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: Capital Goods - Electrical Equipment
Industry: Electric Equipment - General - Large
Market Cap: 35,915 Cr
Volatility: Low Risk
P/E Ratio: 49.8
Industry P/E: 51.4
PEG Ratio: 3.8
P/B Ratio: 7.1
52W High: 4,088.00
52W Low: 2,744.20

Sales CAGR

1Y: 11.43%
3Y: 15.92%
5Y: 14.23%
10Y: 3.83%

Profit CAGR

1Y: -2.56%
3Y: 41.77%
5Y: 28.80%
10Y: 7.54%

ROE

TTM: 11.75%
3Y: 13.05%
5Y: 11.25%
10Y: 10.45%

ROCE

TTM: 13.65%
3Y: 15.98%
5Y: 14.23%
10Y: 14.48%

Technicals

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Forecasts

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Analyst Target, Price, EPS and Revenue Projections

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
APARINDS	10128.40	40,255 Cr	41.82	8.30	0.51	19.36	30.29	8.61
THERMAX	3014.50	35,915 Cr	49.81	7.11	0.46	11.75	13.65	5.59
SCHNEIDER	830.00	19,870 Cr	80.98	30.19	0.00	39.30	33.09	11.88
CROMPTON	244.30	15,798 Cr	34.08	4.65	1.22	13.91	19.05	7.86
VGUARD	301.05	13,087 Cr	46.14	5.98	0.50	13.26	16.88	8.61
EMMVEE	185.10	12,936 Cr	29.76	4.17	0.00	76.50	33.19	20.15
VIKRAMSOLR	166.40	6,029 Cr	36.17	2.04	0.00	12.59	20.97	9.37

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	2,302	2,324	2,764	2,184	2,612	2,508	3,085	2,150	2,474	2,635
Expenses	2,098	2,137	2,491	2,043	2,334	2,319	2,785	1,925	2,302	2,380
Operating Profit	205	187	273	141	278	189	300	225	172	255
OPM %	8.89	8.06	9.88	6.46	10.64	7.54	9.71	10.47	6.95	9.67
Other Income	66	184	55	84	60	31	78	65	85	121
Interest	20	27	28	27	29	29	31	30	32	34
Depreciation	33	36	50	36	42	35	45	49	51	53
Profit Before Tax	217	309	251	161	266	156	301	211	174	289
Tax %	27.07	23.32	25.23	32.17	25.63	27.22	31.63	28.38	31.25	28.98
Net Profit	159	237	188	109	198	114	206	151	119	205
EPS in Rs	14.00	21.17	16.88	10.28	17.49	10.29	18.26	13.52	10.62	18.12

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	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	60.52
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)

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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)

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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

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	65.58%	65.58%	65.58%	65.58%	65.58%	65.58%	65.57%	65.57%	65.57%	65.57%	65.56%	65.56%
FIIs	13.01%	13.07%	13.27%	12.71%	12.95%	16.02%	16.27%	16.38%	16.77%	16.95%	14.22%	13.07%
DIIs	16.54%	16.41%	16.36%	16.78%	16.74%	13.63%	13.46%	13.39%	12.96%	12.43%	14.76%	15.69%
Public	4.87%	4.94%	4.80%	4.93%	4.74%	4.77%	4.70%	4.66%	4.69%	5.06%	5.46%	5.67%
Total Shareholders	36,103	39,815	35,616	39,547	40,819	48,966	51,876	50,755	53,687	62,986	71,208	77,455

Market Transactions

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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