THERMAX · Thermax Ltd · Misc. Capital Goods
THERMAX · Thermax Ltd · Misc. Capital Goods
As of 05 Nov close
52-week range
37.1% below 52-week high
52-week range: as of 05 Nov 2026 close.
Price chartDaily closes on the stock page.
Weighted combination of 8 measured readings. Not a probability, a rating or a forecast.
Full signal detail →Fundamentals as of 15 Sep 2026 · the company's own latest record is 52 days old
Revenue (latest Q)
₹2,303 Cr
Revenue YoY
PAT YoY
-83.4%
Operating margin
Revenue, last 8 quarters
P/E (TTM)
P/B
8
P/S (TTM)
3.8
Sector P/E
28.6
Dividend yield
+0.4%
| Company | P/E | P/B | Net margin | ROE | D/E | Div. yield |
|---|---|---|---|---|---|---|
| THERMAX (this stock) | 97.9 | 8 | +5.5% | +10.7% | 0.42 | +0.4% |
| Bharat Heavy Electricals | 92.4 | 5.6 | +6.8% | Not available from data source | 0.64 | +0.3% |
| Suzlon Energy | 25.9 | 6.9 | +18.0% | +33.2% | 0.06 | 0.0% |
| Voltas | 94.2 | 6 | +3.0% | +7.0% | 0.16 | +0.3% |
Promoter
stable
FII
rising 1q
MF
12.86% (-0.89pp)
falling 1q
Insider trades
No insider trades in the last 12 months.
Bulk/block deals
No bulk/block deals in the last 12 months.
News timeline
- mediumeconomictimes.indiatimes.com· 01 Oct 2026, 09:56 amCode red! NSE breadth breaks down as 350 out of 500 stocks crash up to 60% in two month selloff
- lowthehindubusinessline.com· 31 Jul 2026, 10:28 amThermax shares tumble 16% after Q1 profit slumps 85%
Concalls & investor presentations
AI-generatedKey takeaway: The document is a notification regarding the availability of the transcript for the Analyst/Investors conference call for Q1 FY 2026-27, which took place on July 31, 2026. It provides details about the call and directs recipients to the company's website for access to the transcript. The communication is formal and adheres to the SEBI regulations regarding disclosure requirements.
The document presented factual information without expressing any particular sentiment.
Sourced from an exchange-filed transcript, dated 06 Aug 2026. Summary is RedixFi-generated and distinct from investment advice.
Key takeaway: The investor presentation for Q1 FY 2026-27 from Thermax Limited reported a revenue of Rs. 10,694 crore and highlighted the company's operations in over 90 countries with 18 manufacturing locations. Management noted a 2% growth in order booking to Rs. 2,809 crore, driven by demand in chemicals, food & beverages, and metal & mining sectors. The presentation detailed various business highlights, including the commissioning of a multi-utility plant in Thailand and advancements in green solutions, such as a biomass boiler in Coimbatore. However, management acknowledged a lower profit for the quarter, primarily due to a Rs. 91 crore project cost overrun in the Industrial Infra segment. The document also discussed the impact of global economic conditions on business performance and the ongoing challenges in the supply chain.
The presentation included both positive business developments and challenges affecting profitability.
Sourced from an exchange-filed presentation, dated 31 Jul 2026. Summary is RedixFi-generated and distinct from investment advice.
Key takeaway: The investor presentation for Q1 FY 2026-27 from Thermax Limited reported a revenue of Rs. 10,694 crore and highlighted the company's global presence with installations in over 90 countries and 18 manufacturing locations. Management noted a 2% growth in order booking to Rs. 2,809 crore, driven by demand in the chemicals, food and beverages, and metal and mining sectors. However, the presentation indicated a decline in profit for the quarter, primarily due to a Rs. 91 crore cost overrun in the Industrial Infra segment. The Green Solutions segment saw a significant increase in order booking by 149%, attributed to improved performance and a change in reporting methodology. The document also discussed challenges such as input cost volatility and the impact of global economic conditions on business performance.
The presentation included both positive growth indicators and challenges affecting profitability.
Sourced from an exchange-filed presentation, dated 30 Jul 2026. Summary is RedixFi-generated and distinct from investment advice.
Key takeaway: The document is a notification regarding the availability of the transcript for the Analyst/Investors conference call for Q4 FY 2025-26, which took place on May 8, 2026. It was addressed to the Secretary of BSE Limited and the National Stock Exchange of India Limited, providing the respective company scrip codes. The communication emphasizes compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Company Secretary, Sangeet Hunjan, signed the document digitally, confirming its authenticity and the date of issuance.
The document presented factual information regarding the conference call transcript availability.
Sourced from an exchange-filed transcript, dated 12 May 2026. Summary is RedixFi-generated and distinct from investment advice.
Key takeaway: On May 7, 2026, Thermax Limited submitted an investor presentation for Q4 FY 2025-26, highlighting its performance and business developments. The presentation reported a revenue of Rs. 10,694 crore and noted installations in over 90 countries. Management highlighted significant orders, including a Rs. 1,600 crore boiler package for a thermal power plant in Central India and a breakthrough order for hot water driven chillers for a data center in the USA. The company reported improved profitability in the Industrial Products segment and reduced losses in Industrial Infra. Management also noted challenges such as rising input costs due to geopolitical instability and fluctuations in commodity prices. The presentation concluded with the announcement of a dividend of Rs. 14 per share and a special dividend of Rs. 6 per share, marking the company's 60th anniversary.
The presentation included both positive business highlights and challenges faced by the company.
Sourced from an exchange-filed presentation, dated 07 May 2026. Summary is RedixFi-generated and distinct from investment advice.
