THERMAX - Thermax Ltd. Share Price

Electrical Equipment

₹3232.80-58.50(-1.78%)

Market Closed as of May 2, 2025, 15:30 IST

What does Thermax Ltd. do?

Heavy Electrical Equipment•Capital Goods•Mid Cap

Thermax is a prominent Heavy Electrical Equipment company listed on the stock market under the ticker symbol THERMAX. With a substantial market capitalization of Rs. 40,034 Crores, it specializes in providing a wide range of energy, environment, and chemical solutions both in India and globally.

The company operates through several segments, including Industrial Products, Industrial Infra, Green Solutions, and Chemicals. Its extensive product offerings encompass:

Vapour absorption and hybrid chillers
Triple effect chillers and chiller-heaters
Heat pumps and heat transformers
Evaporative condensers and closed loop cooling towers
Industrial refrigeration systems and renewable energy solutions

Furthermore, Thermax supplies various types of boilers and heaters, including:

Biomass fired and waste to energy boilers
Oil and gas fired units
Fired heaters and process furnaces

The company also addresses air pollution control and provides water and waste management solutions, alongside a range of chemicals for various industrial applications. Thermax supports multiple sectors, such as automobiles, pharmaceuticals, dairy, textiles, and power generation.

Incorporated in 1966 and headquartered in Pune, India, Thermax Limited is a subsidiary of RDA Holdings Private Limited. Over the last 12 months, the company has reported a revenue of Rs. 10,298.1 Crores and has experienced a remarkable revenue growth of 76.4% over the past three years.

Thermax is committed to returning value to its investors, offering a dividend yield of 0.54% per year, with a recent distribution of Rs. 22 dividend per share.

Industry Group:Electrical Equipment

Employees:5,225

Website:www.thermaxglobal.com

Latest News and Updates from Thermax

Updated May 2, 2025

Thermax Ltd has faced a substantial decline in its stock price, dropping over 40% due to slower growth and project losses. Despite historical strengths, the company is navigating significant challenges in its transition towards energy solutions. Upcoming index changes may further exacerbate its issues, leading to an anticipated outflow of passive funds. Investor sentiment remains cautious amid execution difficulties and heightened competition.

The Bad News

Source-Mint

Thermax's stock has declined over 40% from its post-COVID high, with a significant drop due to slower growth and project losses.

Source-Business Line

JM Financial reports that Thermax may be removed from the MSCI India Standard Index, leading to an estimated $120 million passive fund outflow.

Source-Mint

Currently, Thermax's shares are trading 18.53% lower this year and have faced a bearish trend over various time frames.

The Good News

Source-Mint

Thermax has historically shown strength in its product offerings and has significant growth over the last five years.

Source-The Financial Express

Despite recent challenges, Thermax's long-term growth trajectory over three years remains positive at 52.41%.

Source-The Financial Express

The stock has shown considerable growth of 351.36% over the last five years, indicating potential for recovery.

This information is AI-generated and may contain inaccuracies. Please verify from multiple sources.

Revenue Breakdown

Analysis of Thermax's financial performance, highlighting revenue trends, growth patterns, and key metrics through quarterly analysis.

Revenue

Last Updated: Dec 31, 2024

Description	Share	Value
b. Industrial Infra	43.6%	1.1 kCr
a. Industrial Products	41.7%	1.1 kCr
d. Chemical	7.4%	191.6 Cr
c. Green Solutions	7.3%	189.2 Cr
Total		2.6 kCr

Pros

Size: Market Cap wise it is among the top 20% companies of india.

Smart Money: Smart money has been increasing their position in the stock.

Buy Backs: Company has bought back it's stock in the past which is a good thing.

Growth: Good revenue growth. With 76.4% growth over past three years, the company is going strong.

Balance Sheet: Strong Balance Sheet.

Cons

Technicals: SharesGuru indicator is Bearish.

Momentum: Stock is suffering a negative price momentum. Stock is down -8.3% in last 30 days.

The Good, Bad and Ugly

Growth

Profitability

Size

Dilution Rank

Balance Sheet

Momentum

Technicals

Smart Money

Insider Trading

Sector Comparison: THERMAX vs Electrical Equipment

Comprehensive comparison against sector averages

Comparative Metrics

THERMAX metrics compared to Electrical

Category	THERMAX	Electrical
PE	63.63	65.72
PS	3.76	5.51
Growth	13.1 %	14.5 %

Performance Comparison

THERMAX vs Electrical (2021 - 2025)

Key Insights

1. THERMAX is among the Top 10 Heavy Electrical Equipment companies but not in Top 5.
2. The company holds a market share of 8.5% in Heavy Electrical Equipment.
3. The company is growing at an average growth rate of other Heavy Electrical Equipment companies.

