Thermax Limited offers solutions to energy, environment and chemical sectors. The Company’s portfolio includes boilers and heaters, absorption chillers/ heat pumps, power plants, solar equipment, air pollution control equipment/system, water and waste recycle plant, ion exchange resins and performance chemicals and related services.[1]
Business Segments1) Industrial Products (40% in Q2 FY25 vs 39% in FY22):[1][2]The company offers small capacity boilers & heating equipment, absorption chillers/heat pumps, air pollution control equipment/systems, water & waste recycle including associated services and EPC.[3]The segment revenue grew by 55% between FY22 and FY24, supported by strong growth in the metal, cement and food & beverage sectors.[4][5]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Siemens | 2917.00 | 61.59 | 103880.42 | 0.40 | 485.40 | -7.14 | 5171.20 | 16.02 | 15.83 | 17364.20 | 11.56 | 1687.44 | 484.90 | 7.92 | 7.46 | 0.01 |
| 2. | A B B | 4865.10 | 58.28 | 103095.52 | 0.89 | 409.04 | -7.17 | 3310.72 | 13.69 | 38.65 | 13010.65 | 16.56 | 1766.99 | 408.88 | 14.34 | 16.04 | 0.01 |
| 3. | B H E L | 265.35 | 165.37 | 92396.58 | 0.19 | 374.89 | 253.17 | 7511.80 | 14.09 | 4.87 | 29269.17 | 4.03 | 558.54 | 374.89 | 3.75 | 0.81 | 0.45 |
| 4. | CG Power & Ind | 560.70 | 82.57 | 88303.42 | 0.23 | 284.44 | 29.76 | 2922.79 | 21.14 | 37.48 | 11069.29 | 12.97 | 1068.45 | 286.72 | 11.80 | 14.53 | 0.02 |
| 5. | Siemens Ener.Ind | 2322.00 | 75.17 | 82691.19 | 0.17 | 359.60 | – | 2645.70 | – | 38.52 | 7826.70 | 19.34 | 1100.10 | 359.60 | 18.85 | 13.26 | 0.03 |
| 6. | Hitachi Energy | 16219.35 | 100.80 | 72293.45 | 0.04 | 264.36 | 405.57 | 1832.55 | 17.94 | 19.44 | 6815.40 | 12.60 | 717.23 | 264.36 | 15.84 | 5.77 | 0.02 |
| 7. | GE Vernova T&D | 2615.00 | 72.71 | 66957.12 | 0.18 | 299.48 | 107.08 | 1538.46 | 38.88 | 54.74 | 5094.78 | 23.87 | 919.85 | 299.48 | 32.19 | 14.76 | 0.01 |
| 8. | Thermax | 2969.95 | 60.97 | 35388.81 | 0.48 | 225.92 | 109.32 | 1504.60 | -1.21 | 16.53 | 6117.76 | 7.97 | 580.58 | 225.92 | 8.72 | 7.20 | 0.04 |
| – | Median: 37 Co. | 503.55 | 44.55 | 6327.05 | 0.05 | 46.34 | 43.05 | 482.56 | 25.05 | 28.09 | 1522.91 | 13.99 | 169.5 | 46.34 | 5.58 | 12.29 | 0.1 |
Standalone figures in ₹ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 1,373 | 1,331 | 1,490 | 1,161 | 1,444 | 1,480 | 1,738 | 1,311 | 1,523 | 1,453 | 1,972 | 1,189 | 1,505 |
Expenses | 1,274 | 1,232 | 1,344 | 1,077 | 1,303 | 1,359 | 1,603 | 1,239 | 1,396 | 1,342 | 1,755 | 1,134 | 1,399 |
Operating Profit | 99 | 98 | 146 | 84 | 141 | 121 | 135 | 72 | 127 | 110 | 217 | 55 | 106 |
Other Income | 38 | 37 | 53 | -1 | -16 | 161 | 52 | 69 | 37 | 41 | 149 | 35 | 178 |
Profit before tax | 114 | 112 | 174 | 59 | 102 | 258 | 161 | 116 | 136 | 124 | 337 | 62 | 253 |
Tax % | 19% | 20% | 30% | 26% | 37% | 22% | 20% | 26% | 21% | 17% | 18% | 25% | 11% |
Net Profit | 93 | 90 | 122 | 44 | 64 | 201 | 129 | 86 | 108 | 103 | 275 | 46 | 226 |
EPS in Rs | 7.77 | 7.55 | 10.25 | 3.68 | 5.40 | 16.84 | 10.79 | 7.22 | 9.06 | 8.66 | 23.08 | 3.90 | 18.96 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 4,283 | 4,603 | 4,338 | 3,764 | 2,727 | 3,541 | 3,215 | 3,131 | 4,015 | 5,141 | 5,822 | 6,254 | 6,118 |
Expenses | 3,864 | 4,138 | 3,960 | 3,389 | 2,488 | 3,289 | 3,000 | 2,914 | 3,797 | 4,757 | 5,341 | 5,725 | 5,630 |
