āagman

Not investment advice. Data and computed figures, for information only.

Thermax Ltd

NSE: THERMAX
₹3,273.80
−₹39.50 (−1.19%)
NSE · 15 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹38,801 Cr
CMP
₹3,273.80
52-wk High / Low
₹5,278 / 2,743
P/E
70.5
P/B
7.0
Book Value
₹466.0
Div Yield
0.43%
ROCE
14.0%
ROE
10.6%
Face Value
₹2
D/E
0.42

Price+1.6% over 1Y

āagman read

Computed by āagman
Derived from 12 years and 15 quarters of filings. Not reported by the company.
As of 15 Oct 2026
How we compute these
Piotroski F-Score
4
/ 9
4 of 9 F-score tests passed
Graham Number
₹796
√(22.5 × EPS × book value per share)
ROIC
7.5%
vs 12.3% sector median
Cash flow to profit
0.75
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
−743
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
7.4%
ROE × earnings retention ratio
ROE stability
1.8
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom +0.00FII +0.21DII −0.27
Latest quarter vs the previous one
Cash-accrual divergence
1.4%
of assets
Low = accruals track cash flow
Strengths
Watch-outs
−Latest ROCE of 14% trails the sector median of 19%
−Borrowings are up 1106.7% since FY2016 (195 to 2353)
−Price trades below its 200-day moving average (0.9x)
−Price is 38.0% below its 52-week high

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales1,9332,3022,3242,7642,1842,6162,5293,0462,1582,4742,6353,4282,303
Expenses1,8012,0982,1372,4912,0442,3382,3402,7471,9332,3022,3803,0542,234
Operating Profit13220418727314127818830022517225537469
OPM %6.8%8.9%8.0%9.9%6.5%10.6%7.4%9.8%10.4%7.0%9.7%10.9%3.0%
Other Income266185558460327866851215668
Interest13202728272929313032344235
Depreciation29333650364235454951535460
Profit before tax9121730925116126615630121117428933442
Net Profit6015923718810919811420615111920524422
EPS (₹)4.9413.2420.0015.979.7216.549.7317.2712.7910.0417.1420.502.12

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 12 years + TTM
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales5,3045,1454,4834,4655,9735,7314,7916,1288,0909,32310,38710,77410,839
Expenses4,8424,7124,0494,0885,5165,3314,4355,7157,4898,5269,4779,7369,970
Operating Profit4624334343774574013564146017979101,038870
OPM %8.7%8.4%9.7%8.4%7.7%7.0%7.4%6.8%7.4%8.5%8.8%9.6%8.0%
Other Income73118951156010554135156307250317331
Interest82121013141521253888117139144
Depreciation13472828292117115113117148159208218
Profit before tax3194674383974103752754106038698841,008839
Net Profit148282216231325212207312451643627720591
EPS (₹)17.6023.6918.7219.4827.3117.8317.3426.2137.7954.1553.2560.4749.80

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026
Equity Capital242323232323232323232323—
Reserves2,1232,3942,5152,6922,9923,0053,2293,4703,8464,4174,9145,527—
Borrowings6881951362342402303283688311,2771,7182,353—
Other Liabilities3,2552,5542,3712,9803,5352,6932,9213,5984,1374,4244,7285,339—
Total Liabilities6,0895,1665,0445,9296,7905,9516,5007,4588,83610,14111,38213,242—
Fixed Assets1,4318278119731,3121,2831,2421,1951,2481,9062,8063,048—
CWIP4360141103405624444345255631,442—
Investments8221,0501,0831,4728298752341,4771,6261,7651,6991,784—
Other Assets3,7933,2283,0093,3814,6093,7374,9994,7425,5285,9456,3156,969—
Total Assets6,0895,1665,0445,9296,7905,9516,5007,4588,83610,14111,38213,242—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity321311253335534−1153267693254602471,080542
Cash from Investing Activity−38280−127−99−507266−140−627−420−664−514−1,257−565
Cash from Financing Activity191−351−112−126−20−65−23277−21349285123248
Net Cash Flow1303913110785−47220−11514419−55224

