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Swing Capital

Thermax Ltd

NSE: THERMAX BSE: 500411Energy

Thermax Limited offers solutions to energy, environment and chemical sectors. The Company’s portfolio includes boilers and heaters, absorption chillers/ heat pumps, power plants, solar equipment, air pollution control equipment/system, water and waste recycle plant, ion exchange resins and performance chemicals and related services. [1]

₹4,391
52W: ₹2743 — ₹4880
PE 90.7 · Book ₹372 · +1080% vs book
Market Cap₹52,326 Cr
Stock P/E90.7Price to Earnings
ROCE17%Return on Capital
ROE13.8%Return on Equity
Div. Yield0.31%Face Value ₹2

Strengths

  • +Company is almost debt free.
  • +Company has delivered good profit growth of 22.1% CAGR over last 5 years
  • +Company has been maintaining a healthy dividend payout of 32.8%

Weaknesses

  • −Stock is trading at 11.8 times its book value
  • −Company has a low return on equity of 13.4% over last 3 years.
  • −Earnings include an other income of Rs.372 Cr.

Shareholding Pattern

Promoters61.99%
FIIs11.25%
DIIs15.49%
Public5.82%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters61.99%61.99%61.99%61.99%61.99%61.99%61.99%61.99%
FIIs15.15%15.38%▲0.215.49%▲0.115.86%▲0.416.02%▲0.213.44%▼2.612.36%▼1.111.25%▼1.1
DIIs12.88%12.72%▼0.212.66%▼0.112.25%▼0.411.74%▼0.513.95%▲2.214.84%▲0.915.49%▲0.7
Public4.5%4.45%▼0.04.39%▼0.14.43%▲0.04.77%▲0.35.16%▲0.45.35%▲0.25.82%▲0.5

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,4801,7381,3111,5231,4691,9421,1891,5051,5992,226
Expenses1,3591,6031,2391,3961,3581,7291,1341,3991,4601,981
Operating Profit1211357212711021255106139245
OPM %8%8%6%8%8%11%5%7%9%11%
Net Profit2011298610810327546226175201
EPS ₹16.8410.797.229.068.6623.083.918.9614.7316.87

AI Insights

Revenue Trend

Mar 2026 revenue at ₹6,518Cr, up 4.2% YoY. OPM at 8%.

Debt Position

Borrowings at ₹132Cr. Debt-to-equity ratio: 0.03x. Healthy balance sheet.

Capex Cycle

CWIP at ₹45Cr (4% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 15.49% (-0.01pp change). FIIs: 11.25% (-1.10pp change). Promoters hold 61.99%.

Margin & Efficiency

ROCE declining from 21% (Mar 2015) to 17% (Mar 2026). Working capital days: 35.

Valuation

PE 90.7x with 17% ROCE. Price is 1080% above book value of ₹372. Dividend yield: 0.31%.

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