Operating Profit | 419 | 465 | 378 | 375 | 240 | 252 | 215 | 218 | 218 | 384 | 481 | 529 | 488 |
Other Income | 64 | 116 | 110 | -31 | 151 | 188 | 141 | 38 | 118 | 140 | 195 | 294 | 403 |
Interest | 19 | 20 | 5 | 4 | 4 | 5 | 5 | 9 | 13 | 20 | 24 | 31 | 26 |
Depreciation | 58 | 64 | 61 | 65 | 49 | 50 | 63 | 64 | 67 | 73 | 73 | 78 | 89 |
Profit before tax | 407 | 497 | 423 | 275 | 337 | 384 | 288 | 183 | 256 | 431 | 580 | 713 | 776 |
Net Profit | 253 | 336 | 297 | 145 | 238 | 275 | 214 | 141 | 201 | 329 | 437 | 572 | 651 |
EPS in Rs | 21.23 | 28.19 | 24.97 | 12.15 | 19.99 | 23.10 | 17.96 | 11.83 | 16.85 | 27.63 | 36.71 | 48.02 | 54.60 |
Dividend Payout % | 28% | 25% | 24% | 49% | 30% | 30% | 39% | 59% | 53% | 36% | 33% | 29% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 |
Reserves | 2,001 | 2,243 | 2,318 | 2,386 | 2,542 | 2,712 | 2,714 | 2,856 | 2,977 | 3,194 | 3,513 | 3,944 | 4,038 |
Borrowings | 189 | 105 | 91 | 66 | 116 | 40 | 73 | 142 | 185 | 224 | 314 | 90 | 167 |
Other Liabilities | 2,640 | 2,639 | 2,259 | 2,120 | 2,693 | 3,363 | 1,599 | 2,011 | 2,239 | 2,709 | 2,897 | 3,188 | 3,117 |
Total Liabilities | 4,854 | 5,011 | 4,692 | 4,596 | 5,375 | 6,139 | 4,410 | 5,032 | 5,425 | 6,151 | 6,747 | 7,246 | 7,346 |
Fixed Assets | 640 | 609 | 584 | 555 | 671 | 713 | 748 | 771 | 746 | 714 | 750 | 977 | 1,045 |
Gross Block | 1,008.11 | 1,039.06 | 1,058.62 | 1,090.24 | 1,259.19 | 1,170.59 | 1,245.66 | 1,318.48 | 1,338.85 | 1,339.69 | 1,423.94 | 1,713.81 | – |
Accumulated Depreciation | 367.69 | 429.75 | 475.04 | 535.61 | 587.71 | 457.71 | 497.58 | 547.80 | 592.75 | 625.89 | 674.43 | 737.04 | – |
CWIP | 24 | 39 | 59 | 129 | 92 | 29 | 55 | 23 | 15 | 45 | 112 | 83 | 44 |
Investments | 1,096 | 1,257 | 1,378 | 1,404 | 1,796 | 1,424 | 1,410 | 903 | 1,995 | 2,270 | 2,393 | 2,705 | 2,665 |
Other Assets | 3,094 | 3,105 | 2,672 | 2,507 | 2,816 | 3,972 | 2,197 | 3,335 | 2,669 | 3,123 | 3,493 | 3,481 | 3,592 |
Total Assets | 4,854 | 5,011 | 4,692 | 4,596 | 5,375 | 6,139 | 4,410 | 5,032 | 5,425 | 6,151 | 6,747 | 7,246 | 7,346 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 331 | 294 | 288 | 346 | 507 | -117 | 253 | 409 | 94 | 419 | 91 | 374 |
Cash from Investing Activity | -304 | -16 | -170 | -151 | -456 | 254 | -98 | -375 | -100 | -338 | 103 | -126 |
Cash from Financing Activity | 71 | -237 | -119 | -115 | -38 | -51 | -239 | 63 | -53 | -81 | -51 | -394 |
Net Cash Flow | 98 | 41 | -1 | 80 | 12 | 87 | -84 | 97 | -59 | -0 | 143 | -145 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 115 | 122 | 103 | 93 | 152 | 86 | 86 | 96 | 87 | 86 | 94 | 96 |
Inventory Days | 33 | 41 | 32 | 40 | 71 | 38 | 50 | 52 | 56 | 48 | 44 | 40 |
Days Payable | 111 | 115 | 117 | 164 | 223 | 132 | 119 | 178 | 148 | 127 | 119 | 115 |
Cash Conversion Cycle | 38 | 49 | 18 | -31 | 0 | -8 | 17 | -30 | -5 | 7 | 19 | 21 |
Working Capital Days | -6 | -13 | -14 | -9 | -59 | 8 | -16 | -53 | -53 | -40 | -25 | -13 |
ROCE % | 20% | 21% | 18% | 17% | 14% | 16% | 9% | 10% | 9% | 14% | 17% | 17% |
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Stock Analysis
Thermax Limited offers solutions to energy, environment and chemical sectors, providing a diverse portfolio of products and services.
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