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Thermax Ltd

THERMAX NSE

Key Fundamentals

MidcapElectrical EquipmentCapital Goods
Market Cap
₹46,980 Cr
Volatility
Moderate
P/E Ratio
81.22
EBITDA
₹1,294 Cr
Return on Equity
12.91%
Debt to Equity
0.42
Book Value
₹465.88
EPS
₹50.82
52W High
₹5,277.8
52W Low
₹2,742.7

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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33 extracted metrics + investor summaries across FY03–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Weaknesses

3
  • Stock is trading at 8.68 times its book value
  • Company has a low return on equity of 11.5% over last 3 years.
  • Earnings include an other income of Rs.331 Cr.

Growth Rate

Revenue Growth
3.76% ↗
Net Income Growth
14.94% ↗
Cash Flow Change
-49.85% ↘
ROE
1.81% ↗
ROCE
-1.73% ↗
EBITDA Margin (Avg.)
7.52% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk high

Thermax Ltd is a capital goods company trading at a market cap of ₹48,447 Cr with a PE of 81.8x and PB of 8.7x. Consolidated revenue for FY2024-25 was ₹10,369 Cr with profit before tax of ₹884 Cr, while the order book stood at ₹10,693 Cr as of March 2025. TTM sales growth has decelerated to 5% and TTM profit has declined 18%, even as the stock has delivered a 24% return over the past year.

Bull Case 8
  • Strong order book of ₹10,693 Cr as of March 2025, up 6% YoY, providing over 1x TTM revenue visibility
  • FY2025-26 consolidated revenue grew to ₹10,694 Cr and order booking surged 34.2% YoY to ₹13,871 Cr, indicating accelerating demand
  • Long-term compounded sales growth of 18% over 5 years demonstrates sustained top-line expansion
  • 5-year compounded profit growth of 18% shows the company can scale earnings alongside revenue over a cycle
  • Stock CAGR of 25% over 5 years and 17% over 10 years reflects consistent long-term wealth creation
  • Consolidated profit before tax rose from ₹884 Cr in FY25 to ₹947 Cr (pre-exceptional) in FY26, an increase of 7%
  • Presence across energy, environment, and chemical segments with exposure to India's capex upcycle in infrastructure and industrials
  • Dividend yield of 0.49% provides a modest but consistent payout to shareholders
Bear Case 8
  • PE ratio of 81.8x is significantly elevated relative to the capital goods sector median, leaving limited margin of safety
  • TTM profit has declined 18%, indicating near-term earnings pressure despite revenue growth
  • Stock trades at 8.7x book value while ROE has averaged only 11-12% over 3-5 years, implying premium valuation not well-supported by return ratios
  • 3-year ROE of just 12% and last-year ROE of 11% are modest for a company commanding such a high PB multiple
  • Earnings include other income of ₹331 Cr, meaning core operating profit is lower than headline numbers suggest
  • TTM sales growth has slowed sharply to 5% from 10% 3-year CAGR, raising questions about near-term revenue momentum
  • Q2 FY2025-26 saw project cost overruns including ₹42 Cr of additional provisions on a single project, highlighting execution risk in large EPC contracts
  • Q4 FY2024-25 order booking declined 8% YoY to ₹2,119 Cr, showing lumpiness in order inflows

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 1
  • Q1FY27 PAT crashes 85% YoY Jul 30

    Consolidated net profit plunged to ₹22 crore in Q1FY27 from the year-ago quarter, driven by a ₹91 crore cost overrun in the Industrial Infra segment despite 7% revenue growth to ₹2,303 crore.

Positives 1
  • FY26 PAT up 13.7%, ₹20 dividend Jul 30

    Thermax declared ₹20/share dividend at its 45th AGM, reporting FY26 consolidated revenue of ₹10,694 Cr and PAT of ₹721 Cr, supported by strong order bookings.

Neutral 1
  • Q1FY27 earnings call hosted Jul 31

    Thermax held its investor conference call on July 31, 2026, with MD Ashish Bhandari and CFO Rajendran Arunachalam discussing Q1FY27 results. Audio recording uploaded per SEBI regulations.

