Thermax Ltd.

NSE: THERMAX · Capital Goods

₹2,746.30-17.27%06 Nov 2026

Ask the data

Instant answers about Thermax Ltd. — computed from its filings, no language model

Market cap₹30,937 cr

Current price₹2,746.30

High / Low₹5,160 / ₹2,746

P/E52.6

P/B5.64

Book value₹486.9

ROE10.7%

ROCE11.8%

Debt / equity0.52

Dividend yield0.51%

EPS (TTM)₹52.22

Face value₹2

Price & valuation

split & bonus adjusted · pick a metric and range

Annual performance

annual · ₹ crore · line = operating margin

showing latest 6 of 8 periods

	FY18	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	4,486	5,731	4,791	6,128	8,090	9,323	10,389	10,694
EBITDA	401	406	355	421	598	797	908	1,026
Operating margin	8.9%	7.1%	7.4%	6.9%	7.4%	8.6%	8.7%	9.6%
Interest	13	15	21	25	38	88	117	139
Depreciation	82	117	115	113	117	148	159	208
Profit before tax	422	375	275	410	603	870	885	1,008
Tax	166	162	69	98	152	226	258	288
Net profit	232	212	207	312	450	645	634	720
EPS ₹	20.61	18.87	18.34	27.73	39.98	57.30	56.33	63.95
Operating cash flow	—	—	—	325	460	247	1,043	542
Capex	—	—	—	84	650	844	903	952
Dividend paid	—	—	—	79	102	113	135	158
Total assets	5,945	5,956	6,507	7,461	8,839	10,153	12,038	13,282
Equity	2,715	3,028	3,251	3,492	3,868	4,440	4,937	5,550

Quarterly performance

last 32 quarters · ₹ crore

showing latest 8 of 32 periods

	MAR '18	SEP '18	DEC '18	SEP '19	DEC '19	MAR '20	JUN '20	SEP '20	DEC '20	MAR '21	JUN '21	SEP '21	DEC '21	MAR '22	JUN '22	SEP '22	DEC '22	MAR '23	JUN '23	SEP '23	DEC '23	MAR '24	JUN '24	SEP '24	DEC '24	MAR '25	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26	SEP '26
Revenue	1,443	1,428	1,437	1,606	1,410	1,323	665	1,141	1,411	1,575	1,052	1,469	1,615	1,992	1,654	2,075	2,049	2,311	1,933	2,302	2,324	2,764	2,184	2,612	2,508	3,085	2,150	2,474	2,635	3,428	2,303	2,756
Operating profit	138	110	107	130	113	64	-11	79	148	140	63	110	113	135	96	141	161	200	132	205	187	273	141	278	189	300	225	172	255	374	69	194
Operating margin	9.6%	7.7%	7.5%	8.1%	8.0%	4.8%	-1.7%	7.0%	10.5%	8.9%	6.0%	7.5%	7.0%	6.8%	5.8%	6.8%	7.9%	8.7%	6.8%	8.9%	8.1%	9.9%	6.5%	10.6%	7.5%	9.7%	10.5%	7.0%	9.7%	10.9%	3.0%	7.0%
Other income	45	36	31	22	26	31	21	23	28	36	25	37	29	36	21	40	42	57	53	66	58	55	84	60	32	77	66	85	63	54	68	82
Interest	4	4	4	4	2	5	4	5	6	6	5	5	5	10	7	8	9	14	13	20	27	28	27	29	29	31	30	32	34	42	35	37
Depreciation	24	23	23	28	32	31	28	29	29	29	27	27	29	29	29	30	29	29	29	33	36	50	36	42	35	45	49	51	53	54	60	70
Profit before tax	156	118	25	120	105	59	-22	44	113	140	56	114	108	131	81	143	165	214	92	218	309	251	162	266	157	300	212	174	289	334	42	169
Tax	63	43	-51	95	20	20	-7	13	30	33	14	26	29	29	22	33	39	58	32	59	72	63	52	68	43	95	60	54	84	90	20	56
Net profit	76	75	75	26	85	39	-15	31	83	107	42	88	79	103	59	109	126	156	59	158	238	190	116	197	116	206	152	120	204	244	25	115
EPS ₹	6.72	6.62	6.66	2.29	7.54	3.47	-1.36	2.78	7.39	9.53	3.77	7.80	7.06	9.10	5.24	9.69	11.20	13.85	5.23	14.00	21.17	16.90	10.28	17.49	10.29	18.27	13.53	10.62	18.12	21.68	2.24	10.17
Revenue YoY	—	—	—	12.5%	-1.8%	—	—	-28.9%	0.0%	19.0%	58.3%	28.8%	14.5%	26.5%	57.2%	41.2%	26.9%	16.0%	16.8%	10.9%	13.4%	19.6%	13.0%	13.4%	7.9%	11.6%	-1.6%	-5.3%	5.1%	11.1%	7.1%	11.4%
Profit YoY	—	—	—	-65.5%	13.2%	—	—	21.6%	-2.0%	175.0%	—	181.4%	-4.6%	-4.5%	39.0%	24.2%	58.8%	52.1%	-0.1%	44.5%	88.9%	22.0%	96.7%	24.9%	-51.4%	8.1%	31.6%	-39.3%	76.2%	18.7%	-83.4%	-4.3%

