Share Price and Basic Stock Data
Last Updated: December 26, 2025, 10:15 pm
| PEG Ratio | 4.41 |
|---|
Analyst Insight & Comprehensive Analysis
AI Stock Ranker – Real-Time Fundamental Strength Score
Business Overview and Revenue Trends
Thermax Ltd, operating in the engineering sector, reported a current price of ₹3,001 with a market capitalization of ₹35,754 Cr. The company has demonstrated a robust revenue trajectory, with sales rising from ₹6,128 Cr in FY 2022 to ₹8,090 Cr in FY 2023, and projected to reach ₹9,323 Cr in FY 2024 and ₹10,389 Cr in FY 2025. The quarterly sales figures indicate a steady growth pattern, peaking at ₹3,085 Cr in Mar 2025. This growth can be attributed to increased operational efficiencies and a strong demand for energy and environment solutions. The operating profit margin (OPM) stood at 10% for the latest period, reflecting the company’s ability to maintain profitability amidst rising costs. The cash conversion cycle (CCC) of 24 days suggests efficient working capital management. Overall, Thermax’s revenue trends indicate a positive outlook driven by market demand and operational efficiency.
Profitability and Efficiency Metrics
Thermax’s profitability metrics exhibit a favorable trend, with net profit recorded at ₹590 Cr for the trailing twelve months (TTM). The company’s return on equity (ROE) stood at 13.6%, while return on capital employed (ROCE) was reported at 16.2%, indicating effective utilization of equity and capital. The interest coverage ratio (ICR) is healthy at 9.93x, showcasing the company’s strong ability to meet interest obligations. The operating profit for the latest quarter (Mar 2025) rose to ₹300 Cr, reaffirming the company’s operational efficiency. However, the net profit margin (NPM) declined slightly to 6.03% in FY 2025 from 6.90% in FY 2024, which could be a concern if this trend continues. Overall, Thermax’s profitability indicators suggest a solid performance, although vigilance is necessary to address margin pressures.
Balance Sheet Strength and Financial Ratios
Thermax’s balance sheet reflects a sound financial position, with total assets recorded at ₹12,008 Cr and total liabilities at ₹10,141 Cr as of Mar 2025. The company reported reserves of ₹5,030 Cr, providing a strong equity base for future growth. Borrowings stood at ₹1,811 Cr, indicating a manageable debt level with a long-term debt to equity ratio of 0.23, which is low compared to industry norms. The price-to-book value (P/BV) ratio is at 8.34x, suggesting a premium valuation compared to typical sector ranges. The current ratio of 1.30 and quick ratio of 1.17 demonstrate adequate liquidity to cover short-term obligations. While the capital structure appears robust, the increasing borrowings could pose risks if not managed effectively, especially in a rising interest rate environment.
Shareholding Pattern and Investor Confidence
Thermax’s shareholding structure reveals a strong promoter holding of 61.99%, which indicates stability and confidence from the founders. Foreign institutional investors (FIIs) hold 13.44%, while domestic institutional investors (DIIs) account for 13.95% of the shareholding. Recent trends show a slight increase in FII participation, rising from 12.27% in Dec 2022 to 15.86% in Mar 2025. The public shareholding stands at 5.16%, reflecting a concentrated ownership structure. The increase in the number of shareholders from 39,943 in Dec 2022 to 71,208 in Sep 2025 signifies growing investor interest. This strong institutional backing can enhance market confidence, although a concentrated ownership may also raise concerns regarding liquidity and share price volatility.
Outlook, Risks, and Final Insight
Looking ahead, Thermax is well-positioned to capitalize on growing demand for sustainable energy solutions, supported by its robust revenue growth and operational efficiencies. However, risks remain, including potential fluctuations in raw material costs and interest rates, which could impact margins. Additionally, the company’s reliance on a concentrated shareholder base might affect stock liquidity in volatile markets. Should the company maintain its commitment to operational excellence and strategic investments, it could continue to enhance shareholder value. Conversely, any adverse market conditions or operational setbacks may challenge its growth trajectory. Overall, while the outlook remains positive, stakeholders should remain vigilant to external factors that could influence performance.
Source: Getaka Fundamental Analysis | Generated using proprietary financial data.
