Thermax Ltd

THERMAX

Watchlist

AI Mode

‌

Market Cap

₹ 34,313 Cr

P/E

57.80

‌

‌
‌

‌

‌
‌

Investment Checklist

How to read checklist?

Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

Investment Checklist

‌

‌
‌

‌

‌
‌

‌

‌
‌

‌

‌
‌

‌

‌
‌

‌

‌
‌

‌

Price

PE Ratio

Price

‌

Overview

Detailed Summary

Thermax Limited is a leading engineering company specializing in energy and environment solutions. It provides integrated solutions in heating, cooling, power generation, water treatment, and air pollution control.

Thermax is significantly involved in the data center cooling technology space, driving over 100 MW of projects with next-gen solutions, marking its strategic entry into this growing sector.

The company's order book is robust, particularly in the Industrial Products and Green Solutions segments, with notable YoY growth despite overall market pressures.

Thermax's move into the bio-CNG and biofuels sectors marks a strategic expansion into alternative energy, supporting its green energy ambitions and reducing carbon footprints.

Strategic collaborations and JVs, like with SPX for power sector solutions, emphasize Thermax's commitment to expanding its technology capabilities and market reach globally.

Sector

Capital Goods - Electrical Equipment

Industry

Electric Equipment - General - Large

Market Cap

34,313 Cr

Volatility

Low Risk

P/E Ratio

57.8

Industry P/E

58.6

PEG Ratio

2.9

P/B Ratio

6.8

52W High

4,826.30

52W Low

2,744.20

Sales CAGR

11.43%

15.92%

14.23%

10Y

3.83%

Profit CAGR

-2.56%

41.77%

28.80%

10Y

7.54%

ROE

TTM

11.75%

13.05%

11.25%

10Y

10.45%

ROCE

TTM

13.65%

15.98%

14.23%

10Y

14.48%

Technicals

‌

Forecasts

No. of Analysts

27

1Y Price Target

3626.97 ▲ 27.62%

Q3 EPS Estimate

Q3 Revenue Estimate

Unlock Premium Features

Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Hold

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
APARINDS	8774.50	35,322 Cr	37.60	7.28	0.58	19.36	30.29	8.30
THERMAX	2865.00	34,313 Cr	57.80	6.79	0.49	11.75	13.65	4.84
SCHNEIDER	691.60	16,536 Cr	67.34	25.12	0.00	39.30	33.09	12.53
CROMPTON	249.30	16,053 Cr	32.93	4.72	1.20	13.91	19.05	8.05
VGUARD	330.50	14,391 Cr	49.52	6.57	0.45	13.26	16.88	8.70
VIKRAMSOLR	235.80	8,547 Cr	23.01	2.90	0.00	12.59	20.97	7.72
UTLSOLAR	195.95	6,004 Cr	38.42	6.02	0.00	0.00	0.00	12.93

Financial Statements

AI Powered Summary

Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

AI Mode

Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	1,933	2,302	2,324	2,764	2,184	2,612	2,508	3,085	2,150	2,474
Expenses	1,801	2,098	2,137	2,491	2,043	2,334	2,319	2,785	1,925	2,302
Operating Profit	132	205	187	273	141	278	189	300	225	172
OPM %	6.84	8.89	8.06	9.88	6.46	10.64	7.54	9.71	10.47	6.95
Other Income	2.04	66	184	55	84	60	31	78	65	85
Interest	13	20	27	28	27	29	29	31	30	32
Depreciation	29	33	36	50	36	42	35	45	49	51
Profit Before Tax	91	217	309	251	161	266	156	301	211	174
Tax %	34.46	27.07	23.32	25.23	32.17	25.63	27.22	31.63	28.38	31.25
Net Profit	60	159	237	188	109	198	114	206	151	119
EPS in Rs	5.23	14.00	21.17	16.88	10.28	17.49	10.29	18.26	13.52	10.62

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	4,590	4,486	5,973	5,731	4,791	6,128	8,090	9,323	10,389	10,354
Expenses	4,050	4,064	5,516	5,325	4,436	5,707	7,492	8,526	9,481	9,363
Operating Profit	540	422	457	406	355	421	598	797	908	992
OPM %	11.76	9.40	7.66	7.09	7.41	6.88	7.39	8.55	8.74	9.58
Other Income	96	91	59	100	55	127	160	307	252	234
Interest	9.71	13	14	15	21	25	38	88	117	120
Depreciation	82	82	92	117	115	113	117	148	159	171
Profit Before Tax	438	397	410	375	275	410	603	869	884	935
Tax %	35.65	41.77	20.70	43.28	24.93	23.85	25.26	25.98	29.14	28.45
Net Profit	282	231	325	212	207	312	451	643	627	669
EPS in Rs	20.07	20.61	28.90	18.87	18.34	27.73	39.98	57.28	56.32	52.69
Dividend Payout %	30.30	29.11	24.22	37.10	38.17	32.46	25.01	20.95	24.86	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	24	24	23	23	23	23	23	23	23	23
Reserves	2,394	2,515	2,692	2,992	3,005	3,229	3,470	3,846	4,417	4,914
Borrowings	172	131	217	220	212	316	368	831	1,277	1,718
Other Liabilities	2,591	2,390	3,013	3,566	2,716	2,940	3,601	4,140	4,436	5,383
Total Liabilities	5,181	5,060	5,945	6,800	5,956	6,507	7,461	8,839	10,153	12,038
Fixed Assets	827	811	973	1,312	1,283	1,242	1,195	1,248	1,906	2,806
CWIP	60	141	103	40	56	24	44	434	525	563
Investments	1,050	1,083	1,472	829	875	234	1,477	1,626	1,765	1,699
Other Assets	3,244	3,025	3,397	4,619	3,742	5,006	4,746	5,531	5,957	6,971
Total Assets	5,181	5,060	5,945	6,800	5,956	6,507	7,461	8,839	10,153	12,038

