Share Price and Basic Stock Data
Last Updated: January 15, 2026, 4:04 am
| PEG Ratio | 4.35 |
|---|
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 market capitalization of ₹35,411 Cr and a current price of ₹2,972 per share. The company has shown robust growth in sales, which stood at ₹8,090 Cr for FY 2023, increasing to ₹9,323 Cr for FY 2024, and is projected to reach ₹10,389 Cr for FY 2025. The quarterly sales figures indicate a strong performance, with ₹2,764 Cr recorded in March 2024, followed by ₹2,184 Cr in June 2024, and ₹2,616 Cr in September 2024. The sales performance, particularly in the last quarter of FY 2023, reflects a year-on-year growth trend that is consistent with the industry’s demand for engineering solutions. This upward trajectory in revenue is indicative of the company’s expanding market presence and operational capabilities, positioning Thermax as a key player in the engineering domain.
Profitability and Efficiency Metrics
Thermax’s profitability metrics reflect a solid operational performance, with a reported operating profit margin (OPM) of 9% for FY 2023 and 9% projected for FY 2024. The net profit for FY 2023 was ₹451 Cr, rising to ₹643 Cr for FY 2024, demonstrating a significant increase in profitability. The company maintained an impressive return on equity (ROE) of 13.6% and return on capital employed (ROCE) of 16.2%, showcasing efficient use of capital. The interest coverage ratio (ICR) stood at 9.93 times, indicating strong earnings relative to interest expenses, which were ₹38 Cr in FY 2023. Additionally, the cash conversion cycle (CCC) was recorded at 24 days, suggesting efficient management of working capital. Overall, these profitability and efficiency metrics position Thermax favorably within its sector, although the P/E ratio of 59.6 suggests high market expectations that may pose risks if growth slows.
Balance Sheet Strength and Financial Ratios
Thermax’s balance sheet reflects a healthy financial position, with total assets amounting to ₹12,008 Cr as of March 2025. The company reported reserves of ₹5,030 Cr, indicating a solid retained earnings base to support future growth. Borrowings stood at ₹1,811 Cr, resulting in a low debt-to-equity ratio of 0.34, which is favorable compared to industry norms. The book value per share increased to ₹438.25, further enhancing shareholder value. Key financial ratios indicate stability; the current ratio was reported at 1.30, signifying adequate liquidity to meet short-term obligations. However, the high price-to-book value (P/BV) ratio of 8.34x could indicate overvaluation risks, especially if earnings growth does not meet market expectations. Overall, Thermax’s balance sheet exhibits strength, but careful monitoring of leverage and valuation metrics is essential.
Shareholding Pattern and Investor Confidence
Thermax’s shareholding pattern reveals a stable and diverse ownership structure, with promoters holding 61.99% of the equity. Foreign institutional investors (FIIs) owned 13.44%, while domestic institutional investors (DIIs) accounted for 13.95% as of September 2025. The public and other investors constituted 5.16% and 5.46% respectively. The increase in FII holdings from 12.27% in December 2022 to 15.86% by March 2025 reflects growing investor confidence in the company’s growth prospects. The number of shareholders rose from 39,943 in December 2022 to 71,208 by September 2025, further indicating increased interest in the stock. This encouraging trend in shareholding, coupled with consistent promoter support, enhances the company’s credibility and can positively impact its market performance. Nevertheless, the concentration of ownership among promoters may raise concerns about governance and decision-making transparency.
Outlook, Risks, and Final Insight
Thermax Ltd has positioned itself well for future growth, driven by increasing revenue and strong profitability metrics. However, potential risks include the high P/E ratio, which may lead to volatility if growth expectations are not met. Additionally, the reliance on domestic markets amidst global economic uncertainties could present challenges. The company’s ability to manage rising input costs and maintain operational efficiency will be critical in sustaining its profit margins. On the positive side, Thermax’s strong balance sheet and healthy cash flow provide a solid foundation for pursuing growth opportunities, including expansions or strategic acquisitions. Overall, while the outlook remains optimistic based on current data, vigilant monitoring of market conditions and internal performance metrics will be essential for navigating potential headwinds.