Competitors
| Stock Name ⇩ | Market Cap ⇩ | Current Price ⇩ | High / Low ⇩ | Stock P/E ⇩ | Book Value ⇩ | Dividend Yield ⇩ | ROCE ⇩ | ROE ⇩ | Face Value ⇩ |
|---|---|---|---|---|---|---|---|---|---|
| KPT Industries Ltd | 203 Cr. | 597 | 1,086/541 | 16.2 | 218 | 0.50 % | 25.5 % | 22.5 % | 5.00 |
| Miven Machine Tools Ltd | 23.4 Cr. | 78.0 | 112/58.9 | 19.4 | 0.00 % | % | % | 10.0 | |
| Incon Engineers Ltd | 6.17 Cr. | 14.3 | 16.4/9.31 | 1.25 | 0.00 % | 64.2 % | % | 10.0 | |
| Hittco Tools Ltd | 8.40 Cr. | 13.6 | 16.0/10.3 | 4.68 | 0.00 % | 3.21 % | 0.29 % | 10.0 | |
| Harshil Agrotech Ltd | 50.4 Cr. | 0.54 | 6.33/0.48 | 6.06 | 1.27 | 0.00 % | 17.4 % | 16.4 % | 1.00 |
| Industry Average | 3,728.05 Cr | 468.13 | 50.37 | 119.01 | 0.29% | 37.74% | 16.87% | 6.04 |
Quarterly Result
| Metric | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,654 | 2,075 | 2,049 | 2,311 | 1,933 | 2,302 | 2,324 | 2,764 | 2,184 | 2,612 | 2,508 | 3,085 | 2,150 |
| Expenses | 1,559 | 1,935 | 1,888 | 2,111 | 1,801 | 2,098 | 2,137 | 2,491 | 2,044 | 2,334 | 2,319 | 2,785 | 1,925 |
| Operating Profit | 96 | 140 | 161 | 200 | 132 | 204 | 187 | 273 | 141 | 278 | 188 | 300 | 225 |
| OPM % | 6% | 7% | 8% | 9% | 7% | 9% | 8% | 10% | 6% | 11% | 8% | 10% | 10% |
| Other Income | 21 | 40 | 42 | 58 | 2 | 66 | 185 | 55 | 84 | 60 | 32 | 78 | 66 |
| Interest | 7 | 8 | 9 | 14 | 13 | 20 | 27 | 28 | 27 | 29 | 29 | 31 | 30 |
| Depreciation | 29 | 30 | 29 | 29 | 29 | 33 | 36 | 50 | 36 | 42 | 35 | 45 | 49 |
| Profit before tax | 81 | 142 | 165 | 214 | 91 | 217 | 309 | 251 | 161 | 266 | 156 | 301 | 211 |
| Tax % | 28% | 23% | 23% | 27% | 34% | 27% | 23% | 25% | 32% | 26% | 27% | 32% | 28% |
| Net Profit | 59 | 109 | 126 | 156 | 60 | 159 | 237 | 188 | 109 | 198 | 114 | 206 | 151 |
| EPS in Rs | 4.95 | 9.16 | 10.59 | 13.09 | 4.94 | 13.24 | 20.00 | 15.97 | 9.72 | 16.54 | 9.73 | 17.27 | 12.79 |
Last Updated: August 1, 2025, 10:15 am
Below is a detailed analysis of the quarterly data for Thermax Ltd based on the most recent figures (Jun 2025) and their trends compared to the previous period:
- For Sales, as of Jun 2025, the value is 2,150.00 Cr.. The value appears to be declining and may need further review. It has decreased from 3,085.00 Cr. (Mar 2025) to 2,150.00 Cr., marking a decrease of 935.00 Cr..
- For Expenses, as of Jun 2025, the value is 1,925.00 Cr.. The value appears to be improving (decreasing) as expected. It has decreased from 2,785.00 Cr. (Mar 2025) to 1,925.00 Cr., marking a decrease of 860.00 Cr..
- For Operating Profit, as of Jun 2025, the value is 225.00 Cr.. The value appears to be declining and may need further review. It has decreased from 300.00 Cr. (Mar 2025) to 225.00 Cr., marking a decrease of 75.00 Cr..
- For OPM %, as of Jun 2025, the value is 10.00%. The value remains steady. There is no change compared to the previous period (Mar 2025) which recorded 10.00%.
- For Other Income, as of Jun 2025, the value is 66.00 Cr.. The value appears to be declining and may need further review. It has decreased from 78.00 Cr. (Mar 2025) to 66.00 Cr., marking a decrease of 12.00 Cr..
- For Interest, as of Jun 2025, the value is 30.00 Cr.. The value appears to be improving (decreasing) as expected. It has decreased from 31.00 Cr. (Mar 2025) to 30.00 Cr., marking a decrease of 1.00 Cr..
- For Depreciation, as of Jun 2025, the value is 49.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 45.00 Cr. (Mar 2025) to 49.00 Cr., marking an increase of 4.00 Cr..
