Thermax

3,514.90
+18.80
(0.54%)
Market Cap
41,882.25 Cr
EPS
57.30
PE Ratio
67.35
Dividend Yield
0.34 %
52 Week High
5,839.95
52 Week Low
2,950.05
PB Ratio
9.02
Debt to Equity
0.25
Add Ratio

Investment Returns

In Long Term
In Short Term
1 Year
0.00%
2 Years
0.00%
3 Years
0.00%
4 Years
0.00%
5 Years
0.00%
Analyst Rating
- By Refinitiv from20 analysts
BUY
Analysts have suggested that investors can buy this stock
Buy+45.00 %
+45.00 %
Hold+30.00 %
+30.00 %
Sell+25.00 %
+25.00 %
Competitors LTP Market Cap (₹ Cr.) P/E Ratio Revenue (₹ Cr.) YoY Revenue Growth % Net Profit (₹ Cr.) YoY Profit Growth % RSI
5,264.55 1,87,481.42 81.51 23,165.00 15.54 2,718 21.53 52.07
5,506.45 1,16,686.29 61.69 10,748.20 22.88 1,248 25.39 52.36
645.65 98,691.03 104.25 8,152.20 15.79 871 -68.18 56.15
57.73 78,786.03 65.69 6,567.50 9.64 660 91.03 56.54
213.72 74,418.66 142.15 24,439.00 2.45 282 123.38 62.56
2,397.00 68,861.78 47.72 11,632.80 69.56 1,274 260.01 60.06
12,317.65 52,204.26 171.74 5,246.80 17.02 164 497.39 49.53
1,639.10 41,968.59 85.02 3,190.50 13.66 181 189.45 60.92
930.40 41,940.05 54.06 3,171.30 116.74 231 490.74 45.75
3,514.90 41,882.25 67.35 9,556.00 15.83 643 -52.05 56.27
Growth Rate
Revenue Growth
15.83 %
Net Income Growth
42.71 %
Cash Flow Change
-46.19 %
ROE
24.38 %
ROCE
21.85 %
EBITDA Margin (Avg.)
17.43 %

Quarterly Financial Results

Quarterly Financials
Jun 2015
Sept 2015
Dec 2015
Mar 2016
Jun 2016
Sept 2016
Dec 2016
Mar 2017
Jun 2017
Sept 2017
Dec 2017
Mar 2018
Jun 2018
Sept 2018
Dec 2018
Mar 2019
Jun 2019
Sept 2019
Dec 2019
Mar 2020
Jun 2020
Sept 2020
Dec 2020
Mar 2021
Jun 2021
Sept 2021
Dec 2021
Mar 2022
Jun 2022
Sept 2022
Dec 2022
Mar 2023
Jun 2023
Sept 2023
Dec 2023
Mar 2024
Jun 2024
Sept 2024
Dec 2024
Revenue
1,248
1,277
1,202
1,541
1,002
1,106
969
1,520
896
1,057
1,141
1,488
1,067
1,463
1,468
2,126
1,414
1,628
1,436
1,354
686
1,164
1,439
1,610
1,078
1,506
1,644
2,028
1,675
2,115
2,092
2,369
1,986
2,368
2,509
2,819
2,269
2,671
2,539
Expenses
1,129
1,155
1,071
1,362
899
978
857
1,335
800
938
1,022
1,322
966
1,318
1,418
1,905
1,293
1,476
1,297
1,259
676
1,087
1,291
1,435
989
1,359
1,502
1,857
1,559
1,935
1,888
2,111
1,852
2,098
2,137
2,491
2,044
2,334
2,319
EBITDA
120
122
131
179
104
128
113
185
96
119
119
166
101
145
50
220
121
152
139
94
10
78
148
176
88
147
142
171
117
180
203
258
134
270
372
329
225
338
220
Operating Profit %
8 %
8 %
9 %
9 %
8 %
9 %
9 %
10 %
8 %
9 %
9 %
8 %
7 %
8 %
1 %
8 %
7 %
8 %
8 %
5 %
-2 %
5 %
8 %
9 %
6 %
7 %
7 %
7 %
6 %
7 %
8 %
9 %
4 %
9 %
8 %
10 %
6 %
11 %
8 %
Depreciation
18
18
19
17
19
20
20
23
19
19
21
24
21
24
23
25
26
28
32
31
28
29
29
29
27
27
29
30
29
30
29
29
29
33
36
50
36
42
35
Interest
3
4
3
3
3
2
2
3
2
5
3
4
3
4
4
4
4
4
2
5
4
5
6
6
5
5
5
10
7
8
9
14
13
20
27
28
28
29
29
Profit Before Tax
105
114
88
160
81
106
91
160
76
95
96
138
76
118
24
192
90
120
105
59
-23
44
113
140
56
114
108
132
81
142
165
214
92
218
309
251
161
266
156
Tax
51
55
34
46
32
27
38
124
36
38
38
63
27
43
-51
65
27
95
21
20
-7
13
30
33
14
26
29
29
22
33
39
58
32
59
72
63
52
68
43
Net Profit
55
59
54
114
49
78
54
35
40
57
59
76
49
75
75
127
63
26
85
39
-15
31
83
107
42
88
79
103
59
109
126
156
60
159
237
188
109
198
114
EPS in ₹
4.85
5.25
4.82
10.14
4.35
6.98
4.86
3.88
3.61
5.08
5.20
6.72
4.35
6.62
6.66
11.27
5.57
2.29
7.54
3.47
-1.36
2.78
7.39
9.53
3.77
7.80
7.06
9.10
5.23
9.70
11.20
13.85
5.23
14.00
21.17
16.90
10.28
17.49
10.29

