Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹40044 Cr.
Stock P/E
55.6
P/B
7.2
Current Price
₹3360.6
Book Value
₹ 467
Face Value
2
52W High
₹5277
52W Low
₹ 2744.2
Dividend Yield
0.6%

Thermax Overview

Business

Thermax Ltd. is an Indian engineering company that provides energy and environmental solutions. Its core business involves the design, manufacture, and installation of boilers, heaters, chillers, and other equipment for industrial energy generation and heating. Additionally, it offers comprehensive solutions for water & wastewater treatment, air pollution control, waste heat recovery, and renewable energy. The company makes money through the sale of equipment, execution of turnkey projects (EPC), and providing after-sales services, spares, and operational support to a diverse range of industries including power, cement, steel, refineries, chemicals, and textiles.

Revenue Mix

Thermax operates primarily through two major segments:

Energy Segment: This is the larger segment, contributing the majority of the revenue. It includes products and solutions for heating, power generation, and absorption cooling, such as boilers, heating equipment, co-generation plants, waste heat recovery systems, and chillers.

Environment Segment: This segment focuses on solutions for sustainable resource management. It includes products and services for air pollution control (e.g., bag filters, scrubbers), water and wastewater treatment, chemicals, and solar energy solutions.

Chemicals Segment: This segment manufactures and markets a range of specialty chemicals including ion exchange resins, water treatment chemicals, and fuel additives.

(Specific revenue contributions fluctuate but generally, Energy dominates, followed by Environment and Chemicals).

Industry

Thermax operates in the cyclical but growing Indian industrial equipment and engineering sector. This industry is characterized by a mix of large integrated players and specialized niche companies, facing competition from both domestic and international firms. Thermax is positioned as a leading integrated solutions provider in energy and environmental engineering, particularly strong in industrial boilers, heaters, absorption chillers, and air/water pollution control. It competes with players like Larsen & Toubro (L&T), BHEL, Isgec Heavy Engineering, Forbes Marshall, and various global players for specific product categories and project sizes. Its integrated approach, from design to after-sales service, differentiates it.

MOAT

Brand & Reputation: Over five decades of operation have built a strong brand name and reputation for quality, reliability, and technological expertise in India's industrial sector.

Integrated Solutions: Ability to offer end-to-end solutions, from equipment manufacturing to project execution and after-sales services, provides a single point of contact for clients.

Technological Prowess & R&D: Continuous investment in R&D to develop energy-efficient and environmentally friendly technologies, often leading to proprietary solutions.

Extensive Service Network: A wide network for after-sales support and spare parts, ensuring customer stickiness and repeat business.

Diversified Client Base: Serves a broad range of industries, reducing dependence on any single sector's performance.

Growth Drivers

Industrial Capex Cycle: Revival in private sector capital expenditure in India across manufacturing, infrastructure, and core industries.

Energy Transition & Decarbonization: Increasing demand for energy-efficient solutions, waste heat recovery, and cleaner energy technologies (e.g., biomass, solar thermal) due to climate concerns and regulatory push.

Water & Air Pollution Control: Stricter environmental regulations and growing awareness driving demand for water treatment, wastewater recycling, and air pollution control systems.

Digitization & Automation: Adoption of smart manufacturing and IoT solutions for optimizing energy consumption and plant operations.

Export Opportunities: Expansion into international markets for its specialized products and solutions, especially in emerging economies.

Risks

Cyclicality of Industrial Economy: The company's performance is highly sensitive to the economic cycle and industrial capital expenditure, making it vulnerable to downturns.

Raw Material Price Volatility: Fluctuations in prices of key raw materials like steel and other metals can impact project costs and profitability, especially for fixed-price contracts.

Intense Competition: Facing competition from both domestic and international players, leading to pricing pressure and margin erosion.

Project Execution Risks: Delays in project execution, cost overruns, or contractual disputes can negatively affect financial performance.

Regulatory Changes: Changes in environmental norms, energy policies, or trade regulations could impact demand or increase compliance costs.

Geopolitical Risks: Exposure to international markets makes it susceptible to global economic slowdowns and geopolitical instability.

Management & Ownership

Thermax Ltd. is promoted by the Anu Aga family, who continue to hold a significant stake and provide strategic direction. The company is professionally managed with a strong emphasis on corporate governance and sustainable business practices. Ms. Meher Pudumjee (Anu Aga's daughter) is the Chairperson, and Mr. Ashish Bhandari is the MD & CEO. The ownership structure includes a substantial promoter holding, alongside holdings by institutional investors (domestic and foreign) and the public. The management is generally perceived to be experienced and credible within the industry.

