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Thermax Limited THERMAX NIFTY_MIDNSEINFRA

Industrials · Conglomerates · India
https://www.thermaxglobal.com

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.

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₹4,982.70
+46.35% 1Y

Market & Price

Market Cap
₹56,129.45 Cr
Current Price
₹4,982.70
High / Low (52W)
₹4,982.70 / ₹2,773.80
Beta
0.20

Valuation

Stock P/E
78.12
Industry PE
27.78
Forward P/E
51.63
PEG Ratio
-
Book Value
₹492.56
Price to Book
10.12
P/S
5.25
EV/EBITDA
54.62
Dividend Yield
0.28%

Profitability & Returns

ROCE
15.37%
ROE
13.69%
ROA
4.04%
Profit Margin
6.74%
Op Margin
9.34%
EPS (Latest Qtr)
₹21.68
EPS (TTM)
₹63.78

Balance Sheet & Liquidity

Debt/Equity
0.42
Quick Ratio
0.94
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
73.67%
Chg in Prom Hold
-
FII / Inst Holding
21.38%
Chg in FII Hold
-0.03%

Financial Snapshot

Enterprise Value
₹56,057.06 Cr
Total Revenue (TTM)
₹10,694.15 Cr
EBITDA
₹1,026.26 Cr
Free Cash Flow
₹-311.12 Cr
Operating Cash Flow
₹541.55 Cr
Shares Outstanding
₹11.26 Cr
Gross Margin
34.96%
Payout Ratio
21.89%

Growth (CAGR)

Revenue 5Y
10.00%
Profit 5Y
16.96%
Revenue (YoY)
11.10%
Earnings (YoY)
18.70%

PROS

  • Compounding revenue at 10.0% over 5 years.
  • 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 78.1.

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

Price Chart

NSE TradingView Screener.in

Fundamental Growth

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

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 4,982.70 78.12 ₹56,129.45 Cr 0.28% 15.37% 13.69% 10.00% 16.96%
2 LT Larsen & Toubro Limited NIFTY50NSEAIINFRA 4,076.50 34.84 ₹5.61 L Cr 0.93% 14.55% 16.95% 16.09% 15.38%
3 ADANIPORTS Adani Ports and Special Economic Zone Limited NIFTY50NSEINFRA 1,804.60 30.96 ₹4.16 L Cr 0.42% 11.02% 15.59% 22.93% 34.11%
4 HAL Hindustan Aeronautics Limited NSEAIDEFENCEINFRAPSU 4,303.80 31.55 ₹2.88 L Cr 1.16% 13.80% 23.98% 7.87% 16.08%
5 POWERINDIA Hitachi Energy India Limited NIFTY_MIDNSEINFRA 38,445.00 172.41 ₹1.71 L Cr 0.02% 24.92% 21.04% 22.24% 119.12%
6 INDIGO InterGlobe Aviation Limited NSEINFRA 4,405.00 - ₹1.70 L Cr 0.24% 15.53% - 44.12% 72.60%
7 CUMMINSIND Cummins India Limited NSEINFRA 5,881.00 68.97 ₹1.63 L Cr 1.12% 34.95% 29.45% 16.07% 24.35%
8 CGPOWER CG Power and Industrial Solutions Limited NSEINFRA 917.45 118.99 ₹1.44 L Cr 0.14% 19.35% 19.56% 21.67% 7.81%
9 POLYCAB Polycab India Limited NIFTY_MIDNSEAIINFRA 9,477.50 53.48 ₹1.43 L Cr 0.37% 30.44% 24.58% 26.57% 28.11%
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Quarterly Results

Figures in INR.

