Nifty
:
23842.65
Sensex
:
76847.57
-207.95 (-0.86%)
-702.68 (-0.91%)
Nifty
Sensex
:
:
23842.65
76847.57
-207.95 (-0.86%)
-702.68 (-0.91%)

Thermax Ltd.

Engineering - Industrial Equipments

Rating :
70/99

BSE: 500411 | NSE: THERMAX

NSE BSE
3870.80
13-Apr-2026
  • Open
  • High
  • Low
  • Previous Close
  •  3596
  •  3889.6
  •  3537.6
  •  3643.00
  • Volume
  • Traded Value (lacs)
  • 52 Week High
  • 52 Week Low
  •  536932
  •  2043958172.1
  •  4091.8
  •  2742.7

Stock Summary

  • Market Cap(Crs)
  • Stock P:E
  • Face Value
  • 46,068.21
  • 67.55
  • 2
  • Enterprise Value(Crs)
  • Dividend Yield
  • Price:Book Value
  • 46,532.30
  • 0.36%
  • 8.76

Shareholding Pattern

  • Promoter
  • Corporate
  • Public
  • 61.98%
  • 0.31%
  • 4.90%
  • FII
  • DII
  • Others
  • 11.25%
  • 15.24%
  • 6.32%

Chart

Price | P:E | P:BV | EV:EBITDA | MCap:Sales | EPS

Revenue CAGR (%)

  • 10 Years
  • 5 Years
  • 3 Years
  • 7.28
  • 16.74
  • 8.69

EBITDA CAGR (%)

  • 10 Years
  • 5 Years
  • 3 Years
  • 8.12
  • 20.64
  • 8.72

PAT CAGR (%)

  • 10 Years
  • 5 Years
  • 3 Years
  • 6.98
  • 25.16
  • 12.11

P:E (Median)

  • 8 Years
  • 5 Years
  • 3 Years
  • 65.08
  • 69.61
  • 67.00

P:BV (Average)

  • 8 Years
  • 5 Years
  • 3 Years
  • 6.65
  • 8.21
  • 9.38

EV:EBITDA (Average)

  • 8 Years
  • 5 Years
  • 3 Years
  • 33.54
  • 39.95
  • 41.25

Earnings Forecasts:

(Updated: 11-04-2026)
Description
2024
2025
2026
2027
Adj EPS
56.33
54.14
72.21
89.21
P/E Ratio
68.72
71.50
53.60
43.39
Revenue
10264.4
10649.1
12342
14231
EBITDA
893.87
939.34
1238
1521.16
Net Income
634.47
616.66
825.51
1019.71
ROA
5.72
5.46
6.74
7.4
P/B Ratio
9.34
8.28
7.42
6.55
ROE
13.53
11.91
14.38
15.77
FCFF
28.2
-47.1
267.46
391.66
FCFF Yield
0.07
-0.12
0.7
1.02
Net Debt
-1004.8
-278.84
-276.71
-618.13
BVPS
414.32
467.48
521.91
590.85