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	253	335	534	-115	326	769	325	460	247	1,043
Cash from Investing Activity	-146	-75	-531	266	-151	-636	-422	-680	-509	-1,230
Cash from Financing Activity	-112	-126	-20	-65	-232	77	-21	349	285	124
Net Cash Flow	-5.46	134	-18	85	-58	211	-117	128	23	-64

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	65.58%	65.58%	65.58%	65.58%	65.58%	65.58%	65.58%	65.57%	65.57%	65.57%	65.57%	65.56%
FIIs	12.98%	13.01%	13.07%	13.27%	12.71%	12.95%	16.02%	16.27%	16.38%	16.77%	16.95%	14.22%
DIIs	16.24%	16.54%	16.41%	16.36%	16.78%	16.74%	13.63%	13.46%	13.39%	12.96%	12.43%	14.76%
Public	5.20%	4.87%	4.94%	4.80%	4.93%	4.74%	4.77%	4.70%	4.66%	4.69%	5.06%	5.46%
Total Shareholders	39,943	36,103	39,815	35,616	39,547	40,819	48,966	51,876	50,755	53,687	62,986	71,208

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Jun 07, 2024	Sbi mutual fund	Bulk	Buy	5,100.00	700.92 Cr	13,74,359	1.15
Jun 07, 2024	Nalanda india equity fund lim...	Bulk	Sell	5,100.26	765.04 Cr	15,00,000	1.25
May 31, 2024	Integrated core strategies (a...	Bulk	Sell	5,403.76	558.98 Cr	10,34,426	0.86
Jan 25, 2024	Bnp paribas arbitrage	Block	Sell	3,028.75	11.74 Cr	38,775	0.03
Jan 25, 2024	Marshall wace investment stra...	Block	Buy	3,028.75	0.34 Cr	1,137	0.00
Jan 25, 2024	Marshallwaceinvestmentstrateg...	Block	Buy	3,028.75	11.40 Cr	37,638	0.03

Projection

Unlock Premium Features

Get In-depth insights on EPS and Revenue forecasts

Actions

Action Type

‌
‌

Announcements

Last 7 days

Newest

Sentiment

Corporate Action

1 day ago

Thermax Incorporates Step-Down Subsidiary

Thermax Limited has incorporated a wholly owned step-down subsidiary named First Energy 15 Private Limited which will operate in the renewable energy sector.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q1 FY25

Investor Presentation

Q4 FY24

Investor Presentation

Q3 FY24

Showing 1 - 8 of 22

AI Mode

Get instant AI-powered insights about company performance, financials, and strategy. Ask questions about trends, competition, and developments while receiving responses backed by official documents and market data, with clear attribution to source documents.

AI Mode

Overview

Detailed Summary

Thermax is significantly involved in the data center cooling technology space, driving over 100 MW of projects with next-gen solutions, marking its strategic entry into this growing sector.

The company's order book is robust, particularly in the Industrial Products and Green Solutions segments, with notable YoY growth despite overall market pressures.

Thermax's move into the bio-CNG and biofuels sectors marks a strategic expansion into alternative energy, supporting its green energy ambitions and reducing carbon footprints.

Strategic collaborations and JVs, like with SPX for power sector solutions, emphasize Thermax's commitment to expanding its technology capabilities and market reach globally.

Sector

Capital Goods - Electrical Equipment

Industry

Electric Equipment - General - Large

Market Cap

34,313 Cr

Volatility

Low Risk

P/E Ratio

57.8

Industry P/E

58.6

PEG Ratio

2.9

P/B Ratio

6.8

52W High

4,826.30

52W Low

2,744.20

Sales CAGR

11.43%

15.92%

14.23%

10Y

3.83%

Profit CAGR

-2.56%

41.77%

28.80%

10Y

7.54%

ROE

TTM

11.75%

13.05%

11.25%

10Y

10.45%

ROCE

TTM

13.65%

15.98%

14.23%

10Y

14.48%

Thermax

Thermax Ltd

THERMAX

AI Mode

Investment Checklist

Investment Checklist

Overview

Sector

Industry

Market Cap

Volatility

P/E Ratio

Industry P/E

PEG Ratio

P/B Ratio

52W High

52W Low

Technicals

Forecasts

27

3626.97 ▲ 27.62%

Upgrade

Upgrade

Upgrade

Upgrade

Unlock Premium Features

Upgrade

Hold

Peers

Price Chart Comparison

Financial Statements

AI Powered Summary

AI Mode

Consolidated Quarterly Results (in ₹ Crores)

Consolidated Profit Loss (in ₹ Crores)

Consolidated Balance Sheet (in ₹ Crores)

Consolidated Cash Flows (in ₹ Crores)

Shareholdings

Shareholding History

Market Transactions

Projection

Unlock Premium Features

Upgrade

Actions

Announcements

Documents

AI Mode

AI Mode

Technicals

Oscillators

Bullish

Overall

Bearish

Moving Averages

Bearish

Overall

Bearish

Forecasts

27

3626.97 ▲ 27.62%

Upgrade

Upgrade

Upgrade

Upgrade

Unlock Premium Features

Upgrade

Hold

Thermax Ltd

THERMAX

AI Mode

Projection

Unlock Premium Features

Upgrade

Announcements

Peers

Price Chart Comparison

Overview

Sector

Industry

Market Cap