Metric Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Revenue -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 -722.29 Cr857.78 Cr1,043.52 Cr1,062.61 Cr847.03 Cr
Operating Income -617.83 Cr176.22 Cr120.56 Cr201.54 Cr769.46 Cr
EBITDA -377.23 Cr290.55 Cr257.31 Cr376.19 Cr430.49 Cr
Interest Expense -31.25 Cr30.20 Cr32.17 Cr34.24 Cr42.35 Cr
Pretax Income -300.64 Cr211.47 Cr173.67 Cr288.67 Cr334.13 Cr
Tax Provision -95.09 Cr60.02 Cr54.27 Cr83.66 Cr89.73 Cr
Net Income -205.73 Cr152.38 Cr119.66 Cr204.18 Cr244.28 Cr
Diluted EPS -18.2613.5210.6218.1221.68

Profit & Loss (Annual)

Figures in INR.

Metric Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue -8,033.90 Cr9,237.24 Cr10,369.26 Cr10,694.15 Cr
Cost of Revenue -4,854.79 Cr5,448.02 Cr5,794.07 Cr5,559.61 Cr
Gross Profit -3,179.11 Cr3,789.22 Cr4,575.19 Cr5,134.54 Cr
Operating Expenses -2,649.16 Cr3,110.07 Cr2,534.63 Cr2,876.99 Cr
Operating Income -529.95 Cr679.15 Cr2,040.56 Cr2,257.55 Cr
EBITDA -757.08 Cr1,103.07 Cr1,159.76 Cr1,354.54 Cr
Interest Expense -37.16 Cr86.03 Cr116.78 Cr138.96 Cr
Pretax Income -603.06 Cr868.96 Cr884.47 Cr1,007.94 Cr
Tax Provision -152.36 Cr225.77 Cr257.77 Cr287.68 Cr
Net Income -450.29 Cr645.28 Cr634.47 Cr720.50 Cr
Diluted EPS 27.7339.9757.2856.33-

Compounded Sales Growth

5 Years:10.00%
1 Year:11.10%

Compounded Profit Growth

5 Years:16.96%
1 Year:18.70%

Stock Price Performance

1 Year:+46.35%
6 Months:+72.61%
3 Months:+57.90%
1 Month:+24.88%

Balance Sheet (Annual)

Figures in INR.

Metric Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Total Assets -8,838.61 Cr10,153.01 Cr12,038.02 Cr13,282.11 Cr
Current Assets -6,080.16 Cr6,448.63 Cr7,321.98 Cr7,108.80 Cr
Cash & Equivalents -452.82 Cr487.13 Cr417.68 Cr674.45 Cr
Inventory -755.63 Cr764.90 Cr720.30 Cr909.50 Cr
Receivables -1,762.06 Cr2,116.43 Cr2,417.50 Cr2,204.84 Cr
Total Liabilities -4,968.39 Cr5,713.21 Cr7,095.44 Cr7,702.92 Cr
Current Liabilities -4,409.19 Cr4,725.35 Cr5,635.09 Cr5,820.36 Cr
Long Term Debt -422.52 Cr789.48 Cr1,161.55 Cr1,615.83 Cr
Total Debt -851.33 Cr1,295.54 Cr1,733.77 Cr2,352.53 Cr
Total Equity -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 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow -459.56 Cr247.30 Cr1,079.79 Cr541.55 Cr
Investing Cash Flow --679.68 Cr-509.21 Cr-1,271.99 Cr-587.06 Cr
Financing Cash Flow -348.54 Cr285.40 Cr122.52 Cr247.63 Cr
Capital Expenditure --664.22 Cr-843.94 Cr-902.67 Cr-952.40 Cr
Free Cash Flow --204.66 Cr-596.64 Cr177.12 Cr-410.85 Cr
Net Change in Cash -128.42 Cr23.49 Cr-69.68 Cr202.12 Cr

Ratios (Annual)

Figures in %.

Metric Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Gross Margin % -39.6%41.0%44.1%48.0%
Operating Margin % -6.6%7.4%19.7%21.1%
Net Margin % -5.6%7.0%6.1%6.7%
ROE % -11.6%14.5%12.9%13.0%
ROCE % -12.0%12.5%31.9%30.3%

Shareholding Pattern

Insiders
73.67%
Institutions
21.38%
Public Float
81.22%

Analyst View

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