Earlier results (standalone, Sep '07 – Dec '17)

₹ crore · from BSE, before the NSE XBRL filings begin

Thermax Ltd. reports consolidated figures above. Quarterly consolidated results only became mandatory in India in 2019, so the earlier history available is the standalone company only (excluding subsidiaries). It is shown separately so the two bases are never mixed.

Full years

showing latest 8 of 9 periods

	FY09†	FY10†	FY11†	FY12†	FY13†	FY14†	FY15†	FY16†	FY17†
Revenue	3,264	3,185	4,894	5,304	4,691	4,302	4,697	4,390	3,870
Operating profit	414	384	566	575	497	400	469	408	374
Operating margin	12.7%	12.1%	11.6%	10.8%	10.6%	9.3%	10.0%	9.3%	9.7%
Other income	39	50	52	78	83	74	112	91	103
Interest	3	2	2	6	10	9	20	1	4
Depreciation	32	40	43	47	55	58	64	61	65
Profit before tax	418	392	573	601	516	407	497	437	275
Tax	131	250	191	194	166	154	161	131	130
Net profit	287	141	382	407	350	253	336	306	145

Quarters

showing latest 8 of 42 periods

	SEP '07†	DEC '07†	MAR '08†	JUN '08†	SEP '08†	DEC '08†	MAR '09†	JUN '09†	SEP '09†	DEC '09†	MAR '10†	JUN '10†	SEP '10†	DEC '10†	MAR '11†	JUN '11†	SEP '11†	DEC '11†	MAR '12†	JUN '12†	SEP '12†	DEC '12†	MAR '13†	JUN '13†	SEP '13†	DEC '13†	MAR '14†	JUN '14†	SEP '14†	DEC '14†	MAR '15†	JUN '15†	SEP '15†	DEC '15†	MAR '16†	JUN '16†	SEP '16†	DEC '16†	MAR '17†	JUN '17†	SEP '17†	DEC '17†
Revenue	770	845	922	717	804	795	948	538	680	748	1,219	790	1,092	1,241	1,771	1,044	1,303	1,269	1,687	983	1,192	1,047	1,468	863	1,043	1,014	1,383	839	1,191	1,147	1,521	1,001	1,057	1,039	1,293	814	871	814	1,371	734	864	981
Operating profit	101	105	127	91	93	97	133	69	79	89	147	96	129	146	195	114	140	135	185	96	122	112	167	81	94	91	134	58	122	131	157	91	100	99	118	64	77	81	152	43	86	92