- For Profit before tax, as of Jun 2025, the value is 211.00 Cr.. The value appears to be declining and may need further review. It has decreased from 301.00 Cr. (Mar 2025) to 211.00 Cr., marking a decrease of 90.00 Cr..
- For Tax %, as of Jun 2025, the value is 28.00%. The value appears to be improving (decreasing) as expected. It has decreased from 32.00% (Mar 2025) to 28.00%, marking a decrease of 4.00%.
- For Net Profit, as of Jun 2025, the value is 151.00 Cr.. The value appears to be declining and may need further review. It has decreased from 206.00 Cr. (Mar 2025) to 151.00 Cr., marking a decrease of 55.00 Cr..
- For EPS in Rs, as of Jun 2025, the value is 12.79. The value appears to be declining and may need further review. It has decreased from 17.27 (Mar 2025) to 12.79, marking a decrease of 4.48.
Overall, while many items appear to show a positive trend, any significant downward movement warrant further investigation.
Profit & Loss - Annual Report
Last Updated: December 15, 2025, 4:30 am
| Metric | 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 | 5,081 | 5,304 | 5,145 | 4,483 | 4,465 | 5,973 | 5,731 | 4,791 | 6,128 | 8,090 | 9,323 | 10,389 | 10,224 |
| Expenses | 4,631 | 4,842 | 4,712 | 4,049 | 4,088 | 5,516 | 5,331 | 4,435 | 5,715 | 7,489 | 8,526 | 9,479 | 9,339 |
| Operating Profit | 450 | 462 | 433 | 434 | 377 | 457 | 401 | 356 | 414 | 601 | 797 | 910 | 885 |
| OPM % | 9% | 9% | 8% | 10% | 8% | 8% | 7% | 7% | 7% | 7% | 9% | 9% | 9% |
| Other Income | 70 | 73 | 118 | 95 | 115 | 60 | 105 | 54 | 135 | 156 | 307 | 250 | 260 |
| Interest | 39 | 82 | 12 | 10 | 13 | 14 | 15 | 21 | 25 | 38 | 88 | 117 | 122 |
| Depreciation | 92 | 134 | 72 | 82 | 82 | 92 | 117 | 115 | 113 | 117 | 148 | 159 | 181 |
| Profit before tax | 389 | 319 | 467 | 438 | 397 | 410 | 375 | 275 | 410 | 603 | 869 | 884 | 842 |
| Tax % | 44% | 54% | 31% | 36% | 42% | 21% | 43% | 25% | 24% | 25% | 26% | 29% | |
| Net Profit | 220 | 148 | 282 | 216 | 231 | 325 | 212 | 207 | 312 | 451 | 643 | 627 | 590 |
| EPS in Rs | 20.64 | 17.60 | 23.69 | 18.72 | 19.48 | 27.31 | 17.83 | 17.34 | 26.21 | 37.79 | 54.15 | 53.25 | 49.83 |
| Dividend Payout % | 29% | 40% | 24% | 30% | 29% | 24% | 37% | 38% | 32% | 25% | 21% | 25% |
YoY Net Profit Growth
| Year | 2014-2015 | 2015-2016 | 2016-2017 | 2017-2018 | 2018-2019 | 2019-2020 | 2020-2021 | 2021-2022 | 2022-2023 | 2023-2024 | 2024-2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| YoY Net Profit Growth (%) | -32.73% | 90.54% | -23.40% | 6.94% | 40.69% | -34.77% | -2.36% | 50.72% | 44.55% | 42.57% | -2.49% |
| Change in YoY Net Profit Growth (%) | 0.00% | 123.27% | -113.94% | 30.35% | 33.75% | -75.46% | 32.41% | 53.08% | -6.17% | -1.98% | -45.06% |
Thermax Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.
