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Thermax Ltd.
NSE: THERMAXIndustrialsConglomerates
- Last close
- ₹3,096.00
- Day change
- −₹65.30 (−2.07%)vs
- Market cap
- ₹37,324 crIndian rupees
- Research updated
- 1 report
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About Thermax
Thermax Ltd. is a leading engineering and environmental solutions provider, based in India, focused on delivering sustainable products and services. The company's primary function is to offer a wide array of solutions in energy and environment, including heating, cooling, power, water and waste management, air pollution control, and chemicals. Operating across diverse sectors such as power generation, industrial production, and infrastructure, Thermax plays a crucial role in optimizing resource efficiency and promoting environmental stewardship. Notable for its integrated capabilities, Thermax designs, manufactures, and commissions turnkey projects, offering comprehensive solutions tailored to the needs of its clients globally. The company is renowned for its innovation in delivering technology-driven solutions that enhance energy efficiency and reduce environmental impact. Thermax Ltd.'s market significance is underscored by its commitment to sustainability, particularly in emerging economies, where it aids industries in adhering to stringent environmental regulations and improving their operational efficiency. With a global presence in over 75 countries, Thermax Ltd. is instrumental in driving industrial transformation and fostering cleaner, more efficient production processes.
- Sector
- Industrials
- Industry
- Conglomerates
- Listing
- NSE: THERMAX
- Next results
- Chief executive
- Mr. Ashish Bhandari
- Employees
- 3,962
- Headquarters
- Pune, India
- ISIN
- INE152A01029
- Website
- thermaxglobal.com
Public research · Report of
Business model & financial foundation
Thermax (NSE: THERMAX), Capital goods - energy and environment equipment, EPC, green energy and specialty chemicals: revenue of ₹10,694 crore in FY26 (+3.1% on FY25), an EBITDA margin of 9.6%, net profit of ₹720.5 crore and net cash of ₹676.9 crore.
- Revenue, FY26 (₹ crore)
- 10,694
- consolidated
- Revenue growth, FY26
- +3.1%
- on FY25
- EBITDA margin, FY26
- 9.6%
- EBITDA (Operating EBITDA excluding other income and exceptional items) / revenue
- Net profit, FY26 (₹ crore)
- 720.5
- to owners
- Return on equity, FY26
- 13.7%
- on average equity
- Net debt, FY26 (₹ crore)
- -676.9
- Net debt excluding leases (provisional broad liquidity basis)
- Market capitalisation (₹ crore)
- 39,842
- at the close of 14 Oct 2026
Company profile
Thermax is a Pune-based energy and environment engineering group. Industrial Products (boilers, heaters, absorption chillers, water and air-pollution equipment) is the largest and most profitable segment; Industrial Infra executes large boiler, power and FGD EPC contracts; Green Solutions (TOESL onsite utilities, FEPL renewable power, bio-CNG) is a capital-intensive annuity build-out; Chemicals makes ion-exchange resins and specialty chemicals.
| Item | Value |
|---|---|
| Legal name | Thermax Limited |
| Exchange and ticker | NSE: THERMAX; BSE: 500411 |
| ISIN | INE152A01029 |
| Sector | Industrials |
| Industry | Capital goods - energy and environment equipment, EPC, green energy and specialty chemicals |
| Headquarters | Pune, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Price Waterhouse Chartered Accountants LLP |
| Market capitalisation | ₹39,842 crore (14 Oct 2026) |
| Shares outstanding | 11.27 crore shares (FY26) |
| Price | ₹3,299 (close, 14 Oct 2026) |
| 52-week range | ₹2,743 - ₹5,278 (to 14 Oct 2026) |
| Website | https://www.thermaxglobal.com |
Corporate structure and shareholding
Parent: RDA Holdings Pvt Ltd (promoter group, ~62%).