Operating margin	13.1%	12.4%	13.8%	12.7%	11.6%	12.2%	14.1%	12.8%	11.6%	11.9%	12.0%	12.2%	11.8%	11.8%	11.0%	10.9%	10.8%	10.7%	11.0%	9.8%	10.2%	10.7%	11.4%	9.4%	9.0%	9.0%	9.7%	6.9%	10.3%	11.5%	10.3%	9.1%	9.4%	9.5%	9.1%	7.8%	8.9%	9.9%	11.1%	5.8%	10.0%	9.4%
Other income	11	9	13	10	8	9	12	10	14	7	18	14	13	12	13	15	21	16	27	19	27	12	24	8	8	23	35	19	23	7	63	17	13	13	48	21	29	21	32	22	22	22
Interest	0	0	0	0	1	1	2	0	0	1	0	1	0	0	1	0	1	1	3	4	3	2	0	1	2	2	4	3	2	2	12	0	0	0	0	1	1	1	2	0	4	2
Depreciation	5	5	6	7	7	8	10	10	10	10	10	11	10	11	12	11	12	12	12	13	14	13	15	14	14	15	15	15	18	16	15	16	16	16	13	17	17	16	16	15	15	17
Profit before tax	106	108	133	94	94	97	133	69	83	86	154	99	131	147	196	117	148	138	197	98	132	109	177	75	85	97	150	59	125	121	192	92	97	96	152	67	89	85	33	50	89	96
Tax	37	33	53	30	37	24	39	23	29	29	170	33	41	47	69	37	47	43	67	31	41	33	61	24	55	30	44	18	39	45	60	30	32	28	41	22	29	28	50	17	32	33
Net profit	69	75	81	64	57	72	94	46	54	57	-16	66	90	100	126	80	102	95	130	67	91	76	115	50	30	67	106	41	86	76	132	62	65	68	111	45	60	57	-17	32	57	63
EPS ₹	5.81	6.30	6.76	5.35	4.78	6.07	7.92	3.90	4.54	4.74	-1.32	5.55	7.51	8.41	10.62	6.70	8.53	8.01	10.89	5.64	7.64	6.41	9.68	4.22	2.53	5.59	8.89	3.47	7.22	6.40	11.10	5.18	5.44	5.70	9.33	3.80	5.00	4.76	-1.40	2.72	4.77	5.31
Revenue YoY	—	—	—	—	4.4%	-6.0%	2.8%	-25.0%	-15.4%	-5.9%	28.6%	46.9%	60.4%	65.9%	45.3%	32.2%	19.4%	2.3%	-4.8%	-5.8%	-8.5%	-17.5%	-13.0%	-12.3%	-12.5%	-3.2%	-5.8%	-2.7%	14.1%	13.1%	10.0%	19.3%	-11.3%	-9.4%	-15.0%	-18.6%	-17.6%	-21.7%	6.1%	-9.9%	-0.8%	20.5%
Profit YoY	—	—	—	—	-17.7%	-3.6%	17.1%	-27.0%	-5.0%	-21.8%	-116.6%	42.3%	65.4%	77.3%	—	20.7%	13.6%	-4.7%	2.6%	-15.9%	-10.5%	-20.0%	-11.2%	-25.2%	-66.9%	-12.7%	-8.2%	-17.6%	185.1%	14.3%	24.9%	48.9%	-24.6%	-11.0%	-16.0%	-26.7%	-8.0%	-16.5%	-115.0%	-28.3%	-4.7%	11.5%

