Subscribe

Thermax Limited (THERMAX.NS)

INR4,548.00 +168.50 (+3.85%)
IN NSE Industrials Industrial - Machinery
Address Thermax House 411003
Pune, MH, IN
CEO Ashish Bhandari
Website thermaxglobal.com
IPO 2002-07-01
ISIN INE152A01029

Explore sections of this company profile

Also trades on Bombay Stock Exchange · THERMAX.BO (INR) National Stock Exchange of India · THERMAX.NS (INR)
Description

Thermax Limited provides energy, environmental, and chemical solutions in India and internationally. It operates in Industrial Products, Industrial Infra, Green Solutions, and Chemical segments. The Industrial Products segment offers manufacturing, installation, sales and services related to boilers and heating equipment, absorption chillers/heat pumps, air pollution control equipment/ systems, water & waste recycling, including associated services and engineering, procurement and construction. The Industrial Infra segment provides engineering, procurement, and construction (EPC) of power plants, infra projects, and flue gas desulphurisation projects, along with associated services and manufacturing, installation, sales and services related to boiler and heater plants. The Green solutions segment builds, owns and operates BOO models, energy management solutions, oil and gas-fired, green hydrogen projects and renewable energy (Solar/Wind). The Chemical segment offers 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. It also operates cogeneration, waste heat recovery power, captive power, and independent power plants, as well as offers operation and maintenance services. In addition, the company offers steam boilers; waste heat recovery units; fired heaters and process furnaces; thermic fluid, hot air, and hot water heaters; and waste heat recovery. It serves automobiles, cement, chemicals and fertilizers, commercial/construction, dairy, distillery, paper and pulp, pharmaceuticals, plywood, power generation, food, refineries and petrochemicals, soft beverages, metals, sugar, textiles, and tyre industries. Thermax Limited was incorporated in 1966 and is headquartered in Pune, India. Thermax Limited is a subsidiary of RDA Holdings Private Limited.

Market Cap & Enterprise Value
Merger & Acquisition History

No mergers or acquisitions recorded for this company.

Technical Outlook
Loading outlook…
Loading forecast...
Signal Summary Loading…
Indicator 1D1W2W3W1M
Each column is computed on that timeframe's candles (1D = daily, 1W ≈ weekly, 1M ≈ monthly), not on the same last day. ▲ bullish · ▼ bearish · — neutral. The Net row counts signals per column; hover any cell (or the indicator name) to see the exact rule behind it.
Day Score & sub-scores
Statistical fingerprint & regime detail
Conditional historical analysis
Customize analysis (advanced)
Indicative levels generated algorithmically. Not financial advice.
Risk Profile
Loading risk profile…
Price Chart
Averages
Trend
Price
Levels
Draw
INR4,548.00 +168.50 (+3.85%)
Loading historical data…
Volume Profile
Loading…
Liquidity & share structure
Average Volume
343.3K
Beta
0.30
Float Shares
32.52M
Free Float %
28.9%
Price Performance
1D5D1M3M6M YTD1Y3Y5Y10YMax
-2.83% +9.55% +24.76% +55.04% +43.48% +50.37% +37.76% +94.30% +204.97% +506.01% +15,819.79%
Rolling Volatility
Loading…
Drawdown
Loading…
Relative Strength
Loading…
Monthly Returns Heatmap
From To
Loading…
Annual Monthly Returns
Loading…
Daily Returns Distribution
vs.
Loading histogram data…

Revenue flow

Revenue by geography

Revenue by segment

From To

Revenue composition

From To

By product

By geography

Financial Statements

Income Statement

Balance Sheet

Cash Flow Statement

Key Metrics

Financial Ratios

Employees

Financial Growth (CAGR)

Market Data

Price Targets & DCF
Current price
4,548.00
DCF (Unlevered) 1,881.06 -58.6%

DCF figures are point estimates: small changes in growth or discount-rate assumptions move them materially. Read them as a reference, not a precise target.

