Electrical Equipment
Valuation | |
|---|---|
| Market Cap | 35.41 kCr |
| Price/Earnings (Trailing) | 56.38 |
| Price/Sales (Trailing) | 3.38 |
| EV/EBITDA | 32 |
| Price/Free Cashflow | 269.4 |
| MarketCap/EBT | 42.05 |
| Enterprise Value | 36.65 kCr |
Fundamentals | |
|---|---|
Growth & Returns | |
|---|---|
| Price Change 1W | -3.2% |
| Price Change 1M | 2.8% |
| Price Change 6M | -23.6% |
| Price Change 1Y | -20.5% |
| 3Y Cumulative Return | 14.8% |
| 5Y Cumulative Return | 24.6% |
| 7Y Cumulative Return | 15.3% |
| 10Y Cumulative Return | 13.1% |
| Revenue (TTM) |
| 10.48 kCr |
| Rev. Growth (Yr) | -4.2% |
| Earnings (TTM) | 590.13 Cr |
| Earnings Growth (Yr) | -39.7% |
Profitability | |
|---|---|
| Operating Margin | 8% |
| EBT Margin | 8% |
| Return on Equity | 11.66% |
| Return on Assets | 4.84% |
| Free Cashflow Yield | 0.37% |
Cash Flow & Liquidity |
|---|
| Cash Flow from Investing (TTM) | -1.24 kCr |
| Cash Flow from Operations (TTM) | 1.04 kCr |
| Cash Flow from Financing (TTM) | 123.55 Cr |
| Cash & Equivalents | 521.96 Cr |
| Free Cash Flow (TTM) | 140.12 Cr |
| Free Cash Flow/Share (TTM) | 11.76 |
Balance Sheet | |
|---|---|
| Total Assets | 12.19 kCr |
| Total Liabilities | 7.13 kCr |
| Shareholder Equity | 5.06 kCr |
| Current Assets | 7.26 kCr |
| Current Liabilities | 5.44 kCr |
| Net PPE | 2.78 kCr |
| Inventory | 918.24 Cr |
| Goodwill | 80.19 Cr |
Capital Structure & Leverage | |
|---|---|
| Debt Ratio | 0.14 |
| Debt/Equity | 0.35 |
| Interest Coverage | 5.89 |
| Interest/Cashflow Ops | 9.73 |
Dividend & Shareholder Returns | |
|---|---|
| Dividend/Share (TTM) | 14 |
| Dividend Yield | 0.47% |
| Shares Dilution (1Y) | 0.00% |
| Shares Dilution (3Y) | 0.00% |
Size: Market Cap wise it is among the top 20% companies of india.
Technicals: Bullish SharesGuru indicator.
Past Returns: In past three years, the stock has provided 14.8% return compared to 12.6% by NIFTY 50.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Balance Sheet: Strong Balance Sheet.
Smart Money: Smart money is losing interest in the stock.
Momentum: Stock has a weak negative price momentum.
Insider Trading: Significant insider selling noticed recently.
Size: Market Cap wise it is among the top 20% companies of india.
Technicals: Bullish SharesGuru indicator.
Past Returns: In past three years, the stock has provided 14.8% return compared to 12.6% by NIFTY 50.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Balance Sheet: Strong Balance Sheet.
Smart Money: Smart money is losing interest in the stock.
Momentum: Stock has a weak negative price momentum.
Insider Trading: Significant insider selling noticed recently.
Investor Care | |
|---|---|
| Dividend Yield | 0.47% |
| Dividend/Share (TTM) | 14 |
| Shares Dilution (1Y) | 0.00% |
| Earnings/Share (TTM) | 52.71 |
Financial Health | |
|---|---|
| Current Ratio | 1.33 |
| Debt/Equity | 0.35 |
Technical Indicators | |
|---|---|
| RSI (14d) | 45.64 |
| RSI (5d) | 15.74 |
| RSI (21d) | 57.74 |
| MACD Signal | Sell |
| Stochastic Oscillator Signal | Hold |
| SharesGuru Signal | Buy |
| RSI Signal | Hold |
| RSI5 Signal | Buy |
| RSI21 Signal | Hold |
| SMA 5 Signal | Sell |
| SMA 10 Signal |
Updated May 5, 2025
Thermax's stock has experienced a significant decline of over 40% since the COVID-19 pandemic, reflecting ongoing project losses and slower growth.
The company is at risk of being removed from the MSCI India Standard Index, which could result in an estimated passive fund outflow of $120 million.
