Thermax Limited. (IN:THERMAX)
:THERMAX
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Thermax Limited.
(THERMAX)
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Rating:70Outperform
Price Target:
₹4,253.00
▲(38.55% Upside)
Action:UpgradedDate:04/15/26
The score is primarily supported by strong overall financial performance (growth and stable profitability, with improving cash generation). Technicals remain constructive given the uptrend, but overbought indicators raise near-term risk. Valuation is the main headwind due to the high P/E and low dividend yield.
Positive Factors
Consistent Revenue Growth & Stable Margins
Thermax's documented robust revenue growth and stable net margins reflect durable demand for energy, environmental and industrial utility solutions. Consistent top-line expansion with margin stability supports repeat project wins, aftermarket revenue and reinvestment capacity over a multi-quarter horizon.
Negative Factors
Rising Total Liabilities
Growing liabilities increase capital structure risk and could raise financing costs, especially if project cash flows slip. For an EPC and equipment supplier, higher liabilities reduce buffer for project overruns and working-capital swings, constraining strategic flexibility across the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent Revenue Growth & Stable Margins
Thermax's documented robust revenue growth and stable net margins reflect durable demand for energy, environmental and industrial utility solutions. Consistent top-line expansion with margin stability supports repeat project wins, aftermarket revenue and reinvestment capacity over a multi-quarter horizon.
Read all positive factors
Thermax Limited. (THERMAX) vs. iShares MSCI India ETF (INDA)
Market Cap
₹484.08B
Dividend Yield0.48%
Average Volume (3M)4.51K
Price to Earnings (P/E)41.7
Beta (1Y)0.76
Revenue Growth3.37%
EPS Growth-19.95%
CountryIN
Employees5,225
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)14.25
Shares Outstanding119,156,300
10 Day Avg. Volume3,560
30 Day Avg. Volume4,507
Financial Highlights & Ratios
PEG Ratio-37.24
Price to Book (P/B)8.10
Price to Sales (P/S)3.90
P/FCF Ratio285.46
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)73.34
Revenue Forecast (FY)₹122.64B
Thermax Limited. Business Overview & Revenue Model
Company Description
Thermax Limited provides energy, environment, and chemical solutions in India and internationally. It operates through three segments: Energy, Environment, and Chemical. The company offers vapor absorption and hybrid chillers, heat pumps, chiller-...
How the Company Makes Money
Thermax primarily makes money by selling engineered equipment, executing turnkey projects, and providing recurring products and services that support customers’ energy, utility, and environmental needs. Key revenue streams generally include: (1) S...
Thermax Limited. Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
78
Positive
Cash Flow
72
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 100.49B | 102.56B | 92.37B | 80.34B | 60.64B | 47.10B |
| Gross Profit | 42.89B | 42.18B | 37.89B | 31.79B | 23.99B | 19.86B |
| EBITDA | 11.42B | 11.57B | 10.90B | 7.57B | 5.49B | 4.11B |
| Net Income | 5.94B | 6.34B | 6.45B | 4.50B | 3.12B | 2.07B |
Balance Sheet | ||||||
| Total Assets | 121.88B | 120.38B | 101.53B | 88.39B | 74.61B | 65.07B |
| Cash, Cash Equivalents and Short-Term Investments | 25.93B | 27.22B | 23.38B | 25.24B | 17.19B | 20.43B |
| Total Debt | 18.11B | 17.18B | 12.96B | 8.31B | 3.79B | 3.39B |
| Total Liabilities | 71.28B | 70.95B | 57.13B | 49.68B | 39.69B | 32.55B |
| Stockholders Equity | 50.52B | 49.37B | 44.40B | 38.68B | 34.92B | 32.51B |
Cash Flow | ||||||
| Free Cash Flow | -3.33B | 1.40B | -5.97B | -1.90B | 2.41B | 6.86B |
| Operating Cash Flow | 633.40M | 10.43B | 2.47B | 4.60B | 3.25B | 7.69B |
| Investing Cash Flow | 1.69B | -12.41B | -5.09B | -6.80B | -4.22B | -6.36B |
| Financing Cash Flow | -1.62B | 1.24B | 2.85B | 3.49B | -205.80M | 772.40M |
Thermax Limited. Technical Analysis
Positive
3069.65
Price Trends
3204.45
Positive
3065.37
Positive
3205.21
Positive
Market Momentum
231.92
Negative
81.33
Negative
96.04
Negative
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 3440.54, below the 50-day MA of 3204.45, and below the 200-day MA of 3205.21, indicating a bullish trend. The MACD of 231.92 indicates Negative momentum. The RSI at 81.33 is Negative, neither overbought nor oversold. The STOCH value of 96.04 is Negative, 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | ₹288.76B | 59.83 | ― | 0.32% | 13.28% | -2.20% | |
72 Outperform | ₹1.60T | 63.26 | ― | 0.83% | 12.35% | 4.87% | |
72 Outperform | ₹1.43T | 63.22 | ― | 1.14% | 20.23% | 18.69% | |
70 Outperform | ₹484.08B | 41.70 | ― | 0.48% | 3.37% | -19.95% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
58 Neutral | ₹1.18T | 64.16 | ― | 0.18% | 13.30% | 137.07% | |
57 Neutral | ₹221.05B | 45.47 | ― | ― | 71.99% | 119.37% |
* Industrials Sector Average
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Thermax Limited. Corporate Events
Thermax to Take Control of AI-IoT Partner Exactspace in Strategic Digital Push
Feb 27, 2026
Thermax Limited will raise its stake in Exactspace Technologies Private Limited, an IT firm developing artificial intelligence-based Industrial Internet of Things solutions for Thermax’s manufacturing customers, from 15.17% to 51% on a fully...
Thermax Publishes Q3 FY 2025-26 Analyst Call Transcript for Investors
Feb 9, 2026
Thermax Limited has notified the stock exchanges that the transcript of its Q3 FY 2025-26 analysts and investors conference call, held on February 5, 2026, has been made available on the company’s website. The disclosure, made under Regulati...
Thermax posts audio recording of February 5 investor call on website
Feb 5, 2026
Thermax Limited has announced that the audio recording of its investor conference call held on February 5, 2026, is now available on the company’s website. The disclosure, made under Regulation 30 of SEBI’s Listing Obligations and Disc...
Thermax Consolidates Wind Energy Subsidiaries Through Intragroup Merger
Feb 4, 2026
Thermax Limited has announced that the boards of its step-down subsidiaries, Jalansar Wind Energy Private Limited and Kanakal Wind Energy Private Limited, have approved a Scheme of Amalgamation under the Companies Act, 2013, subject to shareholder...
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.