Thermax Ltd

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Thermax Ltd

₹ 3,452 1.30%
25 Sep 4:01 p.m.
thermaxglobal.com BSE: 500411 NSE: THERMAX
About

Thermax Limited offers solutions to energy, environment and chemical sectors. The Company’s portfolio includes boilers and heaters, absorption chillers/ heat pumps, power plants, solar equipment, air pollution control equipment/system, water and waste recycle plant, ion exchange resins and performance chemicals and related services. [1]

Key Points

Business Segments:[1][2][3]
a) Industrial Products (45% in FY26 vs 42% in FY25):
The company manufactures small-capacity boilers and heating equipment, absorption chillers, heat pumps, air pollution control systems, and water and waste recycling solutions. It also offers associated services
such as engineering, procurement and construction (EPC) and specialised technical services.
b) Industrial Infra (41% in FY26 vs 44% in FY25):
The company undertakes EPC projects
for power plants, high-capacity boilers
and heaters, infrastructure projects, Bio
-CNG projects, and Flue Gas Desulphurisation (FGD) systems, along with providing associated services.
c) Green Solutions (7% in FY26 vs 7% in FY25):
The company provides energy management solutions through the Build, Own and Operate (BOO) model, along with renewable energy solutions including solar and wind power projects.
d) Chemicals (7% in FY26 vs 7% in FY25):
The company offers a portfolio of speciality chemicals, including ion exchange resins, performance chemicals, water treatment chemicals, oil field chemicals, paper chemicals, and construction chemicals, along with related services.

Website BSE NSE
  • Market Cap ₹ 41,115 Cr.
  • Current Price ₹ 3,452
  • High / Low ₹ 5,278 / 2,743
  • Stock P/E 79.4
  • Book Value ₹ 372
  • Dividend Yield 0.41 %
  • ROCE 15.6 %
  • ROE 11.4 %
  • Face Value ₹ 2.00
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Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 21.8%

Cons

  • Stock is trading at 9.29 times its book value
  • Company has a low return on equity of 11.2% over last 3 years.
  • Earnings include an other income of Rs.373 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Capital Goods Electrical Equipment Heavy Electrical Equipment

Part of BSE Capital Goods BSE Industrials BSE 400 MidSmallCap Index Nifty LargeMidcap 250 Nifty Midcap 150

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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 1,195 1,505 1,599 2,232 1,303
1,077 1,303 1,359 1,603 1,239 1,396 1,358 1,729 1,141 1,399 1,460 1,986 1,331
Operating Profit 84 141 121 135 72 127 110 212 54 106 139 246 -28
OPM % 7% 10% 8% 8% 6% 8% 8% 11% 4.5% 7% 9% 11% -2.1%
-1 -16 161 52 69 37 41 149 35 178 124 36 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 21 26
Profit before tax 59 102 258 161 116 136 124 337 62 253 227 252 -24
Tax % 26% 37% 22% 20% 26% 21% 17% 18% 25% 11% 23% 20% -26%
44 64 201 129 86 108 103 275 47 226 175 201 -18
EPS in Rs 3.68 5.40 16.84 10.79 7.22 9.06 8.66 23.08 3.90 18.96 14.73 16.88 -1.52
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
4,603 4,338 3,764 2,727 3,541 3,215 3,131 4,015 5,141 5,822 6,245 6,518 6,639
4,138 3,960 3,389 2,488 3,289 3,000 2,914 3,797 4,757 5,341 5,720 5,972 6,176
Operating Profit 465 378 375 240 252 215 218 218 384 481 525 546 463
OPM % 10% 9% 10% 9% 7% 7% 7% 5% 7% 8% 8% 8% 7%
116 110 -31 151 188 141 38 118 140 195 294 371 373
Interest 20 5 4 4 5 5 9 13 20 24 32 25 27
Depreciation 64 61 65 49 50 63 64 67 73 73 74 97 100
Profit before tax 497 423 275 337 384 288 183 256 431 580 713 795 709
Tax % 32% 30% 47% 29% 28% 26% 23% 22% 24% 25% 20% 18%
336 297 145 238 275 214 141 201 329 437 572 649 584
EPS in Rs 28.19 24.97 12.15 19.99 23.10 17.96 11.83 16.85 27.63 36.71 48.02 54.46 49.05
Dividend Payout % 25% 24% 49% 30% 30% 39% 59% 53% 36% 33% 29% 4%
Compounded Sales Growth
10 Years: 4%
5 Years: 16%
3 Years: 8%
TTM: 8%
Compounded Profit Growth
10 Years: 5%
5 Years: 17%
3 Years: 13%
TTM: 12%
Stock Price CAGR
10 Years: 15%
5 Years: 20%
3 Years: 5%
1 Year: 7%
Return on Equity
10 Years: 10%
5 Years: 10%
3 Years: 11%
Last Year: 11%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 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 24 24
Reserves 2,243 2,318 2,386 2,542 2,712 2,714 2,856 2,977 3,194 3,513 3,944 4,403
105 91 66 116 40 73 142 185 224 314 90 132
2,639 2,259 2,120 2,693 3,363 1,599 2,011 2,239 2,709 2,897 2,857 2,999
Total Liabilities 5,011 4,692 4,596 5,375 6,139 4,410 5,032 5,425 6,151 6,747 6,914 7,558
609 584 555 671 713 748 771 746 714 750 977 1,020
CWIP 39 59 129 92 29 55 23 15 45 112 83 70
Investments 1,257 1,378 1,404 1,796 1,424 1,410 903 1,995 2,270 2,393 2,705 2,781
3,105 2,672 2,507 2,816 3,972 2,197 3,335 2,669 3,123 3,493 3,149 3,687
Total Assets 5,011 4,692 4,596 5,375 6,139 4,410 5,032 5,425 6,151 6,747 6,914 7,558

