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    Industrial - Machinery
Thermax Limited

Thermax Limited

THERMAX.NS
Thermax LimitedIN flagNational Stock Exchange of India
4,602.50
INR
-106.50
- -
518.47BMarket Cap
Thermax Limited
THERMAX.NS
(National Stock Exchange of India)

Recent

price

4,602.50

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
444.71
506.17
455.96
421.99
439.91
450.12
389.53
388.14
522.76
502.19
418.26
538.48
713.4
820.21
911.57
944.67
943.6
Revenue per Share
32.03
33.86
26.87
20.64
17.6
25.07
19.81
20.61
28.9
18.87
18.34
27.73
39.98
57.3
56.33
63.95
63.95
Basic EPS, GAAP
-6.5
-9.32
-22.16
4.24
23.62
10.67
19.16
29.6
-23.98
24.65
60.93
21.39
-18.17
-52.98
15.72
-36.47
- -
Free Cash Flow per Basic Share
5.83
10.45
8.14
8.17
7.05
8.51
7.31
7.32
7.22
16.88
- -
7
9.07
10.01
12.01
14
- -
Dividend per Share
71.27
93.39
2
2
1.89
161.73
173.73
187.37
209.02
209.03
227.74
248.8
280.97
331.48
369.94
425.7
425.68
Book Value per Share
101.27
130.85
151.4
166.72
172.31
199.48
212.58
227.6
262.65
263.64
285.61
306.53
340.81
390.93
421.7
474.84
474.82
Tangible Book Value per Share
119
119
119
119
119
113
113
113
113
113
113
113
113
113
113
113
113
Basic Weighted Avg Shares
52,990
60,313
54,330
50,283
52,418
50,683
43,861
43,705
58,863
56,554
47,102
60,640
80,339
92,372
102,681
106,426
106,310
Sales/Revenue/Turnover
9.52
9.53
8
7.95
6.27
9.3
8.53
6.88
6.98
5.9
4.63
4.59
6.6
7.35
8.28
8.95
11.93
Operating Margin (%)
542
662
771
922
1,341
722
819
824
920
1,166
1,146
1,132
1,169
1,481
1,585
2,076
2,076
Depreciation Expense
3,816
4,035
3,201
2,460
2,098
2,823
2,230
2,321
3,254
2,124
2,066
3,123
4,503
6,453
6,345
7,205
7,205
Net Income, GAAP
34.27
34.26
36.84
43.56
46.37
30.82
35.65
41.77
20.7
43.28
24.93
23.85
25.26
25.98
29.14
28.54
28.54
Effective Tax Rate (%)
7.2
6.69
5.89
4.89
4
5.57
5.08
5.31
5.53
3.76
4.39
5.15
5.6
6.99
6.18
6.77
6.78
Profit Margin (%)
5,015
6,484
7,776
11,261
9,529
9,947
9,321
10,228
10,833
11,904
13,958
9,797
16,710
17,233
16,869
12,884
12,884
Working Capital
849
876
3,832
5,166
524
342
460
530
351
488
381
794
4,503
8,209
11,942
16,899
16,899
LT Debt
13,669
17,410
19,790
21,780
22,076
24,162
25,390
27,147
30,143
30,279
32,514
34,925
38,702
44,398
49,426
55,792
55,792
Total Equity
25.41
21.98
13.07
8.92
7.07
14.48
10.51
7.22
12.04
6.64
5.4
6.3
10.05
10.28
10.16
9.63
12.81
Return on Invested Capital (%)
44.7
33.05
33.31
38.76
55.01
29.05
11.49
10.85
13.64
8.5
8.06
10.9
13.27
15.72
13.23
12.48
12.52
Return on Capital (%)
51.49
41.14
56.33
1,032.27
905.16
30.62
11.81
11.42
14.58
9.03
8.4
11.64
15.1
18.71
16.06
16.08
16.08
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
3,910
- -
6,821
LT Borrowings
13,760
- -
16,158
LT Finance Leases
438
- -
740
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
113
- -
113
Market Capitalization
357,133
340,532
367,363

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
72,639
- -
71,088
Cash, Cash Equivalents & STI
25,932
- -
24,607
Accounts Receivable, Net
21,740
- -
22,048
Inventories
9,182
- -
9,095
Total Current Liabilities
54,438
- -
58,204
Payables & Accruals
- -
- -
- -
ST Debt
3,910
- -
6,821
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
8.8%
11.43%
12.88%
Free Cash Flow
-62.25%
-103.99%
-331.96%
Net Income, GAAP
13.64%
30.11%
13.56%
Sales/Revenue/Turnover
9.12%
18.2%
3.65%
Total Cash Common Dividend
- -
3.6%
16.61%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
19,330
23,025
23,244
26,775
92,372
2025
21,844
26,157
25,287
30,464
102,681
2026
20,944
24,739
26,347
34,280
106,426

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
5.23
14
21.17
- -
57.3
2025
10.28
17.49
10.29
18.26
56.33
2026
13.53
10.62
18.12
21.68
63.95

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
10.01
2025
- -
- -
- -
- -
12.01
2026
- -
- -
- -
- -
14
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Business
Thermax Limited, headquartered in Pune, India and incorporated in 1966, engineers and supplies sustainable solutions in energy and environment, including boilers, fired heaters, absorption chillers, heat pumps, steam engineering systems, power generation equipment, water and wastewater treatment plants, air pollution control systems such as electrostatic precipitators and bag filters, ion exchange resins, construction chemicals, oil field chemicals, performance chemicals, solar photovoltaic systems, waste heat recovery units, green hydrogen projects, renewable energy power plants, solar-wind hybrid farms, storage batteries and outsourced utility services; the company serves industries including chemicals, pharmaceuticals, power, oil and gas, food processing, cement, metals and textiles across 90-plus countries with 34 international and 22 domestic offices plus 14 manufacturing facilities in India, Indonesia, Denmark and Poland. Recent developments include approval in October 2025 of a merger with wholly-owned subsidiary Buildtech Products India Private Limited, acquired in 2024 and focused on construction materials and chemicals, to streamline operations and cut costs; a Rs 40 crore equity investment in subsidiary Thermax Chemical Solutions Private Limited for its Fortmax Chemicals India Private Limited unit producing specialty chemicals; up to Rs 42 crore funding via subsidiary Thermax Onsite Energy Solutions Limited for step-down subsidiary Enernxt Private Limited's Bio CNG expansion; a Rs 115 crore investment in September 2025 in renewable energy arm First Energy Private Limited for solar, wind, hybrid and battery storage projects; and an August 2025 partnership with Norway's HydrogenPro to localize alkaline water electrolysis technology for green hydrogen production in India. Thermax operates through segments encompassing industrial products, industrial infrastructure projects, green solutions and chemicals, with a renewed push into international markets in Southeast Asia, Africa and the Middle East where it targets doubling business volumes.