Quarterly Results

Consolidated Figures in Rs. Crores /

Standalone
Description
Dec 25
Dec 24
Var%
Sep 25
Sep 24
Var%
Jun 25
Jun 24
Var%
Mar 25
Mar 24
Var%
Net Sales
2,634.68
2,528.72
4.19%
2,473.90
2,615.69
-5.42%
2,150.18
2,184.41
-1.57%
3,084.93
2,763.68
11.62%
Expenses
2,379.86
2,339.73
1.72%
2,301.87
2,337.72
-1.53%
1,925.08
2,043.26
-5.78%
2,785.26
2,490.53
11.83%
EBITDA
254.82
188.99
34.83%
172.03
277.97
-38.11%
225.10
141.15
59.48%
299.67
273.15
9.71%
EBIDTM
9.67%
7.47%
6.95%
10.63%
10.47%
6.46%
9.71%
9.88%
Other Income
62.73
31.51
99.08%
85.41
59.77
42.90%
65.63
84.09
-21.95%
76.85
55.25
39.10%
Interest
34.24
28.66
19.47%
32.17
29.39
9.46%
30.20
27.48
9.90%
31.25
27.81
12.37%
Depreciation
53.28
35.07
51.92%
51.47
42.07
22.34%
48.88
36.03
35.66%
45.34
49.88
-9.10%
PBT
288.78
156.77
84.21%
173.80
266.28
-34.73%
211.65
161.73
30.87%
299.93
250.71
19.63%
Tax
83.66
42.54
96.66%
54.27
68.25
-20.48%
60.02
51.89
15.67%
95.09
63.28
50.27%
PAT
205.12
114.23
79.57%
119.53
198.03
-39.64%
151.63
109.84
38.05%
204.84
187.43
9.29%
PATM
7.79%
4.52%
4.83%
7.57%
7.05%
5.03%
6.64%
6.78%
EPS
18.13
10.29
76.19%
10.62
17.49
-39.28%
13.53
10.29
31.49%
18.26
16.90
8.05%

Annual Results

Consolidated Figures in Rs. Crores /

Standalone
Description
TTM
Mar 25
Mar 24
Mar 23
Mar 22
Mar 21
Mar 20
Mar 19
Mar 18
Mar 17
Mar 16
Net Sales
10,343.69
10,388.69
9,323.46
8,089.81
6,128.33
4,791.25
5,748.25
5,974.10
4,464.88
4,483.08
5,144.96
Net Sales Growth
2.49%
11.43%
15.25%
32.01%
27.91%
-16.65%
-3.78%
33.80%
-0.41%
-12.86%
 
Cost Of Goods Sold
5,485.52
5,813.50
5,219.56
4,624.68
3,485.04
2,538.63
3,085.69
3,336.66
2,349.34
2,264.32
2,740.36
Gross Profit
4,858.17
4,575.19
4,103.90
3,465.13
2,643.29
2,252.62
2,662.56
2,637.44
2,115.54
2,218.76
2,404.60
GP Margin
46.97%
44.04%
44.02%
42.83%
43.13%
47.02%
46.32%
44.15%
47.38%
49.49%
46.74%
Total Expenditure
9,392.07
9,480.91
8,527.70
7,492.25
5,724.01
4,436.06
5,347.56
5,516.66
4,063.94
4,050.09
4,728.98
Power & Fuel Cost
-
57.16
57.28
61.96
52.31
38.59
44.36
51.02
40.11
33.34
32.46
% Of Sales
-
0.55%
0.61%
0.77%
0.85%
0.81%
0.77%
0.85%
0.90%
0.74%
0.63%
Employee Cost
-
1,268.94
1,148.29
955.30
812.93
758.76
799.02
767.45
680.50
686.40
659.74
% Of Sales
-
12.21%
12.32%
11.81%
13.27%
15.84%
13.90%
12.85%
15.24%
15.31%
12.82%
Manufacturing Exp.
-
1,506.17
1,365.94
1,197.76
848.77
684.36
799.20
822.71
557.61
615.02
767.78
% Of Sales
-
14.50%
14.65%
14.81%
13.85%
14.28%
13.90%
13.77%
12.49%
13.72%
14.92%
General & Admin Exp.
-
343.13
326.82
278.47
215.82
157.66
236.60
221.01
189.71
182.59
186.46
% Of Sales
-
3.30%
3.51%
3.44%
3.52%
3.29%
4.12%
3.70%
4.25%
4.07%
3.62%
Selling & Distn. Exp.
-
327.23
291.03
273.70
247.30
185.79
255.27
189.01
153.02
142.36
142.10
% Of Sales
-
3.15%
3.12%
3.38%
4.04%
3.88%
4.44%
3.16%
3.43%
3.18%
2.76%
Miscellaneous Exp.
-
164.78
118.78
100.38
61.84
72.27
127.42
128.80
93.65
126.06
142.10
% Of Sales
-
1.59%
1.27%
1.24%
1.01%
1.51%
2.22%
2.16%
2.10%
2.81%
3.89%
EBITDA
951.62
907.78
795.76
597.56
404.32
355.19
400.69
457.44
400.94
432.99
415.98
EBITDA Margin
9.20%
8.74%
8.54%
7.39%
6.60%
7.41%
6.97%
7.66%
8.98%
9.66%
8.09%
Other Income
290.62
252.22
234.20
160.18
144.06
107.74
105.49
149.88
116.39
114.05
122.41
Interest
127.86
116.78
87.59
37.59
25.17
20.64
15.02
14.32
12.85
9.71
12.19
Depreciation
198.97
158.51
148.08
116.86
113.24
114.57
116.63
92.02
82.44
81.90
59.10
PBT
974.16
884.71
794.29
603.29
409.97
327.72
374.53
500.98
422.04
455.43
467.10
Tax
293.04
257.77
225.77
152.36
97.79
68.61
162.08
84.94
165.75
155.99
143.94
Tax Rate
30.08%
29.14%
25.96%
25.25%
23.85%
24.93%
43.28%
20.64%
39.27%
35.65%
30.82%
PAT
681.12
634.47
645.28
450.29
312.31
206.58
212.45
325.43
232.11
288.47
323.16
PAT before Minority Interest
681.66
626.70
643.19
450.70
312.31
206.58
212.45
325.43
231.10
281.60
323.16
Minority Interest
0.54
7.77
2.09
-0.41
0.00
0.00
0.00
0.00
1.01
6.87
0.00
PAT Margin
6.58%
6.11%
6.92%
5.57%
5.10%
4.31%
3.70%
5.45%
5.20%
6.43%
6.28%
PAT Growth
11.75%
-1.68%
43.30%
44.18%
51.18%
-2.76%
-34.72%
40.21%
-19.54%
-10.73%
 
