Widely used:Recently Viewed
Clear AllValue Research Rating
Quality Score 
0/0
Growth Score
0/0
Valuation Score
0/0
Momentum Score
0/0
Today’s Range
52 Week Range
Liquidity
Market cap
₹40,404 Cr
Revenue (TTM)
₹10,389 Cr
Net Profit (TTM)
₹627 Cr
ROE
13.4 %
ROCE
16.2 %
P/E Ratio
63.7
P/B Ratio
8.2
Industry P/E
43.57
EV/EBITDA
35.3
Div. Yield
0.4 %
Debt to Equity
0.3
Book Value
₹437.7
EPS
₹56.3
Face value
2
Shares outstanding
119,156,300
CFO
₹4,174.75 Cr
EBITDA
₹5,168.65 Cr
Net Profit
₹3,613.22 Cr
|
Company
|
YTD
|
1 Month
|
3 Months
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
|---|---|---|---|---|---|---|---|
|
Thermax
| -15.2 | -3.1 | 5.2 | -39.2 | 17.7 | 34.4 | 12.7 |
|
BSE CG
| 7.5 | 1.6 | 26.1 | -4.3 | 38.7 | 40.0 | 14.9 |
|
BSE Mid Cap
| 0.6 | 1.3 | 19.4 | -1.6 | 27.3 | 28.1 | 15.5 |
|
Company
|
2024
|
2023
|
2022
|
2021
|
2020
|
2019
|
2018
|
|---|---|---|---|---|---|---|---|
|
Thermax
| 30.7 | 56.6 | 10.1 | 97.5 | -18.7 | -4.3 | -7.6 |
|
BSE Mid Cap
| 25.8 | 45.5 | 1.4 | 39.2 | 19.9 | -3.0 | -13.3 |
|
BSE CG
| 21.6 | 66.9 | 16.0 | 53.4 | 10.6 | -10.0 | -1.6 |
Is there a threat to the company's solvency?
Can creative accounting be detected through the financial numbers?
How did the company perform in the last one year?
5Y Avg -- 3Y Avg -- TTM --
P/E Ratio
--
--Min --Median --Max
P/B Ratio
--
--Min --Median --Max
Earnings Yield (%)
--
Earnings Yield (%) = EBIT / Enterprise value
PEG Ratio
--
Price = Price / Earnings to growth ratio
Company |
Price (₹) | Market Cap (₹ Cr) | Revenue (TTM) | Net Profit (TTM) | OPM (%) | ROE (%) | P/E | P/B |
|---|---|---|---|---|---|---|---|---|
|
Thermax
|
3,424.0 | 40,403.5 | 10,388.7 | 626.7 | 7.2 | 13.4 | 63.7 | 8.2 |
| 5,846.5 | 1,24,188.9 | 12,267.5 | 1,887.0 | 17.9 | 28.2 | 65.7 | 16.5 | |
| 3,439.3 | 32,314.0 | 4,287.4 | 1,048.3 | 24.4 | 15.9 | 30.5 | 4.7 | |
| 257.9 | 89,506.4 | 28,339.5 | 474.9 | 3.4 | 2.2 | 167.6 | 3.6 | |
| 635.9 | 14,203.4 | 2,227.0 | 415.1 | 21.6 | 23 | 34.2 | 7.1 | |
| 1,204.4 | 8,858.1 | 6,424.6 | 263.9 | 6.5 | 10 | 35.5 | 3.2 | |
| 1,019.3 | 23,356.4 | 1,817.7 | 316.0 | 25.0 | 20.3 | 73.9 | 13.9 | |
| 834.2 | 12,158.5 | 6,342.5 | 475.1 | 16.5 | 15.4 | 24.9 | 3.9 | |
| 77.8 | 11,322.0 | 755.8 | 99.7 | 15.2 | 18.4 | 109.8 | -- | |
| 1,730.0 | 11,571.9 | 1,638.7 | 195.7 | 14.6 | 15.1 | 57.8 | 8.3 |
Companies operating with wide margins
2 min read•By Mohammed Ekramul Haque
1 min read•By Research Desk
2 min read•By Research Desk
Ballistic Capital Goods Stocks
2 min read•By Research Desk
6 min read•By Value Research
Thermax Limited provides energy, environment, and chemical solutions in India and internationally. It operates through Industrial Products, Industrial Infra, Green Solutions, and Chemical segments. The company offers vapour absorption and hybrid... chillers, triple effect chillers, chiller-heaters, heat pumps, heat pump chillers, and heat transformers; evaporative condensers, closed loop cooling towers, adiabatic and dry coolers, and air-cooled heat exchangers; industrial refrigeration; and renewable energy solutions. It also provides biomass fired, fixed plate, spent wash fired, waste to energy, oil and gas fired, lean gas fired, waste heat recovery, and steam boilers; waste heat recovery units; fired heaters and process furnaces; thermic fluid, hot air, and hot water heaters; and waste heat recovery. In addition, the company offers air pollution control, and water and waste solutions; chemicals, such as ion exchange resins, performance, construction, water treatment, oil field, and paper chemicals; and steam engineering solutions. Further, it operates cogeneration, waste heat recovery power, captive power, and independent power plants, as well as offers operation and maintenance services. It serves automobiles, cement, chemicals and fertilizers, commercial/construction, dairy, distillery, paper and pulp, pharmaceuticals, plywood, power generation, food, refineries and petrochemicals, soft beverages, metals, sugar, textiles, and tyre industries. The company was incorporated in 1966 and is headquartered in Pune, India. Thermax Limited is a subsidiary of RDA Holdings Private Limited. Read more
Incorporated
1980
Chairman
Meher Pudumjee
Managing Director
Ashish Bhandari
Group
Thermax
Headquarters
Pune, Maharashtra
Website
Our rating system has guided millions of investors in the past 20 years.
