Thermax Limited
Thermax Limited provides energy, environmental, and chemical solutions in India and internationally. It operates in Industrial Products, Industrial Infra, Green Solutions, and Chemical segments. The Industrial Products segment offers manufacturing, installation, sales and services related to boilers and heating equipment, absorption chillers/heat pumps, air pollution control equipment/ systems, w… Read more
Thermax Limited (THERMAX) - Net Assets
Latest net assets as of September 2025: ₹50.60 Billion INR
Based on the latest financial reports, Thermax Limited (THERMAX) has net assets worth ₹50.60 Billion INR as of September 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (₹121.88 Billion) and total liabilities (₹71.28 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | ₹50.60 Billion |
| % of Total Assets | 41.52% |
| Annual Growth Rate | 12.65% |
| 5-Year Change | 52.01% |
| 10-Year Change | 101.34% |
| Growth Volatility | 9.55 |
Thermax Limited - Net Assets Trend (2005–2025)
This chart illustrates how Thermax Limited's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Thermax Limited (2005–2025)
The table below shows the annual net assets of Thermax Limited from 2005 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-03-31 | ₹49.43 Billion | +11.32% |
| 2024-03-31 | ₹44.40 Billion | +14.72% |
| 2023-03-31 | ₹38.70 Billion | +10.82% |
| 2022-03-31 | ₹34.92 Billion | +7.42% |
| 2021-03-31 | ₹32.51 Billion | +7.38% |
| 2020-03-31 | ₹30.28 Billion | +0.45% |
| 2019-03-31 | ₹30.14 Billion | +11.03% |
| 2018-03-31 | ₹27.15 Billion | +6.92% |
| 2017-03-31 | ₹25.39 Billion | +3.43% |
| 2016-03-31 | ₹24.55 Billion | +10.36% |
| 2015-03-31 | ₹22.24 Billion | +2.13% |
| 2014-03-31 | ₹21.78 Billion | +10.06% |
| 2013-03-31 | ₹19.79 Billion | +13.67% |
| 2012-03-31 | ₹17.41 Billion | +27.37% |
| 2011-03-31 | ₹13.67 Billion | +25.68% |
| 2010-03-31 | ₹10.88 Billion | +9.59% |
| 2009-03-31 | ₹9.92 Billion | +30.66% |
| 2008-03-31 | ₹7.60 Billion | +28.74% |
| 2007-03-31 | ₹5.90 Billion | +28.42% |
| 2006-03-31 | ₹4.59 Billion | +0.71% |
| 2005-03-31 | ₹4.56 Billion | -- |
Equity Component Analysis
This analysis shows how different components contribute to Thermax Limited's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 7365.1% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (March 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | ₹41.45 Billion | 83.95% |
| Common Stock | ₹225.30 Million | 0.46% |
| Other Comprehensive Income | ₹7.05 Billion | 14.28% |
| Other Components | ₹645.50 Million | 1.31% |
| Total Equity | ₹49.37 Billion | 100.00% |
Thermax Limited Competitors by Market Cap
The table below lists competitors of Thermax Limited ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Toei Animation Co.Ltd
OTCGREY:TOEAF
|
$1.22 Billion |
|
Guangdong Rongtai Industry Co Ltd
SHG:600589
|
$1.22 Billion |
|
Batisoke Soke Cimento Sanayi TAS
IS:BSOKE
|
$1.22 Billion |
|
RTL Group S.A
PINK:RGLXF
|
$1.22 Billion |
|
STOKE THERAPEUT.DL-001
F:0GT
|
$1.22 Billion |
|
Hoshizaki Corporation
PINK:HSHZY
|
$1.22 Billion |
|
Quidel Corporation
NASDAQ:QDEL
|
$1.22 Billion |
|
KEYMED BIOSCIENCES -0001
F:64Z
|
$1.22 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Thermax Limited's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 44,398,000,000 to 49,368,900,000, a change of 4,970,900,000 (11.2%).
- Net income of 6,344,700,000 contributed positively to equity growth.
- Dividend payments of 1,352,300,000 reduced retained earnings.
- Share repurchases of 100,000 reduced equity.
- New share issuances of 100,000 increased equity.
- Other comprehensive income increased equity by 572,800,000.