Valuation
Market Cap	38.73 kCr
Price/Earnings (Trailing)	63.63
Price/Sales (Trailing)	3.76
EV/EBITDA	34.83
Price/Free Cashflow	-98.02
MarketCap/EBT	46.36

Fundamentals
Revenue (TTM)	10.3 kCr
Rev. Growth (Yr)	6.57%
Rev. Growth (Qtr)	-4.94%
Earnings (TTM)	608.73 Cr
Earnings Growth (Yr)	-52.02%
Earnings Growth (Qtr)	-42.56%

Profitability
Operating Margin	8.11%
EBT Margin	8.11%
Return on Equity	13.15%
Return on Assets	5.55%
Free Cashflow Yield	-1.02%

Investor Care
Dividend Yield	0.54%
Dividend/Share (TTM)	22
Shares Dilution (1Y)	0.00%
Diluted EPS (TTM)	54.94

Financial Health
Current Ratio	1.36
Debt/Equity	0.31
Debt/Cashflow	0.2

Share Holdings

Understand Thermax ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.

Holding Pattern

Major Shareholders

Share Holding Details

As of 2025-03-31

Shareholder Name	Holding %
RDA HOLDINGS PRIVATE LTD	53.99%
ARA TRUSTEESHIP COMPANY PRIVATE LIMITED	7.99%
SBI ENERGY OPPORTUNITIES FUND	6.03%
NALANDA INDIA EQUITY FUND LIMITED	5.13%
KOTAK EQUITY OPPORTUNITIES FUND	3.92%
JASMEET BHATIA	2.42%
KOTAK FUNDS - INDIA MIDCAP FUND	1.35%
PHEROZ N PUDUMJEE	0.01%

Overall Distribution

Distribution across major stakeholders

Ownership Distribution

Distribution across major institutional holders

Cash Flow for Thermax

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	21.1%	24	20	13
Change in inventories	64.8%	-6.55	-20.43	-124.41
Depreciation	0%	73	73	67
Impairment loss / reversal	348%	113	26	13
Unrealised forex losses/gains	105.6%	1.16	-1.88	3.19
Dividend income	-42.5%	4.5	7.09	19
Adjustments for interest income	29.4%	67	52	39
Share-based payments	180%	3.94	2.05	0
Net Cashflows from Operations	-60.4%	214	539	176
Income taxes paid (refund)	2.5%	123	120	82
Net Cashflows From Operating Activities	-78.5%	91	419	94
Cashflows used in obtaining control of subsidiaries	223.2%	321	100	98
Proceeds from sales of PPE	-	122	0	0
Purchase of property, plant and equipment	212.5%	151	49	32
Purchase of other long-term assets	-101.8%	0	57	137
Cash receipts from repayment of advances and loans made to other parties	-	536	0	76
Dividends received	-42.5%	4.5	7.09	19
Interest received	153.6%	72	29	72
Other inflows (outflows) of cash	-	393	0	0
Net Cashflows From Investing Activities	130.1%	103	-337.63	-100.17
Proceeds from borrowings	1051.3%	450	40	39
Repayments of borrowings	-	362	0	0
Payments of lease liabilities	566.7%	1.8	1.12	1.62
Dividends paid	11.3%	119	107	83
Interest paid	41.7%	18	13	6.86
Net Cashflows from Financing Activities	36.5%	-51.38	-81.49	-52.64
Net change in cash and cash eq.	9961.1%	143	-0.44	-58.94

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	156.8%	96	38	25
Change in inventories	65.3%	-9.27	-28.62	-322.27
Depreciation	26.7%	148	117	113
Impairment loss / reversal	45%	59	41	-4.4
Unrealised forex losses/gains	-427%	-5.64	-0.26	3.46
Dividend income	-	0	0	1.37
Adjustments for interest income	24.6%	87	70	52
Share-based payments	155.3%	4.88	2.52	0
Net Cashflows from Operations	-29%	434	611	428
Income taxes paid (refund)	23.3%	186	151	103
Net Cashflows From Operating Activities	-46.4%	247	460	325
Purchase of property, plant and equipment	29.9%	844	650	84
Proceeds from sales of investment property	-	125	0	0
Purchase of other long-term assets	-101.1%	0	89	420
Dividends received	-	0	0	1.37
Interest received	24.6%	87	70	87
Other inflows (outflows) of cash	-	126	0	0
Net Cashflows From Investing Activities	25%	-509.21	-679.68	-421.58
Proceeds from issuing other equity instruments	-	0.01	0	0
Proceeds from borrowings	116.6%	969	448	76
Repayments of borrowings	-	538	0	0
Payments of lease liabilities	2.3%	10	9.8	4.47
Dividends paid	10.9%	113	102	79
Interest paid	224%	82	26	13
Other inflows (outflows) of cash	59.5%	60	38	0
Net Cashflows from Financing Activities	-18.4%	285	349	-20.58
Effect of exchange rate on cash eq.	-136.5%	-4.47	16	2.08
Net change in cash and cash eq.	-87.4%	19	144	-115.37

