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Thermax

THERMAX NSE
₹3,282.30 +131.10 (+4.16%)
P/E
65.91
View as Markdown
MCP
Close 4 Nov 2026 ₹3,282.30 +26.30 +0.81% 1Y
Start ₹3,256.00

Key Fundamentals

MidcapElectrical EquipmentCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
13.90%
Debt to Equity
0.42
EPS (TTM)
₹49.80
Book Value
₹465.88
Market Cap
—
P/E (TTM)
65.91
P/B
7.05
ROE
10.60%
Dividend Yield
0.63%
EBITDA
₹1,294 Cr
52W High
₹5,277.80
52W Low
₹2,742.70
Day Range
₹3,110.00 – ₹3,303.00
Volume
2,84,105

Peer Comparison

Industrials › Capital Goods › Electrical Equipment › Heavy Electrical Equipment

Thermax peer comparison
Bharat Heavy Electricals
₹423.8551.25₹1,46,351 Cr5.520.35%6.23%9.14%₹37,782 Cr₹2,878 Cr
ABB
₹6,750.0047.87₹1,40,908 Cr15.321.36%22.40%29.90%₹13,477 Cr₹2,988 Cr
CG Power & Industrial Solutions
₹841.4596.28₹1,27,312 Cr15.170.16%20.50%26.70%₹13,699 Cr₹1,364 Cr
Hitachi Energy
₹29,100.00112.75₹1,24,045 Cr25.060.03%21.90%29.40%₹9,162 Cr₹1,149 Cr
Siemens
₹3,509.00—₹1,22,035 Cr9.030.53%19.20%21.40%₹18,062 Cr₹3,276 Cr
GE Vernova T&D
₹4,265.0083.66₹1,04,523 Cr33.150.25%57.40%77.40%₹6,712 Cr₹1,305 Cr
Siemens Energy
₹2,963.0070.90₹1,01,562 Cr21.930.14%50.50%67.80%₹9,436 Cr₹1,489 Cr
Thermax (this company)
₹3,282.3065.91₹37,823 Cr7.050.63%10.60%13.90%₹10,839 Cr₹590 Cr
Median 8 companies₹3,395.6570.90₹1,23,040 Cr15.250.30%21.20%28.05%₹12,158 Cr₹1,427 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

34 Poor

Data confidence 100/100

Category scores

Quality
31
Poor
Returns, margins, earnings quality 22% weight
Valuation
46
Average
Cheap vs sector & own history 24% weight
Growth
18
Poor
Sales & profit trajectory 9% weight
Financial Health
15
Poor
Solvency, leverage, coverage 9% weight
Momentum
12
Poor
Trend strength, vol-adjusted 12% weight
Ownership
42
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

No strengths listed

Weaknesses

2
  • Company has a low return on equity of 11.5% over last 3 years.
  • Earnings include an other income of Rs.331 Cr.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish856
OscillatorsNeutral252
Moving AveragesStrong Bearish604

Key readings

RSI (14)
50.15
Neutral
MACD (12,26,9)
−78.36
Bullish
SMA (50)
3,453.25
Bearish
SMA (200)
3,800.08
Bearish

As of

Analyst Rating

Based on 19 analysts
TIED37%

7 of 19 analysts rate Buy, 7 Hold, 5 Sell.

As of

BUY
7
37%
HOLD
7
37%
SELL
5
26%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+7.67%
5Y+17.60%
3Y+10.02%
1Y+3.73%
TTM+4.74%

Net profit

Net profit growth by window
10Y+9.83%
5Y+28.31%
3Y+16.87%
1Y+14.83%
TTM−11.81%

Operating cash flow

Operating cash flow growth by window
10Y+7.92%
5Y−6.76%
3Y+5.62%
1Y−49.81%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+1.21 pp
5Y+2.20 pp
3Y+2.20 pp
1Y+0.87 pp
TTM−1.55 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹4,483 Cr
Mar 2018₹4,465 Cr
Mar 2019₹5,973 Cr
Mar 2020₹5,731 Cr
Mar 2021₹4,791 Cr
Mar 2022₹6,128 Cr
Mar 2023₹8,090 Cr
Mar 2024₹9,323 Cr
Mar 2025₹10,387 Cr
Mar 2026₹10,774 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹216 Cr
Mar 2018₹231 Cr
Mar 2019₹325 Cr
Mar 2020₹212 Cr
Mar 2021₹207 Cr
Mar 2022₹312 Cr
Mar 2023₹451 Cr
Mar 2024₹643 Cr
Mar 2025₹627 Cr
Mar 2026₹720 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹215 Cr +56.9% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk high

Thermax Ltd trades at a price of ₹3,134.9 as of 2026-11-02 with a market cap of ₹36,856 Cr and a P/E (TTM) of 62.95. The company has delivered solid long-term sales and profit compounding but faces a notable TTM profit decline of -18%, while its debt-to-equity ratio remains conservative at 0.42.

