Thermax Ltd
NSE: THERMAX · Heavy Electrical Equipment · sector
₹3,187.00NSE close 2026-10-26
Key numbers
Market cap₹35,902 cr
Price₹3,187.00
52w high / low₹5,278 / ₹2,743
P/E60.5xSector median 27.8x
P/B6.5xSector median 5.4x
Book value₹492.7
Dividend yield0.44%Sector median 0.19%
ROE11.3%Sector median 18.8%
ROCE12.5%Sector median 21.4%
OPM8.6%Sector median 15.1%
Debt / equity0.41xSector median 0.09x
EV/EBITDA38.4xSector median 21.4x
Interest cover6.8x
Current ratio1.22x
Sales growth 3y+9.8%Sector median +22.1%
Profit growth 3y+17.0%Sector median +27.5%
PEG3.57x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 43 companies in Heavy Electrical Equipment (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹2,467 cr vs borrowings ₹2,288 cr (FY26): cash is higher (net cash).
- Borrowings rose in each of the last 3 years (₹811 cr → ₹2,288 cr).
- Operating profit covered interest 6.8x in the last 12 months.
- No promoter shares are pledged.
- Operating cash flow was below net profit in 2 of the last 5 years (FY26, FY24).
- Revenue was higher than a year earlier in 3 of the last 4 quarters.
- Other income was 46% of net profit in the last 12 months.
- Dividend paid in 5 of the last 5 financial years.
- Price ₹3,187.00 on 2026-10-26: -39.6% from the 52-week high, +16.2% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹5,234.20 · low ₹2,833.70
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,612 | 2,508 | 3,085 | 2,150 | 2,474 | 2,635 | 3,428 | 2,303 |
| EBITDA | 278 | 189 | 300 | 225 | 172 | 314 | 377 | 69 |
| OPM % | 10.6% | 7.5% | 9.7% | 10.5% | 7.0% | 11.9% | 11.0% | 3.0% |
| Other income | 60 | 32 | 77 | 66 | 85 | 63 | 54 | 68 |
| Net profit | 197 | 116 | 206 | 152 | 120 | 204 | 244 | 25 |
| EPS (₹) | 17.49 | 10.29 | 18.27 | 13.53 | 10.62 | 18.12 | 21.68 | 2.24 |
| Revenue YoY | -5.3% | +5.1% | +11.1% | +7.1% | ||||
| Profit YoY | -39.3% | +76.2% | +18.7% | -83.4% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 6,128 | 8,090 | 9,323 | 10,389 | 10,694 | 10,839 |
| EBITDA | 421 | 598 | 873 | 908 | 1,087 | 931 |
| Net profit | 312 | 450 | 645 | 634 | 720 | 593 |
| EPS (₹) | 27.73 | 39.98 | 57.30 | 56.33 | 63.95 | 52.66 |
| Revenue growth | +32.0% | +15.2% | +11.4% | +2.9% | +4.7% | |
| Profit growth | +44.2% | +43.3% | -1.7% | +13.6% | -11.6% | |
| Dividend / share (₹) | 7.00 | 9.00 | 10.00 | 12.00 | 14.00 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +9.7% | +17.4% | +4.7% |
| Net profit | +17.0% | +28.4% | -11.6% |
| EPS | +16.9% | +28.4% | – |
| Share price | – | -21.8% (2y) | -2.3% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 3,868 | 4,440 | 4,937 | 5,550 |
| Borrowings | – | 811 | 1,256 | 1,693 | 2,288 |
| Cash & equivalents | – | 2,524 | 2,339 | 2,722 | 2,467 |
| Total assets | – | 8,839 | 10,153 | 12,038 | 13,282 |
| Fixed assets | – | 1,216 | 1,874 | 2,615 | 2,868 |
| Capital work in progress | – | 434 | 519 | 561 | 1,392 |
| Investments | – | 217 | 383 | 121 | 497 |
| Receivables | – | 1,762 | 2,116 | 2,418 | 2,205 |
| Inventory | – | 756 | 765 | 720 | 910 |
| Payables | – | 1,498 | 1,533 | 1,697 | 2,057 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 325 | 460 | 247 | 1,043 | 542 |
| Cash from investing | -422 | -680 | -509 | -1,241 | -587 |
| Cash from financing | -21 | 349 | 285 | 124 | 248 |
| Capex | 84 | 650 | 844 | 903 | 952 |
| Free cash flow | 241 | -190 | -597 | 140 | -411 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 11.6% | 14.5% | 12.9% | 13.0% |
| ROCE % | – | 13.7% | 16.8% | 15.1% | 14.6% |
| Debtor days | – | 80 | 83 | 85 | 75 |
| Inventory days | – | 60 | 53 | 45 | 60 |
| Payable days | – | 118 | 107 | 107 | 135 |
| Cash conversion cycle (days) | – | 22 | 29 | 23 | 0 |
| Working capital days | – | 75 | 67 | 59 | 44 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 61.98% |
| FIIs | 11.31% |
| DIIs | 14.94% |
| of which Mutual funds | 12.33% |
| of which Insurance | 2.24% |
| Public (non-institutions) | 6.32% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% |
| Promoter group | % |
|---|---|
| RDA Holdings Private Ltd | 53.99% |
| ARA Trusteeship Company Private Limited | 7.99% |
| Pheroz N Pudumjee | 0.01% |
| Meher Pudumjee | 0.00% |
| Arnavaz Rohinton AGA | 0.00% |
| Zahaan Pheroz Pudumjee | 0.00% |
| LEA Pudumjee | 0.00% |
| Meher P. Sethna | 0.00% |
| Khorshed Kavas Bharucha | 0.00% |
| Shakti Sustainable Energy Foundation | 0.00% |
| Socomp Solutions Private Limited | 0.00% |
| Lazara Capital Advisors Private Limited | 0.00% |
| Mephezalea Asset Services LLP | 0.00% |
| Lazara Investment Services LLP | 0.00% |
| Darayus A. Bhatena | 0.00% |
| Public holders above 1% | % |
|---|---|
| SBI Nifty Midcap 150 Momentum 50 ETF | 5.15% |
| Nalanda India Equity Fund Limited | 5.13% |
| Jasmeet Bhatia | 2.40% |
| Kotak Mahindra Trustee Co Ltd A/C Kotak Nifty Midc | 1.91% |
| Sundaram Mutual Fund A/C Sundaram Flexi CAP Fund | 1.51% |
| SBI Life Insurance Co. Ltd | 1.09% |
87,995 shareholders. Pledged: 0.00% of promoter shares.
