Thermax Ltd.
NSE: THERMAX · Heavy Electrical Equipment
Snapshot
Unlock Thermax Ltd.'s vital signs
Growth · Profitability · Valuation · Strength · Conviction
Company Overview
Business
Thermax Limited is a leading provider of energy, environment, and chemical solutions, catering to a diverse range of industrial sectors globally. The company specialises in engineering, procurement, and construction (EPC) projects, alongside the manufacturing of boilers, chillers, and pollution control equipment.
Business Model
The company operates through three primary segments—Energy, Environment, and Chemical—generating revenue through the sale of capital equipment, long-term EPC contracts, and recurring chemical product sales. It leverages its technical expertise to provide integrated solutions that improve energy efficiency and environmental compliance for industrial clients.
Growth Outlook
Growth is driven by the increasing global demand for sustainable energy solutions, waste-to-energy projects, and stringent environmental regulations requiring advanced pollution control systems. The company is well-positioned to benefit from industrial capital expenditure cycles and the transition toward renewable energy and bio-CNG plants.
Key Risks
- Raw Material Price Volatility. Fluctuations in the prices of steel and other key commodities can significantly impact the profitability of long-term EPC contracts.
- Cyclical Industrial Demand. As a capital goods provider, the company is highly sensitive to the investment cycles and economic health of its diverse industrial client base.
- Project Execution Risk. Delays in large-scale EPC projects due to site-specific challenges or supply chain disruptions can lead to cost overruns and revenue recognition delays.
- Geopolitical and Currency Risk. Operating internationally exposes the company to foreign exchange volatility and geopolitical instability in key export markets.
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Key Metrics
REVENUE
₹10,839 Cr
TTM · consolidated
NET PROFIT
₹591 Cr
TTM · consolidated
EPS
₹52.66
TTM · consolidated
RETURN ON EQUITY
11.3%
TTM · consolidated
RETURN ON CAPITAL EMPLOYED
14.2%
TTM · consolidated
P/E
63.8×
Q1 FY27 · consolidated
EV/EBITDA
37.6x
Q1 FY27 · consolidated
EBITDA MARGIN
10.5%
TTM · consolidated
NET PROFIT MARGIN
0.9%
Q1 FY27 · consolidated
DEBT TO EQUITY
0.4x
Q1 FY27 · consolidated
Peers · Heavy Electrical Equipment
| Company | Mkt Cap | P/E (TTM) | EV/EBITDA | Rev Gr YoY | EBITDA Mgn | ROE | ROCE | 1Y Return |
|---|---|---|---|---|---|---|---|---|
Thermax Ltd.THERMAX | ₹41,286 Cr | 63.8× | 37.64 | 4.7% | 10.5% | 11.3% | 14.2% | +6.2% |
Suzlon Energy Ltd.SUZLON | ₹58,256 Cr | 17.1× | 18.50 | 45.2% | 17.9% | 40.4% | 32.1% | -29.5% |
Schneider Electric Infrastructure Ltd.SCHNEIDER | ₹29,730 Cr | 165.9× | 83.73 | 9.6% | 12.2% | 27.5% | 24.6% | +54.0% |
TD Power Systems LimitedTDPOWERSYS | ₹23,919 Cr | 45.0× | 59.29 | 54.3% | 18.9% | 28.5% | 38.6% | +32.4% |
Triveni Turbine Ltd.TRITURBINE | ₹17,869 Cr | 50.1× | 34.79 | 17.7% | 22.7% | 25.2% | 33.2% | +1.2% |
Azad Engineering LimitedAZAD | ₹17,522 Cr | 133.1× | 63.90 | 28.7% | 44.0% | 9.5% | 12.5% | +77.6% |
As of Q1 FY27
Financials
Thermax Ltd.
NSE: THERMAX · Heavy Electrical Equipment
Snapshot
Unlock Thermax Ltd.'s vital signs
Growth · Profitability · Valuation · Strength · Conviction
Company Overview
Business
Thermax Limited is a leading provider of energy, environment, and chemical solutions, catering to a diverse range of industrial sectors globally. The company specialises in engineering, procurement, and construction (EPC) projects, alongside the manufacturing of boilers, chillers, and pollution control equipment.
Business Model
The company operates through three primary segments—Energy, Environment, and Chemical—generating revenue through the sale of capital equipment, long-term EPC contracts, and recurring chemical product sales. It leverages its technical expertise to provide integrated solutions that improve energy efficiency and environmental compliance for industrial clients.
Growth Outlook
Growth is driven by the increasing global demand for sustainable energy solutions, waste-to-energy projects, and stringent environmental regulations requiring advanced pollution control systems. The company is well-positioned to benefit from industrial capital expenditure cycles and the transition toward renewable energy and bio-CNG plants.
Key Risks
- Raw Material Price Volatility. Fluctuations in the prices of steel and other key commodities can significantly impact the profitability of long-term EPC contracts.
- Cyclical Industrial Demand. As a capital goods provider, the company is highly sensitive to the investment cycles and economic health of its diverse industrial client base.
- Project Execution Risk. Delays in large-scale EPC projects due to site-specific challenges or supply chain disruptions can lead to cost overruns and revenue recognition delays.
- Geopolitical and Currency Risk. Operating internationally exposes the company to foreign exchange volatility and geopolitical instability in key export markets.
Start your research today
Unlock AI insights, financials, peers and live data on Thermax Ltd. and 5,000+ companies — free.
Key Metrics
REVENUE
₹10,839 Cr
TTM · consolidated
NET PROFIT
₹591 Cr
TTM · consolidated
EPS
₹52.66
TTM · consolidated
RETURN ON EQUITY
11.3%
TTM · consolidated
RETURN ON CAPITAL EMPLOYED
14.2%
TTM · consolidated
P/E
63.8x
Q1 FY27 · consolidated
EV/EBITDA
37.6x
Q1 FY27 · consolidated
EBITDA MARGIN
10.5%
TTM · consolidated
NET PROFIT MARGIN
0.9%
Q1 FY27 · consolidated
DEBT TO EQUITY
0.4x
Q1 FY27 · consolidated
Peers · Heavy Electrical Equipment
As of Q1 FY27