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Overview

Detailed Summary

Thermax Limited is a multifaceted engineering company providing clean air, water, and energy solutions. It operates globally with 14 manufacturing plants and has a presence in over 90 countries.
In Q3 FY 2025-26, Thermax recorded a significant 34% increase in order bookings over the previous year, underscoring strong market demand in industrial infrastructure.
The company secured a major contract win, supplying four large modularized boilers to a refinery in Nigeria, showcasing its advanced engineering capabilities and international reach.
Thermax has seen emerging growth areas, such as data center cooling solutions, increasing its footprint in modern infrastructure sectors with specialized technology.
With strategic investments and significant order wins, Thermax demonstrates solid revenue visibility and operational growth, promising a strong financial performance in upcoming quarters.

Sector: Electrical Equipment
Industry: Heavy Electrical Equipment
Market Cap: 53,829 Cr
Volatility: Low Risk
P/E Ratio: 97.3
Industry P/E: 50.3
PEG Ratio: -5.5
P/B Ratio: 9.7
52W High: 5,277.00
52W Low: 2,744.20

Sales CAGR

1Y: 3.73%
3Y: 8.23%
5Y: 15.79%
10Y: 5.96%

Profit CAGR

1Y: 14.93%
3Y: 25.38%
5Y: 35.70%
10Y: 18.13%

ROE

TTM: 12.98%
3Y: 13.37%
5Y: 12.38%
10Y: 10.75%

ROCE

TTM: 14.29%
3Y: 16.09%
5Y: 15.24%
10Y: 14.38%

Technicals

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Analyst Target, Price, EPS and Revenue Projections
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Peers

Industrials Capital Goods Electrical Equipment Heavy Electrical Equipment

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SUZLON		52.30	71,304 Cr	22.54	7.55	0.00	33.43	27.06	16.77
THERMAX		4517.50	53,829 Cr	97.30	9.70	0.04	12.98	14.29	5.42
SCHNEIDER		1353.70	32,367 Cr	145.25	41.80	0.00	27.45	25.88	9.07
TRITURBINE		612.70	19,442 Cr	53.79	13.45	0.74	24.18	32.10	13.99
TDPOWERSYS		1113.50	17,396 Cr	72.83	16.23	0.00	22.28	30.10	12.72
AZAD		2440.15	15,759 Cr	118.57	10.31	0.00	8.69	10.80	6.07
INOXWIND		76.93	13,295 Cr	32.88	2.08	0.00	6.35	10.57	3.73
Median: 7 Co.	—	1113.50	19,442 Cr	72.83	10.31	0.00	22.28	25.88	9.07

Financial Statements

Upcoming Result Date: Jul 29, 2026

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	2,324	2,764	2,184	2,612	2,508	3,085	2,150	2,474	2,635	3,428
Expenses	2,137	2,491	2,043	2,334	2,319	2,785	1,925	2,302	2,380	3,054
Operating Profit	187	273	141	278	189	300	225	172	255	374
OPM %	8.06	9.88	6.46	10.64	7.54	9.71	10.47	6.95	9.67	10.92
Other Income	184	55	84	60	31	78	65	85	121	56
Interest	27	28	27	29	29	31	30	32	34	42
Depreciation	36	50	36	42	35	45	49	51	53	54
Profit Before Tax	309	251	161	266	156	301	211	174	289	334
Tax %	23.32	25.23	32.17	25.63	27.22	31.63	28.38	31.25	28.98	26.85
Net Profit	237	188	109	198	114	206	151	119	205	244
EPS in Rs	21.17	16.88	10.28	17.49	10.29	18.26	13.52	10.62	18.12	21.68

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Sales	4,590	4,486	5,973	5,731	4,791	6,128	8,090	9,323	10,389	10,774
Expenses	4,050	4,064	5,516	5,325	4,436	5,707	7,492	8,526	9,481	9,748
Operating Profit	540	422	457	406	355	421	598	797	908	1,026
OPM %	11.76	9.40	7.66	7.09	7.41	6.88	7.39	8.55	8.74	9.53
Other Income	96	91	59	100	55	127	160	307	252	328
Interest	9.71	13	14	15	21	25	38	88	117	139
Depreciation	82	82	92	117	115	113	117	148	159	208
Profit Before Tax	438	397	410	375	275	410	603	869	884	1,008
Tax %	35.65	41.77	20.70	43.28	24.93	23.85	25.26	25.98	29.14	28.54
Net Profit	282	231	325	212	207	312	451	643	627	720
EPS in Rs	20.07	20.61	28.90	18.87	18.34	27.73	39.98	57.28	56.32	63.94
Dividend Payout %	30.30	29.11	24.22	37.10	38.17	32.46	25.01	20.95	24.86	31.28

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	24	23	23	23	23	23	23	23	23	23
Reserves	2,515	2,692	2,992	3,005	3,229	3,470	3,846	4,417	4,914	5,527
Borrowings	131	217	220	212	316	368	831	1,277	1,718	2,353
Other Liabilities	2,390	3,013	3,566	2,716	2,940	3,601	4,140	4,436	5,383	5,380
Total Liabilities	5,060	5,945	6,800	5,956	6,507	7,461	8,839	10,153	12,038	13,282
Fixed Assets	811	973	1,312	1,283	1,242	1,195	1,248	1,906	2,806	3,048
CWIP	141	103	40	56	24	44	434	525	563	1,442
Investments	1,083	1,472	829	875	234	1,477	1,626	1,765	1,699	1,784
Other Assets	3,025	3,397	4,619	3,742	5,006	4,746	5,531	5,957	6,971	7,009
Total Assets	5,060	5,945	6,800	5,956	6,507	7,461	8,839	10,153	12,038	13,282