EPS
57.14
53.23
54.13
37.78
26.20
17.33
17.82
27.30
19.47
24.20
27.11

Results Balance Sheet

Consolidated Figures in Rs. Crores /

Standalone
Description
Mar 25
Mar 24
Mar 23
Mar 22
Mar 21
Mar 20
Mar 19
Mar 18
Mar 17
Mar 16
Shareholder's Funds
4,936.89
4,439.80
3,868.07
3,492.49
3,251.39
3,027.90
3,014.29
2,714.74
2,537.62
2,416.16
Share Capital
22.53
22.52
22.52
22.52
22.52
22.52
22.52
22.52
22.52
22.52
Total Reserves
4,908.39
4,411.31
3,843.03
3,469.97
3,228.87
3,005.38
2,991.77
2,692.22
2,515.10
2,393.64
Non-Current Liabilities
1,305.97
879.31
450.58
80.34
23.79
-14.21
-90.08
43.37
40.89
29.17
Secured Loans
1,136.37
789.48
422.52
61.42
22.16
33.39
35.07
53.01
46.02
33.06
Unsecured Loans
25.18
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.17
Long Term Provisions
40.38
42.43
38.40
32.41
25.86
20.97
16.06
10.01
10.16
5.57
Current Liabilities
5,635.09
4,725.35
4,409.19
3,758.07
3,070.65
2,786.84
3,653.81
3,078.74
2,365.23
2,615.29
Trade Payables
1,696.63
1,532.89
1,497.86
1,459.76
1,138.01
960.24
1,370.65
1,038.60
1,004.19
947.61
Other Current Liabilities
2,989.45
2,432.90
2,319.87
1,791.87
1,429.49
1,467.76
1,942.04
1,688.49
1,109.16
1,334.14
Short Term Borrowings
483.71
413.19
363.31
276.25
282.90
178.15
185.00
164.24
85.27
137.94
Short Term Provisions
465.30
346.37
228.15
230.19
220.25
180.69
156.12
187.41
166.61
195.60
Total Liabilities
11,883.64
10,044.46
8,729.99
7,330.90
6,345.83
5,800.53
6,578.02
5,836.85
4,945.13
5,060.62
Net Block
2,805.89
1,906.12
1,248.17
1,194.74
1,242.04
1,282.98
1,311.86
972.68
810.73
827.31
Gross Block
4,268.47
3,228.38
2,469.47
2,351.78
2,328.06
2,255.44
2,236.29
1,741.27
1,515.42
1,437.85
Accumulated Depreciation
1,462.58
1,322.26
1,221.30
1,157.04
1,086.02
972.46
924.43
768.59
704.69
610.54
Non Current Assets
4,561.66
3,596.38
2,649.83
2,593.11
1,879.37
1,823.25
1,840.90
1,735.29
1,647.77
1,450.62
Capital Work in Progress
562.58
524.79
433.77
44.32
24.16
56.00
40.12
103.37
141.30
60.01
Non Current Investment
130.72
401.63
233.21
709.99
119.21
59.13
54.28
254.65
283.97
184.65
Long Term Loans & Adv.
526.42
538.40
555.56
475.37
373.36
326.55
291.93
320.72
329.11
212.53
Other Non Current Assets
536.05
225.44
179.12
168.69
120.60
98.59
142.71
83.87
82.66
166.12
Current Assets
7,312.88
6,448.08
6,072.26
4,737.79
4,466.46
3,977.28
4,737.12
4,101.56
3,297.36
3,610.00
Current Investments
1,567.92
1,363.46
1,392.87