| Entity | Holding | Business |
|---|---|---|
| Thermax Onsite Energy Solutions Ltd (TOESL) | 100% | Utilities-as-a-service: steam/power on BOO contracts for industrial customers |
| First Energy Pvt Ltd (FEPL) | 100% | C&I renewable (wind/solar/hybrid) power producer; partner/stake sale under evaluation Oct 2026 |
| Thermax Babcock & Wilcox Energy Solutions Ltd (TBWES) | 100% | Utility and industrial boilers, power-plant EPC |
| Danstoker A/S | 100% | European boilers |
| Thermax Bioenergy Solutions Pvt Ltd | 100% | Compressed bio-gas plants; restructuring with parent approved Jul 2026 |
| PT Thermax International Indonesia | 100% | Boilers and heaters manufacturing, SE Asia |
| TSA Process Equipments Pvt Ltd | 100% | Process equipment; remaining 49% acquired 30 Sep 2026 for ~Rs 42 cr |
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 61.98% | 61.98% | 61.98% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 12.36% | 11.25% | 11.46% | |
| Domestic institutions | 14.84% | 15.49% | 15.22% | |
| of which mutual funds | 13.26% | 13.75% | 12.86% | |
| Retail | 5.36% | 5.82% | 5.88% | |
| Other | 5.46% | 5.46% | 5.46% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Thermax (NSE: THERMAX) is a Pune-based energy and environment engineering group reporting four segments. Industrial Products (boilers, heaters, absorption chillers, water and air-pollution equipment) is the largest and most profitable: FY26 revenue 5,075 cr, segment result 543 cr. Industrial Infra executes large boiler, power and FGD EPC contracts: FY26 revenue 4,088 cr, result 250 cr, but -70.7 cr in Q1FY27. Green Solutions covers TOESL onsite utilities, FEPL C&I renewable power and bio-CNG. It is capital-intensive and still loss-making at the segment level (FY26 -36.8 cr on 1,014 cr). Chemicals (ion-exchange resins) had FY26 revenue 758 cr and a result of 54 cr, down from 122 cr. Revenue converts a disclosed order backlog (14,045 cr at Jun-26), so bookings and execution are observable before the P&L prints. Thermax controls engineering and execution. It does not control customer capex timing, commodity inputs (steel, tubes) or approval timelines (e.g. FEPL in Tamil Nadu).
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Industrial Products | 5,075 | 46.4% | 543.0 | 67.0% |
| Industrial Infra | 4,088 | 37.4% | 250.4 | 30.9% |
| Green Solutions (result after allocable interest except Q2FY25) | 1,014 | 9.3% | -36.8 | -4.5% |
| Chemicals | 757.6 | 6.9% | 54.0 | 6.7% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Bharat Heavy Electricals (BHEL) | Boilers and power-plant EPC, the closest domestic competitor to Industrial Infra |
| Triveni Turbine (TRITURBINE) | Industrial steam turbines sold to the same process-industry capex buyers |
| ISGEC Heavy Engineering (ISGEC) | Boilers, process plant EPC; direct competitor in industrial boilers |
| Praj Industries (PRAJIND) | Bio-energy (ethanol, CBG) process EPC; overlaps Green Solutions |
| Ion Exchange (India) (IONEXCHANG) | Water treatment and ion-exchange resins; overlaps Water and Chemicals |
| Kirloskar Brothers (KIRLOSBROS) | Engineered industrial equipment to the same customers |
| Larsen & Toubro (LT) | |
| Cummins India (CUMMINSIND) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 6,064 | 8,034 | 9,323 | 10,369 | 10,694 |
| Cost of revenue (vendor classification) * | 3,733 | 4,947 | 5,551 | 6,038 | 5,816 |
| Other operating costs (vendor classification) * | 504.9 | 627.0 | 709.7 | 850.2 | 949.7 |