Currently trading 2.04% lower, Thermax has seen a decline of 18.53% this year, highlighting its struggle in the current market environment.
Summary of Thermax's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.
Understand Thermax ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
| Shareholder Name | Holding % |
|---|---|
| RDA HOLDINGS PRIVATE LTD | 53.99% |
| ARA TRUSTEESHIP COMPANY PRIVATE LIMITED | 7.99% |
| SBI ENERGY OPPORTUNITIES FUND | 7.81% |
| NALANDA INDIA EQUITY FUND LIMITED | 5.13% |
| KOTAK MAHINDRA TRUSTEE CO LTD A/C KOTAK NIFTY MIDC | 2.44% |
| JASMEET BHATIA | 2.41% |
| KOTAK FUNDS - INDIA MIDCAP FUND |
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 & Toubro | 5.32 LCr | 2.76 LCr | -5.50% | +11.60% | 32.42 | 1.93 | - | - |
| SIEMENS | Siemens | 1.06 LCr | 17.93 kCr |
Comprehensive comparison against sector averages
THERMAX metrics compared to Electrical
| Category | THERMAX | Electrical |
|---|---|---|
| PE | 56.38 | 54.80 |
| PS | 3.38 | 5.18 |
| Growth | 3.3 % | 8.7 % |
Thermax is a prominent Heavy Electrical Equipment company with the stock ticker THERMAX. With a market capitalization of Rs. 40,640.5 Crores, it specializes in providing energy, environment, and chemical solutions both in India and internationally.
The company operates through several segments, including Industrial Products, Industrial Infra, Green Solutions, and Chemical, offering a wide array of products such as:
Thermax also engages in cogeneration and waste heat recovery power, and operates captive and independent power plants, alongside offering operation and maintenance services.
Thermax serves a vast range of industries, including automobiles, cement, chemicals and fertilizers, pharmaceuticals, food, textiles, and more. Established in 1966 and headquartered in Pune, India, it is a subsidiary of RDA Holdings Private Limited.
In terms of financial performance, Thermax has a trailing 12 months revenue of Rs. 10,298.1 Crores and has reported a substantial revenue growth of 76.4% over the past three years. The company provides dividends to its investors, boasting a dividend yield of 0.54% per year, with a return of Rs. 22 dividend per share in the last year.
This is an informational page just to provide a quick 'first look' at the stock. You must do your own deeper research. Know your risk appetite. Consult a SEBI-registered financial advisor before making any investment decisions.
| Sell |
| SMA 20 Signal | Sell |
| SMA 50 Signal | Buy |
| SMA 100 Signal | Buy |
THERMAX vs Electrical (2021 - 2026)
Credit Rating • 13 Jan 2026 Thermax Limited has informed the exchanges about Credit Rating for Commerical Papers. |
Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 • 08 Jan 2026 Thermax Limited has submitted before the Exchanges, the certificate under Regulation 74(5) of the SEBI (DP) Regulations, 2018 for the quarter ended December 31, 2025. |
General • 03 Jan 2026 Thermax Limited has informed the exchanges about sale of subsidiary. |
General • 01 Jan 2026 Thermax Limited has informed the Exchanges about assessment order passed by State Tax Officer (GST), Jamshedpur, Jharkhand. |
General • 16 Dec 2025 Thermax Limited has informed the exchanges about incorporation of step-down subsidiary |
• 10 Dec 2025 |
This information is AI-generated and may contain inaccuracies. Please verify from multiple sources.
