Thermax Limited. (THERMAX) AI Stock Analysis

• Market Cap: ₹383.21B
• Dividend Yield: 0.48%
• Average Volume (3M): 4.51K
• Price to Earnings (P/E): 41.7
• Beta (1Y): 0.57
• Revenue Growth: 3.37%
• EPS Growth: -19.95%
• Country: IN
• Employees: 5,225
• Sector: Industrials
• Sector Strength: 72
• Industry: Industrial - Machinery
• EPS (TTM): 14.25
• Shares Outstanding: 119,156,300
• 10 Day Avg. Volume: 3,560
• 30 Day Avg. Volume: 4,507
• PEG Ratio: -37.24
• Price to Book (P/B): 8.10
• Price to Sales (P/S): 3.90
• P/FCF Ratio: 285.46
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 74.02
• Revenue Forecast (FY): ₹122.81B

• Rating: 58 Neutral
• Price Target: ₹3,433.00 ▲(11.84% Upside)
• Action: Reiterated Date: 11/22/25
• Date: Action: Reiterated 11/22/25

Thermax Limited's overall stock score is driven by its strong financial performance, characterized by robust revenue growth and stable profitability. However, the stock faces challenges in technical analysis, with bearish momentum and a high P/E ratio indicating potential overvaluation. The lack of earnings call data and corporate events further limits the score.

Positive Factors

Recurring revenue mix

Thermax’s business mixes capital equipment and EPC work with recurring aftermarket, service contracts and consumables. This installed-base driven revenue smooths cyclicality from one-off projects, supports predictable cash flows and enhances lifetime customer value over years.

Negative Factors

Rising liabilities

An upward trend in total liabilities signals growing leverage risk that can constrain strategic flexibility. Over time higher liabilities can increase interest costs, tighten covenant headroom and reduce capacity to finance new projects or absorb demand shocks.

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-...

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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...

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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

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

• Technical Analysis Sentiment: Positive
• Last Price: 3069.65
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: 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 3224.61, below the 50-day MA of 3080.73, and below the 200-day MA of 3192.15, indicating a bullish trend. The MACD of 51.94 indicates Positive momentum. The RSI at 57.21 is Neutral, neither overbought nor oversold. The STOCH value of 70.29 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HONAUT	74 Outperform	₹241.02B	59.83	―	0.32%	13.28%	-2.20%
ABB	72 Outperform	₹1.33T	65.67	―	0.83%	12.35%	4.87%
CUMMINSIND	72 Outperform	₹1.29T	63.22	―	1.14%	20.23%	18.69%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
THERMAX	58 Neutral	₹383.21B	41.70	―	0.48%	3.37%	-19.95%
BHEL	58 Neutral	₹882.70B	64.16	―	0.18%	13.30%	137.07%
INOXWIND	57 Neutral	₹175.78B	45.47	―	―	71.99%	119.37%

Thermax Limited. Corporate Events