NSE: THERMAX · BSE: 500411
THERMAX LTD
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Industrial Products (47%), Industrial Infra (40%), Chemical (7%), Green Solutions (7%). Project-based capital goods and EPC with a shifting mix toward data centre cooling and away from PSU/government work.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 6,128 | 8,090 | 9,323 | 10,389 | 10,694 |
| EBITDA (ex other income) | 421 | 598 | 873 | 908 | 1,087 |
| margin % | 6.9 | 7.4 | 9.4 | 8.7 | 10.2 |
| Owners' profit | 312 | 450 | 645 | 634 | 721 |
| EPS, as reported (₹) | 27.73 | 39.98 | 57.30 | 56.33 | 63.95 |
| ROE % · ROCE % | 8.9 · 11.8 | 11.6 · 14.5 | 14.5 · 17.6 | 12.7 · 15.6 | 12.9 · 15.4 |
| Debt / equity (x) | 0.10 | 0.21 | 0.28 | 0.34 | 0.41 |
| Cash from operations | 325 | 460 | 247 | 1,043 | 542 |
| Capex | (84) | (650) | (844) | (903) | (952) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,612 | 2,508 | 3,085 | 2,150 | 2,474 | 2,635 | 3,428 | 2,303 |
| Profit before tax | 266 | 157 | 300 | 212 | 174 | 289 | 334 | 42 |
| Net profit | 198 | 114 | 206 | 151 | 119 | 205 | 244 | 22 |
| EPS (₹) | 17.49 | 10.29 | 18.27 | 13.53 | 10.62 | 18.12 | 21.68 | 2.24 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| a. Industrial Products | 5,096 | 46.6 |
| b. Industrial Infra | 4,341 | 39.7 |
| c. Green Solutions | 732 | 6.7 |
| d. Chemical | 758 | 6.9 |
| Total, before eliminations | 10,927 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BHEL | 1,41,563 | 58.2 | 5.41 | 47.1 | 6.1 | 4.7 | 14.3 | 9.3 |
| ABB INDIA LIMITED | 1,37,523 | 46.0 | 14.72 | — | 23.0 | 10.2 | — | 15.2 |
| CG POWER AND IND SOL LTD | 1,31,087 | 85.8 | 15.99 | 71.3 | 14.6 | 19.2 | 33.2 | 14.7 |
| HITACHI ENERGY INDIA LTD | 1,26,820 | 110.2 | 24.50 | — | 19.1 | 24.7 | — | 16.9 |
| SIEMENS LTD | 1,20,079 | 36.7 | 8.67 | 33.8 | 19.9 | 20.6 | 31.1 | 11.6 |
| GE VERNOVA T&D INDIA LTD | 1,04,269 | 79.9 | 38.76 | — | 45.8 | 57.9 | — | 27.4 |
| SIEMENS ENERGY INDIA LTD | 1,01,282 | 68.1 | 21.05 | — | 14.3 | 15.8 | — | 25.9 |
| SUZLON ENERGY LIMITED | 51,299 | 16.4 | 5.42 | 15.9 | 33.4 | 22.7 | 38.0 | 16.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 60.4 | 36.5 | 26 of 34 | 24% |
| P/B | 6.8 | 5.4 | 20 of 33 | 41% |
| ROCE | 13.5 | 16.6 | 21 of 36 | 43% |
| ROE | 12.9 | 14.7 | 22 of 34 | 36% |
| Debt / Equity | 0.4 | 0.1 | 26 of 34 | 24% |
| EBITDA margin | 5.9 | 16.4 | 32 of 35 | 9% |
| Revenue growth | 7.1 | 17.7 | 22 of 33 | 34% |
| Profit growth | (85.6) | 6.7 | 32 of 32 | 0% |
| Market cap | 37891 | 6267 | 9 of 35 | 77% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · Thermax files quarterly share capital reconciliation report | compliance | minimal | — | — |
| 12 Oct 2026 · Thermax files quarterly dematerialization compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 9 Oct 2026 · Thermax clarifies media report on potential partnership in green energy arm | strategic transactions | medium | — | — |
| 30 Sept 2026 · Thermax completes 100% acquisition of TSA Process Equipments | strategic transactions | high | — | — |
| 25 Sept 2026 · Thermax trading window closed ahead of Q2 FY26 results | compliance | minimal | — | — |
| 15 Sept 2026 · Thermax incorporates wholly owned step-down subsidiary in Botswana | strategic transactions | medium | — | — |
| 5 Sept 2026 · SBI Mutual Fund cuts Thermax stake by 2% to 5.60% | ownership changes | high | — | — |
| 6 Aug 2026 · Thermax submits Q1 FY26-27 earnings call transcript to exchanges | investor communications | medium | — | — |
| 31 Jul 2026 · Thermax shareholders approve re-appointment of Dr Ravi Shankar Gopinath as Independent Director | management changes | medium | — | — |
| 31 Jul 2026 · Thermax 45th AGM results: all 5 resolutions passed, Rs 20 dividend declared | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.