| 1.32% |
| ICICI PRUDENTIAL ENERGY OPPORTUNITIES FUND | 1.26% |
| PHEROZ N PUDUMJEE | 0.01% |
| MEHER PUDUMJEE | 0% |
| ARNAVAZ ROHINTON AGA | 0% |
| ZAHAAN PHEROZ PUDUMJEE | 0% |
| LEA PUDUMJEE | 0% |
| MEHER P. SETHNA | 0% |
| JAMSDHED A. BHATENA | 0% |
| DARAYUS A. BHATENA | 0% |
| RDA INVESTMENTS SINGAPORE PTE. LTD. | 0% |
| SHAKTI SUSTAINABLE ENERGY FOUNDATION | 0% |
| SOCOMP SOLUTIONS PRIVATE LIMITED | 0% |
| LAZARA CAPITAL ADVISORS PRIVATE LIMITED | 0% |
Distribution across major stakeholders
Distribution across major institutional holders
| -49.30% |
| 50.27 |
| 5.9 |
| - |
| - |
| ABB | ABB India | 1.05 LCr | 13.37 kCr | -6.70% | -19.80% | 59.26 | 7.82 | - | - |
| BHEL | Bharat Heavy Electricals | 93.13 kCr | 29.87 kCr | -5.40% | +35.70% | 166.12 | 3.12 | - | - |
| KEC | KEC International | 18.61 kCr | 23.37 kCr | -0.80% | -26.40% | 27.24 | 0.8 | - | - |
| 19.1% |
| 2,386 |
| 2,004 |
| 2,862 |
| 2,382 |
| 2,405 |
| 2,107 |
| Profit Before exceptional items and Tax | -18% | 174 | 212 | 300 | 157 | 266 | 162 |
| Exceptional items before tax | - | 0 | 0 | 0 | 0 | 0 | 0 |
| Total profit before tax | -18% | 174 | 212 | 300 | 157 | 266 | 162 |
| Current tax | -27.6% | 43 | 59 | 132 | 34 | 85 | 48 |
| Deferred tax | 2400% | 11 | 1.4 | -36.9 | 8.48 | -17.13 | 3.69 |
| Total tax | -10.2% | 54 | 60 | 95 | 43 | 68 | 52 |
| Total profit (loss) for period | -21.3% | 119 | 151 | 206 | 114 | 198 | 109 |
| Other comp. income net of taxes | -192% | -23.85 | 28 | 19 | -23.27 | 9.58 | -7.19 |
| Total Comprehensive Income | -46.6% | 96 | 179 | 224 | 90 | 208 | 102 |
| Earnings Per Share, Basic | -23.2% | 10.62 | 13.53 | 18.27 | 10.29 | 17.49 | 10.28 |
| Earnings Per Share, Diluted | -23.2% | 10.62 | 13.52 | 18.26 | 10.29 | 17.49 | 10.28 |
| 11.7% |
| 764 |
| 684 |
| 564 |
| 478 |
| 454 |
| 431 |
| Finance costs | 30.4% | 31 | 24 | 20 | 13 | 8.57 | 5.23 |
| Depreciation and Amortization | 6.9% | 78 | 73 | 73 | 67 | 64 | 63 |
| Other expenses | 6.1% | 1,452 | 1,369 | 1,218 | 907 | 739 | 724 |
| Total Expenses | 7.4% | 5,837 | 5,437 | 4,853 | 3,870 | 2,986 | 3,069 |
| Profit Before exceptional items and Tax | 7.1% | 619 | 578 | 424 | 270 | 286 | 250 |
| Exceptional items before tax | 8511.1% | 94 | 2.08 | 7.2 | -14 | -103.03 | -14.89 |
| Total profit before tax | 23% | 713 | 580 | 431 | 256 | 183 | 235 |
| Current tax | 22.1% | 178 | 146 | 99 | 52 | 55 | 62 |
| Deferred tax | -801.7% | -36.96 | -3.21 | 3.32 | 3.22 | -13.21 | 12 |
| Total tax | -1.4% | 141 | 143 | 102 | 55 | 42 | 74 |
| Total profit (loss) for period | 31% | 572 | 437 | 329 | 201 | 141 | 214 |
| Other comp. income net of taxes | 13.2% | -3.52 | -4.21 | -7.78 | 4.24 | 0.87 | -13.16 |
| Total Comprehensive Income | 31.5% | 569 | 433 | 321 | 205 | 142 | 201 |
| Earnings Per Share, Basic | 31.7% | 48.02 | 36.71 | 27.63 | 16.85 | 11.83 | 17.95 |
| Earnings Per Share, Diluted | 31.7% | 48.02 | 36.71 | 27.63 | 16.85 | 11.83 | 17.95 |
| Debt equity ratio | - | - | - | - | - | - | - |
| Debt service coverage ratio | - | - | - | - | - | - | - |
| Interest service coverage ratio | - | - | - | - | - | - | - |
| 5% |
| 1,002 |
| 954 |
| 734 |
| 728 |
| 685 |
| 693 |
| Capital work-in-progress | -46.9% | 44 | 82 | 171 | 107 | 92 | 45 |
| Non-current investments | 28.9% | 1,805 | 1,400 | 214 | 383 | 423 | 289 |
