THERMAX

Thermax Limited

Energy and environment engineering — boilers, heating and cooling, water and waste

Industrials›Capital Goods›Electrical Equipment›Heavy Electrical Equipment

thermaxglobal.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹3326.80
Market cap
39,641 Cr
Stock P/E
63.2
P/B
6.75
Dividend yield
0.4%
ROE (FY26)
12.9%
ROCE (FY26)
14.6%
Operating margin (FY26)
7.7%
Debt / equity (FY26)
0.41
OCF / EBITDA (FY26)
52.8%
OCF / EBITDA (3Y)
67.1%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Thermax is a Pune-based engineering group that builds boilers and other energy and environment equipment, and sells water treatment chemicals and green energy solutions, mainly to industrial and power customers.

Company snapshot

9thBy market cap

Ranked among 38 companies in Heavy Electrical Equipment.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 45.1% of revenue

SegmentRevenue shareRevenuePBTAssets
a. Industrial Products
43.1%
1,080 Cr122 Cr2,136 Cr
b. Industrial Infra
45.1%
1,132 Cr1 Cr2,689 Cr
c. Green Solutions
7.5%
189 Cr18 Cr2,281 Cr
d. Chemical
7.6%
192 Cr26 Cr842 Cr

Shares add up to 103% because segment revenues are before inter-segment eliminations.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales2,302 Cr2,324 Cr2,764 Cr2,184 Cr2,612 Cr2,508 Cr3,085 Cr2,150 Cr2,474 Cr2,635 Cr3,428 Cr2,303 Cr
Operating expenses (approx.)2,098 Cr2,137 Cr2,491 Cr2,043 Cr2,334 Cr2,319 Cr2,785 Cr1,925 Cr2,302 Cr2,380 Cr3,054 Cr2,234 Cr
EBITDA205 Cr187 Cr273 Cr141 Cr278 Cr189 Cr300 Cr225 Cr172 Cr255 Cr374 Cr69 Cr
OPM %8.9%8.1%9.9%6.5%10.6%7.5%9.7%10.5%7.0%9.7%10.9%3.0%
Other income66 Cr58 Cr55 Cr84 Cr60 Cr32 Cr77 Cr66 Cr85 Cr63 Cr54 Cr68 Cr
Interest20 Cr27 Cr28 Cr27 Cr29 Cr29 Cr31 Cr30 Cr32 Cr34 Cr42 Cr35 Cr
Depreciation33 Cr36 Cr50 Cr36 Cr42 Cr35 Cr45 Cr49 Cr51 Cr53 Cr54 Cr60 Cr
Profit before tax217 Cr309 Cr251 Cr161 Cr266 Cr156 Cr301 Cr211 Cr174 Cr289 Cr334 Cr42 Cr
Tax %27.1%23.3%25.2%32.2%25.6%27.2%31.6%28.4%31.2%29.0%26.9%48.3%
Net profit159 Cr237 Cr188 Cr109 Cr198 Cr114 Cr206 Cr151 Cr119 Cr205 Cr244 Cr22 Cr
EPS (₹)₹14.00₹21.17₹16.90₹10.28₹17.49₹10.29₹18.27₹13.53₹10.62₹18.12₹21.68₹2.24