Balance Sheet for Thermax

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	-50.6%	131	264	75	121	90	129
Current investments	19.9%	1,158	966	1,060	1,184	952	534
Loans, current	32.2%	243	184	177	172	44	1.49
Total current financial assets	1.2%	3,176	3,137	2,987	3,191	2,936	2,103
Inventories	11.9%	444	397	415	391	384	370
Current tax assets	-	0	-	-	0	0	0
Total current assets	2.3%	4,137	4,045	3,766	3,904	3,572	2,717
Property, plant and equipment	0.8%	734	728	685	693	695	719
Capital work-in-progress	60.4%	171	107	92	45	24	15
Non-current investments	-44.2%	214	383	423	289	300	772
Loans, non-current	186.5%	21	7.98	6.37	2.68	2.72	2.74
Total non-current financial assets	-28.4%	386	539	546	415	389	982
Total non-current assets	0.8%	2,724	2,702	2,534	2,241	2,194	2,708
Total assets	1.7%	6,861	6,747	6,307	6,151	5,773	5,425
Borrowings, non-current	-	25	0	0	0	0	0
Total non-current financial liabilities	100%	95	48	43	37	39	65
Provisions, non-current	-4%	25	26	22	24	19	18
Total non-current liabilities	64.4%	121	74	65	61	74	104
Borrowings, current	8.1%	333	308	275	220	270	180
Total current financial liabilities	-4%	1,433	1,493	1,372	1,348	1,350	1,231
Provisions, current	10.4%	214	194	171	112	118	128
Current tax liabilities	52.6%	30	20	16	18	21	21
Total current liabilities	0.6%	3,156	3,136	3,037	2,873	2,696	2,320
Total liabilities	2.1%	3,277	3,211	3,102	2,934	2,770	2,424
Equity share capital	0%	24	24	24	24	24	24
Total equity	1.4%	3,585	3,537	3,205	3,218	3,003	3,001
Total equity and liabilities	1.7%	6,861	6,747	6,307	6,151	5,773	5,425

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	-17.5%	402	487	327	453	377	311
Current investments	20.2%	1,638	1,363	1,359	1,393	1,093	767
Loans, current	-21.4%	1.11	1.14	0.96	2.46	1.97	1.98
Total current financial assets	1.5%	5,092	5,019	4,671	4,839	4,483	3,632
Inventories	6.9%	818	765	757	756	683	727
Current tax assets	562.5%	3.22	0.52	3.36	1.19	2.29	3.27
Total current assets	2.6%	6,616	6,448	5,961	6,072	5,563	4,738
Property, plant and equipment	3.3%	1,935	1,874	1,873	1,216	1,116	1,154
Capital work-in-progress	50.6%	781	519	264	434	111	44
Goodwill	2166%	47	3.03	3.03	3.03	3.03	3.03
Non-current investments	-39%	234	383	348	217	240	703
Loans, non-current	8.8%	4.57	4.28	5.02	4.66	4.57	5.18
Total non-current financial assets	6.6%	823	772	641	519	508	1,062
Total non-current assets	17.5%	4,353	3,705	3,345	2,758	2,268	2,723
Total assets	8%	10,969	10,153	9,313	8,839	7,838	7,461
Borrowings, non-current	45.6%	1,148	789	678	423	113	61
Total non-current financial liabilities	49.3%	1,351	905	768	496	178	134
Provisions, non-current	9.8%	46	42	40	38	31	32
Total non-current liabilities	48.5%	1,467	988	836	559	246	211
Borrowings, current	-34.8%	304	466	378	388	352	294
Total current financial liabilities	-7.2%	2,037	2,194	1,989	2,036	1,858	1,866
Provisions, current	12.8%	344	305	272	204	198	207
Current tax liabilities	17.5%	48	41	22	24	26	23
Total current liabilities	3.2%	4,874	4,725	4,485	4,409	4,044	3,758
Total liabilities	11%	6,341	5,713	5,320	4,968	4,290	3,969
Equity share capital	0%	23	23	23	23	23	23
Non controlling interest	-	7.72	0	4.09	2.15	4.61	0
Total equity	4.2%	4,628	4,440	3,993	3,870	3,548	3,492
Total equity and liabilities	8%	10,969	10,153	9,313	8,839	7,838	7,461

