Thermax Limited

Capital Goods · Electrical Equipment

NSE: THERMAX BSE: 500411

₹3392.20

Sept. 30, 2026 · NSE · nse_bhavcopy

Peers in Electrical Equipment

The largest companies in the same industry by market cap. This company ranks #11 of 95. PE, ROE, 1Y return and scores come from the daily/weekly precomputed snapshot.

Company	Market cap (₹ Cr)	PE (TTM)	ROE	1Y return	Div. yield	Quality	Valuation	Momentum
Bharat Heavy Electricals Limited	144,680	59.9	6.1%	73.0%	—	54	36	32
ABB India Limited	143,589	92.3	13.6%	30.3%	1.76%	73	0	28
Hitachi Energy India Limited	136,525	118.7	19.1%	68.9%	0.03%	81	33	31
CG Power and Industrial Solutions Limited	134,535	96.5	14.5%	15.5%	0.15%	81	0	30
Siemens Limited	132,676	107.1	11.2%	19.4%	0.48%	72	0	29
Siemens Energy India Limited	113,959	76.6	—	-5.9%	0.13%	94	0	66
GE Vernova T&D India Limited	107,565	82.4	45.8%	36.7%	0.24%	94	31	31
Apar Industries Limited	72,791	59.7	18.1%	111.6%	0.35%	62	25	50
Thermax Limited (this stock)	40,420	69.2	12.9%	7.2%	0.41%	58	0	27

Valuation multiples

Current only. Market cap is the whole company's; sales/EBITDA are trailing-twelve-month standalone; debt and cash come from the latest filed standalone balance sheet (March 31, 2026). EBITDA = PBT + interest + depreciation.

Enterprise value

₹40,445 Cr

EV / EBITDA

65.2x

EV / Sales

6.10x

Market cap / Sales

6.09x

Earnings yield

1.45%

Quarterly Financials

Download CSV

Standalone Consolidated

↑ Positive

Quarterly Revenue

Jun 2026 quarterly revenue is Rs 1,338 Cr, up 9.9% YoY.

Period end	Revenue (₹ Cr)	PBT (₹ Cr)	Net profit (₹ Cr)	Basic EPS
June 30, 2026	1,303	-24	-18	₹-1.5200
March 31, 2026	2,226	37	-14	₹16.8700
Dec. 31, 2025	1,599	227	175	₹14.7300
Sept. 30, 2025	1,505	253	226	₹18.9600
June 30, 2025	1,183	62	46	₹3.9000
March 31, 2025	1,972	337	275	₹23.0900
Dec. 31, 2024	1,453	124	103	₹
Sept. 30, 2024	1,519	136	108	₹9.0600
June 30, 2024	1,311	116	86	₹7.2200
March 31, 2024	1,738	161	129	₹10.7900
Dec. 31, 2023	1,480	258	201	₹16.8400
Sept. 30, 2023	1,444	102	64	₹5.4100
June 30, 2023	1,161	59	44	₹3.6800

Quarterly income statement (standalone, ₹ Cr)

Indicator	Jun 26	Mar 26	Dec 25	Sep 25	Jun 25	Mar 25	Sep 24	Jun 24	Mar 24	Dec 23	Sep 23	Jun 23	Mar 23
Total income (before exceptional items)	1,338	2,259	1,638	1,683	1,218	2,027	1,556	1,379	1,789	1,514	1,502	1,210	1,536
Operating revenue	1,303	2,226	1,599	1,505	1,183	1,972	1,519	1,311	1,738	1,480	1,444	1,161	1,490
Other income	35	33	39	178	35	56	37	69	52	35	58	49	46
Operating expenses	1,331	2,196	1,460	1,399	1,128	1,755	1,392	1,239	1,603	1,359	1,303	1,077	1,344
Operating profit	-28	30	139	106	55	217	127	72	135	121	141	84	146
Operating profit margin	-2.1%	1.3%	8.7%	7.0%	4.6%	11.0%	8.4%	5.5%	7.8%	8.2%	9.8%	7.2%	9.8%
Depreciation	26	20	27	26	24	20	20	19	19	18	18	18	18
Interest	6	8	8	5	3	9	8	6	7	6	6	5	7
Exceptional items, gain / (loss)	—	2	85	—	—	94	—	—	—	126	-73	-51	7
Profit before tax	-24	37	227	253	62	337	136	116	161	258	102	59	174
Tax	-6	51	52	27	15	62	28	30	32	57	38	16	52
Net profit	—	-14	175	226	46	275	108	86	129	201	64	44	122
EPS	-1.52	16.87	14.73	18.96	3.90	23.09	9.06	7.22	10.79	16.84	5.41	3.68	10.25
Net profit (TTM)	—	434	723	655	515	598	523	480	437	431	320	349	329
EPS (TTM)	49.04	54.46	60.68	55.01	43.27	50.16	43.91	40.26	36.72	36.18	26.89	29.25	27.63

Total income excludes exceptional items, which are shown on their own row. Trendlyne and Screener fold exceptional items into revenue or other income, so their totals differ from this table by exactly that row.