766.54
115.25
816.07
775.06
1,217.08
799.07
865.16
Inventories
720.30
764.90
755.63
727.01
404.74
454.56
508.62
366.62
283.25
290.32
Sundry Debtors
2,417.50
2,116.43
1,762.06
1,423.72
1,237.10
1,386.33
1,378.13
1,243.21
1,034.24
1,334.09
Cash & Bank
1,154.54
975.32
1,131.58
953.50
1,939.20
481.49
369.06
293.99
220.99
297.64
Other Current Assets
1,452.62
106.22
102.41
139.75
770.17
838.83
1,706.25
980.66
959.81
822.79
Short Term Loans & Adv.
1,291.86
1,121.75
927.71
727.27
648.16
718.50
1,566.47
874.02
835.57
723.32
Net Current Assets
1,677.79
1,722.73
1,663.07
979.72
1,395.81
1,190.44
1,083.31
1,022.82
932.13
994.71
Total Assets
11,874.54
10,044.46
8,722.09
7,330.90
6,345.83
5,800.53
6,578.02
5,836.85
4,945.13
5,060.62

Cash Flow

Consolidated Figures in Rs. Crores /

Standalone
Description
Mar 25
Mar 24
Mar 23
Mar 22
Mar 21
Mar 20
Mar 19
Mar 18
Mar 17
Mar 16
Cash From Operating Activity
1,042.79
247.30
459.56
324.71
769.48
325.58
-115.42
533.59
334.58
252.58
PBT
884.71
869.78
603.29
409.97
275.19
374.53
411.44
422.04
437.59
467.10
Adjustment
215.27
39.80
70.31
18.28
114.66
60.48
108.65
13.84
81.50
94.22
Changes in Working Capital
128.94
-475.95
-62.80
-0.54
473.43
21.83
-448.51
274.84
-26.69
-137.94
Cash after chg. in Working capital
1,228.92
433.63
610.80
427.71
863.28
456.84
71.58
710.72
492.40
423.38
Interest Paid
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Tax Paid
-186.13
-186.33
-151.24
-103.00
-93.80
-131.26
-187.00
-177.13
-157.82
-170.80
Other Direct Exp. Paid
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Extra & Other Items
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Cash From Investing Activity
-1,240.55
-509.21
-679.68
-421.58
-635.68
-168.51
265.52
-531.09
-74.98
-145.79
Net Fixed Assets
-260.97
-151.86
-30.79
-11.98
-40.74
-101.33
151.76
-132.17
-101.81
-39.31
Net Investments
-312.24
-123.36
-274.64
-1,092.14
506.39
14.90
371.40
-391.34
-26.21
-120.99
Others
-667.34
-233.99
-374.25
682.54
-1,101.33
-82.08
-257.64
-7.58
53.04
14.51
Cash from Financing Activity
123.55
285.40
348.54
-20.58
77.24
-232.45
-65.37
-20.32
-125.58
-112.25
Net Cash Inflow / Outflow
-74.21
23.49
128.42
-117.45
211.04
-75.38
84.73
-17.82
134.02
-5.46
Opening Cash & Equivalents
466.75
447.73
303.44
418.81
199.00
245.89
160.70
153.98
44.31
31.09
Closing Cash & Equivalent
412.97
466.75
447.73
303.44
418.81
199.00
245.89
160.70
153.98
44.31