Ratios

As of 31 Mar 2026
13 periods
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %15.014.018.018.015.017.012.010.012.015.017.014.014.0
ROE %————————————10.6
EPS (₹)20.6417.6023.6918.7219.4827.3117.8317.3426.2137.7954.1553.2560.47
Book Value (₹)————————————466.0
Face Value (₹)————————————2
P/E————————————70.5
Div Yield %————————————0.43
NPM %4.32.85.44.75.05.43.64.35.05.56.75.96.5
OPM %9.09.08.010.08.08.07.07.07.07.09.09.010.0
D/E0.370.320.080.050.090.080.080.100.110.210.290.350.42
P/B————————————7.0

Growth

As of 11 Oct 2026
Compounded sales growth
10 years+8.0%
5 years+18.0%
3 years+10.0%
TTM+5.0%
Compounded profit growth
10 years+7.0%
5 years+18.0%
3 years+7.0%
TTM−18.0%
Stock price CAGR
10 years+14.0%
5 years+18.0%
3 years+3.0%
Last year+1.0%
Return on equity
10 years10.0%
5 years11.0%
3 years12.0%
Last year11.0%

Shareholding pattern

As of 31 Mar 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters61.98%61.98%61.98%61.98%61.98%61.98%61.98%61.99%61.99%61.99%61.99%61.99%
FIIs16.11%16.11%14.79%11.89%7.77%12.45%11.84%12.29%12.24%15.86%11.25%11.46%
DIIs9.63%9.63%11.49%13.89%17.58%14.60%15.68%15.63%15.82%12.25%15.49%15.22%
Government————————————
Public6.79%6.79%6.25%6.75%7.18%5.48%5.01%4.59%4.48%4.43%5.82%5.88%
No. of shareholders28,14428,14424,33332,81533,47031,54634,44036,10340,81953,68789,96491,857
Change since Jun 2023 (pp)
Promoters +0.01FIIs −4.65DIIs +5.59Public −0.91

Documents

As of 11 Oct 2026
Announcements
Rumour verification - Regulation 30(11)Announcement under Regulation 30 (LODR)-AcquisitionClosure of Trading WindowAnnouncement under Regulation 30 (LODR)-AcquisitionDisclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Jul 2026TranscriptJul 2026PPTJul 2026RecordingJul 2026PPTJun 2026RecordingMay 2026TranscriptMay 2026PPTFeb 2026TranscriptFeb 2026PPT

Corporate actions

As of 3 Jul 2026
3 Jul 2026DIVIDENDDividend - Rs 14 Per Share/Special Dividend - Rs 6 Per Share—
4 Jul 2025DIVIDENDDividend - Rs 14 Per Share—
5 Jul 2024DIVIDENDDividend - Rs 12 Per Share—
21 Jul 2023DIVIDENDDividend - Rs 10 Per Share—
21 Jul 2022DIVIDENDDividend - Rs 9 Per Share—
22 Jul 2021DIVIDEND Dividend - Rs 7 Per Share—
20 Mar 2020DIVIDEND Interim Dividend - Rs 7 Per Share—
25 Jul 2019DIVIDEND Annual General Meeting/Dividend Rs 7 Per Share—
26 Jul 2018DIVIDEND Annual General Meeting/ Dividend- Rs 6 Per Share—
28 Jul 2016DIVIDEND Annual General Meeting/ Dividend -Rs 6/- Per Share—
16 Jul 2015DIVIDENDAnnual General Meeting/Dividend Rs 7/- Per Share—
10 Jul 2014DIVIDENDAnnual General Meeting / Dividend - Rs 6/- Per Share—
11 Jul 2013DIVIDENDAnnual General Meeting / Dividend - Rs 7/- Per Equity Share—
12 Jul 2012DIVIDENDAnnual General Meeting/ Dividend Rs 7 Per Share—
7 Jul 2011DIVIDENDAnnual General Meeting And Dividend Rs.9/- Per Share—
8 Jul 2010DIVIDENDAnnual General Meeting And Dividend Rs.5/- Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman