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Thermax Ltd.

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thermaxglobal.comBSE: 500411NSE: THERMAX
Market Cap₹ 43,852 Cr.
Current Price
High / Low₹ 5,278 / 2,743
Stock P/E73.9
Book Value₹ 467
Price to Book6.69
Dividend Yield0.54 %
ROCE15.9 %
ROE13.8 %
Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Industrial Products: 46.6% • Industrial Infra: 39.8% • Chemical: 6.9%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence
72%
View full sector analysis →

PROS

  • Company has delivered good profit growth of 28.4% CAGR over last 5 years
  • Company has consistently been profitable over the last 5 years
  • Company has delivered good sales growth of 17.4% CAGR over last 5 years
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 0.94x)
  • Company has been maintaining a healthy dividend payout of 31.3%

CONS

  • Recent results are weak - TTM profit is down 17.3% versus prior year
  • A large part of profit comes from other income (26.5% of PBT)
  • Free cash flow has been persistently negative
  • Total debt has risen sharply - up 35.1% year on year
  • Recurring exceptional / one-off items are inflating headline profit
  • Stock is trading at 6.7x its book value

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsEngineering - Industrial Equipments
Part ofNIFTYM150MOMNTM50NIFTY500MOMENTM50NIFTYLARGEMIDCAP250NIFTYMIDCAP150NIFTY MIDCAP 150
S.No.Name
1.BHEL430.6061.64149937.650.33376.71182.707697.7240.299.246.69
2.INDOMIM1018.9094.4350382.660.582401.22—12187.42—24.4833.36
3.THERMAX3680.2573.9143852.500.5421.79-85.612302.737.0915.852.98
4.HONAUT34514.0555.3730515.680.32150.7020.951204.401.8017.0414.32
5.JYOTICNC987.9569.8422468.260.0057.14-19.99508.4723.9721.3421.40
6.INOXINDIA2245.7580.1220418.910.0958.07-4.98370.799.1833.5420.46
7.AZAD2846.00132.2518379.960.0035.1619.46172.6025.9012.0437.29
8.TRITURBINE569.1053.8018091.600.75511.00693.484427.001092.3035.9511.59
9.TEGA1731.10615.5213005.360.12-108.25-406.361723.44383.998.373.27
10.LLOYDSENGG82.7257.3612830.190.3068.23-77.28527.15142.9217.9915.04
11.KRN1595.75107.7510445.540.0032.90164.84252.32118.8716.0619.44
12.KENNAMET4681.4087.8610288.890.0031.5011.31267.3012.5518.9917.51
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
1,9332,3022,3242,7642,1842,6162,5293,0462,1502,4742,6353,4282,303
1,8012,0982,1372,4912,0432,3382,3402,7471,9252,3022,3803,0542,329
Operating Profit132205187273141278189300225172255374-26
OPM %6.84%8.89%8.06%9.88%6.46%10.63%7.47%9.84%10.47%6.95%9.67%10.92%-1.13%
266185558460327766851215668
Interest13202728272929313032344235
Depreciation29333650364235454951535460
Profit before Tax9221830925116226615730021217428933442
Tax %34.31%27.04%23.30%25.24%32.08%25.63%27.14%31.70%28.36%31.23%28.97%26.86%48.29%
Net Profit000010919811420615111920524422
5.2314.0021.1716.9010.2817.4910.2918.2613.5310.6218.1221.682.24

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
4,4834,4655,9745,7484,7916,1288,0909,32310,36910,69410,839
4,0504,0645,5175,3484,4365,7247,4928,5289,4619,66810,064
Operating Profit4334014574013554045987969081,026775
OPM %9.66%8.98%7.66%6.97%7.41%6.60%7.39%8.54%8.75%9.60%7.15%
961166010555144160310252329331
Interest1013141521253888117139144
Depreciation828292117115113117148159208218
Profit before Tax4383974103752754106038698841,008839
Tax %35.65%41.77%20.70%43.28%24.93%23.85%25.26%25.98%29.14%28.54%29.57%
Net Profit282231325212207312451643627720591
EPS19.8020.6128.9018.8718.3427.7339.9757.3156.3263.96—
Dividend Payout %30.29%29.11%24.22%37.10%38.15%32.45%25.01%20.94%24.86%31.27%—

