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Thermax Limited THERMAX NIFTY_MIDNSEINFRA

Industrials · Conglomerates · India
https://www.thermaxglobal.com
Company Profile ↓
₹3,145.00
-4.25% 1Y
Mkt Cap₹35,428.01 Cr
P/E59.72
P/B6.61
Div. Yield0.43%
52W High₹5,138.51
52W Low₹2,762.52
Book Value₹492.56
EPS (TTM)₹52.66

Company Overview

Thermax Limited, together with its subsidiaries, provides energy and environment solutions in India and internationally. The company is involved in the manufacturing, installation, sales, and services related to boilers and heating equipment, absorption chiller/heat pumps, air pollution control equipment/systems, water and waste recycling; and provision of associated services and engineering, procurement, and construction (EPC). It also provides EPC of power plants, infra projects, and flue gas desulphurisation projects; manufactures, installs, sells, and services related to ion exchange resins, performance chemicals, construction chemicals, water treatment chemicals, oil field chemicals, paper and construction chemicals, and related services; and builds, owns and operates models, energy management solutions, oil and gas-fired, green hydrogen project, and solar and wind renewable energy. In addition, the company is involved in the supply and erection commissioning of aircooled condenser, rotary air preheater, electrostatic precipitator, and bag houses; installation of industrial machinery and equipment; investment and flooring chemical businesses; own and lease out property; and manufacturing steam trap systems. Further, it provides technical assistance, marketing and sales support, supervision for project business, and operation and maintenance services, as well as turnkey solutions. It serves agriculture and allied, automobile and auto, components, bio-CNG, biotechnology, brewery and distillery, cement, chemicals, construction, engineering and capital, goods, ethanol, fertiliser and agro, FMCG, food and beverages, healthcare, hospitality, infrastructure, IT and data centres, manufacturing, medical devices, metals, oil and gas, paper and pulp, pharmaceuticals, power, renewable energy, rubber, and semiconductors 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 +7.1%, earnings -83.4%.
  • 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:7.10%

Compounded Profit Growth

5 Years:16.96%
1 Year:-83.40%

Stock Price Performance

1 Year:-4.25%
6 Months:-24.02%
3 Months:-31.30%
1 Month:-12.11%

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

Technical Snapshot Bearish
52-Week Range 16% of range
₹2,762.52 ₹5,138.51
Trend Signals
  • Price vs 50-DMABelow
  • Price vs 200-DMABelow
  • RSI (14)32.59 · Neutral
Price Performance
1M-12.11%
3M-31.30%
6M-24.02%
1Y-4.25%
Valuation vs Sector

P/E of 59.72 is above the sector median of 25.87 — 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.

CONS

  • Trading at a high P/E of 59.7.
  • Trading 38.8% below its 52-week high.
  • In a downtrend (50-DMA below 200-DMA).

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

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Valuation

Stock P/E
59.72
Industry PE
25.87
Forward P/E
35.30
PEG Ratio
-
Book Value
₹492.56
Price to Book
6.61
P/S
3.38
EV/EBITDA
40.29
Dividend Yield
0.43%

Growth (CAGR)

Revenue 5Y
9.83%
Profit 5Y
16.96%
Revenue (YoY)
7.10%
Earnings (YoY)
-83.40%

Profitability & Returns

ROCE
15.32%
ROE
12.98%
ROA
5.42%
Profit Margin
5.47%
Op Margin
0.40%
Gross Margin
34.09%
EPS (Latest Qtr)
₹2.24
EPS (TTM)
₹52.66

Balance Sheet & Liquidity

Debt/Equity
0.42
Quick Ratio
1.07
Current Ratio
1.22
Debt
₹2,352.53 Cr
Total Assets
₹13,282.11 Cr
Current Assets
₹7,108.80 Cr
Working Capital
₹1,288.44 Cr

Ownership

Promoter Holding
73.66%
Chg in Prom Hold
-0.01%
FII / Inst Holding
18.72%
Chg in FII Hold
-1.14%

Financial Snapshot

Enterprise Value
₹35,428.01 Cr
Total Revenue (TTM)
₹10,839.35 Cr
EBITDA
₹875.55 Cr
Free Cash Flow
₹-410.85 Cr
Operating Cash Flow
₹541.55 Cr
Shares Outstanding
₹11.26 Cr
Gross Margin
34.09%
Payout Ratio
26.59%