Bull Case 6
  • Strong long-term revenue compounding with 5-year sales CAGR of 18% and 10-year sales CAGR of 8%, indicating consistent business expansion in the capital goods space.
  • 5-year compounded profit growth of 18% demonstrates the company's ability to scale earnings meaningfully over a medium-term horizon.
  • Conservative balance sheet with a debt-to-equity ratio of just 0.42 as of 2026-11-02, providing financial flexibility for future capex and order execution.
  • ROCE of 15.37% suggests the company generates reasonable returns on the total capital employed in the business.
  • Stock has delivered a 5-year CAGR of 19% and a 10-year CAGR of 14%, reflecting sustained long-term wealth creation for shareholders.
  • TTM sales growth remains positive at 5%, indicating that top-line momentum has not completely stalled despite broader earnings pressure.
Bear Case 7
  • P/E (TTM) of 62.95 as of 2026-11-02 is significantly elevated for a capital goods company, leaving little room for earnings disappointment.
  • TTM compounded profit growth has turned sharply negative at -18%, a stark reversal from the 5-year profit CAGR of 18%.
  • Earnings quality is a concern as reported profits include other income of ₹331 Cr, meaning core operating profit may be materially lower than headline numbers suggest.
  • Return on equity has averaged only 11.5% over the last 3 years and stands at 12.91% currently — modest for a stock trading at a P/B of 6.73.
  • Price-to-book ratio of 6.73 is demanding, especially when juxtaposed with the 3-year average ROE of just 12%, implying investors are paying a steep premium relative to the returns the equity base generates.
  • 3-year stock CAGR of just 1% indicates that recent price performance has significantly lagged the broader market, suggesting the stock has already derated from its peak.
  • 10-year compounded profit growth of only 7% trails the 10-year sales growth of 8%, hinting at limited margin expansion over the long term.

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

AI News Digest

9h ago

TL;DR: The company's positioning across hydrogen, data centre cooling, and compressed biogas supports a 16% revenue CAGR through FY29, though the stock's 63x PE and a 39% decline since July reflect execution risks. The near-term trend is improving on these catalysts, but sustained re-rating depends on delivery in emerging segments and clarity on the First Energy transaction.

Headwinds 3
  • Stock down 39% since July Oct 09

    Thermax shares declined 39% from July 2026 through Thursday before the recent bounce, significantly underperforming the broader market.

  • First Energy underperformance Oct 09

    Renewable subsidiary First Energy faced execution challenges including right-of-way issues and government coordination problems, with Thermax acknowledging in its FY26 annual report that the unit underperformed expectations.

  • Elevated valuation at 63x PE Oct 09

    Thermax trades at a price-to-earnings multiple of 63.3 times, and hydrogen revenue contribution is not expected until FY28, leaving a gap between valuation and near-term earnings.

Positives 4
  • Renewable stake sale unlocks value Oct 09

    Thermax is exploring the sale of a stake exceeding 51% in subsidiary First Energy at an estimated enterprise value of ₹3,000 crore, potentially reducing operational burden and unlocking value from its ~800 MW renewable capacity.

  • Shares surge 7% on dual catalysts Oct 09

    Stock jumped as much as 7% to ₹3,337 on the NSE, driven by the brokerage upgrade and stake sale reports, adding to a 30.6% gain over the past month.

  • Strong revenue growth outlook Oct 09

    Thermax is expected to deliver a 16% CAGR in revenue over FY2026-29, with emerging businesses like US data centres and compressed biogas adding 5-6 percentage points to revenue growth.

Neutral 2
  • Hydrogen revenue from FY28 only Oct 09

    Thermax's end-to-end hydrogen offering is expected to start contributing to revenue from FY28, making it a medium-term rather than immediate growth driver.

  • Market cap at ₹39,722 crore Oct 09

    Thermax's market capitalisation stood at ₹39,721.94 crore on the NSE, with the stock trading within a 52-week range of ₹2,742.7 to ₹5,277.8.

Quarterly Results

₹ Cr
THERMAX quarterly results, ₹ crore
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
76.85
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
91.86
218
309
251
162
266
157
301
212
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 (₹)
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

Profit & Loss

₹ Cr
THERMAX profit and loss, annual, ₹ crore
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
252
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
885
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 (₹)
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%
—

Balance Sheet

₹ Cr
THERMAX balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
THERMAX cash flow, annual, ₹ crore
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/EBITDA
98
98
114
188
16
114
243
103
102
54
139
86

Ratios

THERMAX financial ratios, annual
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

Log in to view Thermax insights

65 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 61.98%
  • DIIs 14.94%
  • FIIs 11.31%
  • Public 6.32%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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…
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 Capital Goods sector, in the Electrical Equipment industry.
What is the PE ratio of Thermax Ltd?
Thermax Ltd trades at a PE ratio of 65.91 as of 4 Nov 2026, on earnings per share of ₹49.8, 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 as of 4 Nov 2026.
Does Thermax Ltd pay dividends?
Thermax Ltd has a dividend yield of 0.63%.
What is the Return on Equity (ROE) of Thermax Ltd?
Thermax Ltd reported a return on equity of 10.60%. 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.

Website thermaxglobal.com
CEO Mr. Ashish Bhandari
Employees 5,601
Listed 30 Aug 1995
Face Value ₹2

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