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Thermax Limited THERMAX NIFTY_MIDNSEINFRA

Industrials · Conglomerates · India
https://www.thermaxglobal.com
Company Profile ↓
₹4,447.00
+30.01% 1Y
Mkt Cap₹52,988.81 Cr
P/E69.55
P/B9.47
Div. Yield0.29%
52W High₹5,138.51
52W Low₹2,762.52
Book Value₹465.77
EPS (TTM)₹63.94

Company Overview

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, water & waste recycling, including associated services and engineering, procurement and construction. The Industrial Infra segment provides engineering, procurement, and construction (EPC) of power plants, infra projects, and flue gas desulphurisation projects, along with associated services and manufacturing, installation, sales and services related to boiler and heater plants. The Green solutions segment builds, owns and operates BOO models, energy management solutions, oil and gas-fired, green hydrogen projects and renewable energy (Solar/Wind). The Chemical segment offers manufacturing, installation, sales and services related to ion exchange resins, performance chemicals, construction chemicals, water treatment chemicals, oil field chemicals, paper and construction chemicals, and related services. It also operates cogeneration, waste heat recovery power, captive power, and independent power plants, as well as offers operation and maintenance services. In addition, the company offers steam boilers; waste heat recovery units; fired heaters and process furnaces; thermic fluid, hot air, and hot water heaters; and waste heat recovery. It serves automobiles, cement, chemicals and fertilizers, commercial/construction, dairy, distillery, paper and pulp, pharmaceuticals, plywood, power generation, food, refineries and petrochemicals, soft beverages, metals, sugar, textiles, and tyre industries. Thermax Limited was incorporated in 1966 and is headquartered in Pune, India. Thermax Limited is a subsidiary of RDA Holdings Private Limited.

Why Investors Should Care

Healthy Capital Returns

Return on capital employed stands at 15.3%.

Consistent Profit Growth

Net profit has compounded at 17.0% per year over the last five years.

Recent Developments

  • Mar 2026 Revenue of ₹10,642.55 Cr (+3.6% YoY); net profit ₹720.50 Cr.
  • Trailing 12 Months Year-on-year growth — revenue +3.6%, earnings +13.6%.
  • 5-Year Trend Long-term compounding — revenue CAGR 9.8%, profit CAGR 17.0%.

Growth & Price Performance

Compounded Sales Growth

5 Years:9.83%
1 Year:3.65%

Compounded Profit Growth

5 Years:16.96%
1 Year:13.56%

Stock Price Performance

1 Year:+30.01%
6 Months:+47.69%
3 Months:+7.82%
1 Month:-5.29%

Highlights auto-generated from reported financials and price data; not investment advice. Verify with official filings before acting.

Technical Snapshot Mixed
52-Week Range 71% of range
₹2,762.52 ₹5,138.51
Trend Signals
  • Price vs 50-DMABelow
  • Price vs 200-DMAAbove
  • RSI (14)41.66 · Neutral
Price Performance
1M-5.29%
3M+7.82%
6M+47.69%
1Y+30.01%
Valuation vs Sector

P/E of 69.55 is above the sector median of 29.60 — pricier than peers.

Auto-generated from price history and fundamentals; not investment advice.

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Price Chart

NSE TradingView

Fundamental Growth Charts

Interactive charts for Revenue, Net Income, EBITDA, Free Cash Flow, EPS, ROE, ROCE, Gross/Net/Operating Margin and more — switch metric and period using the dropdowns above. CAGR is computed across the displayed window (quarterly CAGR is annualised). Visual growth charts make it easy to spot multi-year compounding trends at a glance — far faster than reading raw numbers in a table.

PROS

  • Profit CAGR of 17.0% over 5 years.
  • In a confirmed uptrend (50-DMA above 200-DMA).

CONS

  • Trading at a high P/E of 69.5.

* The pros and cons are auto-generated from financial metrics.