Outlook

Thermax is well-positioned to capitalize on India's industrial growth trajectory, increasing focus on energy efficiency, and stringent environmental regulations. Its integrated solutions, technological capabilities, and strong brand provide a competitive edge. The revival of the domestic private capex cycle and opportunities in renewable energy and pollution control offer significant growth potential. However, the company remains susceptible to the cyclical nature of industrial investments, raw material price volatility, and intense competition. Global economic uncertainties and project execution risks are also factors to monitor. A balanced view suggests continued performance linked to macroeconomic stability and industry capex, with its diversified portfolio and technological edge offering resilience and long-term growth prospects in its niche segments.

Thermax Share Price

Live · BSE / NSE · Inception: 1980
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Thermax Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 2764 2184 2616 2529 3046 2158 2474 2635 3428 2303
Other Income 55 84 60 32 77 66 85 63 54 68
Total Income 2819 2269 2675 2560 3123 2223 2559 2697 3482 2371
Total Expenditure 2491 2043 2338 2340 2747 1932 2302 2380 3054 2234
Operating Profit 328 225 338 221 377 291 257 318 428 137
Interest 28 27 29 29 31 30 32 34 42 35
Depreciation 50 36 42 35 45 49 51 53 54 60
Exceptional Income / Expenses 0 0 0 0 0 0 0 59 2 0
Profit Before Tax 251 162 266 157 300 212 174 289 334 42
Provision for Tax 63 52 68 43 95 60 54 84 90 20
Profit After Tax 187 110 198 114 205 152 120 205 244 22
Adjustments 3 6 -1 2 1 1 0 -1 -0 3
Profit After Adjustments 190 116 197 116 206 152 120 204 244 25
Adjusted Earnings Per Share 16.9 10.3 17.5 10.3 18.3 13.5 10.6 18.1 21.7 2.2

Thermax Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 5145 4483 4465 5974 5748 4791 6128 8090 9323 10369 10694 10840
Other Income 122 114 116 150 105 108 144 160 234 252 267 270
Total Income 5267 4597 4581 6124 5854 4899 6272 8250 9558 10621 10962 11109
Total Expenditure 4729 4050 4064 5517 5348 4436 5724 7492 8528 9461 9668 9970
Operating Profit 538 547 517 607 506 463 548 758 1030 1160 1294 1140
Interest 12 10 13 14 15 21 25 38 88 117 139 143
Depreciation 59 82 82 92 117 115 113 117 148 159 208 218
Exceptional Income / Expenses 0 -18 0 -90 0 -53 0 0 75 0 61 61
Profit Before Tax 467 438 397 410 375 275 410 603 869 884 1008 839
Provision for Tax 144 156 166 85 162 69 98 152 226 258 288 248
Profit After Tax 323 282 231 325 212 207 312 451 643 627 720 591
Adjustments -41 -59 1 0 0 0 0 -0 2 8 0 2
Profit After Adjustments 282 223 232 325 212 207 312 450 645 634 721 593
Adjusted Earnings Per Share 25.1 19.8 20.6 28.9 18.9 18.3 27.7 40 57.3 56.3 64 52.6

Thermax Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 2416 2538 2715 3014 3028 3251 3492 3868 4440 4937 5550
Minority's Interest 0 1 0 0 0 0 0 2 0 6 29
Borrowings 34 46 53 35 33 22 61 423 789 1162 1616
Other Non-Current Liabilities -5 -5 -10 -125 -48 2 19 28 90 144 92
Total Current Liabilities 2615 2365 3079 3654 2787 3071 3758 4409 4725 5009 5820
Total Liabilities 5061 4945 5837 6578 5801 6346 7331 8730 10044 11258 13107
Fixed Assets 827 811 973 1312 1283 1242 1195 1248 1906 2806 3048
Other Non-Current Assets 623 837 763 529 540 637 1398 1402 1690 1756 2951
Total Current Assets 3610 3297 4102 4737 3977 4466 4738 6072 6448 6687 7109
Total Assets 5061 4945 5837 6578 5801 6346 7331 8730 10044 11258 13107

Thermax Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 31 44 154 161 246 199 419 303 448 467 412
Cash Flow from Operating Activities 253 335 534 -115 326 769 325 460 247 1080 542
Cash Flow from Investing Activities -146 -75 -531 266 -169 -636 -422 -680 -509 -1272 -587
Cash Flow from Financing Activities -112 -126 -20 -65 -232 77 -21 349 285 123 248
Net Cash Inflow / Outflow -5 134 -18 85 -75 211 -117 128 23 -70 202
Closing Cash & Cash Equivalent 44 154 161 246 199 419 303 448 467 412 636

