| 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 |
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 %
Industry
Capital Goods52 Week High
5,839.95
52 Week Low
2,950.05
PB Ratio
9.02
Debt to Equity
0.25
Sector
Electrical Equipment
Live Chart 
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
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 |
|---|---|---|---|---|---|---|---|---|
| 5,264.55 | 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
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
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Announcements
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s
Board Meeting Outcome for Outcome Of Board Meeting - Appointment Of Statutory Auditors
Announcement under Regulation 30 (LODR)-Memorandum of Understanding /Agreements
Announcement under Regulation 30 (LODR)-Restructuring
Announcement under Regulation 30 (LODR)-Change in Directorate
Shareholder Meeting / Postal Ballot-Scrutinizer"s Report
Announcement under Regulation 30 (LODR)-Earnings Call Transcript
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
Announcement under Regulation 30 (LODR)-Newspaper Publication
Announcement under Regulation 30 (LODR)-Investor Presentation
Integrated Filing (Financial)
Announcement Under Regulation 30 Of SEBI (LODR) Regulations 2015.
Results Of Thermax Limited For Quarter And Nine Months Ended December 31 2024
Board Meeting Outcome for Outcome Of The Board Meeting
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
Announcement under Regulation 30 (LODR)-Resignation of Company Secretary / Compliance Officer
Announcement under Regulation 30 (LODR)-Newspaper Publication
Shareholder Meeting / Postal Ballot-Notice of Postal Ballot
Integrated Filing (Governance)
Board Meeting Intimation for Approval Of Un-Audited Standalone And Consolidated Financial Statements For Quarter And Nine Months Ended December 31 2024.
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018
Closure of Trading Window
Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate
Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate
Announcement under Regulation 30 (LODR)-Change in Directorate
Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate
Announcement under Regulation 30 (LODR)-Change in Management
Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate
Announcement under Regulation 30 (LODR)-Earnings Call Transcript
Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate
Announcement under Regulation 30 (LODR)-Change in Management
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
Announcement under Regulation 30 (LODR)-Newspaper Publication
Announcement under Regulation 30 (LODR)-Investor Presentation
Thermax Limited Announcement Under Regulation 30
Unaudited Financial Results For Quarter And Half Year Ended September 30, 2024
Board Meeting Outcome for Outcome Of Board Meeting
Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
Announcement under Regulation 30 (LODR)-Press Release / Media Release
Announcement under Regulation 30 (LODR)-Acquisition
Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate
Board Meeting Intimation for Approval Of Un-Audited Consolidated And Standalone Financial Statements For Quarter And Half Year Ended September 30, 2024.
Announcement under Regulation 30 (LODR)-Change in Management
Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate
Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate
Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Announcement under Regulation 30 (LODR)-Acquisition
Announcement Under Regulation 30 Of SEBI (LODR), 2015
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.
Website
Chairperson NameMeher P Pudumjee
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