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Valuation

Stock P/E
69.55
Industry PE
29.60
Forward P/E
46.00
PEG Ratio
-
Book Value
₹465.77
Price to Book
9.47
P/S
4.91
EV/EBITDA
51.12
Dividend Yield
0.29%

Growth (CAGR)

Revenue 5Y
9.83%
Profit 5Y
16.96%
Revenue (YoY)
3.65%
Earnings (YoY)
13.56%

Profitability & Returns

ROCE
15.32%
ROE
12.98%
ROA
5.42%
Profit Margin
6.77%
Op Margin
8.95%
Gross Margin
45.35%
EPS (Latest Qtr)
₹21.68
EPS (TTM)
₹63.94

Balance Sheet & Liquidity

Debt/Equity
0.43
Quick Ratio
1.07
Current Ratio
1.22
Debt
₹2,371.95 Cr
Total Assets
₹13,282.11 Cr
Current Assets
₹7,108.80 Cr
Working Capital
₹1,288.44 Cr

Ownership

Promoter Holding
73.67%
Chg in Prom Hold
11.68%
FII / Inst Holding
21.13%
Chg in FII Hold
-0.19%

Financial Snapshot

Enterprise Value
₹52,988.81 Cr
Total Revenue (TTM)
₹10,642.55 Cr
EBITDA
₹1,350.87 Cr
Free Cash Flow
₹-410.85 Cr
Operating Cash Flow
₹541.55 Cr
Shares Outstanding
₹11.92 Cr
Gross Margin
45.35%
Payout Ratio
21.90%

Peer comparison

Peer companies in the same sector (Industrials).

#NameCMP ₹P/E Mkt CapDiv Yld % ROCE %ROE % Rev CAGR 5Y %Profit CAGR 5Y %
1 THERMAX Thermax Limited NIFTY_MIDNSEINFRA 4,447.00 69.55 ₹52,988.81 Cr 0.29% 15.32% 12.98% 9.83% 16.96%
2 LT Larsen & Toubro Limited NIFTY50NSEAIINFRA 3,849.40 32.93 ₹5.30 L Cr 0.96% 14.55% 14.72% 16.09% 15.38%
3 ADANIPORTS Adani Ports and Special Economic Zone Limited NIFTY50NSEINFRA 1,834.20 31.50 ₹4.23 L Cr 0.42% 10.97% 13.32% 22.93% 34.11%
4 BEL Bharat Electronics Limited NIFTY50NSEAIDEFENCEINFRAPSU 410.75 56.42 ₹3.00 L Cr 1.05% 31.88% 25.27% 16.63% 26.64%
5 HAL Hindustan Aeronautics Limited NSEAIDEFENCEINFRAPSU 4,463.30 32.75 ₹2.98 L Cr 0.44% 13.80% 22.21% 7.87% 16.08%
6 INDIGO InterGlobe Aviation Limited NSEINFRA 5,202.50 -84.07 ₹2.01 L Cr 0.24% 4.02% -34.31% 16.59% -227.40%
7 CUMMINSIND Cummins India Limited NSEINFRA 5,535.50 64.97 ₹1.53 L Cr 1.17% 34.95% 27.87% 16.07% 24.35%
8 ABB ABB India Limited NSEAIINFRA 6,951.50 88.30 ₹1.47 L Cr 0.58% 28.45% 21.29% 15.41% 17.97%
9 POWERINDIA Hitachi Energy India Limited NIFTY_MIDNSEINFRA 33,005.00 148.92 ₹1.47 L Cr 0.02% 24.92% 19.09% 22.24% 119.12%
Financial Statements Quarterly Results · Profit & Loss · Balance Sheet · Cash Flows · Ratios

Quarterly Results

Figures in INR.

