Thermax Ltd.
•Add ratio to table
ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Industrial Products: 66.8% • Industrial Infra: 23.4% • Chemical: 10.0%
AI Sector View
AI GENERATEDCapital Goods
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.
PROS
- Company has delivered good profit growth of 35.7% CAGR over last 5 years
- Company is almost debt free
- Company has delivered good sales growth of 15.8% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 36.7%
- Working capital cycle has improved - days down from 70 to 45
- Company comfortably covers its interest (33.0x coverage)
CONS
- A large part of profit comes from other income (49.0% of PBT)
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.53x)
- Total debt has risen sharply - up 48.1% year on year
- Stock is trading at 8.9x its book value
- Recurring exceptional / one-off items are inflating headline profit
- Operating margins have contracted to 6.7% from 10.1%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BHEL | 432.00 | 61.84 | 150425.14 | 0.32 | 376.71 | 182.70 | 7697.72 | 40.29 | 9.24 | 6.69 |
| INDOMIM | 1005.45 | 93.18 | 49717.58 | 0.59 | 2401.22 | — | 12187.42 | — | 24.48 | 33.36 |
| THERMAX | 3641.75 | 73.13 | 43393.75 | 0.55 | 21.79 | -85.61 | 2302.73 | 7.09 | 15.85 | 2.98 |
| HONAUT | 34123.10 | 54.75 | 30170.02 | 0.32 | 150.70 | 20.95 | 1204.40 | 1.80 | 17.04 | 14.32 |
| JYOTICNC | 1004.05 | 70.98 | 22834.42 | 0.00 | 57.14 | -19.99 | 508.47 | 23.97 | 21.34 | 21.40 |
| INOXINDIA | 2295.95 | 81.91 | 20875.34 | 0.09 | 58.07 | -4.98 | 370.79 | 9.18 | 33.54 | 20.46 |
| AZAD | 2773.25 | 128.87 | 17910.13 | 0.00 | 35.16 | 19.46 | 172.60 | 25.90 | 12.04 | 37.29 |
| TRITURBINE | 561.25 | 53.05 | 17842.05 | 0.76 | 511.00 | 693.48 | 4427.00 | 1092.30 | 35.95 | 11.59 |
| TEGA | 1721.30 | 612.04 | 12931.73 | 0.12 | -108.25 | -406.36 | 1723.44 | 383.99 | 8.37 | 3.27 |
| LLOYDSENGG | 80.63 | 55.91 | 12506.03 | 0.31 | 68.23 | -77.28 | 527.15 | 142.92 | 17.99 | 15.04 |
| KENNAMET | 4998.95 | 93.82 | 10986.81 | 0.00 | 31.50 | 11.31 | 267.30 | 12.55 | 18.99 | 17.51 |
| KRN | 1584.85 | 107.01 | 10374.19 | 0.00 | 32.90 | 164.84 | 252.32 | 118.87 | 16.06 | 19.44 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,161 | 1,444 | 1,480 | 1,738 | 1,311 | 1,523 | 1,469 | 1,942 | 1,183 | 1,505 | 1,599 | 2,226 | 1,303 | |
| 1,077 | 1,303 | 1,359 | 1,603 | 1,239 | 1,396 | 1,358 | 1,729 | 1,128 | 1,399 | 1,460 | 1,981 | 1,363 | |
| Operating Profit | 84 | 141 | 121 | 135 | 72 | 127 | 110 | 212 | 55 | 106 | 139 | 245 | -60 |
| OPM % | 7.22% | 9.79% | 8.18% | 7.77% | 5.52% | 8.34% | 7.52% | 10.93% | 4.62% | 7.05% | 8.69% | 11.01% | -4.58% |
| -1 | -16 | 161 | 52 | 69 | 37 | 41 | 149 | 35 | 178 | 124 | 35 | 35 | |
| Interest | 5 | 6 | 6 | 7 | 6 | 8 | 8 | 9 | 3 | 5 | 8 | 8 | 6 |
| Depreciation | 18 | 18 | 18 | 19 | 19 | 20 | 19 | 16 | 24 | 26 | 27 | 20 | 26 |
| Profit before Tax | 59 | 102 | 258 | 161 | 116 | 136 | 124 | 337 | 62 | 253 | 227 | 252 | -24 |
| Tax % | 26.14% | 37.11% | 22.15% | 19.94% | 25.99% | 20.56% | 16.72% | 18.43% | 24.95% | 10.85% | 22.86% | 20.23% | 25.76% |
| Net Profit | 44 | 64 | 201 | 129 | 86 | 108 | 103 | 275 | 46 | 226 | 175 | 201 | -18 |
| 3.68 | 5.41 | 16.84 | 10.79 | 7.22 | 9.06 | 8.66 | 23.09 | 3.90 | 18.96 | 14.73 | 16.87 | -1.52 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,764 | 2,727 | 3,541 | 3,235 | 3,131 | 4,015 | 5,141 | 5,822 | 6,245 | 6,518 | 6,632 | |
| 3,390 | 2,488 | 3,290 | 3,021 | 2,914 | 3,803 | 4,760 | 5,344 | 5,722 | 6,079 | 6,202 | |
| Operating Profit | 374 | 239 | 251 | 213 | 218 | 212 | 381 | 478 | 522 | 439 | 430 |