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity	335	534	-115	326	769	325	460	247	1,043	542
Cash from Investing Activity	-75	-531	266	-151	-636	-422	-680	-509	-1,230	-587
Cash from Financing Activity	-126	-20	-65	-232	77	-21	349	285	124	248
Net Cash Flow	134	-18	85	-58	211	-117	128	23	-64	202

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	65.58%	65.58%	65.58%	65.58%	65.57%	65.57%	65.57%	65.57%	65.56%	65.56%	65.56%	65.56%
FIIs	13.27%	12.71%	12.95%	16.02%	16.27%	16.38%	16.77%	16.95%	14.22%	13.07%	11.89%	12.12%
DIIs	16.36%	16.78%	16.74%	13.63%	13.46%	13.39%	12.96%	12.43%	14.76%	15.69%	16.38%	16.09%
Public	4.80%	4.93%	4.74%	4.77%	4.70%	4.66%	4.69%	5.06%	5.46%	5.67%	6.16%	6.22%
Total Shareholders	35,616	39,547	40,819	48,966	51,876	50,755	53,687	62,986	71,208	77,455	89,964	91,857

Market Transactions

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q4 FY26

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q1 FY25

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Earnings Call/Transcript

4 days ago

Thermax Ltd Q1 FY27 Earnings Call Intimation

Thermax Ltd notifies an analysts/investors conference call on Q1 FY27 financial results to be held on 2026-07-31 at 11:00 a.m. IST.

Earnings Call/Transcript

4 days ago

Thermax Ltd Q1 FY27 Earnings Call

Thermax Ltd informed exchanges of an analysts/investors conference call to discuss Q1 FY27 results on 2026-07-31 at 11:00 a.m. IST.

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Frequently Asked Questions about Thermax Ltd

Thermax Ltd (THERMAX) is currently trading at 4,517.50 per share. Stock prices fluctuate during market hours on NSE and BSE based on demand, company updates, and overall market conditions. Refer to the live price chart above for the most recent price movement.

Thermax Limited is a multifaceted engineering company providing clean air, water, and energy solutions. It operates globally with 14 manufacturing plants and has a presence in over 90 countries. In Q3 FY 2025-26, Thermax recorded a significant 34% increase in order bookings over the previous year, underscoring strong market demand in industrial infrastructure. The company secured a major contract win, supplying four large modularized boilers to a refinery in Nigeria, showcasing its advanced engineering capabilities and international reach. Thermax has seen emerging growth areas, such as data center cooling solutions, increasing its footprint in modern infrastructure sectors with specialized technology. With strategic investments and significant order wins, Thermax demonstrates solid revenue visibility and operational growth, promising a strong financial performance in upcoming quarters.

Over the past 52 weeks, Thermax Ltd has traded between a low of ₹2,744.20 and a high of ₹5,277.00. The 52-week high and low indicate the stock’s price range over the last year and help investors understand its volatility and recent trading levels.

Thermax Ltd has a market capitalization of approximately 53,828.86. Market capitalization represents the total value of a company’s outstanding shares and helps investors understand its size, stability, and relative risk compared to other listed companies.

Thermax Ltd’s investment profile depends on its business fundamentals, valuation, and long-term outlook. The stock currently trades at a PE ratio of 97.30 and operates in the its sector sector. Investors typically assess financial performance, growth prospects, and individual risk tolerance before making investment decisions.

Based on its market capitalization of 53,828.86 Cr, Thermax Ltd is classified as a Mid Cap stock. Large-cap stocks are generally more stable, while mid-cap and small-cap stocks tend to offer higher growth potential along with higher price volatility.

Thermax Ltd operates in the its sector sector. Sector classification matters because companies in the same sector are often affected by similar economic conditions, regulatory changes, and competitive dynamics, which can influence overall stock performance.

The Price-to-Earnings (PE) ratio of Thermax Ltd is 97.30. The PE ratio compares a company’s share price to its earnings and is commonly used to assess valuation. Comparing the PE ratio with sector peers and historical levels provides better context.

The shared commentary said about 50% of Q3 FY26 revenue came from international markets, and management indicated overseas orders are generally more profitable.

Thermax’s consolidated order balance stood at ₹13,604 crore as of March 31, 2026, up from ₹10,693 crore a year earlier.

The stock surged after Thermax reported Q4FY26 profit and revenue ahead of estimates, along with strong order inflows, a higher order book, and dividend announcements.

The inputs state that earnings are expected on 07/05/2026.

Thermax Ltd

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Consolidated Quarterly Results (in ₹ Crores)

Consolidated Profit Loss (in ₹ Crores)

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Thermax Ltd Q1 FY27 Earnings Call Intimation

Thermax Ltd Q1 FY27 Earnings Call

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Consolidated Quarterly Results (in ₹ Crores)

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Consolidated Balance Sheet (in ₹ Crores)