 51.00 |
| Earnings per share, basic | 9.69 | 11.20 | 13.85 | 5.23 | 14.00 | 21.17 | 16.90 | 10.28 | 17.49 | 10.29 | 18.27 | 13.53 | 10.62 | 18.12 | 21.68 | 2.24 |
| Earnings per share, diluted | 9.69 | 11.20 | 13.85 | 5.23 | 14.00 | 21.17 | 16.88 | 10.28 | 17.49 | 10.29 | 18.26 | 13.52 | 10.62 | 18.12 | 21.68 | 2.24 |
Annual results, as filed
| Line | 2018-03-31 | 2020-03-31 | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 4,486.00 | 5,731.00 | 4,791.00 | 6,128.00 | 8,090.00 | 9,323.00 | 10,389.00 | 10,694.00 |
| Other income | 116.00 | 100.00 | 108.00 | 127.00 | 160.00 | 233.00 | 252.00 | 267.00 |
| Total income | 4,602.00 | 5,831.00 | 4,899.00 | 6,255.00 | 8,250.00 | 9,556.00 | 10,641.00 | 10,962.00 |
| Cost of materials consumed | 2,301.00 | 2,996.00 | 2,467.00 | 3,506.00 | 4,443.00 | 5,092.00 | 5,554.00 | 5,424.00 |
| Purchases of stock-in-trade | 75.00 | 104.00 | 83.00 | 122.00 | 153.00 | 163.00 | 193.00 | 185.00 |
| Changes in inventories | -27.00 | -15.00 | -12.00 | -143.00 | 29.00 | -35.00 | 67.00 | -49.00 |
| Employee benefit expense | 697.00 | 799.00 | 759.00 | 813.00 | 954.00 | 1,148.00 | 1,269.00 | 1,421.00 |
| Finance costs | 13.00 | 15.00 | 21.00 | 25.00 | 38.00 | 88.00 | 117.00 | 139.00 |
| Depreciation and amortisation | 82.00 | 117.00 | 115.00 | 113.00 | 117.00 | 148.00 | 159.00 | 208.00 |
| Other expenses | 1,039.00 | 1,440.00 | 1,139.00 | 1,409.00 | 1,913.00 | 2,158.00 | 2,398.00 | 2,687.00 |
| Total expenses | 4,180.00 | 5,457.00 | 4,571.00 | 5,845.00 | 7,647.00 | 8,762.00 | 9,756.00 | 10,014.00 |
| Profit before exceptional items and tax | 422.00 | 375.00 | 328.00 | 410.00 | 603.00 | 794.00 | 885.00 | 947.00 |
| Exceptional items | 0.00 | 0.00 | -53.00 | 0.00 | 0.00 | 75.00 | 0.00 | 61.00 |
| Profit before tax | 422.00 | 375.00 | 275.00 | 410.00 | 603.00 | 870.00 | 885.00 | 1,008.00 |
| Current tax | 159.00 | 96.00 | 75.00 | 73.00 | 126.00 | 214.00 | 300.00 | 268.00 |
| Deferred tax | 7.00 | 66.00 | -6.00 | 25.00 | 26.00 | 11.00 | -42.00 | 20.00 |
| Tax expense | 166.00 | 162.00 | 69.00 | 98.00 | 152.00 | 226.00 | 258.00 | 288.00 |
| Profit for the period | 231.00 | 212.00 | 207.00 | 312.00 | 451.00 | 643.00 | 627.00 | 720.00 |
| Profit attributable to owners | 232.00 | 212.00 | 207.00 | 312.00 | 450.00 | 645.00 | 634.00 | 720.00 |
| Profit attributable to non-controlling interests | -1.00 | 0.00 | 0.00 | 0.00 | 0.00 | -2.00 | -8.00 | -0.00 |
| Other comprehensive income | 27.00 | -9.00 | 17.00 | 8.00 | 0.00 | -9.00 | -2.00 | -19.00 |
| Total comprehensive income | 258.00 | 204.00 | 223.00 | 320.00 | 451.00 | 634.00 | 624.00 | 701.00 |
| Earnings per share, basic | 20.61 | 18.87 | 18.34 | 27.73 | 39.98 | 57.30 | 56.33 | 63.95 |
| Earnings per share, diluted | 20.61 | 18.87 | 18.34 | 27.73 | 39.98 | 57.28 | 56.31 | 63.94 |
Balance sheet, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Total assets | 7,838.00 | 8,839.00 | 9,313.00 | 10,153.00 | 10,969.00 | 12,038.00 | 12,188.00 | 13,282.00 |
| Non-current assets | 2,268.00 | 2,758.00 | 3,345.00 | 3,705.00 | 4,353.00 | 4,716.00 | 4,924.00 | 6,173.00 |
| Current assets | 5,563.00 | 6,072.00 | 5,961.00 | 6,448.00 | 6,616.00 | 7,313.00 | 7,262.00 | 7,109.00 |