Growth
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 7% |
| 5 Years: | 13% |
| 3 Years: | 19% |
| TTM: | 8% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 11% |
| 5 Years: | 25% |
| 3 Years: | 28% |
| TTM: | 11% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 14% |
| 5 Years: | 34% |
| 3 Years: | 12% |
| 1 Year: | -22% |
| Return on Equity | |
|---|---|
| 10 Years: | 11% |
| 5 Years: | 12% |
| 3 Years: | 13% |
| Last Year: | 14% |
Last Updated: September 5, 2025, 1:46 pm
Balance Sheet
Last Updated: December 4, 2025, 2:07 am
| Month | 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 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 |
| Reserves | 2,014 | 2,123 | 2,394 | 2,515 | 2,692 | 2,992 | 3,005 | 3,229 | 3,470 | 3,846 | 4,417 | 4,914 | 5,030 |
| Borrowings | 761 | 688 | 195 | 136 | 234 | 240 | 230 | 328 | 368 | 831 | 1,277 | 1,718 | 1,811 |
| Other Liabilities | 3,142 | 3,255 | 2,554 | 2,371 | 2,980 | 3,535 | 2,693 | 2,921 | 3,598 | 4,137 | 4,424 | 5,353 | 5,325 |
| Total Liabilities | 5,942 | 6,089 | 5,166 | 5,044 | 5,929 | 6,790 | 5,951 | 6,500 | 7,458 | 8,836 | 10,141 | 12,008 | 12,188 |
| Fixed Assets | 1,527 | 1,431 | 827 | 811 | 973 | 1,312 | 1,283 | 1,242 | 1,195 | 1,248 | 1,906 | 2,806 | 2,984 |
| CWIP | 54 | 43 | 60 | 141 | 103 | 40 | 56 | 24 | 44 | 434 | 525 | 563 | 682 |
| Investments | 708 | 822 | 1,050 | 1,083 | 1,472 | 829 | 875 | 234 | 1,477 | 1,626 | 1,765 | 1,699 | 1,455 |
| Other Assets | 3,654 | 3,793 | 3,228 | 3,009 | 3,381 | 4,609 | 3,737 | 4,999 | 4,742 | 5,528 | 5,945 | 6,941 | 7,067 |
| Total Assets | 5,942 | 6,089 | 5,166 | 5,044 | 5,929 | 6,790 | 5,951 | 6,500 | 7,458 | 8,836 | 10,141 | 12,008 | 12,188 |
Below is a detailed analysis of the balance sheet data for Thermax Ltd based on the most recent figures (Sep 2025) and their trends compared to the previous period:
- For Equity Capital, as of Sep 2025, the value is 23.00 Cr.. The value remains steady. There is no change compared to the previous period (Mar 2025) which recorded 23.00 Cr..
- For Reserves, as of Sep 2025, the value is 5,030.00 Cr.. The value appears strong and on an upward trend. It has increased from 4,914.00 Cr. (Mar 2025) to 5,030.00 Cr., marking an increase of 116.00 Cr..
- For Borrowings, as of Sep 2025, the value is 1,811.00 Cr.. The value appears to be increasing, which may not be favorable. Additionally, since Reserves exceed Borrowings, this is considered a positive sign. It has increased from 1,718.00 Cr. (Mar 2025) to 1,811.00 Cr., marking an increase of 93.00 Cr..
- For Other Liabilities, as of Sep 2025, the value is 5,325.00 Cr.. The value appears to be improving (decreasing). It has decreased from 5,353.00 Cr. (Mar 2025) to 5,325.00 Cr., marking a decrease of 28.00 Cr..
- For Total Liabilities, as of Sep 2025, the value is 12,188.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 12,008.00 Cr. (Mar 2025) to 12,188.00 Cr., marking an increase of 180.00 Cr..
- For Fixed Assets, as of Sep 2025, the value is 2,984.00 Cr.. The value appears strong and on an upward trend. It has increased from 2,806.00 Cr. (Mar 2025) to 2,984.00 Cr., marking an increase of 178.00 Cr..
- For CWIP, as of Sep 2025, the value is 682.00 Cr.. The value appears strong and on an upward trend. It has increased from 563.00 Cr. (Mar 2025) to 682.00 Cr., marking an increase of 119.00 Cr..
- For Investments, as of Sep 2025, the value is 1,455.00 Cr.. The value appears to be declining and may need further review. It has decreased from 1,699.00 Cr. (Mar 2025) to 1,455.00 Cr., marking a decrease of 244.00 Cr..
- For Other Assets, as of Sep 2025, the value is 7,067.00 Cr.. The value appears strong and on an upward trend. It has increased from 6,941.00 Cr. (Mar 2025) to 7,067.00 Cr., marking an increase of 126.00 Cr..
- For Total Assets, as of Sep 2025, the value is 12,188.00 Cr.. The value appears strong and on an upward trend. It has increased from 12,008.00 Cr. (Mar 2025) to 12,188.00 Cr., marking an increase of 180.00 Cr..
Notably, the Reserves (5,030.00 Cr.) exceed the Borrowings (1,811.00 Cr.), indicating a solid financial buffer.
Overall, while many items appear to show a positive trend, any significant downward movement or items where Borrowings exceed Reserves warrant further investigation.
Cash Flow
| Month | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Free Cash Flow
| Month | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Free Cash Flow | -311.00 | -226.00 | 238.00 | 298.00 | 143.00 | 217.00 | 171.00 | 28.00 | 46.00 | -230.00 | 796.00 | 909.00 |
Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)
Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.