| EBITDA (vendor classification) * | 491.2 | 716.0 | 945.4 | 1,122 | 1,222 |
| EBIT * | 435.3 | 640.2 | 955.0 | 998.6 | 1,143 |
| Finance costs | 25.2 | 37.2 | 87.6 | 116.8 | 139.0 |
| Profit before tax (includes associates and exceptional items) | 410.1 | 603.1 | 869.0 | 884.5 | 1,008 |
| Total current and deferred tax expense | 97.8 | 152.4 | 225.8 | 257.8 | 287.7 |
| Consolidated profit after tax including non-controlling interests | 312.3 | 450.7 | 643.2 | 626.7 | 720.3 |
| Diluted EPS (₹) | 27.73 | 39.97 | 57.28 | 56.31 | 63.94 |
| Materials, purchases and signed inventory movement | 5,220 | 5,794 | 5,560 | ||
| Employee benefits expense | 1,148 | 1,269 | 1,421 | ||
| Other operating expenses incl. site and financial impairment | 2,158 | 2,398 | 2,687 | ||
| Operating EBITDA excluding other income and exceptional items | 797.4 | 907.8 | 1,026 | ||
| Other income | 232.6 | 252.2 | 267.5 | ||
| Depreciation, amortisation and asset impairment | 148.1 | 158.5 | 207.6 | ||
| Exceptional items (positive gain; negative charge) | 75.5 | 0.00 | 61.2 | ||
| Share of associate profit/(loss), net of tax | -0.82 | -0.24 | -0.41 | ||
| Profit/(loss) attributable to non-controlling interests | -2.09 | -7.77 | -0.24 | ||
| Profit attributable to owners of Thermax | 645.3 | 634.5 | 720.5 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including non-controlling interests | 3,492 | 3,870 | 4,440 | 4,943 | 5,579 |
| Current plus non-current borrowings, excluding lease liabilities | 379.2 | 851.3 | 1,256 | 1,693 | 2,288 |
| Cash equivalents plus other current bank balances | 310.8 | 452.8 | 975.3 | 1,147 | 1,191 |
| Current plus non-current trade receivables, excluding contract assets | 1,424 | 1,762 | 2,267 | 2,003 | 2,205 |
| Inventories | 727.0 | 755.6 | 764.9 | 716.6 | 909.5 |
| All current and non-current trade payables | 1,460 | 1,498 | 1,581 | 1,747 | 2,057 |
| Net property, plant and equipment * | 1,154 | 1,216 | 1,874 | 2,615 | 2,868 |
| Capital work in progress * | 58.5 | 580.9 | 625.3 | 717.9 | 1,534 |
| Total assets * | 7,461 | 8,839 | 10,153 | 12,038 | 13,282 |
| Current investments plus non-current other investments (provisional) | 1,746 | 1,689 | 1,774 | ||
| Net debt excluding leases (provisional broad liquidity basis) | -1,465 | -1,143 | -676.9 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after tax | 21.3 | 465.1 | 247.3 | 1,080 | 541.6 |
| Free cash flow (vendor definition) * | 240.9 | -204.7 | -596.6 | 140.1 | -410.9 |
| Dividends paid (the provider's sign: an outflow is negative) * | -78.8 | -102.1 | -112.8 | -135.2 | -157.7 |
| PPE, ROU and intangible purchases incl. advances (outflow negative) | -83.8 | -649.9 | -843.9 | -902.0 | -952.4 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Approximate diluted EPS denominator, not issued shares | 11.26 | 11.26 | 11.27 | 11.27 | 11.27 |
| Consolidated paid-up capital net of treasury shares | 22.5 | 22.5 | 22.5 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,612 | 2,529 | 3,046 | 2,158 | 2,474 | 2,635 | 3,428 | 2,303 |
| Cost of revenue (vendor classification) * | 1,440 | 1,399 | 1,970 | 1,060 | 1,310 | 1,371 | 1,812 | 1,221 |
| Other operating costs (vendor classification) * | 570.3 | 596.6 | -1,306 | 535.7 | 651.6 | 649.1 | 401.6 | 300.0 |
| EBITDA (vendor classification) * | 337.7 | 220.0 | 339.9 | 289.7 | 257.3 | 317.4 | 441.4 | 164.9 |
| EBIT * | 295.6 | 184.9 | 329.3 | 241.7 | 205.8 | 322.9 | 376.5 | 77.3 |