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
294 288 346 507 -117 253 409 94 419 91 373 416
-16 -170 -151 -456 254 -98 -375 -100 -338 103 -126 -287
-237 -119 -115 -38 -51 -239 63 -53 -81 -51 -394 -146
Net Cash Flow 41 -1 80 12 87 -84 97 -59 -0 143 -147 -17
Free Cash Flow 245 231 239 362 -242 164 343 62 369 61 105 276
CFO/OP 89% 116% 128% 276% 22% 170% 225% 80% 140% 44% 84% 110%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 122 103 93 152 86 86 96 87 86 94 82 85
Inventory Days 41 32 40 71 38 50 52 56 48 44 40 49
Days Payable 115 117 164 223 132 119 178 148 127 119 115 146
Cash Conversion Cycle 49 18 -31 0 -8 17 -30 -5 7 19 7 -11
Working Capital Days -13 -14 -9 -59 8 -16 -53 -53 -40 -25 -13 -5
ROCE % 21% 18% 17% 14% 16% 9% 10% 9% 14% 17% 14% 16%

Insights

In beta
Mar 2016 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Consolidated Order Booking (Inflow)
Rs Crore

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Consolidated Order Balance (Backlog)
Rs Crore
International Order Booking
Rs Crore
Green Solutions Order Booking
Rs Crore
Industrial Infra Order Booking
Rs Crore
Industrial Products Order Booking
Rs Crore
Renewable Energy Capacity - First Energy (FEPL)
MW
CBG (Compressed Biogas) Production - TBSPL
Tonnes

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Shareholding Pattern

Numbers in percentages

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
61.99% 61.99% 61.99% 61.99% 61.99% 61.99% 61.99% 61.99% 61.99% 61.99% 61.99% 61.99%
12.54% 12.01% 12.24% 15.15% 15.38% 15.49% 15.86% 16.02% 13.44% 12.36% 11.25% 11.46%
15.46% 15.86% 15.82% 12.88% 12.72% 12.66% 12.25% 11.74% 13.95% 14.84% 15.49% 15.22%
4.54% 4.66% 4.48% 4.50% 4.45% 4.39% 4.43% 4.77% 5.16% 5.35% 5.82% 5.88%
5.48% 5.48% 5.48% 5.48% 5.47% 5.47% 5.47% 5.47% 5.46% 5.46% 5.46% 5.46%
No. of Shareholders 35,61639,54740,81948,96651,87650,75553,68762,98671,20877,45589,96491,857

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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