Financial Efficiency Indicators
| Month | 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 | 105 | 122 | 95 | 84 | 102 | 84 | 88 | 94 | 85 | 80 | 83 | 85 |
| Inventory Days | 53 | 55 | 39 | 46 | 57 | 56 | 54 | 58 | 76 | 60 | 53 | 45 |
| Days Payable | 119 | 135 | 126 | 162 | 161 | 150 | 114 | 164 | 153 | 118 | 107 | 107 |
| Cash Conversion Cycle | 40 | 42 | 7 | -32 | -3 | -10 | 28 | -11 | 8 | 21 | 29 | 24 |
| Working Capital Days | -2 | -20 | -12 | -7 | -40 | -4 | -7 | -50 | -44 | -39 | -24 | -37 |
| ROCE % | 15% | 14% | 18% | 18% | 15% | 17% | 12% | 10% | 12% | 15% | 17% | 16% |
Mutual Fund Holdings
| Fund Name | No of Shares | AUM (%) | Amount Invested (Cr) | Previous Number of Shares | Previous Date | Percentage Change |
|---|---|---|---|---|---|---|
| SBI Large Cap Fund | 2,900,000 | 1.52 | 846.83 | N/A | N/A | N/A |
| SBI Focused Fund | 2,300,000 | 1.57 | 671.62 | N/A | N/A | N/A |
| Kotak Flexicap Fund | 2,200,000 | 1.13 | 642.42 | N/A | N/A | N/A |
| SBI Midcap Fund | 1,200,000 | 1.5 | 350.41 | N/A | N/A | N/A |
| Kotak Large & Midcap Fund | 700,000 | 0.68 | 204.41 | N/A | N/A | N/A |
| SBI ELSS Tax Saver Fund | 600,000 | 0.54 | 175.21 | N/A | N/A | N/A |
| Aditya Birla Sun Life Midcap Fund | 512,065 | 2.38 | 149.53 | 492,065 | 2025-12-15 02:07:49 | 4.06% |
| ICICI Prudential Multi Asset Fund | 395,240 | 0.15 | 115.41 | 194,360 | 2025-12-14 00:12:32 | 103.35% |
| ICICI Prudential Multicap Fund | 279,644 | 0.51 | 81.66 | N/A | N/A | N/A |
| ICICI Prudential Infrastructure Fund | 272,620 | 0.98 | 79.61 | N/A | N/A | N/A |
Key Financial Ratios
| Month | Mar 25 | Mar 24 | Mar 23 | Mar 22 | Mar 21 |
|---|---|---|---|---|---|
| FaceValue | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 |
| Basic EPS (Rs.) | 56.33 | 57.30 | 39.98 | 27.73 | 18.34 |
| Diluted EPS (Rs.) | 56.31 | 57.28 | 39.98 | 27.73 | 18.34 |
| Cash EPS (Rs.) | 69.72 | 70.35 | 50.43 | 37.78 | 28.52 |
| Book Value[Excl.RevalReserv]/Share (Rs.) | 438.25 | 394.30 | 343.71 | 310.17 | 288.76 |
| Book Value[Incl.RevalReserv]/Share (Rs.) | 438.25 | 394.30 | 343.71 | 310.17 | 288.76 |
| Revenue From Operations / Share (Rs.) | 922.21 | 828.02 | 718.46 | 544.26 | 425.51 |
| PBDIT / Share (Rs.) | 102.97 | 91.47 | 67.29 | 48.70 | 41.11 |
| PBIT / Share (Rs.) | 88.90 | 78.32 | 56.92 | 38.64 | 30.94 |
| PBT / Share (Rs.) | 78.54 | 77.25 | 53.58 | 36.41 | 24.44 |
| Net Profit / Share (Rs.) | 55.65 | 57.19 | 40.05 | 27.72 | 18.35 |
| NP After MI And SOA / Share (Rs.) | 56.32 | 57.31 | 39.99 | 27.74 | 18.35 |
| PBDIT Margin (%) | 11.16 | 11.04 | 9.36 | 8.94 | 9.66 |
| PBIT Margin (%) | 9.64 | 9.45 | 7.92 | 7.10 | 7.27 |
| PBT Margin (%) | 8.51 | 9.32 | 7.45 | 6.68 | 5.74 |
| Net Profit Margin (%) | 6.03 | 6.90 | 5.57 | 5.09 | 4.31 |
| NP After MI And SOA Margin (%) | 6.10 | 6.92 | 5.56 | 5.09 | 4.31 |
| Return on Networth / Equity (%) | 12.85 | 14.53 | 11.64 | 8.94 | 6.35 |
| Return on Capital Employeed (%) | 15.64 | 16.24 | 14.46 | 11.75 | 10.13 |
| Return On Assets (%) | 5.27 | 6.35 | 5.09 | 4.18 | 3.17 |
| Long Term Debt / Equity (X) | 0.23 | 0.17 | 0.10 | 0.01 | 0.01 |
