Thermax Limited (THERMAX)
Large CapIndustrials stocks · Large cap · NSE
Thermax Limited is a global provider of sustainable solutions in energy and environment, with 18 manufacturing locations (14 in India, 4 international) and sales/service in 30+ countries. It reported Rs. 10,694 crore revenue and 7,854 employees globally.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100PAT -85% YoY · margin compression · Rev +7% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,303 Cr | +6.7% | -32.8% |
| EBITDA | ₹69 Cr | -69.3% | -81.6% |
| Operating margin | 3.0% | -700 bps | -800 bps |
| PAT | ₹22 Cr | -85.4% | -91.0% |
| PAT margin | 1.0% | -604 bps | -616 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q4 FY26 order booking surged 112% YoY to Rs. 4,490 crore, driven by a large thermal power plant order. YTD order booking grew 34% to Rs. 13,871 crore. Revenue increased 13% YoY in Q4 to Rs. 3,428 crore, with PAT up 18% to Rs. 244 crore. YTD revenue grew 3% to Rs. 10,694 crore, PAT up 15% to Rs. 720 crore.
Thermax demonstrated robust Q4 order booking, significantly boosted by a large power project, and improved profitability in Industrial Products and Infra. While Chemicals and Green Solutions faced margin pressures, the overall order book and execution momentum appear healthy, supporting the long-term thesis.
Order Book by Sector (Q4 FY26)
Latest issuer-disclosed distribution across 7 reported categories.
Thermal Power Projects
Secured a Rs. 1,600 crore boiler package order for a 1x800 MW ultra supercritical thermal power plant in Central India.
Data Centres
Secured breakthrough order of multiple hot water driven chillers (45,000 TR combined capacity) for a large data centre in the USA.
Waste-to-Energy Solutions
Commissioned a 1x40 TPH waste-to-energy boiler in North India, operating on 100% RDF, NRSW, and biomass.
CBG Production
Achieved ~8,000 tonnes of CBG production in Q4 FY26 (19,400+ tonnes YTD), commissioning Reliance Akola and Nanded plants.
CBG Plants Commissioned
Commissioned Reliance Akola and Nanded plants, thereby completing all 14 existing plants.
Jafrabad Hybrid Project Progress
9 of 21 WTGs installed, 40.8 MWp of 69.5 MWp module installation completed, EHV line and PSS charging completed.
Manufacturing PMI
India's manufacturing PMI remained in expansionary territory through Q4 FY26 (mid-50s), indicating sustained factory growth.
Data Centres as New Sector
Data Centres are continuing as a new sector with tremendous future potential.
Green Solutions Demand
Breakthrough in community steam solutions with an order win for 2x30 TPH biomass boilers for a food park in Gujarat.
Input Commodity Prices Volatility
High volatility in input commodity prices (steel up ~20–25%, non-ferrous metals) due to geopolitical instability and USD appreciation.
Raw Material Cost Escalation
Faced raw material cost escalation due to West Asia geopolitical risks in the chemicals segment.
Weakened Demand Outlook
Weakened demand outlook in the ceramic segment.
Middle East War Impact
The Middle East war impact will affect most industries in the short-medium term.
Project Overrun Costs
Green Solutions business incurred project overrun costs during the quarter, impacting margins.
Product Mix Impact on Margins
Industrial Products segment performance lower due to product mix. Chemicals segment profitability lower due to higher input costs and change in product mix.
Geopolitical Risks
Middle East crises caused supply disruptions and raw material volatility, impacting chemicals.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is essential for understanding seasonal business cycles and long-term growth trends in project-based industrial segments. QoQ comparison provides insight into sequential momentum, project execution, and immediate operational efficiency changes.
Order Booking (Q4 FY26)
Rs. 4,490 crore (112% YoY growth)
Order Booking (YTD Mar 26)
Rs. 13,871 crore (34% YoY growth)
Order Balance (Q4 FY26)
Rs. 13,604 crore (27% YoY growth)
Revenue (Q4 FY26)
Rs. 3,428 crore (13% YoY growth)
Stakeholder Value Commitment
Board recommended a dividend of Rs. 14/share for FY25-26 and a special dividend of Rs. 6/share for 60th anniversary.
Enhanced Digital Presence
Launched new Thermax Chemicals and Thermax Global websites to strengthen digital presence and customer engagement.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Inflow | Q4 FY26 OB Rs. 4,490 crore (112% YoY). | Sustained high order booking, especially from non-power segments and new sectors like data centers. |
| Segment Profitability | Industrial Infra PBIT % improved to 6.5% (Q4 FY26). | Improvement in Green Solutions and Chemicals segment profitability and stable margins in Industrial Products. |
| Project Execution | Jafrabad hybrid project reaching advanced stage, CBG plants commissioned. | Timely commissioning and ramp-up of large projects and new capacity. |
| Input Cost Management | Mitigated supply disruptions through price revisions and supply assurance in chemicals. | Ability to pass on increased input costs and manage raw material volatility. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
39BearishSMA20 -10.2% / mo · RSI oversold · MACD −
Technical chart
THERMAXdaily · 1Y · AUTO+18.7%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 25.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~11.4% over last month) — short-term momentum negative.
- RSI(14) at 25 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 31% off 52W high · 33% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 9.7% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +3.6% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 29 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 29 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 8/15 to the score.
- Growth contributes 10/25 to the score.
Main drags
- Fair-value margin of safety is negative at -84.4%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 2/20; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 69th percentile of the scored universe and 67th percentile within Industrials. Main check: results consistency is weak at 53/100.
Healthy Trust Lite: Promoter holding is 62%. Key concern: 2 latest quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 67th pctile, median 68 · Large: 47th pctile, median 73
75 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 62%.
- ▸Promoter pledge is zero.
- ▸7 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 78.80
- P/B
- 7.81
- EV/EBITDA
- 42.00
- Market Cap
- 43344.00Cr
Profitability
- ROE
- 10.60%
- ROCE
- 13.90%
- ROA
- 4.46%
- Dividend Y
- 0.38%
Growth (CAGR)
- Revenue 5Y
- 18.00%
- EPS 5Y
- 18.00%
- Revenue 3Y
- 10.00%
- EPS 3Y
- 7.00%
Balance Sheet
- Debt/Equity
- 0.42
- Interest Coverage
- 6.04×
- Altman Z
- 5.15
- Book Value
- 466.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 7/5
- OCF
- 542.00 Cr
- EPS TTM
- 49.80
Shareholding
- Promoter Hold
- 61.99%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 35%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.