Metric Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Revenue 2,311.00 Cr1,933.00 Cr2,302.00 Cr2,324.00 Cr2,764.00 Cr2,184.00 Cr2,616.00 Cr-3,046.40 Cr2,094.36 Cr2,473.90 Cr2,634.68 Cr3,428.04 Cr
Cost of Revenue --------1,706.28 Cr1,060.36 Cr1,309.82 Cr1,370.53 Cr1,811.55 Cr
Gross Profit --------1,340.12 Cr1,034.00 Cr1,164.08 Cr1,264.15 Cr1,616.49 Cr
Operating Expenses 2,111.00 Cr1,801.00 Cr2,098.00 Cr2,137.00 Cr2,491.00 Cr2,044.00 Cr2,338.00 Cr-722.29 Cr857.78 Cr1,043.52 Cr1,062.61 Cr847.03 Cr
Operating Income 171.00 Cr103.00 Cr171.00 Cr151.00 Cr223.00 Cr105.00 Cr236.00 Cr-617.83 Cr176.22 Cr120.56 Cr201.54 Cr769.46 Cr
EBITDA 200.00 Cr132.00 Cr204.00 Cr187.00 Cr273.00 Cr141.00 Cr278.00 Cr-377.23 Cr290.55 Cr257.31 Cr376.19 Cr430.49 Cr
Interest Expense 14.00 Cr13.00 Cr20.00 Cr27.00 Cr28.00 Cr27.00 Cr29.00 Cr-31.25 Cr30.20 Cr32.17 Cr34.24 Cr42.35 Cr
Pretax Income 214.00 Cr91.00 Cr217.00 Cr309.00 Cr251.00 Cr161.00 Cr266.00 Cr-300.64 Cr211.47 Cr173.67 Cr288.67 Cr334.13 Cr
Tax Provision 57.78 Cr30.94 Cr58.59 Cr71.07 Cr62.75 Cr51.52 Cr69.16 Cr-95.09 Cr60.02 Cr54.27 Cr83.66 Cr89.73 Cr
Net Income 156.00 Cr60.00 Cr159.00 Cr237.00 Cr188.00 Cr109.00 Cr198.00 Cr-205.73 Cr152.38 Cr119.66 Cr204.18 Cr244.28 Cr
Diluted EPS 13.094.9413.2420.0015.979.7216.54-18.2613.5210.6218.1221.68

Profit & Loss (Annual)

Figures in INR.

Metric Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue 5,304.00 Cr5,145.00 Cr4,483.00 Cr4,465.00 Cr5,973.00 Cr5,731.00 Cr4,791.00 Cr-8,033.90 Cr9,237.24 Cr10,268.08 Cr10,642.55 Cr
Cost of Revenue --------4,854.79 Cr5,448.02 Cr6,018.76 Cr5,815.99 Cr
Gross Profit --------3,179.11 Cr3,789.22 Cr4,249.32 Cr4,826.56 Cr
Operating Expenses 4,842.00 Cr4,712.00 Cr4,049.00 Cr4,088.00 Cr5,516.00 Cr5,331.00 Cr4,435.00 Cr-2,649.16 Cr3,110.07 Cr3,399.10 Cr3,873.60 Cr
Operating Income 328.00 Cr361.00 Cr352.00 Cr295.00 Cr365.00 Cr284.00 Cr241.00 Cr-529.95 Cr679.15 Cr850.22 Cr952.96 Cr
EBITDA 462.00 Cr433.00 Cr434.00 Cr377.00 Cr457.00 Cr401.00 Cr356.00 Cr-757.08 Cr1,103.07 Cr1,157.15 Cr1,350.87 Cr
Interest Expense 82.00 Cr12.00 Cr10.00 Cr13.00 Cr14.00 Cr15.00 Cr21.00 Cr-37.16 Cr86.03 Cr114.17 Cr135.29 Cr
Pretax Income 319.00 Cr467.00 Cr438.00 Cr397.00 Cr410.00 Cr375.00 Cr275.00 Cr-603.06 Cr868.96 Cr884.47 Cr1,007.94 Cr
Tax Provision 172.26 Cr144.77 Cr157.68 Cr166.74 Cr86.10 Cr161.25 Cr68.75 Cr-152.36 Cr225.77 Cr257.77 Cr287.68 Cr
Net Income 148.00 Cr282.00 Cr216.00 Cr231.00 Cr325.00 Cr212.00 Cr207.00 Cr-450.29 Cr645.28 Cr634.47 Cr720.50 Cr
Diluted EPS 17.6023.6918.7219.4827.3117.8317.34-39.9757.2856.3163.94

Balance Sheet (Annual)

Figures in INR.