The total asset value of Thermax Ltd stood at ₹ 12,008 Cr as on 31-Mar-25
The share price of Thermax Ltd is ₹3,424.00 (NSE) and ₹3,425.80 (BSE) as of 08-Jul-2025 13:34 IST. Thermax Ltd has given a return of 17.72% in the last 3 years.
Thermax Ltd has a market capitalisation of ₹ 40,404 Cr as on 08-Jul-2025. As per Value Research classification, it is a Mid Cap company.
The P/B ratio of Thermax Ltd is 8.19 times as on 08-Jul-2025, a 29% premium to its peers’ median range of 6.36 times.
The P/E ratio of Thermax Ltd is 63.68 times as on 08-Jul-2025, a 46% premium to its peers’ median range of 43.57 times.
Step 1. Open a demat account through a broker. You would need to provide your email, PAN, bank account details, aadhar details, etc., for KYC
Step 2. Sign in to the broker’s application through a mobile app or website. Use the Login ID and password provided by your broker.
Step 3. Transfer funds from your bank account into the wallet present in your brokerage account.
Step 4. Search for the Thermax Ltd and enter the required number of quantities and click on buy to purchase the shares of Thermax Ltd.
Thermax Limited provides energy, environment, and chemical solutions in India and internationally. It operates through Industrial Products, Industrial Infra, Green Solutions, and Chemical segments. The company offers vapour absorption and hybrid chillers, triple effect chillers, chiller-heaters, heat pumps, heat pump chillers, and heat transformers; evaporative condensers, closed loop cooling towers, adiabatic and dry coolers, and air-cooled heat exchangers; industrial refrigeration; and renewable energy solutions. It also provides biomass fired, fixed plate, spent wash fired, waste to energy, oil and gas fired, lean gas fired, waste heat recovery, and steam boilers; waste heat recovery units; fired heaters and process furnaces; thermic fluid, hot air, and hot water heaters; and waste heat recovery. In addition, the company offers air pollution control, and water and waste solutions; chemicals, such as ion exchange resins, performance, construction, water treatment, oil field, and paper chemicals; and steam engineering solutions. Further, it operates cogeneration, waste heat recovery power, captive power, and independent power plants, as well as offers operation and maintenance services. It serves automobiles, cement, chemicals and fertilizers, commercial/construction, dairy, distillery, paper and pulp, pharmaceuticals, plywood, power generation, food, refineries and petrochemicals, soft beverages, metals, sugar, textiles, and tyre industries. The company was incorporated in 1966 and is headquartered in Pune, India. Thermax Limited is a subsidiary of RDA Holdings Private Limited.
The promoters of Thermax Ltd are RDA HOLDINGS PRIVATE LTD and ARA TRUSTEESHIP COMPANY PRIVATE LIMITED. They collectively own 61.98 per cent of the total equity. The chairman of the company is Meher Pudumjee
There is no promoter pledging in Thermax Ltd.
Some of the close peers are:
| Company | Market Cap(₹ Cr) |
|---|---|
|
30,906
|
|
|
23,568
|
|
|
14,515
|
|
|
1,24,234
|
|
|
90,586
|
|
|
12,433
|
|
|
11,857
|
|
|
11,220
|
|
|
8,910
|
| Thermax Ltd. | Ratios |
|---|---|
|
Return on equity(%)
|
13.38
|
|
Operating margin(%)
|
7.21
|
|
Net Margin(%)
|
5.89
|
|
Dividend yield(%)
|
0.38
|
Yes, TTM profit after tax of Thermax Ltd was ₹627 Cr.
₹-22.20
(