Financial Ratios

Consolidated /

Standalone
Description
Mar 25
Mar 24
Mar 23
Mar 22
Mar 21
Mar 20
Mar 19
Mar 18
Mar 17
Mar 16
Book Value (Rs.)
437.72
393.77
343.30
310.17
288.76
268.91
267.70
241.10
225.37
214.58
ROA
5.72%
6.85%
5.61%
4.57%
3.40%
3.43%
5.26%
4.75%
5.63%
5.80%
ROE
13.38%
15.50%
12.25%
9.26%
6.58%
7.03%
11.40%
9.76%
11.37%
14.17%
ROCE
16.25%
18.44%
15.03%
11.74%
8.67%
11.96%
13.73%
15.47%
16.93%
17.60%
Fixed Asset Turnover
2.77
3.27
3.36
2.62
2.09
2.56
3.00
2.75
3.11
3.02
Receivable days
79.65
75.92
71.87
79.24
99.93
87.77
80.08
92.66
94.17
107.78
Inventory Days
26.09
29.76
33.45
33.70
32.73
30.58
26.74
26.44
22.81
25.00
Payable days
101.38
105.97
116.71
136.04
150.84
83.20
83.40
96.25
93.25
83.04
Cash Conversion Cycle
4.36
-0.29
-11.40
-23.09
-18.18
35.15
23.41
22.85
23.73
49.74
Total Debt/Equity
0.34
0.28
0.21
0.10
0.10
0.08
0.08
0.09
0.05
0.08
Interest Cover
8.57
10.92
17.04
17.29
14.33
25.94
29.73
33.84
46.07
39.32

Annual Reports:

FY 2025
FY 2024
FY 2023
FY 2022
FY 2021
FY 2020
FY 2019
FY 2018
FY 2017
FY 2016

News Update:


  • Thermax acquires additional 35.83% stake in Exactspace
    10th Apr 2026, 11:42 AM

    The company’s shareholding has increased to 51% (on a fully diluted basis), resulting in Exactspace becoming a Subsidiary of the Company

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  • Thermax’s arm bags order worth Rs 1600 crore
    28th Mar 2026, 10:07 AM

    TBWES has received an order from M/s Anuppur Powerprojects

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  • Thermax enters into definitive agreements to acquire 35.83% stake in Exactspace
    28th Feb 2026, 10:54 AM

    The Definitive Agreements further provide a right to the company to acquire the balance 49% stake after a period of 3 years

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  • Thermax reports 76% jump in Q3 consolidated net profit
    3rd Feb 2026, 14:59 PM

    Total consolidated income of the company increased by 5.36% at Rs 2,697.41 crore for Q3FY26

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  • Thermax - Quarterly Results
    3rd Feb 2026, 00:00 AM

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  • Thermax inks MoU with HPCL to exchange scientific information
    30th Jan 2026, 11:29 AM

    This collaboration will accelerate the deployment of indigenous, sustainable energy technologies and significantly advance the ‘Make in India’ vision

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