Thermax Limited. (IN:THERMAX)
:THERMAX
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Thermax Limited.
(THERMAX)
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Rating:61Neutral
Price Target:
₹5,250.00
▲(71.03% Upside)
Action:Reiterated
Date:05/30/26
Score is held back primarily by weak and volatile cash generation (including negative free cash flow) and a very expensive valuation (high P/E, low yield). These are partly offset by a solid core financial profile and strong technical uptrend (price above key moving averages with positive momentum).
Positive Factors
Diversified revenue mix & recurring services
Thermax’s business combines engineered equipment sales, EPC project execution and recurring aftermarket/O&M services. This vertical mix builds an installed base that generates repeat service revenue, smoothing cycles and providing durable cash streams over a 2–6 month to multi-year horizon.
Negative Factors
Choppy and negative free cash flow
Negative and volatile free cash flow weakens the company’s ability to self-fund projects, pay down debt, or increase shareholder returns. Persistent working-capital needs or elevated capex that depress FCF reduce financial optionality and increase reliance on external funding if the pattern persists.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified revenue mix & recurring services
Thermax’s business combines engineered equipment sales, EPC project execution and recurring aftermarket/O&M services. This vertical mix builds an installed base that generates repeat service revenue, smoothing cycles and providing durable cash streams over a 2–6 month to multi-year horizon.
Read all positive factors
Thermax Limited. (THERMAX) vs. iShares MSCI India ETF (INDA)
Market Cap
₹559.61B
Dividend Yield0.48%
Average Volume (3M)4.51K
Price to Earnings (P/E)73.4
Beta (1Y)0.82
Revenue Growth2.87%
EPS Growth13.55%
CountryIN
Employees5,225
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)52.71
Shares Outstanding119,156,300
10 Day Avg. Volume3,560
30 Day Avg. Volume4,507
Financial Highlights & Ratios
PEG Ratio3.77
Price to Book (P/B)6.62
Price to Sales (P/S)3.44
P/FCF Ratio-84.14
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)76.63
Revenue Forecast (FY)₹125.11B
Thermax Limited. Business Overview & Revenue Model
Company Description
Thermax Limited, an Indian company with a significant global presence and its headquarters in Pune, specializes in delivering comprehensive solutions across the energy, environmental, and chemical sectors. The company operates through three princi...
How the Company Makes Money
Thermax makes money primarily by selling engineered equipment and delivering turnkey solutions and services to customers that need process heat, steam, cooling, power/utility systems, and environmental compliance systems. Key revenue streams typic...
Thermax Limited. Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
78
Positive
Cash Flow
43
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 100.49B | 106.94B | 102.56B | 92.37B | 80.34B | 60.64B |
| Gross Profit | 42.89B | 21.10B | 42.18B | 37.89B | 31.79B | 23.99B |
| EBITDA | 11.42B | 13.55B | 11.57B | 10.90B | 7.57B | 5.49B |
| Net Income | 5.94B | 7.21B | 6.34B | 6.45B | 4.50B | 3.12B |
Balance Sheet | ||||||
| Total Assets | 121.88B | 132.82B | 120.38B | 101.53B | 88.39B | 74.61B |
| Cash, Cash Equivalents and Short-Term Investments | 25.93B | 24.67B | 27.22B | 23.38B | 25.24B | 17.19B |
| Total Debt | 18.11B | 23.53B | 17.18B | 12.96B | 8.31B | 3.79B |
| Total Liabilities | 71.28B | 76.24B | 70.95B | 57.13B | 49.68B | 39.69B |
| Stockholders Equity | 50.52B | 55.50B | 49.37B | 44.40B | 38.68B | 34.92B |
Cash Flow | ||||||
| Free Cash Flow | -3.33B | -4.37B | 1.40B | -5.97B | -1.90B | 2.41B |
| Operating Cash Flow | 633.40M | 5.16B | 10.43B | 2.47B | 4.60B | 3.25B |
| Investing Cash Flow | 1.69B | -6.87B | -12.41B | -5.09B | -6.80B | -4.22B |
| Financing Cash Flow | -1.62B | 3.73B | 1.24B | 2.85B | 3.49B | -205.80M |
Thermax Limited. Technical Analysis
Positive
3069.65
Price Trends
4358.93
Positive
3713.15
Positive
3406.22
Positive
Market Momentum
106.44
Positive
54.45
Neutral
45.87
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:THERMAX, the sentiment is Positive. The current price of 3069.65 is below the 20-day moving average (MA) of 4712.34, below the 50-day MA of 4358.93, and below the 200-day MA of 3406.22, indicating a neutral trend. The MACD of 106.44 indicates Positive momentum. The RSI at 54.45 is Neutral, neither overbought nor oversold. The STOCH value of 45.87 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:THERMAX.
Thermax Limited. Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ₹148.64B | 58.12 | ― | 2.34% | 3.33% | -4.30% | |
69 Neutral | ₹151.08B | 40.47 | ― | 0.43% | 1.02% | -10.02% | |
64 Neutral | ₹1.41T | 88.23 | ― | 0.18% | 19.21% | 199.99% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | ₹559.61B | 73.44 | ― | 0.48% | 2.87% | 13.55% | |
52 Neutral | ₹350.70B | 66.44 | ― | 0.51% | 3.63% | -10.72% | |
49 Neutral | ₹449.23B | 119.55 | ― | 0.50% | -7.58% | -55.33% |
* Industrials Sector Average
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Thermax Limited. Corporate Events
Thermax Files Q4 FY 2025-26 Investor Presentation with Exchanges
May 7, 2026
Thermax Limited has released its investor presentation for the fourth quarter of FY 2025-26, in compliance with Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements. The filing, addressed to both BSE and NSE, signals ongoi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.