Ratings Trend (MoM) 48% Bullish
Rating 2026-05 Change
Strong Buy 2 0
Buy 8 0
Hold 6 0
Sell 2 0
Strong Sell 3 +1
Quality scores
Altman Z-Score
5.21
Safe zone
Piotroski F-Score
3 / 9
Average
MOAT Score
5 / 10
Developing
Composite Rating
C-
Overall Score
1 / 5
Low
DCF Score
3 / 5
Medium
ROE Score
1 / 5
Low
ROA Score
1 / 5
Low
D/E Score
1 / 5
Low
P/E Score
1 / 5
Low
P/Book Score
1 / 5
Low
Operational MOAT
✗ Below peers
  • ✗
    Revenue growth Industrial - Machinery: +7.4%
    +4.3% Q1'26: +16.1% (vs Q1'25)
  • ✓
    EPS growth Industrial - Machinery: +15.6%
    +13.6% Q1'26: +18.7% (vs Q1'25)
  • ✓
    FCF margin FCF growth · Industrial - Machinery: +38.2%
    +2.4% Q1'26: -9.7% (vs Q1'25)
  • ✗
    EBIT margin Industrial - Machinery: +10.0%
    +8.5% Q1'26: +9.7% (vs Q1'25)
  • ✗
    ROIC Industrial - Machinery: +6.8%
    +11.9% ★ Q1'26: +17.9% (vs Q1'25)
  • ✗
    Share dilution Industrial - Machinery: +0.0%
    +0.0% Q1'26: +0.0% (vs Q1'25)
  • ✓
    Debt / EBITDA Net debt/EBITDA · Industrial - Machinery: -0.65×
    2.10× Q1'26: 1.52× (vs Q1'25)
Valuation Multiples From To
Price Forecast (3Y) From To
Model
Adjust
P/E
Theoretical Return — If Invested Today

* These projections are based on analyst consensus estimates and user-defined valuation multiples. This table is for informational purposes only and does not constitute a recommendation to buy or sell any security. Past performance is not indicative of future results.

DCF Interactive Model (UFCF)
Projection years:
Market assumptions
▶ WACC components (optional)
Ke (Cost of Equity) = Rf + β (0.20) × ERP
WACC = 96% × Ke + 4% × Kd (5.9%) × (1−t)

Modifying these values recalculates WACC automatically.

Business assumptions
—
Intrinsic value (base): 1,880.72 Current price: 4,548.00
Enterprise Value: — Equity Value: — Terminal Value: — TV as % of EV: —

Base values reflect the latest available data for this company and market conditions.