| Total Debt / Equity (X) | 0.34 | 0.28 | 0.20 | 0.10 | 0.09 |
| Asset Turnover Ratio (%) | 0.93 | 0.98 | 0.99 | 0.67 | 0.56 |
| Current Ratio (X) | 1.30 | 1.36 | 1.38 | 1.26 | 1.45 |
| Quick Ratio (X) | 1.17 | 1.20 | 1.21 | 1.07 | 1.32 |
| Inventory Turnover Ratio (X) | 13.99 | 6.70 | 5.99 | 6.04 | 4.66 |
| Dividend Payout Ratio (NP) (%) | 21.30 | 17.46 | 22.66 | 0.00 | 0.00 |
| Dividend Payout Ratio (CP) (%) | 17.04 | 14.20 | 17.99 | 0.00 | 0.00 |
| Earning Retention Ratio (%) | 78.70 | 82.54 | 77.34 | 0.00 | 0.00 |
| Cash Earning Retention Ratio (%) | 82.96 | 85.80 | 82.01 | 0.00 | 0.00 |
| Interest Coverage Ratio (X) | 9.93 | 11.76 | 20.16 | 21.79 | 22.43 |
| Interest Coverage Ratio (Post Tax) (X) | 6.37 | 7.49 | 13.00 | 13.40 | 13.55 |
| Enterprise Value (Cr.) | 41706.80 | 47521.96 | 25466.51 | 21278.41 | 13522.38 |
| EV / Net Operating Revenue (X) | 4.01 | 5.10 | 3.15 | 3.47 | 2.82 |
| EV / EBITDA (X) | 35.95 | 46.14 | 33.61 | 38.80 | 29.21 |
| MarketCap / Net Operating Revenue (X) | 3.96 | 5.07 | 3.19 | 3.57 | 3.16 |
| Retention Ratios (%) | 78.69 | 82.53 | 77.33 | 0.00 | 0.00 |
| Price / BV (X) | 8.34 | 10.64 | 6.67 | 6.26 | 4.66 |
| Price / Net Operating Revenue (X) | 3.96 | 5.07 | 3.19 | 3.57 | 3.16 |
| EarningsYield | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
After reviewing the key financial ratios for Thermax Ltd, here is a detailed analysis based on the latest available data and recent trends:
- For FaceValue, as of Mar 25, the value is 2.00. This value is within the healthy range. There is no change compared to the previous period (Mar 24) which recorded 2.00.
- For Basic EPS (Rs.), as of Mar 25, the value is 56.33. This value is within the healthy range. It has decreased from 57.30 (Mar 24) to 56.33, marking a decrease of 0.97.
- For Diluted EPS (Rs.), as of Mar 25, the value is 56.31. This value is within the healthy range. It has decreased from 57.28 (Mar 24) to 56.31, marking a decrease of 0.97.
- For Cash EPS (Rs.), as of Mar 25, the value is 69.72. This value is within the healthy range. It has decreased from 70.35 (Mar 24) to 69.72, marking a decrease of 0.63.
- For Book Value[Excl.RevalReserv]/Share (Rs.), as of Mar 25, the value is 438.25. It has increased from 394.30 (Mar 24) to 438.25, marking an increase of 43.95.
- For Book Value[Incl.RevalReserv]/Share (Rs.), as of Mar 25, the value is 438.25. It has increased from 394.30 (Mar 24) to 438.25, marking an increase of 43.95.
- For Revenue From Operations / Share (Rs.), as of Mar 25, the value is 922.21. It has increased from 828.02 (Mar 24) to 922.21, marking an increase of 94.19.
- For PBDIT / Share (Rs.), as of Mar 25, the value is 102.97. This value is within the healthy range. It has increased from 91.47 (Mar 24) to 102.97, marking an increase of 11.50.
- For PBIT / Share (Rs.), as of Mar 25, the value is 88.90. This value is within the healthy range. It has increased from 78.32 (Mar 24) to 88.90, marking an increase of 10.58.
- For PBT / Share (Rs.), as of Mar 25, the value is 78.54. This value is within the healthy range. It has increased from 77.25 (Mar 24) to 78.54, marking an increase of 1.29.