Annual Financials

Year ended	Revenue (₹ Cr)	PBT (₹ Cr)	Net profit (₹ Cr)
March 31, 2026	6,518	795	649
March 31, 2025	6,254	713	572
March 31, 2024	5,822	580	437
March 31, 2023	5,141	431	329

Annual income statement (standalone, ₹ Cr; CAGR to the latest year)

Indicator	CAGR 3Y	CAGR 5Y	Mar 26	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20	Mar 19	Mar 18	Mar 17
Total income (before exceptional items)	8.8%	15.8%	6,803^†	—	6,015^†	5,278^†	4,140^†	3,272^†	3,319^†	4,338^†	3,993^†	3,973^†
Operating revenue	8.2%	15.8%	6,518	6,254	5,822	5,141	4,015^†	3,131^†	3,215^†	4,212^†	3,889^†	3,870^†
Other income	—	—	284^†	—	193^†	136^†	125^†	140^†	104^†	126^†	104^†	103^†
Operating expenses	—	—	6,183^†	—	5,341^†	4,760^†	3,789^†	2,913^†	3,002^†	3,889^†	3,517^†	3,495^†
Operating profit	-4.1%	9.0%	336^†	—	481^†	381^†	226^†	218^†	213^†	324^†	371^†	376^†
Operating profit margin	—	—	5.2%^†	—	8.3%^†	7.4%^†	5.6%^†	7.0%^†	6.6%^†	7.7%^†	9.6%^†	9.7%^†
Depreciation	—	—	97^†	—	73^†	73^†	67^†	64^†	63^†	57^†	64^†	65^†
Interest	—	—	25^†	—	24^†	20^†	13^†	9^†	5^†	7^†	8^†	4^†
Exceptional items, gain / (loss)	—	—	88^†	—	2^†	7^†	-14^†	-103^†	-15^†	-48^†	-25^†	-133^†
Profit before tax	22.6%	34.2%	795	713	580	431	256^†	183^†	235^†	338^†	378^†	275^†
Tax	—	—	146^†	—	143^†	102^†	55^†	42^†	74^†	133^†	140^†	130^†
Net profit	25.4%	35.7%	649	572	437	329	201^†	141^†	—	—	238^†	145^†
EPS	25.4%	35.7%	54.46^†	—	36.72^†	27.63^†	16.85^†	11.83^†	13.54^†	—	—	—

^† Derived: the sum of that fiscal year's four quarterly filings (a real annual filing is used wherever one exists). Checked against filed annual figures, the sum lands within 0.5% for about 94% of company-years.

Annual ratios (standalone)

Ratio	Mar 26	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20	Mar 19	Mar 18	Mar 17
Operating margin	5.2%^†	—	8.3%^†	7.4%^†	5.6%^†	7.0%^†	6.6%^†	7.7%^†	9.6%^†	9.7%^†
EBIT margin	12.6%^†	—	10.4%^†	8.8%^†	6.7%^†	6.1%^†	7.5%^†	8.2%^†	9.9%^†	7.2%^†
PBT margin	12.2%	11.4%	10.0%	8.4%	6.4%^†	5.8%^†	7.3%^†	8.0%^†	9.7%^†	7.1%^†
Net margin	10.0%	9.1%	7.5%	6.4%	5.0%^†	4.5%^†	—	—	6.1%^†	3.7%^†
Interest coverage	32.96x^†	—	25.33x^†	23.04x^†	20.21x^†	22.34x^†	45.96x^†	49.36x^†	48.03x^†	77.48x^†
Dividend payout	25.7%^†	—	27.2%^†	32.6%^†	41.5%^†	0.0%^†	103.4%^†	—	—	—
Earnings retention	74.3%^†	—	72.8%^†	67.4%^†	58.5%^†	100.0%^†	-3.4%^†	—	—	—
Current ratio	1.26x	1.41x	—	—	—	—	—	—	—	—
Quick ratio	1.10x	1.29x	—	—	—	—	—	—	—	—
Debt to equity	0.03x	0.02x	—	—	—	—	—	—	—	—
Return on equity	14.7%	14.4%	—	—	—	—	—	—	—	—
Return on assets	8.6%	7.9%	—	—	—	—	—	—	—	—
Return on capital employed	18.3%^†	—	—	—	—	—	—	—	—	—
Asset turnover	0.86x	0.86x	—	—	—	—	—	—	—	—

Margins and asset turnover use operating revenue (interest earned for banks, excluding other income), not total income. Liquidity, leverage and return ratios need a filed standalone balance sheet, which exists only for recent years; returns use year-end equity/assets. Dividend payout is shown only for companies with a dividend record. † = built from a summed fiscal year.

Revenue Mix

Data unavailable.

Cash Flow

Year ended	Operating (₹ Cr)	Investing (₹ Cr)	Financing (₹ Cr)	Capex (₹ Cr)	Free Cash Flow (₹ Cr)
March 31, 2026	416	-287	-146	144	272
March 31, 2025	374	-126	-394	270	104
March 31, 2024	91	103	-51	151	-61
March 31, 2023	419	-338	-81	49	369
March 31, 2022	94	-100	-53	32	62

Balance Sheet (standalone)

Year ended	Total Assets (₹ Cr)	Total Equity (₹ Cr)	Reserves (₹ Cr)	Borrowings, Current (₹ Cr)	Borrowings, Non-current (₹ Cr)	Current Assets (₹ Cr)	Current Liabilities (₹ Cr)	Cash & Equivalents (₹ Cr)	Net Block (₹ Cr)	Inventory (₹ Cr)
March 31, 2026	7,558	4,427	4,403	100	25	3,867	3,070	100	995	482
March 31, 2025	7,246	3,968	3,944	59	25	4,458	3,170	118	954	383
March 31, 2024	—	—	—	—	—	—	—	—	—	—
March 31, 2023	—	—	—	—	—	—	—	—	—	—
March 31, 2022	—	—	—	—	—	—	—	—	—	—

Financial charts

Trend charts drawn from the standalone income-statement and ratio tables above (oldest year on the left); a gap means that period has no figure. Annual years marked † in the tables are derived from four quarters.