Key takeaway: The document is a notification regarding the availability of the transcript for the Analyst/Investors conference call for Q3 FY 2025-26, which took place on February 5, 2026. It was addressed to the BSE Limited and the National Stock Exchange of India Limited, indicating compliance with Regulation 30 of the SEBI Listing Regulations. The transcript can be accessed on the company's website. The communication was signed by Sangeet Hunjan, the Company Secretary and Compliance Officer.
The document provided factual information regarding the conference call and its transcript availability.
Sourced from an exchange-filed transcript, dated 09 Feb 2026. Summary is RedixFi-generated and distinct from investment advice.
AI Summary of Annual Report
AI-generatedThermax Limited's FY2024-25 annual report highlights a significant contingent liability of Rs. 218.45 crore from an arbitral award, with a provision of Rs. 50.63 crore made. The company has received a stay on the award's execution after depositing the full amount. Additionally, there is a demand of Rs. 1,385.47 crore from the Commissioner of Central Excise, Pune, with no provision made pending the Supreme Court's decision. The report also mentions the appointment of Ashish Bhandari as a director with a five-year agreement, including a fixed annual salary and performance-based incentives. The company has no defaults in loan repayments or interest payments and has not been declared a willful defaulter. The auditor's report emphasizes these contingent liabilities and the pending excise demand as key issues.
- Contingent liability of Rs. 218.45 crore from an arbitral award, with Rs. 50.63 crore provision made.
- Pending demand of Rs. 1,385.47 crore from the Commissioner of Central Excise, Pune, with no provision made.
- Appointment of Ashish Bhandari as director with a five-year agreement, including performance-based incentives.
- No defaults in loan repayments or interest payments, and no willful defaulter status.
- Auditor highlights contingent liabilities and pending excise demand as key issues.
Key takeaway: Thermax Limited faces significant contingent liabilities and pending excise demands, which could affect its financial stability, despite no current defaults in loan repayments.
The following annual report excerpts provide qualitative strategic context. Do not treat any specific financial figures in these excerpts as authoritative — they may be incorrectly labeled due to PDF table extraction limitations. For precise financial data, refer to the structured fundamentals data above.
Governance disclosures
AI-generatedNeeds attention
Auditor Qualification (2 items)
Items of these kinds are disclosed in the filings. This is a count of disclosed items. It is not a finding about the company and its cause has not been independently established.
Auditor Qualification
2 occurrencesEarlier (1-3 years ago)
The auditor indicates that the matter described in the 'Emphasis of Matter' paragraph may have an adverse effect on the functioning of the Company.
The auditor mentions that the Company's back-up of books and records (employee reimbursement system) maintained in electronic mode has not been maintained on servers physically located in India on a daily basis as mentioned in Note 43(A) of the standalone financial statements.
Routine disclosures
Contingent Liability
4 occurrencesRecent (last 12 months)
The company has assets pledged as security for borrowings, including hypothecation of inventories, book debts, and other movable assets, and short-term borrowings secured by a letter of comfort from the Holding Company.
Earlier (1-3 years ago)
The company has short term borrowings of Rs. 2.22 (as of March 31, 2025) secured by a letter of comfort from the Holding Company, with a fixed repayment date. Additionally, there is an overdraft of Rs. 2.49 secured by a charge on current assets, repayable on demand.
As at March 31, 2024, a subsidiary of Thermax Limited has not complied with some covenants under loan agreements for non-current borrowings of Rs. 40.37. The subsidiary received confirmation from the bank that the borrowing will not be recalled as a consequence of such breaches.
Older (3+ years ago)
The subsidiary has received an income tax assessment order for AY 2017-18, adding back income of Rs. 97.93 crore for sales to related parties and Rs. 107.19 crore on share premium, with an appeal filed with ITAT. The company expects no outflow based on tax expert advice.
Related-Party Transaction
4 occurrencesRecent (last 12 months)
The company paid Rs. 90.06 crore in dividends to RDA Holdings Pvt. Ltd. in the year ended March 31, 2026.
Earlier (1-3 years ago)
The company has related party transactions with EverEnviro Resource Management Private Limited, Elgi Equipments Limited, Marico Limited, Exactspace Technologies Private Limited, Vebro Polymers Holdings Limited, UK, and Covacsis Technologies Private Limited, where the transaction amounts are 10% or more of the total.
The company paid dividends to RDA Holdings Private Limited and Employee Welfare and ESOP Trust, amounting to Rs. 64.33 and Rs. 6.54 respectively, which were excluded from the table.
Older (3+ years ago)
The company received Rs. 0.43 crore in employee cost reimbursement from TBWES during the year.
Statutory dues in dispute
4 occurrencesRecent (last 12 months)
The company has disputed statutory dues under various acts, including Excise Duty, Income Tax, Sales Tax, Service Tax, and Goods and Services Tax, with amounts ranging from 0.02 to 4.10 crores, pending in various forums such as High Courts, Supreme Court, and Appellate Tribunals.
Earlier (1-3 years ago)
The company has disputed dues of various statutory obligations, including goods and services tax, provident fund, employees’ state insurance, income-tax, sales-tax, service tax, duty of custom, duty of excise, value added tax, cess, and other statutory dues, amounting to Rs. in Crore, with the period to which the amount relates specified.
The company has not deposited certain statutory dues on account of disputes, with details provided under (b) of the excerpt.
Older (3+ years ago)
The company has disputed dues of various statutory taxes, including income tax and excise duty, with amounts ranging from Rs. 5.31 crore to Rs. 21.62 crore, pending in various forums such as the Supreme Court, High Court, and Appellate Tribunal.
Promoter Share Pledge
1 occurrenceRecent (last 12 months)
0.4% of promoter holding pledged (quarter 2026-Q3 as of 2026-07-18).