| Property, plant and equipment | 1,116.00 | 1,216.00 | 1,873.00 | 1,874.00 | 1,935.00 | 2,615.00 | 2,779.00 | 2,868.00 |
| Capital work-in-progress | 111.00 | 434.00 | 264.00 | 519.00 | 781.00 | 561.00 | 682.00 | 1,392.00 |
| Goodwill | 3.00 | 3.00 | 3.00 | 3.00 | 47.00 | 80.00 | 80.00 | 80.00 |
| Other intangible assets | 35.00 | 29.00 | 23.00 | 29.00 | 85.00 | 111.00 | 108.00 | 100.00 |
| Inventories | 683.00 | 756.00 | 757.00 | 765.00 | 818.00 | 720.00 | 918.00 | 910.00 |
| Trade receivables | 1,633.00 | 1,762.00 | 1,837.00 | 2,116.00 | 2,119.00 | 2,418.00 | 2,174.00 | 2,205.00 |
| Cash and cash equivalents | 377.00 | 453.00 | 327.00 | 487.00 | 402.00 | 418.00 | 522.00 | 674.00 |
| Total equity and liabilities | 7,838.00 | 8,839.00 | 9,313.00 | 10,153.00 | 10,969.00 | 12,038.00 | 12,188.00 | 13,282.00 |
| Equity | 3,548.00 | 3,870.00 | 3,993.00 | 4,440.00 | 4,628.00 | 4,943.00 | 5,060.00 | 5,579.00 |
| Equity share capital | 23.00 | 23.00 | 23.00 | 23.00 | 23.00 | 23.00 | 23.00 | 23.00 |
| Other equity | 3,521.00 | 3,846.00 | 3,966.00 | 4,417.00 | 4,597.00 | 4,914.00 | 5,030.00 | 5,527.00 |
| Total liabilities | 4,290.00 | 4,968.00 | 5,320.00 | 5,713.00 | 6,341.00 | 7,095.00 | 7,128.00 | 7,703.00 |
| Non-current liabilities | 246.00 | 559.00 | 836.00 | 988.00 | 1,467.00 | 1,460.00 | 1,684.00 | 1,883.00 |
| Current liabilities | 4,044.00 | 4,409.00 | 4,485.00 | 4,725.00 | 4,874.00 | 5,635.00 | 5,444.00 | 5,820.00 |
| Borrowings, non-current | 113.00 | 423.00 | 678.00 | 789.00 | 1,148.00 | 1,162.00 | 1,376.00 | 1,616.00 |
| Borrowings, current | 352.00 | 388.00 | 378.00 | 466.00 | 304.00 | 532.00 | 382.00 | 672.00 |
| Trade payables | 1,367.00 | 1,498.00 | 1,447.00 | 1,533.00 | 1,559.00 | 1,697.00 | 1,561.00 | 2,057.00 |
Cash flow, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Net cash from operating activities | 126.00 | 460.00 | 175.00 | 247.00 | 516.00 | 1,043.00 | 63.00 | 542.00 |
| Net cash from investing activities | -58.00 | -680.00 | -430.00 | -509.00 | -593.00 | -1,241.00 | 169.00 | -587.00 |
| Net cash from financing activities | 7.00 | 349.00 | 104.00 | 285.00 | -13.00 | 124.00 | -162.00 | 248.00 |
| Purchase of property, plant and equipment | 103.00 | 650.00 | 0.00 | 844.00 | 532.00 | 903.00 | 396.00 | 952.00 |
| Net increase in cash | 74.00 | 144.00 | -149.00 | 19.00 | -80.00 | -74.00 | 70.00 | 224.00 |
| con:CFO.BEFORE_TAX | 190.00 | 611.00 | 288.00 | 434.00 | 556.00 | 1,229.00 | 215.00 | 891.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 64.00 | 151.00 | 114.00 | 186.00 | 40.00 | 186.00 | 152.00 | 349.00 |
| con:CF_OTHER.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | 10.00 | 10.00 | 0.00 | 4.00 | 0.00 | 138.00 | 0.00 | 0.00 |
| con:INVESTMENTS_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 10.00 |
| con:PPE_DISPOSALS | 0.00 | 0.00 | -453.00 | 0.00 | 0.00 | 0.00 | 1.00 | 10.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 71.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 61.98 | 61.98 | 61.98 | 61.98 | 61.98 | 61.98 | 61.98 | 61.98 | 61.98 | 61.98 | 0.62 | 0.62 | 0.62 | 0.62 |
| Domestic institutions | 15.63 | 15.50 | 15.46 | 15.86 | 15.82 | 12.88 | 12.72 | 12.66 | 12.25 | 11.75 | 0.14 | 0.15 | 0.15 | 0.15 |
