AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Acquisition 30 Sep - Thermax acquired remaining 49% of TSA Process Equipments for Rs 42 crore on September 30, 2026.
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals15 Oct 2026 · screener
Latest result30 Jul, 09:38 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
35Bearishfull bear SMA stack · SMA20 -11.4% / mo · MACD +
Stock trend: 25
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
THERMAXD candles · FIT view-19.3%Latest close ₹3234.90 on 2026-10-19
Bar
-2.8%
RSI
37
MACD hist
22.46
52W pos
19%
2026-10-19O ₹3329.00H ₹3345.60L ₹3225.00C ₹3234.90Vol 1.3L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
THERMAXNifty India ManufacturingNifty 500
- THERMAX
- -31.3%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- -25.8 pp
Chart stats
19 Oct 2026- From 52W high
- -38.7%
- 52W range position
- 19%
- ATR (14)
- 3.5%
- Volume vs 20D
- 0.65x
- Avg traded value
- ₹62.2 Cr
- 20D price channel
- ₹3,125.1 - ₹3,615
₹5,277.8
₹2,742.7 - ₹5,277.8
₹112.1
Latest completed session
20-session average
33.4% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED29
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +6.7% · PAT -85.4% YoY
Technical
Bearish35
Price trend and sector-relative-strength timing.
Valuation
Legacy model-65.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence72
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -85% YoY · margin compression · Rev +7% YoY
Filed 30 Jul 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 71.70
- P/B
- 7.11
- EV/EBITDA
- 38.45
- Market Cap
- 39480.00Cr
Profitability
- ROE
- 10.60%
- ROCE
- 13.90%
- ROA
- 4.46%
- Dividend Y
- 0.42%
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
- 4.85
- 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
- 22%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 10.8k+3.7% vs prev
Net Profit
₹ CrLatest: 720+14.8% vs prev
Return on Equity
%Latest: 13.0+2.1% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 37.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- Recent death cross (SMA50 crossed below SMA200).
- SMA20 falling (~12.9% over last month) — short-term momentum negative.
- RSI(14) at 37 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 39% off 52W high · 18% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
38
RS percentile
Stage 1 Base / Transition
1M return
-8.9%
3M return
-31.3%
6M return
-20.2%
1Y return
-0.6%
RS 1D
0
RS 20D
-15
Sector rank
#5
Industry rank
#4
Stage evidence
- Price is 20.9% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +0.6% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 104.25-1.75%
RS vs Nifty 500104
Valuation & peers
U-Score 29 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 29 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth10/25
Quality2/20
Balance Sheet8/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
29
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
29/100 · legacy band OVERVALUED
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 -65.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 2/20; verify the latest quarterly trend.
Sector valuation model
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.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
71.7
PB
7.1
EV/EBITDA
38.5
ROE
10.6%
ROCE
13.9%
FCF Yield
—
Debt/Equity
0.4
MoS
-65.3%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
29
Previous: 29
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-65.3%
Previous: -65.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
30
30
30
29
29
29
29
29
29
29
29
29
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹722.6
-347.7% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹1,957.14
-65.3% MoS
PEG
5.27
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ELGIEQUIP
Large
Elgi Equipments Limited
Industrial Machinery
match 59
52
39.2
19.0%
+2%
FAIR VALUE
JASH
Small
Jash Engineering Limited
Industrial Machinery
match 54
43
40.0
16.0%
+0%
WATCHLIST
JYOTICNC
Small
Jyoti CNC Automation Limited
Industrial Machinery
match 54
54
70.1
18.2%
-76%
FAIR VALUE
ELECON
Large
Elecon Engineering Company Limited
Industrial Machinery
match 53
47
34.7
16.4%
-7%
FAIR VALUE
MAMATA
Small
Mamata Machinery Limited
Industrial Machinery
match 50
26
89.8
9.6%
-901%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-13T09:23:36.058Z
Management commentary snapshot
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.
Current business mix
Order Book by Sector (Q4 FY26)
Latest issuer-disclosed distribution across 7 reported categories.
Power42.0%
Food & Beverages9.0%
Chemicals7.0%
Metals & Mining7.0%
Engineering7.0%
Data Centres2.0%
Others26.0%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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)
Management forward view
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.
Thesis monitor
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.
Trust Score
72Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
87 docs text-extracted · 21 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
69th percentile
overall median 67 · Industrials: 67th pctile, median 68 · Large: 46th pctile, median 73
Evidence depth
Financial-only
87 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
53
watch · quarterly consistency
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.
Continue researching Thermax Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Acquisition 15 Sep - Thermax’s subsidiary TECC incorporated Thermax Botswana Proprietary Limited in Botswana on September 14, 2026.
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Company Ir
Concall transcriptJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Earnings Call Transcript 6 Aug - Thermax Limited has submitted before the Exchanges transcript of the earnings call held on Friday, July 31, 2026.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2d - Thermax to hold Q1FY27 earnings call on 31 July 2026 at 11:00 a.m. IST.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Jul - Thermax Limited has informeds about the newspaper advertisement titled "Notice of the 45th Annual General Meeting and E-Voting information".
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 3 Jul
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 31 Jul - Thermax Limited has informeds about the newspaper publication of financial results for the quarter ended June 30, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 25 Jun - Thermax Limited has informeds about the newspaper advertisement titled "45th Annual General Meeting (AGM) through Video Conferencing ("VC") / Other Audio-Visual Means ("OAVM"), ....
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 26 May - Thermax hereby informs the Exchanges about the Newspaper Publication for transfer of Equity Shares and Unpaid Dividend to IEPFA
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.