Metric Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Total Assets 6,089.00 Cr5,166.00 Cr5,044.00 Cr5,929.00 Cr6,790.00 Cr5,951.00 Cr6,500.00 Cr-8,838.61 Cr10,153.01 Cr11,412.09 Cr13,282.11 Cr
Current Assets --------6,080.16 Cr6,448.63 Cr6,696.05 Cr7,108.80 Cr
Cash & Equivalents --------452.82 Cr487.13 Cr416.55 Cr674.45 Cr
Inventory --------755.63 Cr764.90 Cr716.55 Cr909.50 Cr
Receivables --------1,762.06 Cr2,116.43 Cr2,003.01 Cr2,204.84 Cr
Total Liabilities --------4,968.39 Cr5,713.21 Cr6,469.51 Cr7,702.92 Cr
Current Liabilities --------4,409.19 Cr4,725.35 Cr5,009.16 Cr5,820.36 Cr
Long Term Debt --------422.52 Cr789.48 Cr1,161.55 Cr1,615.83 Cr
Total Debt 688.00 Cr195.00 Cr136.00 Cr234.00 Cr240.00 Cr230.00 Cr328.00 Cr-851.33 Cr1,295.54 Cr1,733.77 Cr2,371.95 Cr
Total Equity 2,147.00 Cr2,417.00 Cr2,538.00 Cr2,715.00 Cr3,015.00 Cr3,028.00 Cr3,252.00 Cr-3,868.07 Cr4,439.80 Cr4,936.89 Cr5,549.97 Cr
Shares Outstanding --------11.92 Cr11.92 Cr11.92 Cr11.92 Cr

Cash Flows (Annual)

Figures in INR.

Metric Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow 311.00 Cr253.00 Cr335.00 Cr534.00 Cr-115.00 Cr326.00 Cr769.00 Cr-459.56 Cr247.30 Cr1,079.79 Cr541.55 Cr
Investing Cash Flow 80.00 Cr-127.00 Cr-99.00 Cr-507.00 Cr266.00 Cr-140.00 Cr-627.00 Cr--679.68 Cr-509.21 Cr-1,271.99 Cr-587.06 Cr
Financing Cash Flow -351.00 Cr-112.00 Cr-126.00 Cr-20.00 Cr-65.00 Cr-232.00 Cr77.00 Cr-348.54 Cr285.40 Cr122.52 Cr247.63 Cr
Capital Expenditure -29.00 Cr-133.00 Cr-119.00 Cr-201.00 Cr-155.00 Cr-48.00 Cr-83.00 Cr--664.22 Cr-843.94 Cr-902.67 Cr-952.40 Cr
Free Cash Flow 282.00 Cr120.00 Cr216.00 Cr333.00 Cr-270.00 Cr278.00 Cr686.00 Cr--204.66 Cr-596.64 Cr177.12 Cr-410.85 Cr
Net Change in Cash 39.00 Cr13.00 Cr110.00 Cr7.00 Cr85.00 Cr-47.00 Cr220.00 Cr-128.42 Cr23.49 Cr-69.68 Cr202.12 Cr

Ratios (Annual)

Figures in %.

Metric Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Gross Margin % --------39.6%41.0%41.4%45.4%
Operating Margin % 6.2%7.0%7.9%6.6%6.1%5.0%5.0%-6.6%7.4%8.3%9.0%
Net Margin % 2.8%5.5%4.8%5.2%5.4%3.7%4.3%-5.6%7.0%6.2%6.8%
ROE % 6.9%11.7%8.5%8.5%10.8%7.0%6.4%-11.6%14.5%12.9%13.0%
ROCE % --------12.0%12.5%13.3%12.8%

Shareholding Pattern

Insiders
73.67%
Institutions
21.13%
Public Float
80.27%

Analyst View

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Latest News

Recent headlines for THERMAX

Google News ue, 14 Jul 2026

Thermax - 12 stocks held by 100+ MFs in June surged up to 105% in just over 6 months - The Economic Times

<a href="https://news.google.com/rss/articles/CBMi5wFBVV95cUxNTG1EMk1rUXEyVDgtaW1sUnpJTFdwem8za2lTTHFGdy1PZ00yaXpYcHJqemVOdGNLY0RjMGxReDAwQU5UVlNpR05HdDVpNkVLcU5ieldFVW9NanhBNjF1cG1Pc19WMFJ1eWVqY0REbjBuMmVXb3lmY193X1JQZFVVWU5NMWdoc1dFdzRvUD…