Returns & margins

trailing-twelve-month, per quarter

showing latest 8 of 26 periods

	JUN '20	SEP '20	DEC '20	MAR '21	JUN '21	SEP '21	DEC '21	MAR '22	JUN '22	SEP '22	DEC '22	MAR '23	JUN '23	SEP '23	DEC '23	MAR '24	JUN '24	SEP '24	DEC '24	MAR '25	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26	SEP '26
ROE	4.4%	4.6%	4.6%	6.4%	8.1%	9.9%	9.8%	8.9%	9.4%	9.9%	11.2%	11.6%	11.6%	12.5%	15.3%	14.5%	15.8%	16.1%	13.4%	12.9%	13.6%	11.8%	13.5%	13.0%	10.7%	10.7%
ROCE	8.5%	6.2%	6.6%	8.3%	10.5%	12.5%	12.3%	11.3%	12.0%	12.3%	13.8%	13.7%	14.1%	14.8%	18.0%	16.8%	18.3%	18.1%	15.6%	15.1%	15.9%	14.2%	16.2%	14.6%	12.5%	11.8%
Net margin	2.7%	3.1%	3.0%	4.3%	5.1%	5.8%	5.6%	5.1%	4.9%	4.8%	5.1%	5.6%	5.4%	5.8%	6.9%	6.9%	7.3%	7.5%	6.1%	6.1%	6.5%	5.8%	6.6%	6.7%	5.5%	5.3%
EBITDA margin	5.9%	5.4%	6.1%	7.4%	8.3%	8.4%	7.5%	6.9%	6.8%	6.6%	6.9%	7.4%	7.6%	8.1%	8.2%	8.6%	8.4%	8.9%	8.8%	8.7%	9.6%	8.7%	9.2%	9.6%	8.0%	8.0%
Debt / equity	0.07	0.07	0.07	0.10	0.10	0.10	0.10	0.10	0.10	0.13	0.13	0.21	0.21	0.26	0.26	0.28	0.28	0.31	0.31	0.34	0.34	0.35	0.35	0.41	0.41	0.52
Interest coverage	18.87	12.96	11.05	14.33	17.52	20.47	20.59	17.29	17.14	16.51	16.43	17.05	14.83	13.25	12.30	10.93	10.24	9.88	8.37	8.58	8.82	7.89	8.62	8.26	6.83	6.61
Asset turnover	0.84	0.76	0.76	0.74	0.80	0.85	0.88	0.82	0.90	0.94	0.99	0.92	0.95	0.92	0.95	0.92	0.94	0.90	0.92	0.86	0.86	0.84	0.85	0.80	0.82	0.80

Balance sheet

equity vs borrowings over time · ₹ crore

showing latest 6 of 14 periods

	MAR '18‡	MAR '19‡	MAR '20‡	MAR '21‡	MAR '22‡	SEP '22	MAR '23	SEP '23	MAR '24	SEP '24	MAR '25	SEP '25	MAR '26	SEP '26
Share capital	23	23	23	23	23	23	23	23	23	23	23	23	23	23
Other equity / reserves	2,692	2,992	3,005	3,229	3,470	3,521	3,846	3,966	4,417	4,597	4,914	5,030	5,527	5,462
Total equity	2,715	3,014	3,028	3,251	3,492	3,543	3,868	3,989	4,440	4,620	4,937	5,052	5,550	5,484
Borrowings	217	220	212	317	355	465	811	1,056	1,256	1,452	1,693	1,758	2,288	2,842
Current liabilities	3,079	3,654	2,787	3,071	3,758	4,044	4,409	4,485	4,725	4,874	5,635	5,444	5,820	6,038
Non-current liabilities	152	132	141	185	211	246	559	836	988	1,467	1,460	1,684	1,883	2,385
Total assets	5,945	6,800	5,956	6,507	7,461	7,838	8,839	9,313	10,153	10,969	12,038	12,188	13,282	13,941
Property, plant & equipment	821	1,255	1,055	1,043	991	1,116	1,216	1,873	1,874	1,935	2,615	2,779	2,868	2,826
Capital work-in-progress	103	40	55	21	44	111	434	264	519	781	561	682	1,392	1,798
Investments	1,472	829	875	0	7	1,349	1,626	1,723	1,765	1,891	1,699	1,455	1,784	2,276
Inventories	367	509	455	405	727	683	756	757	765	818	720	918	910	1,205
Receivables	1,299	1,439	1,478	1,338	1,597	1,707	1,877	1,946	2,267	2,263	2,565	2,174	2,205	1,775
Cash & equivalents	246	308	254	461	311	377	453	327	487	402	418	522	674	603

Cash flow

annual · ₹ crore · line = free cash flow

showing latest 5 of 9 periods

	FY18‡	FY19‡	FY20‡	FY21‡	FY22	FY23	FY24	FY25	FY26
Cash from operations	534	-115	326	769	325	460	247	1,043	542
Cash from investing	-531	266	-169	-636	-422	-680	-509	-1,241	-587
Cash from financing	-20	-65	-232	77	-21	349	285	124	248
Capex	200	155	48	83	84	650	844	903	952
Free cash flow	333	-270	278	686	241	-190	-597	140	-411
Dividends paid	82	81	190	0	79	102	113	135	158

Where the assets sit

Sep '26 · ₹ crore

Fixed assets (PPE)

