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) - Total Assets
Latest total assets as of September 2025: ₹121.88 Billion INR
Based on the latest financial reports, Thermax Limited (THERMAX) holds total assets worth ₹121.88 Billion INR as of September 2025.
Total assets represent everything the company owns and controls, combining both current assets—like cash and cash equivalents, accounts receivable, and inventories—and non-current assets such as property, plant, equipment (PP&E), intangible assets, and long-term investments.
Thermax Limited - Total Assets Trend (2005–2025)
This chart illustrates how Thermax Limited’s total assets have evolved over time, based on quarterly financial data. Explore and compare other companies by total assets.
Thermax Limited - Asset Composition Analysis
Current Asset Composition (March 2025)
Thermax Limited's total assets of ₹121.88 Billion consist of 60.8% current assets and 39.2% non-current assets.
| Asset Category | Amount (INR) | % of Total Assets |
|---|---|---|
| Cash & Equivalents | ₹2.18 Billion | 3.5% |
| Accounts Receivable | ₹24.55 Billion | 20.4% |
| Inventory | ₹7.20 Billion | 6.0% |
| Property, Plant & Equipment | ₹31.76 Billion | 26.4% |
| Intangible Assets | ₹1.12 Billion | 0.9% |
| Goodwill | ₹801.90 Million | 0.7% |
Asset Composition Trend (2005–2025)
This chart illustrates how Thermax Limited's asset composition has evolved over time. Understanding changes in asset allocation can provide insights into the company's strategic shifts, capital allocation priorities, and business focus evolution.
Key Asset Composition Facts
- Current vs. Non-Current Assets: Thermax Limited's current assets represent 60.8% of total assets in 2025, an increase from 53.6% in 2005.
- Cash Position: Cash and equivalents constituted 3.5% of total assets in 2025, up from 2.8% in 2005.
- Tangible vs. Intangible: Intangible assets (including goodwill) make up 0.0% of total assets, unchanged from 0.0% in 2005.
- Asset Diversification: The largest asset category is property, plant & equipment at 26.4% of total assets.
Thermax Limited Competitors by Total Assets
Key competitors of Thermax Limited based on total assets are shown below.
| Company | Country | Total Assets |
|---|---|---|
|
China Baoan Group Co Ltd
SHE:000009
|
China | CN¥56.58 Billion |
|
Doosan
KO:000150
|
Korea | ₩32.36 Trillion |
|
Doosan Pref Shs
KO:000155
|
Korea | ₩32.36 Trillion |
|
Doosan Co Ltd
KO:000157
|
Korea | ₩32.36 Trillion |
|
Yunding Technology Co Ltd
SHE:000409
|
China | CN¥2.65 Billion |
|
Create Technology & Science Co Ltd
SHE:000551
|
China | CN¥6.23 Billion |
|
Sundiro Holding Co Ltd
SHE:000571
|
China | CN¥2.50 Billion |
|
Guangdong Ganhua Science & Industry Co Ltd
SHE:000576
|
China | CN¥2.26 Billion |
Thermax Limited - Asset Efficiency Metrics
Asset efficiency metrics measure how effectively a company uses its assets to generate revenue and profits. These indicators help investors evaluate management's ability to deploy capital efficiently.
Asset Turnover Ratio
Measures how efficiently a company uses its assets to generate sales
Strong asset utilization - Thermax Limited generates 0.86x its asset value in annual revenue.
Return on Assets (ROA)
Measures how efficiently a company uses its assets to generate profits
Solid ROA - For every $100 in assets, Thermax Limited generates $5.27 in net profit.
Thermax Limited - Liquidity and Working Capital Analysis
Liquidity ratios measure a company's ability to pay off its short-term debts as they come due, using the company's current or quick assets. Working capital represents the operational liquidity available.
Key Liquidity Metrics
| Metric | Current | 1 Year Ago | 5 Years Ago |
|---|---|---|---|
| Current Ratio | 1.33 | 1.36 | 1.43 |
| Quick Ratio | 1.17 | 1.19 | 1.29 |
| Cash Ratio | 0.24 | 0.16 | 0.00 |
| Working Capital | ₹18.20 Billion | ₹ 17.42 Billion | ₹ 11.98 Billion |
Thermax Limited - Advanced Valuation Insights
This section examines the relationship between Thermax Limited's asset base and its market valuation, helping to identify whether the company's assets are efficiently translated into market value.
Key Valuation Metrics
| Current Price-to-Book Ratio | 6.52 |
| Latest Market Cap to Assets Ratio | 0.01 |
| Asset Growth Rate (YoY) | 18.6% |
| Total Assets | ₹120.38 Billion |
| Market Capitalization | $1.22 Billion USD |
Valuation Analysis
Below Book Valuation: The market values Thermax Limited's assets below their book value (0.01 x), which may indicate investor concerns about asset quality or future growth.
Rapid Asset Growth: Thermax Limited's assets grew by 18.6% over the past year, indicating significant expansion of the company's resource base.
Annual Total Assets for Thermax Limited (2005–2025)
The table below shows the annual total assets of Thermax Limited from 2005 to 2025.
| Year | Total Assets | Change |
|---|---|---|
| 2025-03-31 | ₹120.38 Billion | +18.57% |
| 2024-03-31 | ₹101.53 Billion | +14.87% |
| 2023-03-31 | ₹88.39 Billion | +18.46% |
| 2022-03-31 | ₹74.61 Billion | +14.67% |
| 2021-03-31 | ₹65.07 Billion | +9.25% |
| 2020-03-31 | ₹59.56 Billion | -12.41% |
| 2019-03-31 | ₹68.00 Billion | +14.38% |
| 2018-03-31 | ₹59.45 Billion | +17.48% |
| 2017-03-31 | ₹50.60 Billion | -18.85% |
| 2016-03-31 | ₹62.36 Billion | +6.99% |
| 2015-03-31 | ₹58.28 Billion | -1.92% |
| 2014-03-31 | ₹59.42 Billion | +19.14% |
| 2013-03-31 | ₹49.88 Billion | +6.73% |
| 2012-03-31 | ₹46.73 Billion | +14.31% |
| 2011-03-31 | ₹40.88 Billion | +20.98% |
| 2010-03-31 | ₹33.79 Billion | +40.47% |
| 2009-03-31 | ₹24.05 Billion | +17.36% |
| 2008-03-31 | ₹20.50 Billion | +14.50% |
| 2007-03-31 | ₹17.90 Billion | +56.72% |
| 2006-03-31 | ₹11.42 Billion | +14.22% |
| 2005-03-31 | ₹10.00 Billion | -- |