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 | 211 Cr. | 620 | 1,028/540 | 16.8 | 218 | 0.48 % | 25.5 % | 22.5 % | 5.00 |
| Miven Machine Tools Ltd | 24.9 Cr. | 83.0 | 112/58.9 | 19.4 | 0.00 % | % | % | 10.0 | |
| Incon Engineers Ltd | 6.52 Cr. | 15.1 | 16.4/9.31 | 1.25 | 0.00 % | 64.2 % | % | 10.0 | |
| Hittco Tools Ltd | 7.97 Cr. | 12.9 | 16.0/10.3 | 4.68 | 0.00 % | 3.21 % | 0.29 % | 10.0 | |
| Harshil Agrotech Ltd | 45.7 Cr. | 0.49 | 6.33/0.48 | 5.50 | 1.27 | 0.00 % | 17.4 % | 16.4 % | 1.00 |
| Industry Average | 3,757.58 Cr | 463.39 | 36.87 | 119.01 | 0.30% | 37.74% | 16.87% | 6.04 |
Quarterly Result
| Metric | 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 | 2,075 | 2,049 | 2,311 | 1,933 | 2,302 | 2,324 | 2,764 | 2,184 | 2,616 | 2,508 | 3,085 | 2,158 | 2,474 |
| Expenses | 1,935 | 1,888 | 2,111 | 1,801 | 2,098 | 2,137 | 2,491 | 2,044 | 2,338 | 2,319 | 2,785 | 1,933 | 2,302 |
| Operating Profit | 140 | 161 | 200 | 132 | 204 | 187 | 273 | 141 | 278 | 188 | 300 | 225 | 172 |
| OPM % | 7% | 8% | 9% | 7% | 9% | 8% | 10% | 6% | 11% | 8% | 10% | 10% | 7% |
| Other Income | 40 | 42 | 58 | 2 | 66 | 185 | 55 | 84 | 60 | 32 | 78 | 66 | 85 |
| Interest | 8 | 9 | 14 | 13 | 20 | 27 | 28 | 27 | 29 | 29 | 31 | 30 | 32 |
| Depreciation | 30 | 29 | 29 | 29 | 33 | 36 | 50 | 36 | 42 | 35 | 45 | 49 | 51 |
| Profit before tax | 142 | 165 | 214 | 91 | 217 | 309 | 251 | 161 | 266 | 156 | 301 | 211 | 174 |
| Tax % | 23% | 23% | 27% | 34% | 27% | 23% | 25% | 32% | 26% | 27% | 32% | 28% | 31% |
| Net Profit | 109 | 126 | 156 | 60 | 159 | 237 | 188 | 109 | 198 | 114 | 206 | 151 | 119 |
| EPS in Rs | 9.16 | 10.59 | 13.09 | 4.94 | 13.24 | 20.00 | 15.97 | 9.72 | 16.54 | 9.73 | 17.27 | 12.79 | 10.04 |
Last Updated: December 28, 2025, 8:04 pm
Below is a detailed analysis of the quarterly data for Thermax Ltd based on the most recent figures (Sep 2025) and their trends compared to the previous period:
- For Sales, as of Sep 2025, the value is 2,474.00 Cr.. The value appears strong and on an upward trend. It has increased from 2,158.00 Cr. (Jun 2025) to 2,474.00 Cr., marking an increase of 316.00 Cr..
- For Expenses, as of Sep 2025, the value is 2,302.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 1,933.00 Cr. (Jun 2025) to 2,302.00 Cr., marking an increase of 369.00 Cr..
- For Operating Profit, as of Sep 2025, the value is 172.00 Cr.. The value appears to be declining and may need further review. It has decreased from 225.00 Cr. (Jun 2025) to 172.00 Cr., marking a decrease of 53.00 Cr..
- For OPM %, as of Sep 2025, the value is 7.00%. The value appears to be declining and may need further review. It has decreased from 10.00% (Jun 2025) to 7.00%, marking a decrease of 3.00%.
- For Other Income, as of Sep 2025, the value is 85.00 Cr.. The value appears strong and on an upward trend. It has increased from 66.00 Cr. (Jun 2025) to 85.00 Cr., marking an increase of 19.00 Cr..
- For Interest, as of Sep 2025, the value is 32.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 30.00 Cr. (Jun 2025) to 32.00 Cr., marking an increase of 2.00 Cr..
- For Depreciation, as of Sep 2025, the value is 51.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 49.00 Cr. (Jun 2025) to 51.00 Cr., marking an increase of 2.00 Cr..
- For Profit before tax, as of Sep 2025, the value is 174.00 Cr.. The value appears to be declining and may need further review. It has decreased from 211.00 Cr. (Jun 2025) to 174.00 Cr., marking a decrease of 37.00 Cr..
- For Tax %, as of Sep 2025, the value is 31.00%. The value appears to be increasing, which may not be favorable. It has increased from 28.00% (Jun 2025) to 31.00%, marking an increase of 3.00%.
- For Net Profit, as of Sep 2025, the value is 119.00 Cr.. The value appears to be declining and may need further review. It has decreased from 151.00 Cr. (Jun 2025) to 119.00 Cr., marking a decrease of 32.00 Cr..
- For EPS in Rs, as of Sep 2025, the value is 10.04. The value appears to be declining and may need further review. It has decreased from 12.79 (Jun 2025) to 10.04, marking a decrease of 2.75.
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: 59.6 (Industry average Stock P/E: 36.87)
- 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 15 January 2026) is ₹2762.34 which is 7.05% lower the current market price of ₹2,972.00, indicating overvalued. Calculated using the PE ratio method, this valuation considers the company's ₹35,411 Cr. market cap, FY2025-2026 high/low of ₹4,247/2,743, 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 35,411 Cr..
What is the current Stock Price of Thermax Ltd as on 15 January 2026?
The current stock price of Thermax Ltd as on 15 January 2026 is ₹2,972.
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 ₹4,247/2,743.
What is the Stock P/E of Thermax Ltd?
The Stock P/E of Thermax Ltd is 59.6.
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 0.47 %.
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.