| Finance costs | 29.4 | 28.7 | 31.3 | 30.2 | 32.2 | 34.2 | 42.4 | 35.2 |
| Profit before tax (includes associates and exceptional items) | 266.3 | 156.3 | 300.6 | 211.5 | 173.7 | 288.7 | 334.1 | 42.1 |
| Total current and deferred tax expense | 68.3 | 42.5 | 95.1 | 60.0 | 54.3 | 83.7 | 89.7 | 20.4 |
| Consolidated profit after tax including non-controlling interests | 198.0 | 113.7 | 205.6 | 151.5 | 119.4 | 205.0 | 244.4 | 21.8 |
| Diluted EPS (₹) | 17.49 | 10.29 | 18.26 | 13.53 | 10.62 | 18.12 | 21.68 | 2.24 |
| Materials, purchases and signed inventory movement | 1,440 | 1,420 | 1,706 | 1,068 | 1,310 | 1,371 | 1,812 | 1,221 |
| Employee benefits expense | 322.9 | 322.7 | 332.0 | 329.0 | 340.5 | 360.2 | 391.5 | 371.5 |
| Other operating expenses incl. site and financial impairment | 570.3 | 596.6 | 708.4 | 535.7 | 651.6 | 649.1 | 850.7 | 642.1 |
| Operating EBITDA excluding other income and exceptional items | 278.0 | 189.0 | 299.7 | 225.1 | 172.0 | 254.8 | 374.3 | 68.6 |
| Other income | 59.8 | 31.5 | 76.9 | 65.6 | 85.4 | 62.7 | 53.7 | 68.2 |
| Depreciation, amortisation and asset impairment | 42.1 | 35.1 | 45.3 | 48.9 | 51.5 | 53.3 | 54.0 | 59.5 |
| Exceptional items (positive gain; negative charge) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 58.8 | 2.46 | 0.00 |
| Share of associate profit/(loss), net of tax | -0.03 | -0.50 | 0.71 | -0.18 | -0.13 | -0.11 | 0.01 | 0.00 |
| Profit/(loss) attributable to non-controlling interests | 0.97 | -2.17 | -0.18 | -0.93 | -0.26 | 0.83 | 0.12 | -3.45 |
| Profit attributable to owners of Thermax | 197.0 | 115.9 | 205.7 | 152.4 | 119.7 | 204.2 | 244.3 | 25.2 |
Consolidated, restated. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 28.7% | 32.5% | 16.1% | 11.2% | 3.1% |
| EBITDA margin | 8.6% | 8.8% | 9.6% | ||
| Net margin | 6.9% | 6.1% | 6.7% | ||
| Return on equity | 15.5% | 13.5% | 13.7% | ||
| Return on capital employed | 11.7% | 14.9% | 18.3% | 16.2% | 15.8% |
| Return on assets | 6.8% | 5.7% | 5.7% | ||
| Net debt (₹ crore) | -1,465 | -1,143 | -676.9 | ||
| Net debt / EBITDA | -1.84x | -1.26x | -0.66x | ||
| Interest cover | 17.3x | 17.2x | 10.9x | 8.55x | 8.23x |
| Asset turnover | 0.87x | 0.99x | 0.98x | 0.93x | 0.84x |
| Receivable days | 86 | 80 | 89 | 71 | 75 |
| Inventory days (on revenue) | 44 | 34 | 30 | 25 | 31 |
| Payable days (on revenue) | 88 | 68 | 62 | 62 | 70 |
| Cash conversion | 0.38x | 1.70x | 0.75x | ||
| Capex intensity | 1.4% | 8.1% | 9.1% | 8.7% | 8.9% |
| Free cash flow (₹ crore) | -62.5 | -184.9 | -596.6 | 177.8 | -410.9 |
| Dividend payout | 17.5% | 21.3% | 21.9% | ||
| EPS, diluted (₹) | 27.73 | 39.97 | 57.28 | 56.31 | 63.94 |
| Book value per share (₹) | 310.1 | 343.7 | 394.1 | 438.7 | 495.1 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income and exceptional items) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt excluding leases (provisional broad liquidity basis); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income and exceptional items).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Thermax includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
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- The claims the view rests on, and what would change it
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Thermax
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 14 Oct 2026; page updated 25 Oct 2026.
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