- Other factors decreased equity by 594,300,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | ₹6.34 Billion | +12.85% |
| Dividends Paid | ₹1.35 Billion | -2.74% |
| Share Repurchases | ₹100.00K | -0.0% |
| Share Issuances | ₹100.00K | +0.0% |
| Other Comprehensive Income | ₹572.80 Million | +1.16% |
| Other Changes | ₹-594.30 Million | -1.2% |
| Total Change | ₹- | 11.20% |
Book Value vs Market Value Analysis
This analysis compares Thermax Limited's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 7.39x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 84.54x to 7.39x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2005-03-31 | ₹38.31 | ₹3238.40 | x |
| 2006-03-31 | ₹38.55 | ₹3238.40 | x |
| 2007-03-31 | ₹49.51 | ₹3238.40 | x |
| 2008-03-31 | ₹63.74 | ₹3238.40 | x |
| 2009-03-31 | ₹83.28 | ₹3238.40 | x |
| 2010-03-31 | ₹90.49 | ₹3238.40 | x |
| 2011-03-31 | ₹110.35 | ₹3238.40 | x |
| 2012-03-31 | ₹136.74 | ₹3238.40 | x |
| 2013-03-31 | ₹156.83 | ₹3238.40 | x |
| 2014-03-31 | ₹171.06 | ₹3238.40 | x |
| 2015-03-31 | ₹179.03 | ₹3238.40 | x |
| 2016-03-31 | ₹209.15 | ₹3238.40 | x |
| 2017-03-31 | ₹225.37 | ₹3238.40 | x |
| 2018-03-31 | ₹241.10 | ₹3238.40 | x |
| 2019-03-31 | ₹267.70 | ₹3238.40 | x |
| 2020-03-31 | ₹268.91 | ₹3238.40 | x |
| 2021-03-31 | ₹288.72 | ₹3238.40 | x |
| 2022-03-31 | ₹310.13 | ₹3238.40 | x |
| 2023-03-31 | ₹343.41 | ₹3238.40 | x |
| 2024-03-31 | ₹394.10 | ₹3238.40 | x |
| 2025-03-31 | ₹438.16 | ₹3238.40 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Thermax Limited utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 12.85%
- The company shows good efficiency in utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 6.11%
- • Asset Turnover: 0.86x
- • Equity Multiplier: 2.44x
- Recent ROE (12.85%) is below the historical average (16.42%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2005 | 14.72% | 5.24% | 1.28x | 2.19x | ₹215.54 Million |
| 2006 | 22.32% | 6.25% | 1.44x | 2.49x | ₹565.90 Million |
| 2007 | 32.84% | 8.20% | 1.32x | 3.03x | ₹1.35 Billion |
| 2008 | 38.28% | 8.25% | 1.72x | 2.70x | ₹2.15 Billion |
| 2009 | 29.12% | 8.25% | 1.46x | 2.42x | ₹1.90 Billion |
| 2010 | 13.35% | 4.20% | 1.01x | 3.13x | ₹360.79 Million |
| 2011 | 29.02% | 7.20% | 1.30x | 3.11x | ₹2.50 Billion |
| 2012 | 24.77% | 6.62% | 1.30x | 2.87x | ₹2.41 Billion |
| 2013 | 17.13% | 5.89% | 1.09x | 2.67x | ₹1.33 Billion |
| 2014 | 12.07% | 4.89% | 0.85x | 2.92x | ₹421.60 Million |
| 2015 | 9.83% | 3.93% | 0.92x | 2.73x | ₹-35.61 Million |
| 2016 | 11.99% | 5.20% | 0.87x | 2.65x | ₹467.63 Million |
| 2017 | 8.79% | 5.08% | 0.87x | 1.99x | ₹-307.52 Million |
| 2018 | 8.55% | 5.31% | 0.74x | 2.19x | ₹-393.64 Million |
| 2019 | 10.80% | 5.53% | 0.87x | 2.26x | ₹240.01 Million |
| 2020 | 7.02% | 3.76% | 0.95x | 1.97x | ₹-903.40 Million |
| 2021 | 6.35% | 4.36% | 0.73x | 2.00x | ₹-1.19 Billion |
| 2022 | 8.94% | 5.12% | 0.82x | 2.14x | ₹-369.39 Million |
| 2023 | 11.64% | 5.60% | 0.91x | 2.29x | ₹634.83 Million |
| 2024 | 14.53% | 6.99% | 0.91x | 2.29x | ₹2.01 Billion |
| 2025 | 12.85% | 6.11% | 0.86x | 2.44x | ₹1.41 Billion |
Industry Comparison
This section compares Thermax Limited's net assets metrics with peer companies in the Conglomerates industry.
Industry Context
- Industry: Conglomerates
- Average net assets among peers: $26,263,260,394
- Average return on equity (ROE) among peers: 13.74%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Thermax Limited (THERMAX) | ₹50.60 Billion | 14.72% | 1.41x | $1.22 Billion |
| 3M India Limited (3MINDIA) | $5.39 Billion | 18.32% | 0.39x | $1.01 Billion |
| Balmer Lawrie & Company Limited (BALMLAWRIE) | $8.66 Billion | 19.17% | 0.99x | $119.76 Million |
| BEML Limited (BEML) | $22.14 Billion | 3.11% | 1.59x | $665.02 Million |
| Carborundum Universal Limited (CARBORUNIV) | $17.76 Billion | 13.94% | 0.26x | $1.01 Billion |
| Career Point Limited (CAREERP) | $1.34 Billion | 13.27% | 0.08x | $4.97 Million |
| Cyient Limited (CYIENT) | $57.60 Billion | 10.69% | 0.34x | $818.95 Million |
| DCM Shriram Limited (DCMSHRIRAM) | $13.30 Billion | 6.34% | 1.75x | $470.54 Million |
| Excel Realty N Infra Limited (EXCEL) | $529.64 Million | 28.01% | 0.05x | $3.49 Million |
| Godrej Industries Limited (GODREJIND) | $130.81 Billion | 5.00% | 1.60x | $626.85 Million |
| HBL Power Systems Limited (HBLPOWER) | $5.09 Billion | 19.58% | 1.23x | $661.89 Million |