| OPM % | 9.93% | 8.77% | 7.08% | 6.60% | 6.96% | 5.28% | 7.40% | 8.22% | 8.36% | 6.74% | 6.49% |
| -30 | 74 | 75 | 90 | 38 | 125 | 144 | 198 | 296 | 478 | 373 | |
| Interest | 4 | 4 | 5 | 5 | 9 | 13 | 20 | 24 | 32 | 25 | 27 |
| Depreciation | 65 | 49 | 50 | 63 | 64 | 67 | 73 | 73 | 74 | 97 | 99 |
| Profit before Tax | 275 | 260 | 270 | 235 | 183 | 256 | 431 | 580 | 713 | 795 | 709 |
| Tax % | 47.25% | 38.03% | 40.42% | 31.37% | 22.91% | 21.58% | 23.69% | 24.59% | 19.77% | 18.36% | 17.53% |
| Net Profit | 145 | 161 | 161 | 161 | 141 | 201 | 329 | 437 | 572 | 649 | 584 |
| EPS | 12.15 | 19.99 | 23.10 | 17.95 | 11.83 | 16.85 | 27.63 | 36.71 | 48.02 | 54.46 | — |
| Dividend Payout % | 49.36% | 44.37% | 51.80% | 51.68% | 59.14% | 53.41% | 36.19% | 32.69% | 29.16% | 36.72% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 4%
- 5 Years:
- 16%
- 3 Years:
- 8%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 8%
- 5 Years:
- 36%
- 3 Years:
- 25%
STOCK PRICE CAGR
- 10 Years:
- 16%
- 5 Years:
- 21%
- 3 Years:
- 9%
- 1 Year:
- 10%
RETURN ON EQUITY
- 10 Years:
- 9%
- 5 Years:
- 12%
- 3 Years:
- 15%
- Last Year:
- 15%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 |
| 2,386 | 2,542 | 2,712 | 2,714 | 2,856 | 2,977 | 3,191 | 3,507 | 3,938 | 4,395 | |
| 126 | 215 | 113 | 137 | 247 | 274 | 257 | 356 | 141 | 130 | |
| Trade Payables | 925 | 943 | 799 | 603 | 841 | 975 | 1,038 | 1,073 | 1,102 | 1,421 |
| 1,032 | 1,547 | 2,441 | 892 | 1,012 | 1,127 | 1,593 | 1,735 | 1,619 | 1,504 | |
| Total Liabilities | 4,492 | 5,271 | 6,090 | 4,369 | 4,979 | 5,377 | 6,103 | 6,695 | 6,824 | 7,473 |
| 555 | 671 | 713 | 748 | 771 | 746 | 714 | 750 | 977 | 1,020 | |
| Capital Work in Progress | 126 | 92 | 29 | 55 | 20 | 15 | 45 | 107 | 82 | 45 |
| 1,404 | 1,796 | 1,424 | 1,410 | 903 | 1,995 | 2,270 | 2,393 | 2,705 | 2,781 | |
| 229 | 298 | 230 | 255 | 246 | 370 | 391 | 397 | 379 | 482 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,502 | 1,408 | 1,524 | |
| Cash & Bank | 71 | 119 | 119 | 230 | 1,387 | 442 | 408 | 347 | 120 | 178 |
| 2,107 | 2,294 | 3,574 | 1,671 | 1,652 | 1,809 | 2,276 | 1,199 | 1,152 | 1,443 | |
| Total Assets | 4,492 | 5,271 | 6,090 | 4,369 | 4,979 | 5,377 | 6,103 | 6,695 | 6,824 | 7,473 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 480 | 661 | 56 | 366 | 491 | 176 | 539 | 91 | 373 | 416 | |
| Cash from Investing | -151 | -456 | 254 | -98 | -375 | -100 | -338 | 103 | -126 | -287 |
| Cash from Financing | -115 | -38 | -51 | -239 | 63 | -53 | -81 | -51 | -394 | -146 |
| 80 | 12 | 87 | -84 | 97 | -59 | -0 | 143 | -147 | -17 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-06 - Thermax Limited has informed the Exchange about Transcript
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 - 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 - Thermax Limited has informed the Exchange about Link of Recording
2026-07-31 - Thermax Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-31 - Thermax Limited has informed the Exchange about Investor Presentation
2026-07-30 - Thermax Limited has informed the Exchange about Investor Presentation
2026-07-30 - Thermax Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on July 30, 2026
2026-07-30 - Thermax Limited has informed the Exchange about Scheme of Arrangement
News
Recent coverage and analyst commentary for THERMAX
Loading news…
AI Stock Analyst
Thermax Ltd.
Sign in to Chat with AI
Log in with your 5nance account to ask institutional questions about performance, financials, and outlook.
✨ Sign In to ChatFree 5nance Account