₹2,826 cr20%

CWIP

₹1,798 cr13%

Investments

₹2,276 cr16%

Inventories

₹1,205 cr9%

Receivables

₹1,775 cr13%

Cash & equivalents

₹603 cr4%

Other assets

₹3,459 cr25%

Peer comparison

largest in Capital Goods · this company in bold

Company	Market cap ₹cr	Price	P/E	P/B	ROE
Hindustan Aeronautics Ltd.	3,33,052	4,980.00	35.7	8.12	22.7%
Bharat Electronics Ltd.	2,89,468	396.00	45.2	11.02	24.4%
Tata Motors Ltd.	1,56,797	425.50	24.8	10.26	41.3%
Bharat Heavy Electricals Ltd.	1,45,828	418.80	50.7	5.45	10.8%
ABB India Ltd.	1,43,541	6,774.00	55.7	15.37	27.6%
Siemens Ltd.	1,26,736	3,560.00	28.2	8.02	28.4%
Hitachi Energy India Ltd.	1,23,988	27,800.00	107.8	23.95	22.2%
CG Power and Industrial Solutions Ltd.	1,21,786	773.00	89.1	13.94	15.6%
Polycab India Ltd.	1,18,610	7,871.00	37.6	9.06	24.1%
Cummins India Ltd.	1,12,233	4,048.80	49.8	13.52	27.1%
Thermax Ltd.	30,937	2,746.30	52.6	5.64	10.7%

StoxGud checklist: Bearish setup · 2/10

Price above 50-day average
Price above 200-day average
50-day average above 200-day (uptrend)
RSI in healthy 40–70 zone
Positive 1-year return
Return on equity above 15%
Debt to equity below 1
Revenue growing year on year
Net profit margin above 10%
P/E below industry median

A rules-based screen of trend, momentum, quality and valuation. Educational only — not a buy or sell recommendation.

Returns & technicals

1 month-15.0%

6 months-34.3%

1 year-16.0%

3Y CAGR-1.7%

5Y CAGR+15.0%

10Y CAGR+12.5%

50-day avg₹3,414.89

200-day avg₹3,801.16

RSI (14)27

Long-term financials (FY13–FY16)

from published annual reports

Year	Revenue	Profit before tax	Net profit
FY16	₹4,462 Cr	₹437 Cr	₹306 Cr
FY15	₹4,808 Cr	₹497 Cr	₹336 Cr
FY14	₹4,366 Cr	₹407 Cr	₹253 Cr
FY13	₹4,764 Cr	₹516 Cr	₹350 Cr

Years before FY17 follow the older Indian GAAP standard, so they are not exactly comparable with recent years.

Compare Thermax Ltd. with

Astral vs Thermax Cochin Shipyard vs Thermax Thermax vs AIA Engineering Thermax vs Syrma SGS Technology

FAQs

What is the share price of Thermax Ltd.?

Thermax Ltd. (THERMAX) closed at ₹2,746.30 on NSE on 06 Nov 2026.

What is the market cap of Thermax Ltd.?

₹30,937 crore at the latest close.

What is the P/E ratio of Thermax Ltd.?

52.6, on trailing-twelve-month earnings from its filings.

How fast is Thermax Ltd. growing?

Thermax Ltd.: revenue has compounded at 9.7% a year over three years; net profit at 17.0% a year. Latest-quarter revenue is up 11.4% year on year, profit down 4.3%.

How profitable is Thermax Ltd.?

On a trailing-twelve-month basis return on equity is 10.7%, return on capital employed 11.8%, operating margin 8.0%, net margin 5.3%.

How much debt does Thermax Ltd. have?

Thermax Ltd. is moderately geared: debt to equity is 0.52 with borrowings of ₹2,842 cr against cash of ₹603 cr (balance sheet of 2026-09-30). Operating profit covers interest 6.6 times.

Financials parsed from Thermax Ltd.'s own XBRL filings to NSE (consolidated), ₹ crore unless marked. Quarterly from MAR '18, annual from FY18, balance sheet from Mar '18. * = derived (full year or half year minus earlier quarters). ‡ = balance sheet / cash flow read from the company's published annual report (same basis), for years before the NSE filings carry them; each one checked to add up. Information only, not investment advice.