Balance Sheet

Balance Sheet
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Total Assets
6,089
5,181
5,061
5,945
6,800
5,956
6,507
7,461
8,839
10,153
Fixed Assets
1,431
827
811
973
1,312
1,283
1,242
1,195
1,248
1,906
Current Assets
4,185
3,610
3,297
4,102
4,737
3,977
4,467
4,738
6,072
6,448
Capital Work in Progress
43
60
141
103
40
56
24
44
434
525
Investments
822
1,050
1,083
1,472
829
875
235
1,477
1,626
1,765
Other Assets
3,793
3,244
3,025
3,397
4,619
3,742
5,006
4,746
5,531
5,957
Total Liabilities
6,089
5,181
5,061
5,945
6,800
5,956
6,507
7,461
8,839
10,153
Current Liabilities
3,274
2,615
2,365
3,079
3,654
2,787
3,071
3,758
4,409
4,725
Non Current Liabilities
591
150
156
152
132
141
185
211
559
988
Total Equity
2,224
2,416
2,539
2,715
3,014
3,028
3,251
3,493
3,870
4,440
Reserve & Surplus
2,123
2,394
2,515
2,692
2,992
3,005
3,229
3,470
3,846
4,417
Share Capital
24
23
23
23
23
23
23
23
23
23

Cash Flow

Cash Flow
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Net Cash Flow
39
13
110
7
85
-47
220
-115
144
19
Investing Activities
80
-127
-99
-507
266
-140
-627
-420
-664
-514
Operating Activities
311
253
335
534
-115
326
770
325
460
247
Financing Activities
-351
-112
-126
-20
-65
-232
77
-21
349
285

Share Holding

% Holding
Mar 2021
Jun 2021
Sept 2021
Dec 2021
Mar 2022
Jun 2022
Sept 2022
Dec 2022
Mar 2023
Jun 2023
Sept 2023
Dec 2023
Mar 2024
Jun 2024
Sept 2024
Dec 2024
Promoter
61.98 %
61.98 %
61.98 %
61.98 %
61.98 %
61.98 %
61.98 %
61.98 %
61.98 %
61.98 %
61.98 %
61.98 %
61.98 %
61.98 %
61.98 %
61.98 %
FIIs
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
12.24 %
15.15 %
15.38 %
15.49 %
DIIs
12.80 %
12.77 %
12.00 %
12.72 %
13.17 %
13.21 %
15.27 %
15.34 %
15.63 %
15.46 %
15.46 %
15.71 %
15.82 %
12.88 %
12.72 %
12.66 %
Government
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
Public / Retail
4.61 %
4.52 %
4.38 %
4.37 %
4.22 %
4.08 %
4.01 %
4.09 %
3.84 %
3.91 %
3.74 %
3.83 %
3.71 %
3.78 %
3.73 %
3.67 %
Others
20.61 %
20.73 %
21.65 %
20.93 %
20.63 %
20.72 %
18.73 %
18.59 %
18.54 %
18.64 %
18.82 %
18.48 %
6.25 %
6.21 %
6.19 %
6.20 %
No of Share Holders
31,546
32,515
32,015
34,088
34,440
36,255
37,910
39,943
36,103
39,815
35,616
39,547
40,819
48,966
51,876
50,755

Dividend History

Dividends per share (FY)
Dividend yield (FY) %
Annual Cash Flows 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Dividend Per Share (₹) 0.00 6 6 7 7 7 9 10 12 0.00
Dividend Yield (%) 0.00 0.53 0.62 0.95 0.52 0.36 0.4 0.24 0.34 0.00