Thermax Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 25.07 19.81 20.61 28.9 18.87 18.35 27.74 39.99 57.31 56.32 63.96
CEPS(Rs) 33.95 32.28 27.85 37.07 29.23 28.52 37.79 50.41 70.27 69.7 82.37
DPS(Rs) 6 6 6 7 7 7 9 10 12 14 20
Book NAV/Share(Rs) 214.58 225.37 241.1 267.7 268.91 288.76 310.17 343.3 393.77 437.72 491.94
Core EBITDA Margin(%) 7.9 9.43 8.94 7.66 6.97 7.41 6.6 7.39 8.54 8.75 9.6
EBIT Margin(%) 9.1 9.75 9.13 7.11 6.78 6.17 7.1 7.92 10.26 9.66 10.72
Pre Tax Margin(%) 8.87 9.53 8.85 6.87 6.52 5.74 6.69 7.45 9.32 8.53 9.43
PAT Margin (%) 6.14 6.14 5.15 5.45 3.7 4.31 5.1 5.57 6.9 6.04 6.74
Cash Profit Margin (%) 7.26 7.92 6.99 6.99 5.72 6.7 6.94 7.02 8.49 7.57 8.68
ROA(%) 5.8 5.63 4.29 5.24 3.43 3.4 4.57 5.61 6.85 5.88 5.91
ROE(%) 14.17 11.37 8.8 11.36 7.03 6.58 9.26 12.25 15.5 13.38 13.76
ROCE(%) 17.6 16.93 14.58 13.69 11.96 8.67 11.74 15.03 18.44 16.25 15.85
Receivable days 107.78 94.17 92.66 80.08 87.77 99.93 79.24 71.87 75.92 72.5 71.81
Inventory Days 25 22.81 26.44 26.74 30.58 32.73 33.7 33.45 29.76 26.07 27.75
Payable days 133.88 157.31 158.69 131.77 137.86 150.84 136.04 116.71 105.97 101.6 123.11
PER(x) 30.06 48.89 54.85 33.64 39.19 73.37 70.05 57.26 73.21 64.88 51.44
Price/Book(x) 3.51 4.3 4.69 3.63 2.75 4.66 6.26 6.67 10.65 8.35 6.69
Dividend Yield(%) 0.8 0.62 0.53 0.72 0.95 0.52 0.46 0.44 0.29 0.38 0.61
EV/Net Sales(x) 1.63 2.41 2.84 1.81 1.4 2.82 3.47 3.15 5.1 4.02 3.57
EV/Core EBITDA(x) 15.57 19.77 24.49 17.81 15.95 29.24 38.8 33.61 46.14 35.96 29.5
Net Sales Growth(%) -3.01 -12.86 -0.41 33.8 -3.78 -16.65 27.91 32.01 15.25 11.22 3.13
EBIT Growth(%) 19.55 -6.67 -8.41 3.66 -8.27 -24.06 47.14 47.18 49.31 4.67 14.55
PAT Growth(%) 118.16 -12.86 -17.93 40.82 -34.72 -2.76 51.18 44.31 42.71 -2.56 14.93
EPS Growth(%) 42.39 -20.99 4.08 40.2 -34.72 -2.76 51.18 44.18 43.3 -1.72 13.56
Debt/Equity(x) 0.08 0.05 0.09 0.08 0.08 0.1 0.1 0.21 0.28 0.34 0.41
Current Ratio(x) 1.38 1.39 1.33 1.3 1.43 1.45 1.26 1.38 1.36 1.33 1.22
Quick Ratio(x) 1.31 1.27 1.23 1.16 1.27 1.32 1.07 1.21 1.2 1.19 1.07
Interest Cover(x) 39.32 46.07 31.88 29.66 25.94 14.33 17.29 17.04 10.92 8.57 8.25
Total Debt/Mcap(x) 0.02 0.01 0.02 0.02 0.03 0.02 0.02 0.03 0.03 0.04 0.06

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +3% +10% +17% +8%
Operating Profit CAGR +12% +20% +23% +9%
PAT CAGR +15% +17% +28% +8%
Share Price CAGR +6% +2% +20% +14%
ROE Average +14% +14% +13% +11%
ROCE Average +16% +17% +15% +15%

Thermax Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 61.98 %
FII 11.46 %
DII (MF + Insurance) 15.22 %
Public (retail) 11.34 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 61.9861.9861.9861.9861.9861.9861.9861.9861.9861.98
FII 12.2415.1415.3815.4915.8616.0213.4412.3611.2411.46
DII 15.8212.8812.7212.6612.2511.7513.9514.8415.4915.22
Public 9.969.999.929.879.9110.2510.6210.8211.2911.34
Others 0000000000
Total 100100100100100100100100100100

Thermax Peer Comparison

Engineering - Industrial Equipments Edit Columns

Thermax Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Thermax Pros & Cons

Pros

  • Company has delivered good profit growth of 28% CAGR over last 5 years
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 14% over the last 3 years.
  • Debtor days have increased from 101.6 to 123.11days.
  • Stock is trading at 7.2 times its book value.
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