| Loans, non-current | 618.2% | 80 | 12 | 21 | 7.98 | 6.37 | 2.68 |
| Total non-current financial assets | 27.6% | 1,996 | 1,564 | 386 | 539 | 546 | 415 |
| Total non-current assets | 20.8% | 3,355 | 2,778 | 2,724 | 2,702 | 2,534 | 2,241 |
| Total assets | 1.4% | 7,346 | 7,246 | 6,861 | 6,747 | 6,307 | 6,151 |
| Borrowings, non-current | 0% | 25 | 25 | 25 | 0 | 0 | 0 |
| Total non-current financial liabilities | -30% | 57 | 81 | 95 | 48 | 43 | 37 |
| Provisions, non-current | 42.3% | 38 | 27 | 25 | 26 | 22 | 24 |
| Total non-current liabilities | -12.1% | 95 | 108 | 121 | 74 | 65 | 61 |
| Borrowings, current | 129.3% | 134 | 59 | 333 | 308 | 275 | 220 |
| Total current financial liabilities | -4.5% | 1,229 | 1,287 | 1,433 | 1,493 | 1,372 | 1,348 |
| Provisions, current | 3.4% | 241 | 233 | 214 | 194 | 171 | 112 |
| Current tax liabilities | -28.1% | 47 | 65 | 30 | 20 | 16 | 18 |
| Total current liabilities | 0.6% | 3,189 | 3,170 | 3,156 | 3,136 | 3,037 | 2,873 |
| Total liabilities | 0.2% | 3,284 | 3,278 | 3,277 | 3,211 | 3,102 | 2,934 |
| Equity share capital | 0% | 24 | 24 | 24 | 24 | 24 | 24 |
| Total equity | 2.4% | 4,062 | 3,968 | 3,585 | 3,537 | 3,205 | 3,218 |
| Total equity and liabilities | 1.4% | 7,346 | 7,246 | 6,861 | 6,747 | 6,307 | 6,151 |
| 5.43 |
| 3.94 |
| 2.05 |
| 0 |
| - |
| - |
| Net Cashflows from Operations | 106.1% | 440 | 214 | 539 | 176 | - | - |
| Income taxes paid (refund) | -46.7% | 66 | 123 | 120 | 82 | - | - |
| Net Cashflows From Operating Activities | 314.4% | 374 | 91 | 419 | 94 | - | - |
| Cashflows used in obtaining control of subsidiaries | -28.1% | 231 | 321 | 100 | 98 | - | - |
| Proceeds from sales of PPE | -99.1% | 2.08 | 122 | 0 | 0 | - | - |
| Purchase of property, plant and equipment | 79.3% | 270 | 151 | 49 | 32 | - | - |
| Purchase of other long-term assets | - | 0 | 0 | 57 | 137 | - | - |
| Cash receipts from repayment of advances and loans made to other parties | -4.7% | 511 | 536 | 0 | 76 | - | - |
| Dividends received | 1328.6% | 51 | 4.5 | 7.09 | 19 | - | - |
| Interest received | -66.2% | 25 | 72 | 29 | 72 | - | - |
| Other inflows (outflows) of cash | -78.1% | 87 | 393 | 0 | 0 | - | - |
| Net Cashflows From Investing Activities | -224.5% | -125.94 | 103 | -337.63 | -100.17 | - | - |
| Proceeds from borrowings | 23.4% | 555 | 450 | 40 | 39 | - | - |
| Repayments of borrowings | 115.2% | 778 | 362 | 0 | 0 | - | - |
| Payments of lease liabilities | -40% | 1.48 | 1.8 | 1.12 | 1.62 | - | - |
| Dividends paid | 20.3% | 143 | 119 | 107 | 83 | - | - |
| Interest paid | 47.1% | 26 | 18 | 13 | 6.86 | - | - |
| Net Cashflows from Financing Activities | -653.5% | -393.67 | -51.38 | -81.49 | -52.64 | - | - |
| Net change in cash and cash eq. | -203.1% | -145.44 | 143 | -0.44 | -58.94 | - | - |
General • 09 Dec 2025 Thermax Limited has informed the exchanges about outcome of litigation |
Analysis of Thermax's financial performance, highlighting revenue trends, growth patterns, and key metrics through quarterly analysis.
Last Updated: Sep 30, 2025
| Description | Share | Value |
|---|---|---|
| a. Industrial Products | 47.2% | 1.2 kCr |
| b. Industrial Infra | 37.6% | 948.7 Cr |
| c. Green Solutions | 7.6% | 191.7 Cr |
| d. Chemical | 7.6% | 191 Cr |
| Total | 2.5 kCr |