Thermax

Why is Thermax Ltd. falling/rising?

As of 04-Aug, Thermax Ltd. is facing a stock price decline to 4,018.05, down 2.55%, largely due to a 9.00% drop over the past week while the Sensex rose. Despite being net-debt-free and having strong long-term growth, recent performance and market dynamics are negatively impacting investor sentiment.

As of 04-Aug, Thermax Ltd. is experiencing a decline in its stock price, currently at 4,018.05, reflecting a change of -104.95 or -2.55%. This drop can be attributed to several factors. Over the past week, the stock has underperformed significantly, with a decrease of 9.00%, while the benchmark Sensex has increased by 2.17%. Additionally, in the last month, the stock has fallen by 12.89%, contrasting with a modest gain of 0.86% in the Sensex.<BR><BR>Today's performance indicates that the stock has been on a consecutive downward trend for the last two days, accumulating a total decline of 7.09% during this period. The stock reached an intraday low of Rs 4000, marking a decrease of 2.98%. Furthermore, the weighted average price suggests that more volume was traded closer to this low price, indicating bearish sentiment among investors.<BR><BR>Despite these negative movements, there are positive aspects to consider, such as the company's net-debt-free status and healthy long-term growth rates in net sales and operating profit. However, the current market dynamics, including the stock's recent performance and underperformance against the sector, are contributing to the downward pressure on its price.

Which are the latest news on Thermax?

Are Thermax Ltd. latest results good or bad?

Thermax Ltd.'s latest Q1 FY27 results are concerning, showing a 6.73% revenue growth but an 83.44% drop in net profit to ₹25.24 crore, alongside the lowest operating margin in eight quarters at 2.98%. Overall, the significant decline in profitability indicates serious operational challenges.

Thermax Ltd.'s latest results for Q1 FY27 indicate a challenging performance. While the company achieved a revenue growth of 6.73% year-on-year, net profit plummeted by a staggering 83.44% compared to the same quarter last year, resulting in a net profit of only ₹25.24 crore. This significant decline raises concerns about the company's operational efficiency and cost management.<BR><BR>Moreover, the operating margin fell to 2.98%, the lowest in eight quarters, highlighting severe margin compression. The tax rate also spiked to an unusually high 48.29%, further exacerbating the profit decline. Although revenue figures may suggest some level of growth, the sharp drop in profitability and the operational challenges faced during the quarter paint a concerning picture for Thermax.<BR><BR>In summary, while there was some revenue growth, the drastic decline in net profit and operating margins indicates that the latest results are more negative than positive, suggesting the company is facing significant execution challenges.

Should I buy, sell or hold Thermax Ltd.?

When is the next results date for Thermax Ltd.?

The next results date for Thermax Ltd. is 30 July 2026.

The next results date for Thermax Ltd. is scheduled for 30 July 2026.

What does Thermax do?

Thermax Ltd. is a mid-cap company specializing in integrated solutions for heating, cooling, power generation, water treatment, and air pollution control, focusing on clean energy and water. As of March 2026, it reported net sales of ₹3,428 Cr and a net profit of ₹244 Cr, with a market cap of ₹56,826 Cr.

Overview: <BR>Thermax Ltd. is a mid-cap company in the Heavy Electrical Equipment industry that provides integrated solutions in heating, cooling, power generation, water treatment and recycling, air pollution control, and chemicals, focusing on clean air, clean energy, and clean water.<BR><BR>History: <BR>Thermax Ltd. was incorporated in 1966 as Wanson India by A.S. Bhathena. The latest quarterly results reported net sales and net profit for the period ending March 2026.<BR><BR>Financial Snapshot: <BR>Net Sales: 3,428 Cr (Quarterly Results - Mar 2026) <BR>Net Profit: 244 Cr (Quarterly Results - Mar 2026) <BR>Market Cap: INR 56,826 Cr (Mid Cap)<BR><BR>Key Metrics: <BR>P/E: 83.00 <BR>Industry P/E: 37 <BR>Dividend Yield: 0.30% <BR>Debt Equity: -0.02 <BR>Return on Equity: 12.20% <BR>Price to Book: 10.16<BR><BR>Contact Details: <BR>Address: D-13 MIDC Industrial Area, R D Aga Road Chinchwad Pune Maharashtra : 411019 <BR>Tel: 91-20-66122100/66155000 <BR>Email: info@thermaxindia.com <BR>Website: http://www.thermaxindia.com

How big is Thermax?