Income Statement for Thermax

Standalone figures (in Rs. Crores) / View Consolidated Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	-4.3%	1,453	1,519	1,311	1,738	1,480	1,444
Other Income	11.1%	41	37	69	52	35	58
Total Income	-4%	1,494	1,556	1,379	1,789	1,514	1,502
Cost of Materials	-4.5%	762	798	691	971	801	756
Purchases of stock-in-trade	26.2%	54	43	37	54	37	42
Employee Expense	1.5%	200	197	176	191	176	167
Finance costs	2.6%	8.49	8.3	5.97	6.75	6.16	5.61
Depreciation and Amortization	-5.3%	19	20	19	19	18	18
Other expenses	-5.5%	344	364	329	380	352	339
Total Expenses	-3.5%	1,370	1,420	1,263	1,629	1,383	1,326
Profit Before exceptional items and Tax	-8.9%	124	136	116	161	132	176
Exceptional items before tax	-	0	0	0	0	126	-73.41
Total profit before tax	-8.9%	124	136	116	161	258	102
Current tax	-60.5%	18	44	31	37	50	41
Deferred tax	110.6%	2.83	-16.32	-0.4	-4.5	7.5	-3.01
Total tax	-25.9%	21	28	30	32	57	38
Total profit (loss) for period	-4.7%	103	108	86	129	201	64
Other comp. income net of taxes	-12.8%	-5.06	-4.37	-1.21	1.17	-1.71	-2.28
Total Comprehensive Income	-5.8%	98	104	85	130	199	62
Earnings Per Share, Basic	-5%	8.66	9.06	7.22	10.79	16.84	5.41
Earnings Per Share, Diluted	-5%	8.66	9.06	7.22	10.79	16.84	5.41

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	13.2%	5,822	5,141	4,015	3,131	3,215	3,541
Other Income	42.2%	193	136	125	140	104	123
Total Income	14%	6,015	5,278	4,140	3,272	3,319	3,664
Cost of Materials	9.4%	3,116	2,848	2,342	1,632	1,760	2,112
Purchases of stock-in-trade	12.7%	161	143	109	80	100	111
Employee Expense	21.3%	684	564	478	454	431	393
Finance costs	21.1%	24	20	13	8.57	5.23	5.26
Depreciation and Amortization	0%	73	73	67	64	63	50
Other expenses	12.4%	1,369	1,218	907	739	724	691
Total Expenses	12%	5,437	4,853	3,870	2,986	3,069	3,346
Profit Before exceptional items and Tax	36.4%	578	424	270	286	250	318
Exceptional items before tax	-82.6%	2.08	7.2	-14	-103.03	-14.89	-47.85
Total profit before tax	34.7%	580	431	256	183	235	270
Current tax	48%	146	99	52	55	62	106
Deferred tax	-281.5%	-3.21	3.32	3.22	-13.21	12	3.11
Total tax	40.6%	143	102	55	42	74	109
Total profit (loss) for period	32.9%	437	329	201	141	214	275
Other comp. income net of taxes	40.7%	-4.21	-7.78	4.24	0.87	-13.16	-20.82
Total Comprehensive Income	35%	433	321	205	142	201	254
Earnings Per Share, Basic	34.1%	36.71	27.63	16.85	11.83	17.95	23.1
Earnings Per Share, Diluted	34.1%	36.71	27.63	16.85	11.83	17.95	23.1
Debt equity ratio	-	-	-	-	-	-	0.06
Debt service coverage ratio	-	-	-	-	-	-	3.25
Interest service coverage ratio	-	-	-	-	-	-	59.84

