| 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 | Mar 2025 | Jun 2025 |
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 | 3,163 | 2,216 |
| 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 | 2,785 | 1,925 |
| 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 | 377 | 291 |
| 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 % | 10 % | 10 % |
| 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 | 45 | 49 |
| 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 | 31 | 30 |
| 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 | 301 | 212 |
| 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 | 95 | 60 |
| 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 | 206 | 151 |
| 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 | 18.27 | 13.53 |
Thermax
Thermax
3,859.00
-81.40
(-2.07%)
Q1 Quarterly Results are out. Check out the updated financials12 hours ago
Show All
Market Cap
45,982.42 Cr
EPS
56.33
PE Ratio
73.78
Dividend Yield
0.36 %
Industry
Capital Goods52 Week High
5,719.00
52 Week Low
2,950.05
PB Ratio
9.51
Debt to Equity
0.32
Sector
Electrical Equipment
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
Company News
View All News
Thermax has outlined plans for long-term green energy expansion, supported by an order backlog of ₹11,376 crore. The company is focusing on clean hydrogen technology, biomass boilers, and waste heat recovery solutions. The industrial infrastructure and green solutions segments are expected to boost profits ahead of a planned capital expenditure surge.
Thermax reported quarterly results showing EBITDA of 2.25 billion rupees compared to 1.41 billion rupees in the same period last year. The company's EBITDA margin improved to 10.47% from 6.46% year-over-year. Consolidated net profit increased to 1.52 billion rupees from 1.16 billion rupees in the previous year. However, revenue declined to 21.5 billion rupees from 21.84 billion rupees year-over-year.
Thermax Executive Council Member Pravin Karve to Retire on July 31, 20251 day ago
Thermax Limited announced that Mr. Pravin Karve, a member of the Executive Council, will retire effective July 31, 2025. Following his retirement, Karve will cease to be Senior Management Personnel of the company. The retirement represents a planned departure rather than a resignation, and the company has notified stock exchanges BSE and NSE of this leadership change.
Peer Comparison Compare Peers on Screener
Competitors | LTP | Market Cap (₹ Cr.) | P/E Ratio | Revenue (₹ Cr.) | YoY Revenue Growth % | Net Profit (₹ Cr.) | YoY Profit Growth % | RSI |
|---|---|---|---|---|---|---|---|---|
5,500.00 | #1 1,16,549.61 | 61.82 | 12,541.70 | 16.69 | 1,875 | 25.39 | 33.92 | |
3,010.80 | 1,07,220.76 | 57.51 | 23,165.00 | 15.54 | #1 2,718 | -27.46 | 36.19 | |
657.80 | 1,00,582.81 | 103.85 | 10,070.80 | 23.53 | 973 | 10.66 | 43.54 | |
21,105.00 | 94,069.97 | 177.31 | 6,442.10 | 22.78 | 384 | #1 1,165.38 | 55.74 | |
65.18 | 89,265.33 | 40.52 | 6,567.50 | 9.64 | 660 | 364.78 | 38.52 | |
3,067.40 | 88,121.25 | #1 38.70 | 14,444.50 | 69.56 | 1,969 | 92.70 | 45.17 | |
234.31 | 81,588.23 | 159.93 | #1 28,804.80 | 2.45 | 534 | 3.04 | 35.02 | |
2,863.10 | 73,308.68 | 91.51 | 4,292.30 | 13.66 | 592 | 116.51 | 71.59 | |
1,021.60 | 46,051.11 | 44.46 | 6,518.75 | #1 116.74 | 876 | 55.30 | 43.61 | |
3,859.00 | #10 45,982.42 | #6 73.78 | #5 10,640.90 | #8 11.35 | #7 627 | #6 38.39 | 67.55 |
Forecast
Actual
Growth Rate
Revenue Growth
11.35 %
Net Income Growth
-2.57 %
Cash Flow Change
321.67 %
ROE
-12.49 %
ROCE
-11.24 %
EBITDA Margin (Avg.)