COMPOUNDED SALES GROWTH

10 Years:
8%
5 Years:
17%
3 Years:
10%

COMPOUNDED PROFIT GROWTH

10 Years:
10%
5 Years:
28%
3 Years:
17%

STOCK PRICE CAGR

10 Years:
16%
5 Years:
21%
3 Years:
9%
1 Year:
10%

RETURN ON EQUITY

10 Years:
11%
5 Years:
13%
3 Years:
14%
Last Year:
14%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2026

Jul 3

₹ 3

Rs.6.0000 per share(300%)Special Dividend

2026

Jul 3

₹ 7

2025

Jul 4

₹ 7

Rs.14.0000 per share(700%)Final Dividend

2024

Jul 5

₹ 6

Rs.12.0000 per share(600%)Dividend

2023

Jul 21

₹ 5

Rs.10.0000 per share(500%)Dividend

2022

Jul 21

₹ 4.50

Rs.9.0000 per share(450%)Dividend

2021

Jul 22

₹ 3.50

Rs.7.0000 per share(350%)Final Dividend

2018

Jul 26

₹ 3

Rs.6.0000 per share(300%)Dividend

2017

Jul 27

₹ 3

Rs.6.0000 per share(300%)Dividend

2016

Jul 28

₹ 3

Rs.6.0000 per share(300%)Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital23232323232323232323
Minority Interest10000020629
2,5152,6922,9923,0053,2293,4703,8434,4114,9085,519
2203443253204494769061,3461,8742,399
Trade Payables1,0041,0391,3719601,1381,4601,4981,5331,6932,057
1,1821,7401,8681,4921,5071,9022,4582,7312,7553,080
Total Liabilities4,9455,8376,5785,8016,3467,3318,73010,04411,25813,107
8119731,3121,2831,2421,1951,2481,9062,8063,048
Capital Work in Progress141103405521444345195611,392
1,0831,4728298752341,4771,6261,7651,6991,784
283367509455405727756765717910
00000002,1162,0032,205
Cash & Bank2212943694811,9399541,1329751,1471,191
2,4062,6283,5192,6512,5042,9353,5351,9972,3262,579
Total Assets4,9455,8376,5785,8016,3467,3318,73010,04411,25813,107

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
492711724578634286112471,080542
Cash from Investing-75-531266-169-636-422-680-509-1,272-587
Cash from Financing-126-20-65-23277-21349285123248
134-1885-75211-11712823-70202

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
61.9861.9861.9861.9861.9861.9861.9861.9861.98
15.1515.3815.4915.8616.0213.4412.3611.2511.46
12.8812.7212.6612.2511.7413.9514.8415.4915.22
Government0.000.000.000.000.000.000.000.000.00
10.009.929.879.9110.2510.6210.8211.2911.34

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-06
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-06 - Thermax Limited has informed the Exchange about Transcript

2026-07-31
Appointment

2026-07-31 - Thermax Limited has informed the Exchange regarding Appointment of Mr Ravi Shankar Gopinath as Non- Executive Independent Director of the company w.e.f. November 10, 2026.

2026-07-31
Shareholders meeting

2026-07-31 - Thermax Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on July 30, 2026. Further, the company has informed the Exchange regarding voting results.

2026-07-31
Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-31 - Thermax Limited has informed the Exchange about Link of Recording

2026-07-31
Copy of Newspaper Publication

2026-07-31 - Thermax Limited has informed the Exchange about Copy of Newspaper Publication

2026-07-31
Investor Presentation

2026-07-31 - Thermax Limited has informed the Exchange about Investor Presentation

2026-07-30
Investor Presentation

2026-07-30 - Thermax Limited has informed the Exchange about Investor Presentation

2026-07-30
Shareholders meeting

2026-07-30 - Thermax Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on July 30, 2026

2026-07-30
Scheme of Arrangement

2026-07-30 - Thermax Limited has informed the Exchange about Scheme of Arrangement

News

Recent coverage and analyst commentary for THERMAX

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