Thermax logo

Thermax

THERMAX NSE

Key Fundamentals

MidcapElectrical EquipmentCapital Goods
Market Cap
₹43,168 Cr
Volatility
Low Risk
P/E Ratio
73.94
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

Tapetide Score

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

Key Insights

Weaknesses

3
  • Stock is trading at 7.91 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% lower than 3Y
Net Income Growth
14.94% higher than 3Y
Cash Flow Change
-49.85% lower than 3Y
ROE
1.81% lower than 3Y
ROCE
-1.73% higher than 3Y
EBITDA Margin (Avg.)
7.52% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Thermax Ltd, with a market cap of ₹43,168 Cr, operates in the industrials/energy space and has delivered a 5-year sales CAGR of 18% and profit CAGR of 18%, though recent momentum has slowed with TTM sales growth at 5% and TTM profit declining 18%. The stock trades at a P/E of 73.5x and P/B of 7.82x, reflecting premium valuations against a 3-year average ROE of 12%.

Bull Case 7
  • Strong 5-year compounded sales CAGR of 18%, indicating robust medium-term revenue growth driven by India's capex cycle
  • 5-year compounded profit CAGR of 18%, demonstrating sustained earnings growth over the medium term
  • 10-year stock CAGR of 16%, showing consistent long-term wealth creation for shareholders
  • 3-year ROE of 12% and 5-year ROE of 11% reflect reasonably stable return generation for a capital goods company
  • Dividend yield of 0.55% provides a modest income stream, uncommon among high-growth industrials peers
  • 10-year sales CAGR of 8% demonstrates the company's ability to grow through multiple economic cycles
  • 3-year stock CAGR of 9% suggests the market continues to assign a growth premium despite recent earnings softness
Bear Case 8
  • TTM compounded profit has declined 18%, signaling a sharp near-term earnings deterioration
  • P/E of 73.5x is significantly elevated for an industrials company, leaving little room for execution misses
  • P/B of 7.82x is expensive; the stock trades at nearly 8 times book value, well above typical capital goods peers
  • 3-year average ROE of only 12% is modest relative to the premium valuation the market assigns
  • Earnings quality is a concern as other income of ₹331 Cr forms a meaningful portion of reported profits
  • TTM sales growth has decelerated sharply to 5% from a 3-year CAGR of 10% and 5-year CAGR of 18%
  • 10-year compounded profit CAGR of only 7% suggests long-term earnings growth has been inconsistent
  • Last year ROE of 11% has not meaningfully improved despite the broader capex upcycle in India

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
  • 83% YoY Q1 profit drop Sep 4

    Thermax reported an 83% year-on-year decline in Q1 profit due to cost overruns on a legacy government project, higher shipping costs from the Gulf conflict, and rising steel prices.

Positives 4
  • Bio-CNG expansion 10+ plants/year Sep 4

    Thermax plans to commission more than 10 bio-CNG plants annually over the next 2-3 years, translating into ₹1,000-1,500 crore in annual order inflows, up from 4 plants currently.

  • ₹14,000 crore order backlog Sep 4

    Thermax holds an order backlog exceeding ₹14,000 crore, with MD Ashish Bhandari expressing confidence that revenue run-rate will strengthen through the rest of FY.

  • Three growth levers identified Sep 4

    Management outlined data centres (5-10% of order book, US opportunity), India's thermal power capex cycle, and CBG/Bio-CNG projects as key growth drivers.

  • Policy tailwinds for Bio-CNG Sep 4

    Government price increases and state-level Gobardhan scheme incentives have created favorable conditions, with Bhandari comparing bio-CNG's potential to the ethanol sector's growth trajectory.

Neutral 1
  • SBI MF trims stake marginally Sep 5

    SBI Mutual Fund sold 7,776 shares on Sep 3, reducing its aggregate holding to 5.5957% via a routine market sale under SEBI regulations.

TL;DR: Thermax is positioning for multi-year growth through bio-CNG expansion, data centre orders, and India's thermal power capex cycle, backed by a strong ₹14,000+ crore order backlog. However, near-term profitability took a sharp hit with an 83% Q1 profit drop from legacy project overruns and input cost pressures. The strategic pivot toward policy-supported segments like bio-CNG is encouraging, but execution on cost management remains a key risk to watch. The trend looks improving on the order pipeline side, though margin recovery needs to be demonstrated in upcoming quarters.

Quarterly Results

Particulars 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

Particulars 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

Particulars 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

Particulars 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

Particulars 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%

Insights

Beta

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

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33 extracted metrics + investor summaries across FY03–FY27.

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Shareholding Pattern

Public4.90%Promot.61.98%Others6.44%FIIs11.46%DIIs15.22%As ofJun 2026

Documents

Frequently Asked Questions about Thermax

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 trades as THERMAX on the NSE and under code 500411 on the BSE.
Which sector does Thermax Ltd belong to?
Thermax Ltd is classified under the Industrials sector, in the Electrical Equipment industry.
What is the market capitalisation of Thermax Ltd?
Thermax Ltd has a market capitalisation of ₹43,168 Cr, which places it in the Large Cap band.
What is the PE ratio of Thermax Ltd?
Thermax Ltd trades at a PE ratio of 73.94, on earnings per share of ₹50.82, against a book value of ₹465.88 per share.
What is the 52-week high and low of Thermax Ltd?
Over the last 52 weeks Thermax Ltd has traded between ₹2,742.7 and ₹5,277.8.
Does Thermax Ltd pay dividends?
Thermax Ltd has a dividend yield of 0.55%.
What is the Return on Equity (ROE) of Thermax Ltd?
Thermax Ltd reported a return on equity of 12.91%. Its debt-to-equity ratio is 0.42.

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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