- For Net Profit / Share (Rs.), as of Mar 25, the value is 55.65. This value is within the healthy range. It has decreased from 57.19 (Mar 24) to 55.65, marking a decrease of 1.54.
- For NP After MI And SOA / Share (Rs.), as of Mar 25, the value is 56.32. This value is within the healthy range. It has decreased from 57.31 (Mar 24) to 56.32, marking a decrease of 0.99.
- For PBDIT Margin (%), as of Mar 25, the value is 11.16. This value is within the healthy range. It has increased from 11.04 (Mar 24) to 11.16, marking an increase of 0.12.
- For PBIT Margin (%), as of Mar 25, the value is 9.64. This value is below the healthy minimum of 10. It has increased from 9.45 (Mar 24) to 9.64, marking an increase of 0.19.
- For PBT Margin (%), as of Mar 25, the value is 8.51. This value is below the healthy minimum of 10. It has decreased from 9.32 (Mar 24) to 8.51, marking a decrease of 0.81.
- For Net Profit Margin (%), as of Mar 25, the value is 6.03. This value is within the healthy range. It has decreased from 6.90 (Mar 24) to 6.03, marking a decrease of 0.87.
- For NP After MI And SOA Margin (%), as of Mar 25, the value is 6.10. This value is below the healthy minimum of 8. It has decreased from 6.92 (Mar 24) to 6.10, marking a decrease of 0.82.
- For Return on Networth / Equity (%), as of Mar 25, the value is 12.85. This value is below the healthy minimum of 15. It has decreased from 14.53 (Mar 24) to 12.85, marking a decrease of 1.68.
- For Return on Capital Employeed (%), as of Mar 25, the value is 15.64. This value is within the healthy range. It has decreased from 16.24 (Mar 24) to 15.64, marking a decrease of 0.60.
- For Return On Assets (%), as of Mar 25, the value is 5.27. This value is within the healthy range. It has decreased from 6.35 (Mar 24) to 5.27, marking a decrease of 1.08.
- For Long Term Debt / Equity (X), as of Mar 25, the value is 0.23. This value is within the healthy range. It has increased from 0.17 (Mar 24) to 0.23, marking an increase of 0.06.
- For Total Debt / Equity (X), as of Mar 25, the value is 0.34. This value is within the healthy range. It has increased from 0.28 (Mar 24) to 0.34, marking an increase of 0.06.
- For Asset Turnover Ratio (%), as of Mar 25, the value is 0.93. It has decreased from 0.98 (Mar 24) to 0.93, marking a decrease of 0.05.
- For Current Ratio (X), as of Mar 25, the value is 1.30. This value is below the healthy minimum of 1.5. It has decreased from 1.36 (Mar 24) to 1.30, marking a decrease of 0.06.
- For Quick Ratio (X), as of Mar 25, the value is 1.17. This value is within the healthy range. It has decreased from 1.20 (Mar 24) to 1.17, marking a decrease of 0.03.
- For Inventory Turnover Ratio (X), as of Mar 25, the value is 13.99. This value exceeds the healthy maximum of 8. It has increased from 6.70 (Mar 24) to 13.99, marking an increase of 7.29.
- For Dividend Payout Ratio (NP) (%), as of Mar 25, the value is 21.30. This value is within the healthy range. It has increased from 17.46 (Mar 24) to 21.30, marking an increase of 3.84.
- For Dividend Payout Ratio (CP) (%), as of Mar 25, the value is 17.04. This value is below the healthy minimum of 20. It has increased from 14.20 (Mar 24) to 17.04, marking an increase of 2.84.
- For Earning Retention Ratio (%), as of Mar 25, the value is 78.70. This value exceeds the healthy maximum of 70. It has decreased from 82.54 (Mar 24) to 78.70, marking a decrease of 3.84.
- For Cash Earning Retention Ratio (%), as of Mar 25, the value is 82.96. This value exceeds the healthy maximum of 70. It has decreased from 85.80 (Mar 24) to 82.96, marking a decrease of 2.84.
- For Interest Coverage Ratio (X), as of Mar 25, the value is 9.93. This value is within the healthy range. It has decreased from 11.76 (Mar 24) to 9.93, marking a decrease of 1.83.
- For Interest Coverage Ratio (Post Tax) (X), as of Mar 25, the value is 6.37. This value is within the healthy range. It has decreased from 7.49 (Mar 24) to 6.37, marking a decrease of 1.12.
- For Enterprise Value (Cr.), as of Mar 25, the value is 41,706.80. It has decreased from 47,521.96 (Mar 24) to 41,706.80, marking a decrease of 5,815.16.