1.11 %
Quarterly Financial Results
Balance Sheet
| Balance Sheet | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Total Assets | 6,089 | 5,181 | 5,061 | 5,945 | 6,800 | 5,956 | 6,507 | 7,461 | 8,839 | 10,153 | 12,038 |
| Fixed Assets | 1,431 | 827 | 811 | 973 | 1,312 | 1,283 | 1,242 | 1,195 | 1,248 | 1,906 | 2,806 |
| Current Assets | 4,185 | 3,610 | 3,297 | 4,102 | 4,737 | 3,977 | 4,467 | 4,738 | 6,072 | 6,448 | 7,313 |
| Capital Work in Progress | 43 | 60 | 141 | 103 | 40 | 56 | 24 | 44 | 434 | 525 | 563 |
| Investments | 822 | 1,050 | 1,083 | 1,472 | 829 | 875 | 235 | 1,477 | 1,626 | 1,765 | 1,699 |
| Other Assets | 3,793 | 3,244 | 3,025 | 3,397 | 4,619 | 3,742 | 5,006 | 4,746 | 5,531 | 5,957 | 6,971 |
| Total Liabilities | 6,089 | 5,181 | 5,061 | 5,945 | 6,800 | 5,956 | 6,507 | 7,461 | 8,839 | 10,153 | 12,038 |
| Current Liabilities | 3,274 | 2,615 | 2,365 | 3,079 | 3,654 | 2,787 | 3,071 | 3,758 | 4,409 | 4,725 | 5,635 |
| Non Current Liabilities | 591 | 150 | 156 | 152 | 132 | 141 | 185 | 211 | 559 | 988 | 1,460 |
| Total Equity | 2,224 | 2,416 | 2,539 | 2,715 | 3,014 | 3,028 | 3,251 | 3,493 | 3,870 | 4,440 | 4,943 |
| Reserve & Surplus | 2,123 | 2,394 | 2,515 | 2,692 | 2,992 | 3,005 | 3,229 | 3,470 | 3,846 | 4,417 | 4,914 |
| Share Capital | 24 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 |
Cash Flow
| Cash Flow | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Cash Flow | 39 | 13 | 110 | 7 | 85 | -47 | 220 | -115 | 144 | 19 | -54 |
| Investing Activities | 80 | -127 | -99 | -507 | 266 | -140 | -627 | -420 | -664 | -514 | -1,220 |
| Operating Activities | 311 | 253 | 335 | 534 | -115 | 326 | 770 | 325 | 460 | 247 | 1,043 |
| Financing Activities | -351 | -112 | -126 | -20 | -65 | -232 | 77 | -21 | 349 | 285 | 124 |
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 | Mar 2025 | Jun 2025 |
| 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 % | 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 % | 15.86 % | 16.02 % |
| 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 % | 12.25 % | 11.75 % |
| 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 % | 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 % | 3.71 % | 4.00 % |
| 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 % | 6.19 % | 6.26 % |
| 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 | 53,687 | 62,986 |
Dividend History
Dividends per share (FY)
Dividend yield (FY) %
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 | 14 |
| Dividend Yield (%) | 0.00 | 0.53 | 0.62 | 0.95 | 0.52 | 0.36 | 0.4 | 0.24 | 0.33 | 0.36 |
Corporate Action
| Record Date | Corporate Action | Information | Announcement Day | LTP at Annoucement | LTP at Record Day |
|---|---|---|---|---|---|
| 31 Jul 2025 |  Quarterly Result Announcement | NA | 31 Jul 2025 | 3,446.20 | 3,836.10 |
| 31 Jul 2025 |  Annual General Meeting | NA | 31 Jul 2025 | 3,461.00 | 3,836.10 |
| 04 Jul 2025 |  Dividend | ₹ 14.00 /share | 04 Jul 2025 | 3,156.10 | 3,483.90 |
| 09 May 2025 | Quarterly Result Announcement | NA | 09 May 2025 | 3,366.40 | 3,156.10 |
| 04 Feb 2025 | Quarterly Result Announcement | NA | 04 Feb 2025 | 3,900.10 | 3,576.05 |
| 13 Nov 2024 | Quarterly Result Announcement | NA | 13 Nov 2024 | 5,149.35 | 5,111.70 |
| 01 Aug 2024 | Annual General Meeting | NA | 01 Aug 2024 | 5,619.25 | 5,071.80 |
| 05 Jul 2024 | Dividend | ₹ 12.00 /share | 05 Jul 2024 | 4,486.45 | 5,289.00 |
| 21 Jul 2023 | Dividend | ₹ 10.00 /share | 21 Jul 2023 | 2,429.80 | 2,432.60 |
| 22 Jul 2022 | Dividend | ₹ 9.00 /share | 21 Jul 2022 | 2,139.45 | 2,185.45 |
| 23 Jul 2021 | Dividend | ₹ 7.00 /share | 22 Jul 2021 | 1,408.95 | 1,425.35 |
Announcements
Shareholder Meeting / Postal Ballot-Outcome of AGM
17 hours ago
17 hours agoAnnouncement under Regulation 30 (LODR)-Investor Presentation20 hours ago
20 hours agoResults Of Thermax Limited For The Quarter Ended June 30 2025.20 hours ago
20 hours agoBoard Meeting Outcome for Outcome Of The Board Meeting20 hours ago
20 hours agoAnnouncement under Regulation 30 (LODR)-Change in Management1 day ago
1 day agoAnnouncement under Regulation 30 (LODR)-Acquisition7 days ago
7 days agoAnnouncement under Regulation 30 (LODR)-Acquisition8 days ago
8 days agoAnnouncement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationJul 18, 2025
Jul 18, 2025Corrigendum To The Annual Report FY 2024-25Jul 15, 2025
Jul 15, 2025Announcement under Regulation 30 (LODR)-Newspaper PublicationJul 11, 2025