Corporate Action

Announcements

Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s
3 days ago
Board Meeting Outcome for Outcome Of Board Meeting - Appointment Of Statutory Auditors
3 days ago
Announcement under Regulation 30 (LODR)-Memorandum of Understanding /Agreements
Mar 10, 2025
Announcement under Regulation 30 (LODR)-Restructuring
Mar 03, 2025
Announcement under Regulation 30 (LODR)-Change in Directorate
Feb 18, 2025
Shareholder Meeting / Postal Ballot-Scrutinizer"s Report
Feb 18, 2025
Announcement under Regulation 30 (LODR)-Earnings Call Transcript
Feb 11, 2025
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
Feb 07, 2025
Announcement under Regulation 30 (LODR)-Newspaper Publication
Feb 05, 2025
Announcement under Regulation 30 (LODR)-Investor Presentation
Feb 04, 2025
Integrated Filing (Financial)
Feb 04, 2025
Announcement Under Regulation 30 Of SEBI (LODR) Regulations 2015.
Feb 04, 2025
Results Of Thermax Limited For Quarter And Nine Months Ended December 31 2024
Feb 04, 2025
Board Meeting Outcome for Outcome Of The Board Meeting
Feb 04, 2025
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
Jan 30, 2025
Announcement under Regulation 30 (LODR)-Resignation of Company Secretary / Compliance Officer
Jan 21, 2025
Announcement under Regulation 30 (LODR)-Newspaper Publication
Jan 16, 2025
Shareholder Meeting / Postal Ballot-Notice of Postal Ballot
Jan 15, 2025
Integrated Filing (Governance)
Jan 13, 2025
Board Meeting Intimation for Approval Of Un-Audited Standalone And Consolidated Financial Statements For Quarter And Nine Months Ended December 31 2024.
Jan 10, 2025
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018
Jan 07, 2025
Closure of Trading Window
Dec 27, 2024
Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate
Dec 27, 2024
Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate
Dec 13, 2024
Announcement under Regulation 30 (LODR)-Change in Directorate
Dec 12, 2024
Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate
Dec 06, 2024
Announcement under Regulation 30 (LODR)-Change in Management
Nov 30, 2024
Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate
Nov 21, 2024
Announcement under Regulation 30 (LODR)-Earnings Call Transcript
Nov 19, 2024
Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate
Nov 18, 2024
Announcement under Regulation 30 (LODR)-Change in Management
Nov 18, 2024
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
Nov 14, 2024
Announcement under Regulation 30 (LODR)-Newspaper Publication
Nov 14, 2024
Announcement under Regulation 30 (LODR)-Investor Presentation
Nov 13, 2024
Thermax Limited Announcement Under Regulation 30
Nov 13, 2024
Unaudited Financial Results For Quarter And Half Year Ended September 30, 2024
Nov 13, 2024
Board Meeting Outcome for Outcome Of Board Meeting
Nov 13, 2024
Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate
Nov 11, 2024
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
Nov 08, 2024
Announcement under Regulation 30 (LODR)-Press Release / Media Release
Oct 25, 2024
Announcement under Regulation 30 (LODR)-Acquisition
Oct 25, 2024
Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate
Oct 24, 2024
Board Meeting Intimation for Approval Of Un-Audited Consolidated And Standalone Financial Statements For Quarter And Half Year Ended September 30, 2024.
Oct 22, 2024
Announcement under Regulation 30 (LODR)-Change in Management
Oct 21, 2024
Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate
Oct 21, 2024
Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate
Oct 18, 2024
Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate
Oct 11, 2024
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Oct 07, 2024
Announcement under Regulation 30 (LODR)-Acquisition
Oct 01, 2024
Announcement Under Regulation 30 Of SEBI (LODR), 2015
Sep 27, 2024

Technical Indicators

RSI(14)
Neutral
56.27
ATR(14)
Less Volatile
167.45
STOCH(9,6)
Neutral
57.81
STOCH RSI(14)
Overbought
96.82
MACD(12,26)
Bullish
46.83
ADX(14)
Weak Trend
16.42
UO(9)
Bearish
44.87
ROC(12)
Uptrend And Accelerating
9.10
WillR(14)
Neutral
-25.16

About Thermax

Thermax Group is an Indian company founded in 1966 and headquartered in Pune. It specializes in integrated solutions for heating, cooling, power generation, water treatment, air pollution control, and chemicals. The company operates globally with 34 international and 22 domestic offices, and 14 manufacturing facilities across India, Europe, and Southeast Asia. Thermax offers services including operations and maintenance, retrofitting, revamping, upgrading, and auditing. It has expanded into digital solutions for asset lifecycle management. The company is structured into four main segments: Industrial Products, Industrial Infra, Green Solutions, and Chemical. These segments cover a range of products and services including boilers, chillers, pollution control systems, water treatment, power plants, and specialty chemicals. Thermax has a focus on clean energy, air, and water solutions, and has recently expanded into renewable energy offerings including solar, wind, and bio-CNG projects.
Chairperson NameMeher P Pudumjee