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Thermax Ltd. engages in the provision of engineering solutions to the energy and environment sectors. The company is headquartered in Pune, Maharashtra and currently employs 3,497 full-time employees. is an India-based company. The firm offers integrated solutions in heating, cooling, power generation, water treatment and recycling, air pollution control, and chemicals. The company operates in four segments: Industrial Products, Industrial Infra, Green Solutions, and Chemical. The Industrial Products segment supplies packaged boilers and fired heaters, besides turnkey solutions for process heating, through a range of heating media, such as steam, thermic fluid, hot water, and hot air. The Industrial Infra segment covers its Projects and Energy Solutions and Thermax Babcock & Wilcox Energy Solutions businesses. The Green Solutions segment includes Thermax Onsite Energy Solutions Limited, which provides green utilities, such as steam, heat, treated water, chilled water, and cogeneration power, along with other utilities. The Chemical segment manufactures and markets a range of specialty chemicals to help improve processes and water use across various industries.
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“Operates in Capital Goods & Industrial Products.”
₹10,694 Cr revenue.
COGS 52.0%, employees 13.3%.
“barely 1% or so ahead in revenue compared to last year.”
“I expect to do, I would say double digit better than last year in revenue and, a reasonably good profitable quarter”
“We have the I can share that Thermax overall will grow more than 20%, this year on the order book.”
| KPI | Company | Sector Median |
|---|---|---|
| ROE | 13.0%▲ | 10.0% |
| ROCE | 15.4%▲ | 14.1% |
| Net Margin | 6.6%▲ | 5.5% |
| EBITDA Margin | 12.4%▲ | 11.8% |
| Debt To Equity | 0.41x▲ | 0.22x |
| Rev Growth 3yr | 9.9%▼ | 12.8% |
| EPS Growth 3yr | 17.0% | 17.0% |
Historical valuation data not available.
No related party data available for this company.
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| (₹ Cr) | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | ₹10,839 Cr +4.3% | ₹10,389 Cr +11.4% | ₹9,323 Cr +15.2% | ₹8,090 Cr +32.0% | ₹6,128 Cr +27.9% | ₹4,791 Cr -16.4% | ₹5,731 Cr -4.0% | ₹5,973 Cr |
| Other Income | ₹270 Cr +7.1% | ₹252 Cr +8.4% | ₹233 Cr +45.2% | ₹160 Cr +26.1% | ₹127 Cr +17.9% | ₹108 Cr +7.7% | ₹100 Cr -33.3% | ₹150 Cr |
| Total Income | ₹11,109 Cr +4.4% | ₹10,641 Cr +11.4% | ₹9,556 Cr +15.8% | ₹8,250 Cr +31.9% | ₹6,255 Cr +27.7% | ₹4,899 Cr -16.0% | ₹5,831 Cr -4.8% | ₹6,123 Cr |
| COGS | ₹5,712 Cr -1.7% | ₹5,814 Cr +11.4% | ₹5,220 Cr +12.9% | ₹4,625 Cr +32.7% | ₹3,485 Cr +37.3% | ₹2,539 Cr -17.7% | ₹3,086 Cr -7.5% | ₹3,337 Cr |
| ₹10,332 Cr +5.9% | ₹9,756 Cr +11.4% | ₹8,762 Cr +14.6% | ₹7,647 Cr +30.8% | ₹5,845 Cr +27.9% | ₹4,571 Cr -16.2% | ₹5,457 Cr -2.9% | ₹5,622 Cr | |
| Profit Before Tax | ₹839 Cr -5.2% | ₹885 Cr +1.7% | ₹870 Cr +44.2% | ₹603 Cr +47.2% | ₹410 Cr +49.0% | ₹275 Cr -26.5% | ₹375 Cr -9.0% | ₹411 Cr |
| Exceptional Items | ₹61 Cr | ₹0.00 Cr -100.0% | ₹75 Cr | ₹0.00 Cr | ₹0.00 Cr +100.0% | (₹53 Cr) | ₹0.00 Cr +100.0% | (₹90 Cr) |
| ₹248 Cr -3.8% | ₹258 Cr +14.2% | ₹226 Cr +48.2% | ₹152 Cr +55.8% | ₹98 Cr +42.5% | ₹69 Cr -57.7% | ₹162 Cr +90.8% | ₹85 Cr | |
| Net Profit | ₹591 Cr -5.8% | ₹627 Cr -2.6% | ₹643 Cr +42.7% | ₹451 Cr +44.3% | ₹312 Cr +51.2% | ₹207 Cr -2.8% | ₹212 Cr -34.7% | ₹325 Cr |
| Profit (Owners) | ₹593 Cr -6.5% | ₹634 Cr -1.7% | ₹645 Cr +43.3% | ₹450 Cr +44.2% | ₹312 Cr +51.2% | ₹207 Cr -2.8% | ₹212 Cr -34.7% | ₹325 Cr |
| Minority Interest | (₹3 Cr) +64.5% | (₹8 Cr) -271.8% | (₹2 Cr) ↓ Decline | ₹0.41 Cr | ₹0.00 Cr | ₹0.00 Cr | ₹0.00 Cr | ₹0.00 Cr |
| Other Comprehensive Income | (₹18 Cr) -656.2% | (₹2 Cr) +73.7% | (₹9 Cr) ↓ Decline | ₹0.19 Cr -97.5% | ₹8 Cr -54.9% | ₹17 Cr ↑ Recovery | (₹9 Cr) +59.6% | (₹22 Cr) |
| EPS | ₹49.80 | ₹53.25 | ₹54.15 | ₹37.79 | ₹26.21 | ₹17.34 | ₹17.83 | ₹27.31 |
| Diluted Shares | ₹12 Cr | ₹12 Cr | ₹12 Cr | ₹12 Cr | ₹12 Cr | ₹12 Cr | ₹12 Cr | ₹12 Cr |
| Profit Or Loss Of Associates | (₹0.23 Cr) +4.2% | (₹0.24 Cr) +70.7% | (₹0.82 Cr) -256.5% | (₹0.23 Cr) ↓ Decline | ₹0.13 Cr | ₹0.00 Cr | ₹0.00 Cr +100.0% | (₹1 Cr) |
Thermax Limited has informed the Exchange regarding Appointment of Mr Ravi Shankar Gopinath as Non- Executive Independent Director of the company w.e.f. November 10, 2026.
Thermax Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on July 30, 2026. Further, the company has informed the Exchange regarding voting results.
Thermax Limited has informed the Exchange about Link of Recording
Thermax Limited has informed the Exchange about Copy of Newspaper Publication
Thermax Limited has informed the Exchange about Investor Presentation
Thermax Limited has informed the Exchange about Investor Presentation
Thermax Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on July 30, 2026
Thermax Limited has informed the Exchange about Scheme of Arrangement
Thermax Limited has informed the Exchange about Demerger
Thermax Limited has informed the Exchange about Amalgamation/Merger
Thermax Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
Thermax Limited has informed the Exchange about Schedule of meet
Thermax Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
Thermax Limited has informed the Exchange regarding Cessation of Mr Kirtiraj Jilkar, Senior Management Personnel of the company w.e.f. Jun 30, 2026.
Thermax Limited has informed the Exchange about order passed by the Hon'ble National Company Law Tribunal, Mumbai Bench approving the Scheme of Merger by Absorption of Buildtech Products India Private...