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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/E75.0
Book Value₹ 369
Price to Book8.87
Dividend Yield0.54 %
ROCE19.1 %
ROE15.5 %
Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Industrial Products: 66.8% • Industrial Infra: 23.4% • Chemical: 10.0%

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 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

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

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
1,1611,4441,4801,7381,3111,5231,4691,9421,1831,5051,5992,2261,303
1,0771,3031,3591,6031,2391,3961,3581,7291,1281,3991,4601,9811,363
Operating Profit841411211357212711021255106139245-60
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%
-1-1616152693741149351781243535
Interest5667688935886
Depreciation18181819192019162426272026
Profit before Tax5910225816111613612433762253227252-24
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 Profit44642011298610810327546226175201-18
3.685.4116.8410.797.229.068.6623.093.9018.9614.7316.87-1.52

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
3,7642,7273,5413,2353,1314,0155,1415,8226,2456,5186,632
3,3902,4883,2903,0212,9143,8034,7605,3445,7226,0796,202
Operating Profit374239251213218212381478522439430
OPM %9.93%8.77%7.08%6.60%6.96%5.28%7.40%8.22%8.36%6.74%6.49%
-3074759038125144198296478373
Interest44559132024322527
Depreciation6549506364677373749799
Profit before Tax275260270235183256431580713795709
Tax %47.25%38.03%40.42%31.37%22.91%21.58%23.69%24.59%19.77%18.36%17.53%
Net Profit145161161161141201329437572649584
EPS12.1519.9923.1017.9511.8316.8527.6336.7148.0254.46—
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

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 Capital24242424242424242424
2,3862,5422,7122,7142,8562,9773,1913,5073,9384,395
126215113137247274257356141130
Trade Payables9259437996038419751,0381,0731,1021,421
1,0321,5472,4418921,0121,1271,5931,7351,6191,504
Total Liabilities4,4925,2716,0904,3694,9795,3776,1036,6956,8247,473
5556717137487717467147509771,020
Capital Work in Progress1269229552015451078245
1,4041,7961,4241,4109031,9952,2702,3932,7052,781
229298230255246370391397379482
00000001,5021,4081,524
Cash & Bank711191192301,387442408347120178
2,1072,2943,5741,6711,6521,8092,2761,1991,1521,443
Total Assets4,4925,2716,0904,3694,9795,3776,1036,6956,8247,473

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
4806615636649117653991373416
Cash from Investing-151-456254-98-375-100-338103-126-287
Cash from Financing-115-38-51-23963-53-81-51-394-146
801287-8497-59-0143-147-17

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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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