Peers in Heavy Electrical Equipment
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| BHEL | ₹1,37,384 cr | 47.7x | 5.1x | 11.2% | 13.5% | 10.1% | +13.1% | 0.12% |
| ABB | ₹1,34,715 cr | 45.1x | 14.4x | 36.1% | 22.4% | 14.0% | – | – |
| CGPOWER | ₹1,31,237 cr | 104.9x | 16.5x | 16.5% | 21.3% | 12.5% | +30.7% | 0.16% |
| POWERINDIA | ₹1,19,751 cr | 104.0x | 23.1x | 24.5% | 29.9% | 14.9% | +22.2% | 0.02% |
| SIEMENS | ₹1,16,725 cr | 35.6x | 8.4x | 25.0% | 14.2% | 10.0% | +41.0% | 0.37% |
| ENRIN | ₹98,074 cr | 65.9x | 20.4x | 34.3% | 42.0% | 20.9% | – | 0.14% |
| GVT&D | ₹97,043 cr | 74.3x | 36.1x | 58.5% | 65.5% | 25.2% | +30.8% | 0.13% |
| SUZLON | ₹51,051 cr | 16.3x | 5.4x | 40.4% | 29.2% | 17.7% | +41.0% | – |
| THERMAX | ₹35,902 cr | 60.5x | 6.5x | 11.3% | 12.5% | 8.6% | +9.8% | 0.44% |
| SCHNEIDER | ₹27,190 cr | 147.9x | 35.1x | 27.5% | 25.3% | 11.0% | +17.6% | – |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| a. Industrial Products | ₹5,096 cr | 46.6% | ₹540 cr | 10.6% |
| b. Industrial Infra | ₹4,348 cr | 39.8% | ₹218 cr | 5.0% |
| d. Chemical | ₹758 cr | 6.9% | ₹54 cr | 7.1% |
| c. Green Solutions | ₹732 cr | 6.7% | ₹0 cr | 0.0% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-07-03 | Dividend | Dividend - Rs 14 Per Share/Special Dividend - Rs 6 Per Share |
| 2025-07-04 | Dividend | Dividend - Rs 14 Per Share |
| 2024-07-05 | Dividend | Dividend - Rs 12 Per Share |
| 2023-07-21 | Dividend | Dividend - Rs 10 Per Share |
| 2022-07-21 | Dividend | Dividend - Rs 9 Per Share |
| 2021-07-22 | Dividend | Dividend - Rs 7 Per Share |
| 2020-03-20 | Dividend | Interim Dividend - Rs 7 Per Share |
| 2019-07-25 | Dividend | Annual General Meeting/Dividend Rs 7 Per Share |
| 2018-07-26 | Dividend | Annual General Meeting/ Dividend- Rs 6 Per Share |
| 2017-07-27 | Other | Annual General Meeing/Ividend - Rs 6 Per Share |
| 2016-07-28 | Dividend | Annual General Meeting/ Dividend -Rs 6/- Per Share |
| 2015-07-16 | Dividend | Annual General Meeting/Dividend Rs 7/- Per Share |
| 2014-07-10 | Dividend | Annual General Meeting / Dividend - Rs 6/- Per Share |
| 2013-07-11 | Dividend | Annual General Meeting / Dividend - Rs 7/- Per Equity Share |
| 2012-07-12 | Dividend | Annual General Meeting/ Dividend Rs 7 Per Share |
| 2011-07-07 | Dividend | Annual General Meeting And Dividend Rs.9/- Per Share |
| 2010-07-08 | Dividend | Annual General Meeting And Dividend Rs.5/- Per Share |
| 2009-07-09 | Other | Agm/Div-Rs.5/- Per Share |
| 2008-07-10 | Dividend | Agm/Dividend - 400% |
| 2007-07-12 | Dividend | Agm/Final Dividend-130% |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Industrial Products Segment: Manufacturing, installation, sales and services related to boilers & heating equipment (small capacity), absorption chillers/heat pumps, air pollution control equipment/systems, water & waste recycle, including associated services and engineering, procurement and construction (EPC)
- Industrial Infra Segment: Engineering, procurement, and construction (EPC) of power plants, infra projects, flue gas desulphurisation projects, along with associated services and manufacturing, installation, sales and services related to boiler & heater (high capacity) plants
- Chemical Segment: Manufacturing, installation, sales and services related to ion exchange resins, performance chemicals, construction chemicals, water treatment chemicals, oil field chemicals, paper and construction chemicals, and related services
| Sector | Industrials |
| Industry | Heavy Electrical Equipment |
| Sub-industry | Heavy Electrical Equipment |
| Symbol | THERMAX |
| BSE code | 500411 |
| ISIN | INE152A01029 |
| Face value | ₹2.0 |
| Incorporated | 1980-06-30 |
| Website | www.thermaxglobal.com |
| Plants (India / abroad) | 8 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.