Consensus Estimates
Metric Mar 2011
actual 		Mar 2012
actual 		Mar 2013
actual 		Mar 2014
actual 		Mar 2015
actual 		Mar 2016
actual 		Mar 2017
actual 		Mar 2018
actual 		Mar 2019
actual 		Mar 2020
actual 		Mar 2021
actual 		Mar 2022
actual 		Mar 2023
actual 		Mar 2024
actual 		Mar 2025
actual 		Mar 2026
19 Rev. Ana.
14 EPS Ana. 		Mar 2027
15 Rev. Ana.
11 EPS Ana. 		Mar 2028
18 Rev. Ana.
17 EPS Ana. 		Mar 2029
4 Rev. Ana.
3 EPS Ana. 		Mar 2030
3 Rev. Ana.
1 EPS Ana.
Revenue
52.99B
est: 48.75B (+8.7%)
60.31B
est: 58.48B (+3.1%)
54.33B
est: 54.69B (-0.7%)
50.28B
est: 52.76B (-4.7%)
52.42B
est: 54.46B (-3.8%)
50.68B
est: 55.04B (-7.9%)
43.86B
est: 46.85B (-6.4%)
43.70B
est: 47.14B (-7.3%)
58.86B
est: 55.93B (+5.2%)
56.55B
est: 60.48B (-6.5%)
47.10B
est: 47.55B (-0.9%)
60.64B
est: 59.75B (+1.5%)
80.34B
est: 81.25B (-1.1%)
92.37B
est: 95.75B (-3.5%)
102.56B
est: 104.07B (-1.5%)
105.72B
102.56B – 111.27B
+1.6% YoY
123.47B
118.05B – 129.92B
+16.8% YoY
144.22B
123.24B – 155.58B
+16.8% YoY
164.93B
164.54B – 165.31B
+14.4% YoY
166.79B
150.38B – 177.88B
+1.1% YoY
EBITDA
6.32B
est: 5.78B (+9.3%)
6.72B
est: 8.21B (-18.2%)
5.68B
est: 6.67B (-14.9%)
5.08B
est: 5.96B (-14.7%)
5.84B
est: 5.47B (+6.9%)
5.52B
est: 5.10B (+8.2%)
5.29B
est: 4.82B (+9.9%)
4.91B
est: 5.56B (-11.7%)
5.17B
est: 6.66B (-22.4%)
5.07B
est: 7.33B (-30.8%)
4.11B
est: 4.02B (+2.3%)
5.49B
est: 4.75B (+15.4%)
7.57B
est: 5.17B (+46.4%)
10.90B
est: 12.24B (-10.9%)
11.57B
est: 13.31B (-13.1%)
13.51B
13.11B – 14.22B
+1.5% YoY
15.78B
15.09B – 16.61B
+16.8% YoY
18.43B
15.75B – 19.89B
+16.8% YoY
21.08B
21.03B – 21.13B
+14.4% YoY
21.32B
19.22B – 22.74B
+1.1% YoY
EBIT
5.78B
est: 3.60B (+60.4%)
6.05B
est: 6.26B (-3.3%)
4.91B
est: 5.10B (-3.9%)
4.16B
est: 3.99B (+4.3%)
4.50B
est: 4.17B (+7.9%)
4.79B
est: 2.71B (+76.9%)
4.47B
est: 3.09B (+44.8%)
4.10B
est: 3.40B (+20.4%)
4.25B
est: 3.83B (+10.9%)
3.90B
est: 3.00B (+29.8%)
2.96B
est: 2.32B (+27.3%)
4.35B
est: 2.75B (+58.5%)
6.40B
est: 2.99B (+114.3%)
9.55B
est: 10.27B (-7.0%)
9.99B
est: 11.18B (-10.6%)
11.34B
11.00B – 11.94B
+1.5% YoY
13.25B
12.67B – 13.94B
+16.8% YoY
15.48B
13.22B – 16.69B
+16.8% YoY
17.70B
17.66B – 17.74B
+14.4% YoY
17.90B
16.14B – 19.09B
+1.1% YoY
Net Income
3.82B
est: 2.20B (+73.7%)
4.04B
est: 4.58B (-11.9%)
3.20B
est: 3.77B (-15.2%)
2.46B
est: 3.09B (-20.3%)
2.10B
est: 2.65B (-20.8%)
2.82B
est: 2.04B (+38.4%)
2.23B
est: 2.41B (-7.4%)
2.32B
est: 2.27B (+2.5%)
3.25B
est: 2.76B (+17.8%)
2.12B
est: 3.51B (-39.5%)
2.07B
est: 1.73B (+19.3%)
3.12B
est: 2.05B (+52.6%)
4.50B
est: 4.51B (-0.2%)
6.45B
est: 7.02B (-8.1%)
6.34B
est: 6.71B (-5.4%)
6.20B
5.40B – 7.00B
-7.7% YoY
9.15B
7.93B – 9.33B
+47.7% YoY
10.50B
8.92B – 13.20B
+14.8% YoY
13.35B
11.07B – 14.07B
+27.2% YoY
12.42B
10.83B – 13.49B
-7.0% YoY
SGA
5.82B
est: 13.83B (-57.9%)
4.25B
est: 13.25B (-67.9%)
9.85B
est: 13.52B (-27.1%)
2.10B
est: 15.62B (-86.6%)
7.36B
est: 18.29B (-59.8%)
6.85B
est: 9.00B (-23.9%)
7.09B
est: 7.17B (-1.1%)
7.03B
est: 8.50B (-17.3%)
8.01B
est: 10.41B (-23.1%)
8.02B
est: 10.35B (-22.6%)
7.61B
est: 8.49B (-10.4%)
8.15B
est: 10.04B (-18.8%)
9.57B
est: 10.92B (-12.4%)
11.74B
est: 11.95B (-1.7%)
12.99B
est: 13.00B (-0.1%)
13.19B
12.80B – 13.89B
+1.5% YoY
15.41B
14.73B – 16.21B
+16.8% YoY
18.00B
15.38B – 19.42B
+16.8% YoY
20.58B
20.53B – 20.63B
+14.4% YoY
20.81B
18.77B – 22.20B
+1.1% YoY
EPS
32.03
est: 32.18 (-0.5%)
33.86
est: 34.05 (-0.6%)
26.87
est: 28.06 (-4.2%)
20.64
est: 24.17 (-14.6%)
17.60
est: 23.53 (-25.2%)
25.07
est: 24.49 (+2.4%)
19.80
est: 23.22 (-14.7%)
20.61
est: 24.64 (-16.3%)
28.90
est: 29.25 (-1.2%)
18.87
est: 26.03 (-27.5%)
18.34
est: 22.29 (-17.7%)
27.73
est: 27.76 (-0.1%)
39.98
est: 38.64 (+3.5%)
57.30
est: 62.34 (-8.1%)
56.33
est: 57.06 (-1.3%)
55.29
47.90 – 62.08
-3.1% YoY
74.40
70.36 – 82.82
+34.6% YoY
93.12
79.15 – 117.18
+25.2% YoY
115.99
98.20 – 124.90
+24.6% YoY
110.20
96.11 – 119.72
-5.0% YoY
Historical Ratings (3M)
Date Rating Overall DCF ROE ROA D/E P/E P/B
2026-05-08 C- 1/5 3/5 1/5 1/5 1/5 1/5 1/5
2026-05-07 C- 1/5 3/5 1/5 1/5 1/5 1/5 1/5
2026-05-06 C- 1/5 3/5 1/5 1/5 1/5 1/5 1/5
2026-05-05 C- 1/5 3/5 1/5 1/5 1/5 1/5 1/5
2026-05-04 C- 1/5 3/5 1/5 1/5 1/5 1/5 1/5
2026-04-30 C- 1/5 3/5 1/5 1/5 1/5 1/5 1/5
2026-04-29 C- 1/5 3/5 1/5 1/5 1/5 1/5 1/5
2026-04-28 C- 1/5 3/5 1/5 1/5 1/5 1/5 1/5
2026-04-27 C- 1/5 3/5 1/5 1/5 1/5 1/5 1/5
2026-04-24 C- 1/5 3/5 1/5 1/5 1/5 1/5 1/5
2026-04-23 C- 1/5 3/5 1/5 1/5 1/5 1/5 1/5
2026-04-22 C- 1/5 3/5 1/5 1/5 1/5 1/5 1/5
2026-04-21 C- 1/5 3/5 1/5 1/5 1/5 1/5 1/5
2026-04-20 C- 1/5 3/5 1/5 1/5 1/5 1/5 1/5
2026-04-17 C- 1/5 3/5 1/5 1/5 1/5 1/5 1/5
2026-04-16 C- 1/5 3/5 1/5 1/5 1/5 1/5 1/5

