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Thermax Limited.
(THERMAX)
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Rating:54Neutral
Price Target:
₹3,431.00
▼(-24.05% Downside)
Action:Reiterated
Date:08/30/26
The score is held back primarily by weak cash-flow quality (negative free cash flow) and a sharp recent gross margin drop, which reduce confidence in earnings durability. Technicals also indicate a downtrend with negative momentum. These risks are compounded by a high P/E and low dividend yield, despite an otherwise decent balance sheet and steady revenue growth.
Positive Factors
Diversified energy and environmental solutions model
The combination of equipment sales, turnkey projects, and aftermarket services diversifies revenue across customer needs and contract types. Its installed base can support recurring spares, maintenance, retrofits, and performance upgrades, helping the business remain relevant beyond individual project cycles.
Negative Factors
Weak and inconsistent cash conversion
Negative free cash flow despite reported profitability shows that earnings are not consistently converting into cash available to the business. Choppy conversion may constrain internally funded investment, increase reliance on borrowing, and reduce flexibility when project working-capital needs or capital spending rise.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified energy and environmental solutions model
The combination of equipment sales, turnkey projects, and aftermarket services diversifies revenue across customer needs and contract types. Its installed base can support recurring spares, maintenance, retrofits, and performance upgrades, helping the business remain relevant beyond individual project cycles.
Read all positive factors
Thermax Limited. (THERMAX) vs. iShares MSCI India ETF (INDA)
Market Cap
₹400.85B
Dividend Yield0.6%
Average Volume (3M)17.75K
Price to Earnings (P/E)63.7
Beta (1Y)0.57
Revenue Growth4.68%
EPS Growth-11.57%
CountryIN
Employees3,962
SectorGeneral
Sector StrengthN/A
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)52.66
Shares Outstanding119,156,300
10 Day Avg. Volume26,163
30 Day Avg. Volume17,745
Financial Highlights & Ratios
PEG Ratio3.77
Price to Book (P/B)6.62
Price to Sales (P/S)3.44
P/FCF Ratio-84.14
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)64.67
Revenue Forecast (FY)₹122.26B
Thermax Limited. Business Overview & Revenue Model
Company Description
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...
How the Company Makes Money
Thermax makes money primarily by selling engineered products, executing turnkey projects, and providing recurring services across its energy and environment offerings. Key revenue streams include: (1) Equipment and systems sales: revenue from manu...
Thermax Limited. Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
78
Positive
Cash Flow
43
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 109.08B | 106.94B | 102.56B | 92.37B | 80.34B | 60.64B |
| Gross Profit | 40.00B | 21.10B | 42.18B | 37.89B | 31.79B | 23.99B |
| EBITDA | 11.93B | 13.55B | 11.57B | 10.90B | 7.57B | 5.49B |
| Net Income | 5.93B | 7.21B | 6.34B | 6.45B | 4.50B | 3.12B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 132.82B | 120.38B | 101.53B | 88.39B | 74.61B |
| Cash, Cash Equivalents and Short-Term Investments | 24.67B | 24.67B | 27.22B | 23.38B | 25.24B | 17.19B |
| Total Debt | 0.00 | 23.53B | 17.18B | 12.96B | 8.31B | 3.79B |
| Total Liabilities | -55.79B | 77.03B | 70.95B | 57.13B | 49.68B | 39.69B |
| Stockholders Equity | 55.79B | 55.50B | 49.37B | 44.40B | 38.68B | 34.92B |
Cash Flow | ||||||
| Free Cash Flow | -3.33B | -4.37B | 1.40B | -5.97B | -1.90B | 2.41B |
| Operating Cash Flow | 633.40M | 5.16B | 10.43B | 2.47B | 4.60B | 3.25B |
| Investing Cash Flow | 1.69B | -6.87B | -12.41B | -5.09B | -6.80B | -4.22B |
| Financing Cash Flow | -1.62B | 3.73B | 1.24B | 2.85B | 3.49B | -205.80M |
Thermax Limited. Technical Analysis
Negative
4517.50
Price Trends
3872.69
Negative
4281.48
Negative
3762.03
Negative
Market Momentum
-154.77
Negative
31.24
Neutral
22.61
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:THERMAX, the sentiment is Negative. The current price of 4517.5 is above the 20-day moving average (MA) of 3529.99, above the 50-day MA of 3872.69, and above the 200-day MA of 3762.03, indicating a bearish trend. The MACD of -154.77 indicates Negative momentum. The RSI at 31.24 is Neutral, neither overbought nor oversold. The STOCH value of 22.61 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:THERMAX.
Thermax Limited. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ₹131.52B | 49.27 | ― | 1.80% | 8.28% | 1.08% | |
71 Outperform | ₹140.30B | 37.79 | ― | 0.40% | 5.04% | -10.39% | |
68 Neutral | ₹1.47T | 60.23 | ― | 0.45% | 27.00% | 739.32% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | ₹400.85B | 63.67 | ― | 0.60% | 4.68% | -11.57% | |
50 Neutral | ₹303.28B | 58.90 | ― | 0.58% | 5.90% | -6.28% | |
50 Neutral | ₹348.75B | 77.61 | ― | 0.38% | 3.80% | -30.64% |
* General Sector Average
IN:THERMAX
Thermax Limited.
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4,166.40
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IN:KIRLOSBROS
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1,766.85
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-11.36%
IN:VOLTAS
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1,054.00
-308.67
-22.65%
Thermax Limited. Corporate Events
Thermax Publishes AGM and E-Voting Notice for Shareholders
Jul 4, 2026
Thermax Limited has notified the stock exchanges that it has published newspaper advertisements announcing its 45th Annual General Meeting and providing e-voting information to shareholders. The notices appeared in the Financial Express in English...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.