What the business is, and whether it's a good one at a fair price.
Engineers, manufactures and supplies industrial products including boilers and heating equipment, and executes large industrial infrastructure projects, alongside a smaller chemicals business and an early-stage green-solutions arm. In FY26, Industrial Products generated Rs 5,096.09 cr (46.6% of segment revenue) and Industrial Infra Rs 4,348.05 cr (39.8%), while Chemicals and Green Solutions contributed Rs 757.59 cr and Rs 732.24 cr respectively. Demand is pivoting toward data centre cooling — a Rs 400+ cr boiler order was won for a US data centre project, and two more US cooling wins are expected in Q3-Q4 FY27 — while legacy PSU and government project exposure is being wound down to Rs 300-400 cr. FY26 order intake was Rs 13,871 cr, up 34.2%, and the order balance stood at Rs 14,045 cr at the end of Q1 FY27, up 23% year-on-year. Standalone exports run at 20% of turnover across 90 countries, and a new Dubai entity was set up in June 2026 for on-site project management and turnkey contracting in the Middle East. Materials are the largest cost line at 50.7% of revenue, followed by employees at 13.3% and other operating expenses at 25.1%, with capex running at 8.9% of revenue.
Measured from the filed financials, judged against its Heavy Electrical Equipment peers · as of FY26 — not investment advice
How has the market priced it — with filings on the timeline?
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
How does it stack up on valuation, returns and growth?
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Quarterly & annual P&L, balance sheet, cash flow, ratios and segments.
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Who owns it — and is the promoter stake clean?
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Answered from THERMAX LTD's filed financials and exchange disclosures
THERMAX LTD is a Electrical Equipment company listed on NSE and BSE, trading under the symbol THERMAX.
Yes. Over the trailing twelve months THERMAX LTD reported a net profit of ₹591 Cr on revenue of ₹10,839 Cr.
Yes. The dividend yield is 0.36% at the current price. It paid out 22% of its profit as dividend in FY26.
No. Debt stands at 0.41× equity, and it carries net debt of ₹1,614 Cr. That is lower than 24% of its 35 Heavy Electrical Equipment peers.
On trailing P/E, THERMAX LTD ranks 26 of 34 in Heavy Electrical Equipment — cheaper than 24% of them, against an industry median of 35.1×. This is a position, not a valuation judgement.
On a typical session THERMAX LTD moves 1.19% — that is the median absolute close-to-close move across its last 269 trading days. Announcement days are routinely larger.
Every NSE and BSE filing by THERMAX LTD appears on this page, AI-summarised, alongside the price reaction that followed it. Follow the company to get each new filing on WhatsApp within minutes.
Figures are as last reported and may lag the latest filing. Not investment advice.