- For EV / Net Operating Revenue (X), as of Mar 25, the value is 4.01. This value exceeds the healthy maximum of 3. It has decreased from 5.10 (Mar 24) to 4.01, marking a decrease of 1.09.
- For EV / EBITDA (X), as of Mar 25, the value is 35.95. This value exceeds the healthy maximum of 15. It has decreased from 46.14 (Mar 24) to 35.95, marking a decrease of 10.19.
- For MarketCap / Net Operating Revenue (X), as of Mar 25, the value is 3.96. This value exceeds the healthy maximum of 3. It has decreased from 5.07 (Mar 24) to 3.96, marking a decrease of 1.11.
- For Retention Ratios (%), as of Mar 25, the value is 78.69. This value exceeds the healthy maximum of 70. It has decreased from 82.53 (Mar 24) to 78.69, marking a decrease of 3.84.
- For Price / BV (X), as of Mar 25, the value is 8.34. This value exceeds the healthy maximum of 3. It has decreased from 10.64 (Mar 24) to 8.34, marking a decrease of 2.30.
- For Price / Net Operating Revenue (X), as of Mar 25, the value is 3.96. This value exceeds the healthy maximum of 3. It has decreased from 5.07 (Mar 24) to 3.96, marking a decrease of 1.11.
- For EarningsYield, as of Mar 25, the value is 0.01. This value is below the healthy minimum of 5. There is no change compared to the previous period (Mar 24) which recorded 0.01.
Overall, while many metrics show healthy performance, any figures highlighted in red or significant downward trends warrant further investigation.
Strength and Weakness
| Strength | Weakness |
|---|---|
|
|
Stock Analysis
- Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in Thermax Ltd:
- Net Profit Margin: 6.03%
- Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
- ROCE: 15.64% (Industry Average ROCE: 37.74%)
- ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
- ROE%: 12.85% (Industry Average ROE: 16.87%)
- ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
- Interest Coverage Ratio (Post Tax): 6.37
- Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
- Quick Ratio: 1.17
- Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
- Stock P/E: 60.4 (Industry average Stock P/E: 50.37)
- Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
- Total Debt / Equity: 0.34
- Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
Stock Rating: - Net Profit Margin: 6.03%
About the Company - Qualitative Analysis
| INDUSTRY | ADDRESS | CONTACT |
|---|---|---|
| Engineering - General | D-13, MIDC, Industrial Area, R D Aga Road, Pune Maharashtra 411019 | Contact not found |
| Management | |
|---|---|
| Name | Position Held |
| Mrs. Meher Pudumjee | Chairperson |
| Mr. Ashish Bhandari | Managing Director & CEO |
| Mr. Pheroz Pudumjee | Non Exe.Non Ind.Director |
| Mr. Harsh Mariwala | Non-Executive, Lead Independent Director |
| Ms. Rajani Kesari | Ind. Non-Executive Director |
| Mr. S B Ravi Pandit | Ind. Non-Executive Director |
| Dr. Ravi Gopinath | Ind. Non-Executive Director |
| Mr. Shyamak R Tata | Ind. Non-Executive Director |
| Mr. Parag Shah | Ind. Non-Executive Director |
FAQ
What is the intrinsic value of Thermax Ltd?
Thermax Ltd's intrinsic value (as of 26 December 2025) is 2799.14 which is 7.07% lower the current market price of 3,012.00, indicating overvalued. Calculated using the PE ratio method, this valuation considers the company's 35,886 Cr. market cap, FY2025-2026 high/low of 4,496/2,743, reserves of ₹5,030 Cr, and liabilities of 12,188 Cr.
What is the Market Cap of Thermax Ltd?
The Market Cap of Thermax Ltd is 35,886 Cr..
What is the current Stock Price of Thermax Ltd as on 26 December 2025?
The current stock price of Thermax Ltd as on 26 December 2025 is 3,012.
What is the High / Low of Thermax Ltd stocks in FY 2025-2026?
In FY 2025-2026, the High / Low of Thermax Ltd stocks is 4,496/2,743.
What is the Stock P/E of Thermax Ltd?
The Stock P/E of Thermax Ltd is 60.4.
What is the Book Value of Thermax Ltd?
The Book Value of Thermax Ltd is 424.
What is the Dividend Yield of Thermax Ltd?
The Dividend Yield of Thermax Ltd is 0.46 %.
What is the ROCE of Thermax Ltd?
The ROCE of Thermax Ltd is 16.2 %.
What is the ROE of Thermax Ltd?
The ROE of Thermax Ltd is 13.6 %.
What is the Face Value of Thermax Ltd?
The Face Value of Thermax Ltd is 2.00.