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.
Price
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Key Metrics
REVENUE
₹10,687 Cr
TTM · consolidated
NET PROFIT
₹720 Cr
TTM · consolidated
EPS
₹63.95
TTM · consolidated
RETURN ON EQUITY
14.2%
TTM · consolidated
RETURN ON CAPITAL EMPLOYED
17.2%
TTM · consolidated
P/E
71.6x
Q4 FY26 · consolidated
EV/EBITDA
41.1x
Q4 FY26 · consolidated
EBITDA MARGIN
12.1%
TTM · consolidated
NET PROFIT MARGIN
7.1%
Q4 FY26 · consolidated
DEBT TO EQUITY
0.4x
Q4 FY26 · consolidated
Peers · Heavy Electrical Equipment
| Company | Mkt Cap (Cr) | P/E | EV/EBITDA | Rev Gr YoY | EBITDA Mgn | ROE | ROCE | 1Y Return |
|---|---|---|---|---|---|---|---|---|
Thermax Ltd.THERMAX | 38,488 | 71.63 | 41.13 | 2.9% | 12.1% | 14.2% | 17.2% | +25.7% |
Suzlon Energy Ltd.SUZLON | 55,805 | 22.60 | 22.68 | 53.6% | 18.7% | 45.5% | 36.3% | -22.5% |
Schneider Electric Infrastructure Ltd.SCHNEIDER | 20,929 | 149.25 | 81.82 | 9.6% | 13.4% | 34.6% | 28.8% | +49.8% |
Triveni Turbine Ltd.TRITURBINE | 14,130 | 56.88 | 37.57 | 8.7% | 24.2% | 27.4% | 35.9% | -4.0% |
Inox Wind Ltd.INOXWIND | 13,525 | 29.84 | 14.13 | 23.6% | 24.2% | 8.4% | 13.5% | -52.7% |
TD Power Systems LimitedTDPOWERSYS | 13,351 | 73.71 | 50.00 | 45.2% | 18.9% | 26.1% | 35.5% | +127.4% |
As of Q4 FY26
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.
Price
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Unlock AI insights, financials, peers and live data on Thermax Ltd. and 5,000+ companies — free.
Key Metrics
REVENUE
₹10,687 Cr
TTM · consolidated
NET PROFIT
₹720 Cr
TTM · consolidated
EPS
₹63.95
TTM · consolidated
RETURN ON EQUITY
14.2%
TTM · consolidated
RETURN ON CAPITAL EMPLOYED
17.2%
TTM · consolidated
P/E
71.6x
Q4 FY26 · consolidated
EV/EBITDA
41.1x
Q4 FY26 · consolidated
EBITDA MARGIN
12.1%
TTM · consolidated
NET PROFIT MARGIN
7.1%
Q4 FY26 · consolidated
DEBT TO EQUITY
0.4x
Q4 FY26 · consolidated
Peers · Heavy Electrical Equipment
As of Q4 FY26