| Mutual funds | — | — | — | — | — | — | — | — | — | 10.71 | 0.13 | 0.13 | 0.14 | 0.13 |
| Insurance companies | 1.98 | 1.94 | 1.96 | 2.16 | 2.13 | 0.69 | 0.62 | 0.72 | 0.93 | 1.03 | 0.01 | 0.01 | 0.01 | 0.02 |
| Foreign institutions | 12.29 | 12.35 | 12.54 | 12.01 | 12.24 | 15.14 | 15.38 | 15.49 | 15.86 | 16.02 | 0.13 | 0.12 | 0.11 | 0.11 |
| Public | 32.53 | 32.53 | 32.53 | 32.53 | 32.53 | 32.53 | 32.54 | 32.55 | 32.55 | 32.55 | 0.33 | 0.33 | 0.33 | 0.33 |
| Non-institutional | 4.60 | 4.67 | 4.53 | 4.66 | 4.48 | 4.50 | 4.44 | 4.40 | 4.44 | 4.79 | 0.05 | 0.05 | 0.06 | 0.06 |
| Shares outstanding | 119156300 | 119156300 | 119156300 | 119156300 | 119156300 | 119156300 | 119156300 | 119156300 | 119156300 | 119156300 | 119156300 | 119156300 | 119156300 | 119156300 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| First Energy 8 Private Limited | Subsidiary | Any other transaction, Interest paid, Interest recei | 2,786,893,000.00 | 6 |
| First Energy 5 Private Limited | Subsidiary | Any other transaction, Interest paid, Interest recei | 1,930,176,000.00 | 8 |
| Thermax Babcock & Wilcox Energy Solutions Ltd. | Subsidiary | Advance, Any other transaction, Interest paid, Inves | 766,110,000.00 | 22 |
| Thermax Inc. | Subsidiary | Advance, Any other transaction, Sale of goods or ser | 669,441,000.00 | 7 |
| First Energy 7 Private Limited | Subsidiary | Any other transaction, Interest paid, Interest recei | 435,642,000.00 | 9 |
| Thermax Onsite Energy Solutions Limited | Subsidiary | Advance, Any other transaction, Investment, Sale of | 296,772,000.00 | 17 |
| EVERENVIRO RESOURCE MANAGEMENT PRIVATE LIMITED | Subsidiary | Advance, Any other transaction, Sale of goods or ser | 195,372,000.00 | 4 |
| Thermax Instumentation Limited | Subsidiary | Advance, Any other transaction, Investment, Purchase | 194,319,000.00 | 16 |
| First Energy 3 Private Limited | Subsidiary | Any other transaction, Interest paid, Interest recei | 193,569,000.00 | 6 |
| First Energy TN 1 Private Limited | Subsidiary | Any other transaction, Interest paid, Interest recei | 192,549,000.00 | 9 |
| Thermax Europe Ltd. | Subsidiary | Any other transaction, Sale of goods or services | 173,970,000.00 | 7 |
| Thermax Denmark ApS Consol | Subsidiary | Advance, Any other transaction, Sale of goods or ser | 98,237,000.00 | 4 |
| Thermax Bioenergy Solutions Private Limited | Subsidiary | Advance, Any other transaction, Investment, Sale of | 96,085,000.00 | 12 |
| Thermax Energy & Environment Lanka (Private) Limited | Subsidiary | Advance, Any other transaction, Sale of goods or ser | 94,374,000.00 | 4 |
| Thermax Thailand | Subsidiary | Any other transaction | 91,037,000.00 | 4 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2023-02-16 | Q3FY22 | LIMITED | Read the call |
| 2022-11-18 | Q2FY22 | LIMITED | Read the call |
| 2022-08-09 | Q1FY23 | EXECUTIVE, FINANCIAL, THERMAX | Read the call |
| 2022-05-27 | Q4FY22 | EXECUTIVE, FINANCIAL, PRESIDENT – THERMAX LIMITED | Read the call |
| 2021-06-02 | Q4FY21 | Read the call |
Some earlier announcements under this heading are covering letters only — no transcript was attached.