As of 10th June, Thermax Ltd. has a market capitalization of 56,826.00 Cr, with recent net sales of 10,694.15 Cr and a net profit of 720.50 Cr over the last four quarters.

As of 10th June, <BR><BR>Market Cap: Thermax Ltd. has a market capitalization of 56,826.00 Cr, classifying it as a Mid Cap company.<BR><BR>Recent Quarterly Performance: The sum of Net Sales for the latest 4 quarters is 10,694.15 Cr, while the sum of Net Profit for the same period is 720.50 Cr.<BR><BR>Balance Sheet Snapshot: The reporting period for the latest annual data is March 2025. Shareholder's Funds stand at 4,936.89 Cr, and Total Assets are valued at 11,883.64 Cr.

Who are in the management team of Thermax?

The management team of Thermax includes Chairperson Meher P Pudumjee, Managing Director & CEO Ashish Bhandari, and several independent directors, along with Company Secretary Janhavi Khele, bringing diverse expertise to the company.

The management team of Thermax includes the following key individuals:<BR><BR>1. **Meher P Pudumjee** - Chairperson<BR>2. **Pheroz Pudumjee** - Director<BR>3. **Ashish Bhandari** - Managing Director & CEO<BR>4. **Jairam Varadaraj** - Independent Director<BR>5. **Nawshir Mirza** - Independent Director<BR>6. **Harsh Mariwala** - Independent Director<BR>7. **S B Ravi Pandit** - Independent Director<BR>8. **Rajani Kesari** - Independent Director<BR>9. **Ravi Gopinath** - Independent Director<BR>10. **Janhavi Khele** - Company Secretary & Compliance Officer<BR><BR>This team brings a diverse range of expertise and leadership to the company.

Who are the peers of the Thermax?

Thermax's peers include BHEL, Siemens, Siemens Ener.Ind, GE Vernova T&D, Suzlon Energy, Schneider Electric, Triveni Turbine, TD Power Systems, and Inox Wind. In terms of returns, TD Power Systems leads with 128.02% over one year, while Thermax has a return of 31.01%.

Peers: The peers of Thermax are BHEL, Siemens, Siemens Ener.Ind, GE Vernova T&D, Suzlon Energy, Schneider Elect., Triveni Turbine, TD Power Systems, and Inox Wind.<BR><BR>Quality Snapshot: Excellent management risk is observed at Siemens Ener.Ind and Triveni Turbine, while Good management risk is found at Siemens, GE Vernova T&D, Suzlon Energy, Thermax, Schneider Elect., and TD Power Systems. Average management risk is noted at BHEL and Inox Wind. For Growth, Excellent growth is seen at Siemens Ener.Ind, Suzlon Energy, Thermax, TD Power Systems, and Inox Wind, while Good growth is found at Siemens, GE Vernova T&D, Schneider Elect., and Triveni Turbine, and Below Average growth is noted at Siemens. Capital Structure ratings show Excellent at Siemens, Siemens Ener.Ind, GE Vernova T&D, Triveni Turbine, and TD Power Systems, Good at BHEL, Thermax, and Suzlon Energy, while Below Average is observed at Schneider Elect. and Inox Wind.<BR><BR>Return Snapshot: The peer with the highest 1-year return is TD Power Systems at 128.02%, while the lowest is Inox Wind at -55.75%. Thermax's own 1-year return is 31.01%, which is positive compared to Inox Wind but lower than TD Power Systems. Additionally, Inox Wind is the only peer with a negative six-month return.

How has been the historical performance of Thermax?

Thermax has shown consistent growth in net sales, increasing from INR 4,791.25 crore in March 2021 to INR 10,369.26 crore in March 2025, with operating profit rising from INR 462.93 crore to INR 1,160.00 crore. However, profit after tax slightly declined from INR 644.01 crore in March 2024 to INR 626.94 crore in March 2025.

Answer:<BR>The historical performance of Thermax shows a consistent growth trend in net sales and profits over the years leading up to March 2025.<BR><BR>Breakdown:<BR>Thermax's net sales have increased significantly from INR 4,791.25 crore in March 2021 to INR 10,369.26 crore in March 2025, reflecting a strong upward trajectory. The total operating income followed a similar trend, rising from INR 4,791.25 crore in March 2021 to INR 10,369.26 crore in March 2025. The operating profit (PBDIT) also saw a notable increase, climbing from INR 462.93 crore in March 2021 to INR 1,160.00 crore in March 2025. However, profit after tax showed a slight decline from INR 644.01 crore in March 2024 to INR 626.94 crore in March 2025. The total assets of the company grew from INR 5,800.53 crore in March 2020 to INR 11,883.64 crore in March 2025, while total liabilities increased from INR 5,800.53 crore to INR 11,883.64 crore during the same period. Cash flow from operating activities improved significantly, reaching INR 1,042.00 crore in March 2025, compared to INR 247.00 crore in March 2024. Overall, Thermax has demonstrated robust growth in sales and operational efficiency, although profit margins have experienced some fluctuations.

