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Thermax Ltd. (Industry - Engineering - Industrial Equipments)

2,938 -20.45 (-0.69%)

Market Cap
₹ 35,008.12 Cr.
P/E Ratio
51.76
Current Price
₹ 2,938
Open
₹ 2,945.4
High
₹ 2,971.1
Prev Close
₹ 2,958.45
Quantity Traded
3,142
52 High
₹ 3,943.35
52 Low
₹ 2,774.1
Dividend Yield
0.47%
EBITDA Margin
11.68%
ROE
13.81%
Book Value
₹ 355.59
Face Value
₹ 2

Shareholding

Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Promoters61.9861.9861.9861.9861.98
Mutual Funds UTI14.8413.9511.7512.2512.66
FII/Banks12.3613.4416.0215.8615.49
Others10.8210.6310.259.919.87

Quarterly Results

(All figures In ₹ Cr.)Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Trend 2024-25
Sales1,737.641,310.951,518.761,452.711,971.651,182.661,504.61,599.01
Other Income51.8568.5337.4840.8755.6534.85178.0538.7
Operating Profit186.8140.94164.48151.31272.4789.48284.05177.62
Interest6.755.978.38.498.643.45.018.49
Depreciation19.4818.7920.3118.9320.3624.1625.6327.02
Taxation32.0230.227.9420.7162.1515.4527.4952.01
Net Profit / Loss128.5585.98107.93103.18275.0546.47225.92175.48

Annual Results

(All figures In ₹ Cr.)Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Trend 2021-25
Sales3,131.484,015.395,141.165,821.936,254.07
Other Income140.53138.67136.34196.18202.53
Operating Profit358.51350.58517.02674.56729.2
Interest8.5713.3319.5823.8431.4
Depreciation63.9967.1973.1572.7478.39
Taxation41.955.27102.23142.62141
Net Profit / Loss141.02200.79329.26437.44572.14

Cash Flow

(All figures In ₹ Cr.)Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Trend 2021-25
Cash from Operating Activity409.0193.87418.6890.79374.17
Cash from Investing Activity-375.16-100.17-337.63103.39-125.94
Cash from Financing Activity62.92-52.64-81.49-51.38-393.67
Net Cash Flow96.77-58.94-0.44142.8-145.44

Balance Sheet

Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Trend 2021-25
Share Capital23.8323.8323.8323.8323.83
Reserve2,855.552,977.173,191.413,506.93,938.02
Borrowings140.75180220307.859.33
Other Liabilities1,768.551,943.632,826.722,933.863,244.71
Total Liabilities2,995.613,105.233,278.83,610.974,075.95
Fixed Assets770.68746.1713.8749.51976.77
CWIP23.3614.9744.91111.6182.71
Investments1,215.722,432.672,618.382,754.113,014.31
Other Assets71.13100.6877.8772.3890.66
Total Assets2,995.613,105.233,278.83,610.974,075.95

Financial Ratios

Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Trend 2018-25
Total Debt Mcap0.01-0.010.010.010.010.01-
EPS Growth11.26-0.070.23-12.6242.3863.9832.8630.79
EV_EBITA42.9835.3328.5657.96851.6973.8252.86
EBIT_Margin9.627.787.436.126.718.7710.3711.9
PAT_Margin5.874.554.994.556.47.519.15
ROA3.32.833.093.023.885.746.848.26

Peer Companies

Company
Market Cap (₹Cr.)
CMP (₹)
% Change
52 Week H/L
Book Value (₹)
PE (x)
35,251.79
2,938
(-0.69%)
3,943.35 / 2,774.1
355.59
50.62
96,122.36
260.55
(-5.61%)
303.7 / 178.9
72.28
125.80
18,788.56
862.6
(4.41%)
1,313.7 / 766.8
97.3
56.47
18,352.88
1,301.25
(3.05%)
1,311.1 / 576.2
219.03
36.35
15,875.45
488.75
(-2.13%)
667.6 / 463.3
38.08
46.58
13,598.49
1,786
(-1.33%)
2,114.6 / 1,268.5
411.89
58.49
10,595.73
1,159.9
(-0.64%)
1,267.25 / 890.6
110.63
42.99
10,500.79
459.65
(-1.77%)
705.7 / 374.95
88.61
22.50
10,284
1,605.05
(0.79%)
1,846.4 / 1,196.5
229.27
91.51
9,650.88
145.15
(0.87%)
159 / 134.1
28.09
NA

Broker Report

Tips
(Reco Date)
Reco Price
Target Price
CMP
(Returns)
Broker / Analyst
Investment Logic
BUY
(06 Feb 2026)
2,916
3,400
2,938
(0.75%)
ICICI Securities – Retail Equity Research
NA
(06 Feb 2026)
2,916
3,374
2,938
(NA%)
Prabhudas Lilladher Pvt. Ltd.
SELL
(05 Feb 2026)
2,916
2,900
2,938
(-0.75%)
Motilal Oswal Financial Services Limited
HOLD
(12 Nov 2025)
3,055
3,250
2,938
(-3.83%)
ICICI Securities
SELL
(12 Nov 2025)
3,061
3,000
2,938
(4.02%)
Motilal Oswal Financial Services Ltd.
BUY
(01 Aug 2025)
3,835
4,090
2,938
(-23.39%)
ICICI Securities
SELL
(12 May 2025)
3,299
3,100
2,938
(10.94%)
Motilal Oswal Securities
SELL
(04 Sep 2024)
4,384
3,968
2,938
(32.98%)
Geojit BNP Paribas
BUY
(27 Jul 2024)
5,069
4,710
2,938
(-42.04%)
Motilal Oswal Securities

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