Consolidated figures (in Rs. Crores) / View Standalone Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	-4%	2,508	2,612	2,184	2,764	2,324	2,302
Other Income	-47.5%	32	60	84	55	58	66
Total Income	-4.9%	2,539	2,671	2,268	2,819	2,383	2,368
Cost of Materials	-3.9%	1,342	1,396	1,154	1,532	1,287	1,244
Purchases of stock-in-trade	23.3%	54	44	37	54	37	43
Employee Expense	0%	323	323	291	316	292	284
Finance costs	0%	29	29	27	28	27	20
Depreciation and Amortization	-17.1%	35	42	36	50	36	33
Other expenses	4.7%	597	570	523	601	557	533
Total Expenses	-1%	2,382	2,405	2,107	2,568	2,199	2,151
Profit Before exceptional items and Tax	-41.1%	157	266	162	251	183	218
Exceptional items before tax	-	0	0	0	0	126	0
Total profit before tax	-41.1%	157	266	162	251	309	218
Current tax	-60.7%	34	85	48	69	68	52
Deferred tax	141.3%	8.48	-17.13	3.69	-6.13	3.64	7.29
Total tax	-37.3%	43	68	52	63	72	59
Total profit (loss) for period	-42.6%	114	198	109	188	237	159
Other comp. income net of taxes	-382.9%	-23.27	9.58	-7.19	-12.15	5.84	-6.9
Total Comprehensive Income	-57%	90	208	102	175	243	152
Earnings Per Share, Basic	-43.7%	10.29	17.49	10.28	16.9	21.17	14
Earnings Per Share, Diluted	-43.7%	10.29	17.49	10.28	16.88	21.17	14

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	15.2%	9,323	8,090	6,128	4,791	5,731	5,973
Other Income	45.9%	233	160	127	108	100	150
Total Income	15.8%	9,556	8,250	6,255	4,899	5,831	6,123
Cost of Materials	14.6%	5,092	4,443	3,506	2,467	2,996	3,240
Purchases of stock-in-trade	6.6%	163	153	122	83	104	115
Employee Expense	20.4%	1,148	954	813	759	799	767
Finance costs	135.1%	88	38	25	21	15	14
Depreciation and Amortization	26.7%	148	117	113	115	117	92
Other expenses	12.8%	2,158	1,913	1,409	1,139	1,440	1,412
Total Expenses	14.6%	8,762	7,647	5,845	4,571	5,457	5,622
Profit Before exceptional items and Tax	31.7%	794	603	410	328	375	501
Exceptional items before tax	-	75	0	0	-52.53	0	-89.54
Total profit before tax	44.4%	870	603	410	275	375	411
Current tax	70.4%	214	126	73	75	96	194
Deferred tax	-60%	11	26	25	-6.24	66	-109.06
Total tax	49%	226	152	98	69	162	85
Total profit (loss) for period	42.7%	643	451	312	207	212	325
Other comp. income net of taxes	-1118.5%	-8.87	0.19	7.62	17	-8.78	-21.72
Total Comprehensive Income	40.7%	634	451	320	223	204	304
Earnings Per Share, Basic	44.4%	57.3	39.98	27.73	18.34	18.87	28.9
Earnings Per Share, Diluted	44.4%	57.28	39.98	27.73	18.34	18.87	28.9
Debt equity ratio	-	-	-	-	-	-	-
Debt service coverage ratio	-	-	-	-	-	-	-
Interest service coverage ratio	-	-	-	-	-	-	-

Price to Sales Ratio

Latest reported: ₹4

Revenue (Last 12 mths)

Latest reported: ₹1 kCr

Net Income (Last 12 mths)

Latest reported: ₹609 Cr

Is Thermax Better than it's peers?

Detailed comparison of Thermax against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.

Ticker	Name	Mkt Cap	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LT	Larsen & ToubroCivil Construction	4.57 LCr	2.52 LCr	-2.82%	-7.63%	27.66	1.81	+16.75%	+10.26%
ABB	ABB IndiaHeavy Electrical Equipment	1.15 LCr	12.54 kCr	+2.16%	-18.77%	61.46	9.17	+16.69%	+50.69%
SIEMENS	SiemensHeavy Electrical Equipment	1.03 LCr	21.94 kCr	-45.01%	-50.52%	36.6	4.72	+4.84%	+41.00%
BHEL	Bharat Heavy ElectricalsHeavy Electrical Equipment	78.09 kCr	28.08 kCr	+5.49%	-23.39%	150.43	2.78	+15.26%	+533.35%
KEC	KEC InternationalCivil Construction	18.71 kCr	21.2 kCr	-8.37%	-5.71%	41.19	0.88	+9.69%	+70.02%

THERMAX - Thermax Ltd. Share Price

What does Thermax Ltd. do?

The Bad News

The Good News

Valuation

Fundamentals

Profitability

Investor Care

Financial Health

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution

Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)

Updates from Thermax