Is Thermax technically bullish or bearish?

As of November 7, 2025, Thermax's technical trend is bearish with moderate strength, driven by bearish signals from moving averages and Bollinger Bands, despite a mildly bullish weekly MACD, and the stock has underperformed compared to the Sensex over multiple time frames.

As of 7 November 2025, the technical trend has changed from mildly bearish to bearish. The current technical stance for Thermax is bearish with moderate strength. Key indicators driving this stance include the bearish signals from the moving averages and Bollinger Bands on both daily and monthly time frames, alongside the bearish KST readings. Although the weekly MACD shows mildly bullish, it is overshadowed by the overall bearish sentiment in the monthly indicators. The stock has also underperformed significantly compared to the Sensex over various time frames, particularly year-to-date and over the past year.

Is Thermax overvalued or undervalued?

As of August 6, 2025, Thermax is considered overvalued with a valuation grade of "expensive," reflected in its high PE ratio of 61.26 and underperformance of -15.17% year-to-date compared to the Sensex's 3.08%.

As of 6 August 2025, Thermax's valuation grade has moved from very expensive to expensive, indicating a slight improvement in perceived value but still suggesting a high valuation. The company is currently considered overvalued. Key ratios include a PE ratio of 61.26, an EV to EBITDA of 40.44, and a PEG ratio of 5.66, all of which are significantly higher than many of its peers.<BR><BR>In comparison, BEML Ltd has a PE ratio of 56.19 and an EV to EBITDA of 32.95, while Action Construction Equipment shows a PE of 31.5 and an EV to EBITDA of 24.67, highlighting Thermax's premium valuation relative to these competitors. Additionally, the company's recent stock performance has underperformed the Sensex, with a year-to-date return of -15.17% compared to the Sensex's 3.08%, further reinforcing the notion that Thermax may be overvalued in the current market context.

Who are the top shareholders of the Thermax?

The top shareholders of Thermax include Rda Holdings Private Ltd with 53.99%, mutual funds at 11.26%, foreign institutional investors at 15.86%, and SBI Energy Opportunities Fund as the largest public shareholder with 6.03%. Individual investors hold 3.71% of the shares.

The top shareholders of Thermax include the promoters, with Rda Holdings Private Ltd holding the largest stake at 53.99%. Additionally, mutual funds collectively hold 11.26% of the shares through 24 schemes, while foreign institutional investors (FIIs) own 15.86% through 478 different entities. The highest public shareholder is SBI Energy Opportunities Fund, which holds 6.03%. Individual investors account for 3.71% of the total shareholding.

Has Thermax declared dividend?

Yes, Thermax Ltd. has declared a 600% dividend, amounting to ₹12 per share, with an ex-date of July 5, 2024. While recent total returns have been negative, longer-term performance shows significant growth potential.

Thermax Ltd. has declared a 600% dividend.<BR><BR>Dividend Details:<BR>- Percentage announced: 600%<BR>- Amount per share: 12<BR>- Ex-date: 05 Jul 24<BR><BR>Dividend Yield: 0.34%.<BR><BR>Total Returns by Period:<BR>In the last 6 months, the price return was -24.09%, the dividend return was 0%, resulting in a total return of -24.09%.<BR><BR>Over the past year, the price return was -32.66%, with a dividend return of 0.23%, leading to a total return of -32.43%.<BR><BR>In the 2-year period, the price return was 53.45%, the dividend return was 0.92%, culminating in a total return of 54.37%.<BR><BR>For the 3-year period, the price return was 76.66%, the dividend return was 1.56%, resulting in a total return of 78.22%.<BR><BR>In the last 4 years, the price return was 135.87%, with a dividend return of 2.57%, leading to a total return of 138.44%.<BR><BR>Over the 5-year period, the price return was 374.0%, the dividend return was 5.04%, resulting in a total return of 379.04%.<BR><BR>Overall, Thermax Ltd. has declared a significant dividend, but the recent total returns over shorter periods have been negative, indicating volatility in the stock price. However, the longer-term returns show substantial growth, suggesting potential for recovery and value over time.