Is Thermax (THERMAX) overvalued or fairly valued?

MarketChacha shows Thermax's valuation in context — a forward P/E of about 45.3, a price-to-book of about 8.2 — alongside its revenue and profit growth and whether reported profit converts into operating cash, so you can judge value for yourself. MarketChacha does not issue ratings, price targets, or buy/sell advice.

What is Thermax's revenue?

Thermax reported revenue of ₹6,518 Cr for FY2026, with net profit of ₹649 Cr, per official filings.

What is the share price of Thermax (THERMAX)?

Thermax last traded at ₹4,025.70 (-0.7% on the day), as of 8/11/2026 — a delayed quote shown for education, not investment advice.

Thermax

THERMAX · NSE · Capital Goods · India

Snapshot

TickerTHERMAX

ExchangeNSE

SectorCapital Goods

IndustryConglomerates

CountryIndia

HeadquartersPune, India

Websitewww.thermaxglobal.com

Filings tracked5

About Thermax

Thermax Limited provides energy, environmental, and chemical solutions in India and internationally. It operates in Industrial Products, Industrial Infra, Green Solutions, and Chemical segments. The Industrial Products segment offers manufacturing, installation, sales and services related to boilers and heating equipment, absorption chillers/heat pumps, air pollution control equipment/ systems, water & waste recycling, including associated services and engineering, procurement and construction. The Industrial Infra segment provides engineering, procurement, and construction (EPC) of power plants, infra projects, and flue gas desulphurisation projects, along with associated services and manufacturing, installation, sales and services related to boiler and heater plants. The Green solutions segment builds, owns and operates BOO models, energy management solutions, oil and gas-fired, green hydrogen projects and renewable energy (Solar/Wind). The Chemical segment offers manufacturing, installation, sales and services related to ion exchange resins, performance chemicals, construction chemicals, water treatment chemicals, oil field chemicals, paper and construction chemicals, and related services. It also operates cogeneration, waste heat recovery power, captive power, and independent power plants, as well as offers operation and maintenance services. In addition, the company offers steam boilers; waste heat recovery units; fired heaters and process furnaces; thermic fluid, hot air, and hot water heaters; and waste heat recovery. 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. Thermax Limited was incorporated in 1966 and is headquartered in Pune, India. Thermax Limited is a subsidiary of RDA Holdings Private Limited.

Who owns it

Promoters73.7%
Institutions20.7%
Public & other5.6%

89 institutional holders

Ownership breakdown from public market data. Promoter pledge is not included here — that comes from exchange shareholding filings.

Forensic scorecard

No major accounting red flags in the fundamentals we have — profit is backed by cash and returns look healthy.

Net margin trend5.6% → 10.0%

Margin has expanded by about 4.4 points — the business is getting more profitable.

Growth qualityrev -7% · PAT 13%

Profit growth is broadly tracking revenue growth — the earnings trend looks operational rather than one-off.

Computed by MarketChacha from reported figures (BSE (official results filing)). Education, not a rating or recommendation.

What's expected next

Next quarter

Rev ₹3,251 Cr · EPS 21.40

Est. earnings growth -1.9%

Next fiscal year

Rev ₹14,531 Cr · EPS 89.41

Est. earnings growth +46.9%

Analyst consensus estimates — not the company's own guidance.

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Financials at a glance

Source: BSE (official results filing)

Annual

Quarterly · last 5

Revenue (FY2026)

₹6,518 Cr

Net margin

10.0%

Revenue CAGR (3y)

-6.9%

Profit CAGR (3y)

+13.0%

EPS (FY2026)

54.46

Net profit (FY2026)

₹649 Cr

Ask MarketChacha about THERMAX

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Financials

Yearly

Period	Revenue	Net profit	EPS	Net margin
FY2026	₹6,518 Cr	₹649 Cr	54.46	10.0%
FY2025	₹10,389 Cr	₹634 Cr	—	6.1%
FY2024	₹9,323 Cr	₹645 Cr	—	6.9%
FY2023	₹8,090 Cr	₹450 Cr	—	5.6%

Quarterly

Period	Revenue	Net profit	EPS	Net margin
2026Q2	₹2,303 Cr	₹25 Cr	—	1.1%
2026Q1	₹2,226 Cr	₹-14 Cr	16.87	-0.6%
2025Q4	₹1,599 Cr	₹175 Cr	14.73	11.0%
2025Q3	₹2,474 Cr	₹120 Cr	—	4.8%
2025Q2	₹2,150 Cr	₹152 Cr	—	7.1%

Figures as reported, in ₹ (crore). Source: BSE (official results filing).

Filings & announcements

2026

Earnings Call Transcript
Thermax Limited has submitted before the Exchanges transcript of the earnings call held on Friday, July 31, 2026.
BSE8/6/2026
Change in Directorate
Thermax Limited has informed the Exchanges that the shareholders at their 45th AGM held on July 30, 2026 have approved the re-appointment of Dr. Ravi Shankar Gopinath (DIN: 00803847) as ....
BSE7/31/2026
Shareholder Meeting / Postal Ballot-Scrutinizer''s Report
Thermax Limited has informed the Exchanges about the voting results and scrutinizer''s report for 45th Annual General Meeting.
BSE7/31/2026material
Investor Presentation
Thermax Limited has submitted revised investor presentation for Q1FY27
BSE7/31/2026
Investor Presentation
Thermax Limited has submitted the Investor Presentation for Q1FY27.
BSE7/30/2026

In the news

Education and discussion only — not investment advice. Financials from official filings (SEC/BSE) and reported company statements; market figures (delayed market data) are delayed and shown for reference only. Verify with the linked sources before acting.