TL;DR: Thermax delivered a solid FY26 with 13.7% profit growth and healthy order bookings, but Q1FY27 was severely impacted by a ₹91 Cr cost overrun in Industrial Infra that wiped out 85% of quarterly profit. The full-year trajectory remains positive on revenue momentum, but near-term margins face execution risk until the infra segment cost issues are resolved. Investors should watch for management commentary on containment measures and order pipeline quality in upcoming quarters.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,933
2,302
2,324
2,764
2,184
2,616
2,529
3,046
2,158
2,474
2,635
3,428
2,303
Expenses
1,801
2,098
2,137
2,491
2,044
2,338
2,340
2,747
1,933
2,302
2,380
3,054
2,234
Operating Profit
132
204
187
273
141
278
188
300
225
172
255
374
69
OPM %
7%
9%
8%
10%
6%
11%
7%
10%
10%
7%
10%
11%
3%
Other Income
2
66
185
55
84
60
32
78
66
85
121
56
68
Interest
13
20
27
28
27
29
29
31
30
32
34
42
35
Depreciation
29
33
36
50
36
42
35
45
49
51
53
54
60
PBT
91
217
309
251
161
266
156
301
211
174
289
334
42
Tax %
34%
27%
23%
25%
32%
26%
27%
32%
28%
31%
29%
27%
48%
Net Profit
60
159
237
188
109
198
114
206
151
119
205
244
22
EPS in Rs
4.94
13.24
20
15.97
9.72
16.54
9.73
17.27
12.79
10.04
17.14
20.5
2.12
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
5,304
5,145
4,483
4,465
5,973
5,731
4,791
6,128
8,090
9,323
10,387
10,774
10,839
Expenses
4,842
4,712
4,049
4,088
5,516
5,331
4,435
5,715
7,489
8,526
9,477
9,736
9,970
Operating Profit
462
433
434
377
457
401
356
414
601
797
910
1,038
870
OPM %
9%
8%
10%
8%
8%
7%
7%
7%
7%
9%
9%
10%
8%
Other Income
73
118
95
115
60
105
54
135
156
307
250
317
331
Interest
82
12
10
13
14
15
21
25
38
88
117
139
144
Depreciation
134
72
82
82
92
117
115
113
117
148
159
208
218
PBT
319
467
438
397
410
375
275
410
603
869
884
1,008
839
Tax %
54%
31%
36%
42%
21%
43%
25%
24%
25%
26%
29%
29%
—
Net Profit
148
282
216
231
325
212
207
312
451
643
627
720
591
EPS in Rs
17.6
23.69
18.72
19.48
27.31
17.83
17.34
26.21
37.79
54.15
53.25
60.47
49.8
Div. Payout %
40%
24%
30%
29%
24%
37%
38%
32%
25%
21%
25%
3%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
24
23
23
23
23
23
23
23
23
23
23
23
Reserves
2,123
2,394
2,515
2,692
2,992
3,005
3,229
3,470
3,846
4,417
4,914
5,527
Borrowings
688
195
136
234
240
230
328
368
831
1,277
1,718
2,353
Other Liabilities
3,255
2,554
2,371
2,980
3,535
2,693
2,921
3,598
4,137
4,424
4,728
5,339
Total Liabilities
6,089
5,166
5,044
5,929
6,790
5,951
6,500
7,458
8,836
10,141
11,382
13,242
Fixed Assets
1,431
827
811
973
1,312
1,283
1,242
1,195
1,248
1,906
2,806
3,048
CWIP
43
60
141
103
40
56
24
44
434
525
563
1,442
Investments
822
1,050
1,083
1,472
829
875
234
1,477
1,626
1,765
1,699
1,784
Other Assets
3,793
3,228
3,009
3,381
4,609
3,737
4,999
4,742
5,528
5,945
6,315
6,969
Total Assets
6,089
5,166
5,044
5,929
6,790
5,951
6,500
7,458
8,836
10,141
11,382
13,242
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
311
253
335
534
-115
326
769
325
460
247
1,080
542
Investing
80
-127
-99
-507
266
-140
-627
-420
-664
-514
-1,257
-565
Financing
-351
-112
-126
-20
-65
-232
77
-21
349
285
123
248
Net Cash Flow
39
13
110
7
85
-47
220
-115
144
19
-55
224
Free Cash Flow
282
120
216
333
-270
278
686
241
-190
-471
180
-401
CFO/OP
98
98
114
188
16
114
243
103
102
54
139
86
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
122
95
84
102
84
88
94
85
80
83
70
75
Inventory Days
55
39
46
57
56
54
58
76
60
53
45
60
Days Payable
135
126
162
161
150
114
164
153
118
107
107
135
Cash Conversion Cycle
42
7
-32
-3
-10
28
-11
8
21
29
9
-1
Working Capital Days
-20
-12
-7
-40
-4
-7
-50
-44
-39
-24
-36
-40
ROCE %
14%
18%
18%
15%
17%
12%
10%
12%
15%
17%
14%
14%