Google News ue, 14 Jul 2026

Thermax Ltd leads losers in 'A' group - Business Standard

<a href="https://news.google.com/rss/articles/CBMiuAFBVV95cUxPVVBLa2hZUjZnQTZReGR6SFJ1MFlWUWIwcDM5RVI1YloyVDNTVEhKV1phTTFuc1pZSnZ2Qkxid296WEx0NmpxMVVUZmQ4eEt3LWxUazJMV1V6SGFxcGNRbm1JbWdZVExrdzJfQVpzNXRaRmlqSUdzcEJaOURvV2tyMDJSTUc0T1JTazBqWG…

Google News hu, 21 May 2026

We Think That There Are Issues Underlying Thermax's (NSE:THERMAX) Earnings - simplywall.st

<a href="https://news.google.com/rss/articles/CBMi1AFBVV95cUxQa05mZ3VlbmhqUjAwYXR0OXpoc3FDR1BaQkNfWC05SEJfQjlKXzY4VXhMWjh3Ym55SDJPMFhtaUs2QThPTWhQVEptV21yVndURW5jQUdteEVsTzVFWWtYM1EzZWNrYlktMUhLRDFZM0UwSmZGMTRYbjNla0pWa2NrbWFkUHNaU1ozR2xfVE…

Google News Mon, 13 Jul 2026

thermax ltd spikes 6 2 - Capital Market

<a href="https://news.google.com/rss/articles/CBMijgFBVV95cUxQLVpuSGw0azlxa2l4bS1SaTd6V0dCR290enloRVl6WE9QWHI4b0t0cldySC1kSlluaTlKRThUMzdPWHV0ODRRVk9WN1BsYkhMRndhQzJGdVpGSWZkQ2NnZl9sbUpfbGdKNEVFX21yRzlQX015T1NtYVp1cVpZVG1OYmg3Y3BoUXNHUnE2dn…

Google News Mon, 02 Feb 2026

Thermax Limited Reports Earnings Results for the Third Quarter and Nine Months Ended December 31, 2025 - marketscreener.com

<a href="https://news.google.com/rss/articles/CBMi5wFBVV95cUxQMGdrYWE5cDRlcTlrVzk5ZzVaa2hYOVkwTmJfRVpPMW1yek92MVlvLVZzQllsUlRVX3l6aGVOUU04c2FXMGZaS2FwX09PdVZHM0VlMmFkZjRhMFB3VGptWE1fb0ZUdlBlNjZJYW14ZF9KZUlTbDdfVXRWQW9TWDgxLVFLX0w1djc4Y2lFc1…

Google News ue, 30 Jun 2026

Thermax accepts resignation of EVP Kirtiraj Jilkar effective Jun 30, 2026 - scanx.trade

<a href="https://news.google.com/rss/articles/CBMitgFBVV95cUxPNklZbDdGTVZYcklva08tY3RLWE0tVURXbmszOVhWYnZPWFdud0pKcVZ6S1M1bGJLQ3JFX2NjZ3BtbUpseDMwNWJtRzJCOEsyb1pfbnZZempNWDBSeEtJWDFxWUZNWGlvcVhONGF3d3Z5S09iX29UcjRzRm1lRGR2REYtWmhlMlJXc2ZDWF…

THERMAX — Frequently Asked Questions

What is the current share price of Thermax Limited (THERMAX)?

As of 2026-07-15 09:52 IST, Thermax Limited (THERMAX) trades at ₹4,447.00 on NSE. Its 52-week range is ₹2,762.52 to ₹5,138.51.

What is the market capitalisation of THERMAX?

Thermax Limited (THERMAX) has a market capitalisation of ₹52,988.81 Cr on NSE.

What is the P/E ratio of THERMAX?

THERMAX trades at a trailing price-to-earnings (P/E) ratio of 69.55. The industry average P/E is 29.60. Its price-to-book (P/B) ratio is 9.47.

Does THERMAX pay a dividend?

Thermax Limited (THERMAX) currently offers a dividend yield of 0.29%.

What is the return on equity (ROE) of THERMAX?

THERMAX has a return on equity (ROE) of 12.98%. Its return on capital employed (ROCE) is 15.32%.

Is THERMAX a good stock to buy?

This page provides a data-driven analysis of Thermax Limited (THERMAX), including valuation ratios, profitability, growth trends, auto-generated pros and cons, peer comparison and AI exposure. Review these fundamentals alongside your own research and risk tolerance. This is informational content, not investment advice.

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