What they said about it, quarter by quarter
| Topic | Q1FY23 | Q2FY22 | Q3FY22 | Q4FY21 | Q4FY22 |
|---|---|---|---|---|---|
| Capex | — | Many of our customers though, when we speak with them, they are very, very bullish on their Capex plans going forward across the Board. | If you take a look at and a lot of these are associated with energy transition - the steel sector is one which is possibly not driven by energy transi… | Just one last one, if I may, on the refining capex and slightly longer term, over the next four-five years, what we understand is HPCL is talking of n… | Got it, Sir, and lastly development on export duty on steel, will it push capex lower in the steels itself your views on that? |
| Costs | Is the understanding correct that it is mainly the raw material for resins business and resin would be 50% of your chemicals business? | — | — | — | What portions of clearances are actually dependent on Styrene as a raw material? |
| Debt and cash | Thermax Limited August 03, 2022 products business and our services business, which are also fixed price, but we have the ability to react there much, … | We have very good cash flows, profitability translating cleanly into cash and relatively low investments in capital equipment and kind of managing the… | Very little capital goes in, it works on a negative working capital and growth path is there. | The cash surplus consequent to the working capital improvement is also at an improved level compared to last year. | — |
| Demand | Thermax Limited August 03, 2022 the second asset in Maharashtra will start to show revenue in November and the Gujarat asset which is a hybrid asset w… | So, our inquiry pipeline, which was growing continuously quarter-over-quarter, while it is still very healthy, it is now plateauing. | Just wanted to get some thoughts from you in terms of the order pipeline going ahead in terms of the order funnel that you are looking at because even… | In terms of the order book, you can see there was more of a recovery from cement, steel, refining and petrochemical this particular quarter. | So, all of that kind of says that that it can continue for a little bit, we challenge for the Indian economies to work in the zone where, demand conti… |
| Guidance | I think good question, I can spend some time talking about solar opex business, our solar opex business, we have First Energy Private Limited and that… | I've shared with you the profitability that we expect. | Solar, as an example, will be a loss making business for us this year, and even next year it will likely be a loss making business because while we ar… | So, what kind of sales growth do we expect in FY2022? | Interest in terms of the headline numbers that you see of this 3400 crores order book, over the last year we have spoken about that there is a pipelin… |
| Margin | On the energy segment, which is the heart of our business, there you can see we could absorb the commodity pressures and still turn out a decent margi… | On the margins in energy, which again saw a drop this quarter as well on the energy segment, that is over 5.5% EBIT margin. | We had taken a step back from quoting at very low practice, and saying look we would rather go for some better margin businesses because we could see … | I think you have covered all the business aspects of it.On the financial performance front, I think we continued to maintain a reasonably good margin … | Got it, Sir and my second question is with respect to the chemical margin so basically last year full year we did around 12% in this margin, what kind… |
| People | Fairly high, I think concerns on execution, we are very focused on executing without adding significantly more people and which is the big emphasis fo… | But can you give it some more colour in terms of how it is segmented between these major sub-segments, between domestic, international and also, in te… | — | We saw last year that the country opened up after the lockdown in Q4 in Thermax Limited May 26, 2021 particular, but in Q3 and Q4, we could increase t… | Second, I think our focus of working with US customers in particular and Europe, we are adding headcount in those markets, which means we are investin… |
| Pricing | The second part where we had a difference was on FGD, see FDG the backlog that we have there was nothing we could do, commodity prices went up, the de… | And we chose to keep our prices high and eventually, the projects went at pricing that we wouldn't have touched it any which way. | — | I know there will be a lot of questions around trends and how has commodity pricing been affecting the business etc., all that I think we can answer a… | So what we did not do well is the raising the prices even before some of this happened, I think we could have done more to increase prices and the rea… |
| Revenue growth | Thermax Limited August 03, 2022 120% and in that you are very confident that value growth is largely getting passed on, it is nothing that we are unde… | In our large projects’ business, we had a particular customer where, again, a government customer and these were all kind of, in some ways, I think th… | The topline will be a challenge because you do not have a Rs.1,000 crores and Rs. | — | In fact, our water business did the best this year in terms of growing top line and keeping bottom line percentages stable, and of course, with the gr… |