Jul 11, 2025Announcement under Regulation 30 (LODR)-RestructuringJul 08, 2025
Jul 08, 2025Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018Jul 08, 2025
Jul 08, 2025Board Meeting Intimation for Un-Audited Standalone And Consolidated Financial Results For The Quarter Ended June 30 2025.Jul 08, 2025
Jul 08, 2025Announcement under Regulation 30 (LODR)-Newspaper PublicationJul 06, 2025
Jul 06, 2025Business Responsibility and Sustainability Reporting (BRSR)Jul 05, 2025
Jul 05, 202544Th Annual General Meeting Of Thermax Limited Scheduled To Be Held On July 31 2025Jul 05, 2025
Jul 05, 2025Reg. 34 (1) Annual Report.Jul 05, 2025
Jul 05, 2025Closure of Trading WindowJun 27, 2025
Jun 27, 2025Appointment of Company Secretary and Compliance OfficerJun 27, 2025
Jun 27, 2025Board Meeting Outcome for Outcome Of The Board MeetingJun 27, 2025
Jun 27, 2025Announcement under Regulation 30 (LODR)-RestructuringJun 21, 2025
Jun 21, 2025Disclosures under Reg. 29(2) of SEBI (SAST) Regulations 2011Jun 13, 2025
Jun 13, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationMay 29, 2025
May 29, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationMay 29, 2025
May 29, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationMay 26, 2025
May 26, 2025Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPSMay 20, 2025
May 20, 2025Announcement under Regulation 30 (LODR)-Newspaper PublicationMay 20, 2025
May 20, 2025Announcement under Regulation 30 (LODR)-Earnings Call TranscriptMay 16, 2025
May 16, 2025Compliances-Reg.24(A)-Annual Secretarial ComplianceMay 14, 2025
May 14, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - OutcomeMay 12, 2025
May 12, 2025Announcement under Regulation 30 (LODR)-Newspaper PublicationMay 10, 2025
May 10, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationMay 09, 2025
May 09, 2025Announcement Under Regulation 30 Of SEBI (LODR) Regulations 2015May 09, 2025
May 09, 2025Announcement under Regulation 30 (LODR)-Investor PresentationMay 09, 2025
May 09, 2025Announcement under Regulation 30 (LODR)-Change in DirectorateMay 09, 2025
May 09, 2025Announcement under Regulation 30 (LODR)-Change in ManagementMay 09, 2025
May 09, 2025Announcement Under Regulation 30May 09, 2025
May 09, 2025Intimation Of Record DateMay 09, 2025
May 09, 2025Corporate Action-Board approves DividendMay 09, 2025
May 09, 2025Results Of Thermax Limited For Quarter And Year Ended March 31 2025May 09, 2025
May 09, 2025Board Meeting Outcome for Outcome Of The Board MeetingMay 09, 2025
May 09, 2025Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPSMay 08, 2025
May 08, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationMay 07, 2025
May 07, 2025Announcement under Regulation 30 (LODR)-AcquisitionMay 07, 2025
May 07, 2025Announcement Under Regulation 30 Of SEBI (LODR) Regulations 2015May 01, 2025
May 01, 2025Announcement under Regulation 30 (LODR)-Credit RatingApr 28, 2025
Apr 28, 2025Announcement under Regulation 30 (LODR)-Resignation of Company Secretary / Compliance OfficerApr 18, 2025
Apr 18, 2025Board Meeting Intimation for Audited Financial Results For Quarter And Year Ended March 31 2025 And Recommend Final Dividend For FY 2024-25 If Any.Apr 17, 2025
Apr 17, 2025Announcement under Regulation 30 (LODR)-Updates on AcquisitionApr 11, 2025
Apr 11, 2025Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018Apr 04, 2025
Apr 04, 2025Technical Indicators
RSI(14)
Neutral 67.55
ATR(14)
Volatile 124.09
STOCH(9,6)
Neutral 50.74
STOCH RSI(14)
Neutral 54.52
MACD(12,26)
Bullish 14.88
ADX(14)
Strong Trend 29.46
UO(9)
Bearish 54.30
ROC(12)
Uptrend And Accelerating 14.41
WillR(14)
Neutral -22.12
Mutual Fund Holdings
Kotak Midcap Fund Direct-Growth 
SBI ELSS Tax Saver Fund Direct-Growth 
Edelweiss Small Cap Fund Direct - Growth 
Aditya Birla Sun Life Mid Cap Direct Fund-Growth 
Tata Nifty Midcap 150 Momentum 50 Index Fund Direct - Growth 
Mahindra Manulife Value Fund Direct-Growth 
UTI Nifty Midsmallcap 400 Momentum Quality 100 Index Fund Direct-Growth 
Nippon India Nifty 500 Equal Weight Index Fund Direct-Growth 
Motilal Oswal Nifty Midcap 150 Index Fund Direct - Growth 
ICICI Prudential Nifty Midcap 150 Index Fund Direct - Growth 
Quantum Ethical Fund Direct - Growth 
HDFC Nifty LargeMidcap 250 Index Fund Direct-Growth 
Navi Nifty Midcap 150 Index Fund Direct - Growth 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.
Website
Chairperson NameMeher P Pudumjee
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