Owner Earnings

Owner's Earnings (history) From To
Owner alignment
Owner's Earnings TTM
-2.78B
OE per share TTM
-24.69
Owner's Yield
-0.53%
Maintenance CapEx ratio
364.33%
Maint CapEx / Avg PPE
28.3%

Ownership Overview

Ownership breakdown

Ownership breakdown not available.

At a glance
Institutional holders
—
Total invested
—
Insider transactions (90d)
0
Beneficial owners (>5%)
0
Beneficial owners (>5%)

No beneficial ownership filings recorded.

Institutional Activity (13F)

Institutional ownership trend

Institutional history not available.

Top institutional holders

Top holders not available.

ETF Ownership

Top ETFs holding this stock Held by 7 ETFs in our universe
# ETF Weight Est. AUM exposure TER
1 Vanguard Emerging Markets Ex-China ETF VEXC 0.02% 46.4K 0.07%
2 Schwab Emerging Markets Equity ETF SCHE 0.01% 1.86M 0.06%
3 Vanguard FTSE Emerging Markets ETF VWO 0.01% 20.33M 0.06%
4 Vanguard ESG International Stock ETF VSGX 0.00% 282.3K 0.10%
5 Vanguard FTSE All-World ex-US ETF VEU 0.00% 3.60M 0.04%
6 Vanguard Total International Stock ETF VXUS 0.00% 22.52M 0.05%
7 Vanguard Total World Stock ETF VT 0.00% 1.35M 0.06%

Insider Activity

Insider Activity — Latest Quarter

No insider activity available.

Insider buys vs sells (history)

Insider history not available.

Recent insider transactions

No recent insider transactions.

Executive team

Top executives
EBIT / Employee
1.59M
Shares Outstanding
112.65M

Executive compensation

Executive compensation (annual)

Executive compensation not available.

CEO compensation breakdown

No CEO compensation history available.

Proxy statements

Proxy statements (DEF 14A)

No proxy statements available for this company yet.

Recent SEC filings

Recent SEC filings

No SEC filings available for this company yet.

Executive team

NameTitleCompensationGender
Ashish Bhandari MD, Chief Executive Officer & Additional Director 173M male
Rajendran Arunachalam Executive Vice President & Group Chief Financial Officer 29M male
C. Mahesh President of Industrial Products Business — male
Dinesh Mandhana Executive Vice President & BU Head of Chemical — male
Kirtiraj Jilkar Executive Vice President and BU Head of P&ES — male
Samina Khalid Head of Corporate Communication — —
Sangeet Hunjan Company Secretary & Compliance Officer — female
Amit Sethi Executive Vice President and Chief Digital & Information Officer — —
Santanu Chaudhuri Executive Vice President and Chief Technology Officer — —
Arun Unni Executive VP and Business Head of New Energy & Head of Strategy — male
ESG Score History

No data available for this company.

Senate Trading Activity

No Senate trading activity found for this company.

House Trading Activity

No House trading activity found for this company.

Market share among peers
Peer comparison — filtered group (TTM)
Your opinion

Share your view on this stock and instantly see how the community has voted over the last 6 months.

These are community opinions and do not constitute buy or sell advice to act on. The results shown are based on aggregated opinions and are not an investment recommendation, nor do they intend to influence any investment decision.

Dividend yield history

Dividend history

Earnings history

Earnings reports

Stock splits

Related companies

Largest companies in Industrial - Machinery