Shareholding Pattern

As of Jun 2026
Promoters 61.98%
DIIs 15.22%
FIIs 11.46%
Others 6.44%
Public 4.90%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
61.98%
61.98%
61.98%
61.98%
61.98%
61.98%
61.98%
61.98%
61.98%
61.98%
61.98%
61.98%
61.98%
61.98%
61.98%
61.98%
61.98%
61.98%
61.98%
61.98%
61.98%
61.98%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
12.24%
15.15%
15.38%
15.49%
15.86%
16.02%
13.44%
12.36%
11.24%
11.46%
DIIs
12.80%
12.77%
12.00%
12.72%
13.17%
13.21%
15.27%
15.34%
15.63%
15.46%
15.46%
15.71%
15.82%
12.88%
12.72%
12.66%
12.25%
11.75%
13.95%
14.84%
15.49%
15.22%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
4.61%
4.52%
4.38%
4.37%
4.22%
4.08%
4.01%
4.09%
3.84%
3.91%
3.74%
3.83%
3.71%
3.78%
3.73%
3.67%
3.71%
4.00%
4.26%
4.52%
4.90%
4.90%
Others
20.61%
20.73%
21.65%
20.93%
20.63%
20.72%
18.73%
18.59%
18.54%
18.64%
18.82%
18.48%
6.25%
6.21%
6.19%
6.20%
6.19%
6.26%
6.37%
6.30%
6.39%
6.44%
No. of Shareholders
31,546
32,515
32,015
34,088
34,440
36,255
37,910
39,943
36,103
39,815
35,616
39,547
40,819
48,966
51,876
50,755
53,687
62,986
71,208
77,455
89,964
91,857

Documents

Frequently Asked Questions about Thermax Ltd

What does Thermax Ltd do?
Thermax Limited offers solutions to energy, environment and chemical sectors. The Company’s portfolio includes boilers and heaters, absorption chillers/ heat pumps, power plants, solar equipment, air pollution control equipment/system, water and waste recycle plant, ion exchange resins and perfor...
Where is Thermax Ltd (THERMAX) listed?
Thermax Ltd is listed on the Indian stock exchanges. It is listed on NSE: THERMAX and BSE: 500411. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Thermax Ltd belong to?
Thermax Ltd operates in the Capital Goods sector within the Electrical Equipment industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Thermax Ltd?
Thermax Ltd has a market capitalisation of approximately ₹46979.75 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Thermax Ltd?
The Price-to-Earnings (PE) ratio of Thermax Ltd is 81.22. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Thermax Ltd?
Over the past 52 weeks, Thermax Ltd has traded between a low of ₹2,742.7 and a high of ₹5,277.8. This range helps investors understand the stock's price volatility and recent trading levels.
Does Thermax Ltd pay dividends?
Yes, Thermax Ltd has a dividend yield of 0.50%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Thermax Ltd?
Thermax Ltd has a Return on Equity (ROE) of 12.91%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Thermax Ltd on Tapetide?
On Tapetide, you can view Thermax Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Thermax Limited offers solutions to energy, environment and chemical sectors. The Company’s portfolio includes boilers and heaters, absorption chillers/ heat pumps, power plants, solar equipment, air pollution control equipment/system, water and waste recycle plant, ion exchange resins and performance chemicals and related services. [1]

Website thermaxglobal.com
CEO Mr. Ashish Bhandari
Employees 5,601
Listed 1995-08-30
Face Value ₹ 2
Issued Size 11,91,56,300

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