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales4,590 Cr4,486 Cr5,973 Cr5,731 Cr4,791 Cr6,128 Cr8,090 Cr9,323 Cr10,389 Cr10,694 CrSign in free for the trailing twelve months
Operating expenses (approx.)4,157 Cr4,085 Cr5,516 Cr5,325 Cr4,436 Cr5,707 Cr7,492 Cr8,526 Cr9,481 Cr9,668 CrSign in free for the trailing twelve months
EBITDA433 Cr401 Cr457 Cr406 Cr355 Cr421 Cr598 Cr797 Cr908 Cr1,026 CrSign in free for the trailing twelve months
OPM %9.4%8.9%7.7%7.1%7.4%6.9%7.4%8.6%8.7%9.6%Sign in free for the trailing twelve months
Other income114 Cr116 Cr150 Cr100 Cr108 Cr127 Cr160 Cr233 Cr252 Cr267 CrSign in free for the trailing twelve months
Interest10 Cr13 Cr14 Cr15 Cr21 Cr25 Cr38 Cr88 Cr117 Cr139 CrSign in free for the trailing twelve months
Depreciation82 Cr82 Cr92 Cr117 Cr115 Cr113 Cr117 Cr148 Cr159 Cr208 CrSign in free for the trailing twelve months
Profit before tax372 Cr397 Cr410 Cr375 Cr275 Cr410 Cr603 Cr869 Cr884 Cr1,008 CrSign in free for the trailing twelve months
Tax %41.9%41.8%20.7%43.3%24.9%23.8%25.3%26.0%29.1%28.5%Sign in free for the trailing twelve months
Net profit216 Cr231 Cr325 Cr212 Cr207 Cr312 Cr451 Cr643 Cr627 Cr720 CrSign in free for the trailing twelve months
EPS (₹)₹19.80₹20.61₹28.90₹18.87₹18.34₹27.73₹39.98₹57.30₹56.33₹63.95Sign in free for the trailing twelve months
Dividend payout %————0.0%25.2%22.7%17.5%21.6%21.9%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital23 Cr23 Cr23 Cr23 Cr23 Cr23 Cr23 Cr23 Cr23 Cr23 Cr
Reserves2,515 Cr2,692 Cr2,992 Cr3,005 Cr3,229 Cr3,470 Cr3,846 Cr4,417 Cr4,914 Cr5,527 Cr
Borrowings131 Cr217 Cr220 Cr212 Cr305 Cr355 Cr811 Cr1,256 Cr1,693 Cr2,288 Cr
Other liabilities2,390 Cr3,013 Cr3,566 Cr2,716 Cr2,950 Cr3,613 Cr4,158 Cr4,457 Cr5,402 Cr5,415 Cr
Total liabilities5,060 Cr5,945 Cr6,800 Cr5,956 Cr6,507 Cr7,461 Cr8,839 Cr10,153 Cr12,038 Cr13,282 Cr
Fixed assets (net)668 Cr821 Cr1,255 Cr1,225 Cr1,210 Cr1,154 Cr1,216 Cr1,874 Cr2,615 Cr2,868 Cr
CWIP138 Cr103 Cr40 Cr55 Cr21 Cr44 Cr434 Cr519 Cr561 Cr1,392 Cr
Investments1,083 Cr1,472 Cr829 Cr875 Cr234 Cr1,477 Cr1,626 Cr1,765 Cr1,699 Cr1,784 Cr
Loans & advances——7 Cr6 Cr4 Cr2 Cr2 Cr1 Cr1 Cr1 Cr
Inventories283 Cr367 Cr509 Cr455 Cr405 Cr727 Cr756 Cr765 Cr720 Cr910 Cr
Trade receivables1,034 Cr1,243 Cr1,378 Cr1,386 Cr1,237 Cr1,424 Cr1,762 Cr2,116 Cr2,418 Cr2,205 Cr
Cash & bank173 Cr246 Cr308 Cr254 Cr461 Cr311 Cr453 Cr487 Cr418 Cr674 Cr
Other assets1,680 Cr1,693 Cr2,473 Cr1,700 Cr2,934 Cr2,323 Cr2,590 Cr2,625 Cr3,607 Cr3,449 Cr
Total assets5,060 Cr5,945 Cr6,800 Cr5,956 Cr6,507 Cr7,461 Cr8,839 Cr10,153 Cr12,038 Cr13,282 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity335 Cr534 Cr-115 Cr326 Cr769 Cr325 Cr460 Cr247 Cr1,043 Cr542 Cr
Cash from investing-75 Cr-531 Cr266 Cr-169 Cr-636 Cr-422 Cr-680 Cr-509 Cr-1,241 Cr-587 Cr
Cash from financing-126 Cr-20 Cr-65 Cr-232 Cr77 Cr-21 Cr349 Cr285 Cr124 Cr248 Cr
Net cash flow134 Cr-18 Cr85 Cr-75 Cr220 Cr-115 Cr144 Cr19 Cr-74 Cr224 Cr
Free cash flow (OCF − Capex)216 Cr333 Cr-270 Cr—686 Cr241 Cr-190 Cr-597 Cr140 Cr-411 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %14.3%14.0%13.1%12.0%8.3%11.3%13.7%16.8%15.1%14.6%
ROE %8.8%8.5%10.8%7.0%6.4%8.9%11.6%14.5%12.8%12.9%
Debtor days821018488948579838575
Inventory days48585755607562554761
Days payable169164154117168152123110111138
Cash conversion cycle-39-5-1327-148182821-2
OCF / EBITDA %77.3%133.1%-25.2%80.2%216.6%77.1%76.9%31.0%114.9%52.8%
OCF / EBITDA % (3 years)——58.3%58.8%80.4%120.0%113.1%56.8%76.0%67.1%
Debt / equity0.050.080.070.070.090.100.210.280.340.41
Current ratio1.391.331.301.431.451.261.381.361.301.22
Net debt / EBITDA-0.10—-0.19-0.10-0.440.110.600.961.411.57