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 3,145.00 59.72 ₹35,428.01 Cr 0.43% 15.32% 12.98% 9.83% 16.96%
2 LT Larsen & Toubro Limited NIFTY50NSEAIINFRA 3,636.00 30.16 ₹5.00 L Cr 1.05% 14.55% 14.72% 16.09% 15.38%
3 ADANIPORTS Adani Ports and Special Economic Zone Limited NIFTY50NSEINFRA 1,748.80 29.85 ₹4.03 L Cr 0.44% 10.97% 13.32% 22.93% 34.11%
4 HAL Hindustan Aeronautics Limited NSEAIDEFENCEINFRAPSU 4,854.40 34.83 ₹3.25 L Cr 0.97% 13.80% 22.21% 7.87% 16.08%
5 BEL Bharat Electronics Limited NIFTY50NSEAIDEFENCEINFRAPSU 371.20 44.19 ₹2.71 L Cr 0.66% 31.88% 25.27% 15.47% 26.64%
6 INDIGO InterGlobe Aviation Limited NSEINFRA 4,641.50 -37.32 ₹1.79 L Cr 0.00% 4.02% -34.31% 15.55% -227.40%
7 BHEL Bharat Heavy Electricals Limited NIFTY_MIDNSEAIINFRAPSU 410.20 58.68 ₹1.43 L Cr 0.31% 6.60% 6.12% 13.49% 35.91%
8 ABB ABB India Limited NSEAIINFRA 6,559.50 89.35 ₹1.39 L Cr 0.44% 28.45% 19.13% 15.41% 17.97%
9 CGPOWER CG Power and Industrial Solutions Limited NSEINFRA 821.00 103.53 ₹1.29 L Cr 0.15% 19.35% 15.13% 21.22% 7.81%
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 2026Jun 2026
Revenue 2,311.00 Cr1,933.00 Cr2,302.00 Cr2,324.00 Cr2,764.00 Cr2,184.00 Cr2,616.00 Cr--2,101.71 Cr2,473.90 Cr2,634.68 Cr3,428.04 Cr2,300.26 Cr
Cost of Revenue ---------1,067.71 Cr1,309.82 Cr1,370.53 Cr1,811.55 Cr1,220.52 Cr
Gross Profit ---------1,034.00 Cr1,164.08 Cr1,264.15 Cr1,616.49 Cr1,079.74 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--849.32 Cr1,043.52 Cr1,062.61 Cr847.03 Cr1,042.52 Cr
Operating Income 171.00 Cr103.00 Cr171.00 Cr151.00 Cr223.00 Cr105.00 Cr236.00 Cr--184.68 Cr120.56 Cr201.54 Cr769.46 Cr37.22 Cr
EBITDA 200.00 Cr132.00 Cr204.00 Cr187.00 Cr273.00 Cr141.00 Cr278.00 Cr--290.55 Cr257.31 Cr376.19 Cr430.49 Cr136.81 Cr
Interest Expense 14.00 Cr13.00 Cr20.00 Cr27.00 Cr28.00 Cr27.00 Cr29.00 Cr--30.20 Cr32.17 Cr34.24 Cr42.35 Cr35.15 Cr
Pretax Income 214.00 Cr91.00 Cr217.00 Cr309.00 Cr251.00 Cr161.00 Cr266.00 Cr--211.47 Cr173.67 Cr288.67 Cr334.13 Cr42.14 Cr
Tax Provision 57.78 Cr30.94 Cr58.59 Cr71.07 Cr62.75 Cr51.52 Cr69.16 Cr--60.02 Cr54.27 Cr83.66 Cr89.73 Cr20.35 Cr
Net Income 156.00 Cr60.00 Cr159.00 Cr237.00 Cr188.00 Cr109.00 Cr198.00 Cr--152.38 Cr119.66 Cr204.18 Cr244.28 Cr25.24 Cr
Diluted EPS 13.094.9413.2420.0015.979.7216.54--13.5310.6218.1221.682.24

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
73.66%
Institutions
18.72%
Public Float
71.06%

Analyst View

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Latest News

Recent headlines for THERMAX

Google News hu, 08 Oct 2026

Thermax shares jump over 5%; Kotak sees upside on data center, biogas opportunity - CNBC TV18 - LinkedIn

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Google News hu, 22 Oct 2026

Thermax: - 10 stocks plunge up to 53% from their yearly peaks - The Economic Times

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Google News Fri, 31 Jul 2026

Earnings call transcript: Thermax Q1 2026 shares weak quarter, stock falls 4.7% - Investing.com

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Google News hu, 08 Oct 2026

News by CNBC TV18 on TradingView, 2026-10-09 — cnbctv:f58e045f5094b:0 - TradingView

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Google News Fri, 09 Oct 2026

Thermax share price soars 7% on renewal energy arm stake sale buzz - Business Standard

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Google News Fri, 31 Jul 2026

Thermax Stock Falls 16% After Q1 Net Profit Plunges 83% YoY; Details Inside - NDTV Profit

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THERMAX — Frequently Asked Questions

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

As of 2026-10-23 04:58 IST, Thermax Limited (THERMAX) trades at ₹3,145.00 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 ₹35,428.01 Cr on NSE.

What is the P/E ratio of THERMAX?

THERMAX trades at a trailing price-to-earnings (P/E) ratio of 59.72. The industry average P/E is 25.87. Its price-to-book (P/B) ratio is 6.61.

Does THERMAX pay a dividend?

Thermax Limited (THERMAX) currently offers a dividend yield of 0.43%.

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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