Thermax Limited offers solutions in heating, cooling, power generation, water and wastewater treatment and recycling, pollution inhibition, and chemicals, prioritizing clean air, energy, and water. Its segments include Industrial Products, Industrial Infra, Green Solutions and Chemical. Industrial Products segment includes boilers and heating equipment, absorption chillers/heat pumps, air pollution control equipment/systems, water and waste recycle, including associated services and engineering, procurement and construction (EPC). Industrial Infra segment offers EPC of power plants, boiler and heater (high capacity) plants, infra projects, bio-CNG projects, flue gas desulphurization projects include associated services. Chemical business manufactures and markets a range of resins, water treatment and specialty chemicals to help improve processes across various. Green Solutions segment offers opex-based green utilities and renewable energy solutions through the build-own-operate model.

Employees

5,225

Sector

Industrial Machinery & Equipment

Calendar

2025-02-10 - Q3 2025 Earnings Release (Projected)

More about the company

Quotes

Date	Price	Change	Volume
24-12-06	4,655.00 ₹	-1.29%	44,083
24-12-05	4,715.90 ₹	-0.34%	78,013
24-12-04	4,732.20 ₹	-1.87%	60,434
24-12-03	4,822.15 ₹	+2.98%	108,688
24-12-02	4,682.55 ₹	+2.01%	70,475

Delayed Quote NSE India S.E., December 06, 2024 at 04:30 am EST

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Income Statement and Estimates

income-statement-evolution-chart THERMAX-LIMITED

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Ratings

Trading Rating

Investor Rating

ESG Refinitiv

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Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

4,715.90INR

Average target price

4,405.95INR

Spread / Average Target

-6.57%

Consensus

Profit revisions

Estimate revisions

Quarterly revenue - Rate of surprise

Company calendar

Delayed NSE India S.E. Other stock markets 05:23:52 2024-12-06 am EST			5-day change	1st Jan Change
4,655.00 ^INR	-1.29%		+1.41%	+51.06%

Nov. 30	Thermax Limited Announces Cessation of Hemant Mohgaonkar as Executive Vice President and Business Head New Energy and Member of Senior Management	CI
Nov. 18	Jefferies Adjusts Thermax's Price Target to INR6,100 From INR6,075, Keeps at Buy	MT

Capitalization	531B 6.27B 5.93B 5.51B 4.91B 8.8B 9.74B 68.17B 25.29B 218B 23.53B 23.03B 941B	P/E ratio 2025 *	76.5x	P/E ratio 2026 *	58.9x
Enterprise value	537B 6.33B 5.99B 5.57B 4.97B 8.89B 9.84B 68.89B 25.56B 220B 23.78B 23.27B 951B	EV / Sales 2025 *	5.04x	EV / Sales 2026 *	4.28x
Free-Float	24.87%	Yield 2025 *	0.34%	Yield 2026 *	0.36%

Thermax Limited Announces Cessation of Hemant Mohgaonkar as Executive Vice President and Business Head New Energy and Member of Senior Management	Nov. 30	CI
Jefferies Adjusts Thermax's Price Target to INR6,100 From INR6,075, Keeps at Buy	Nov. 18	MT
Thermax Limited Appoints Arun Unni as the Business Unit Head, New Energy & Strategy	Nov. 18	CI
Thermax Limited, Q2 2025 Earnings Call, Nov 14, 2024	Nov. 14
India's Nifty 50 may open marginally higher; Cipla in focus	Nov. 13	RE
First Energy Private Limited announced that it expects to receive INR 3.5 billion in funding from Thermax Limited	Nov. 12	CI
Engineering firm ABB India posts bigger Q3 profit on electrification demand	Nov. 04	RE
Thermax Limited agreed to acquire Buildtech Products India Pvt Ltd from Sunder Lal Kothari, Sanjiv Kapoor and Prapti Kothari for INR 720 million.	Oct. 24	CI
Thermax Limited Announces Induction of Santanu Chaudhuri as Chief Technology Officer and Member of Senior Management	Oct. 21	CI
Thermax Engineering Singapore Pte. Ltd. announced that it expects to receive INR 259 million in funding from Thermax Limited	Sep. 30	CI
Thermax Limited Receives Order Passed by Commissioner of Customs (NS-II), JNCH, Nhava Sheva	Sep. 27	CI
Thermax Limited Receives Assessment Order Passed by Assistant Commissioner, Local Body Tax Department, Pimpri Chinchwad Municipal Corporation	Sep. 24	CI
Ceres Power Enters Licensing Partnership with India's Thermax	Sep. 12	MT

Jefferies Adjusts Thermax's Price Target to INR6,100 From INR6,075, Keeps at Buy	Nov. 18	MT
Jefferies Adjusts Thermax's Price Target to INR6,075 From INR5,480, Keeps at Buy	Aug. 05	MT
Jefferies Adjusts Thermax’s Price Target to INR5,480 From INR4,445, Keeps at Buy	May. 14	MT
Jefferies Adjusts Thermax's Price Target to INR4,000 From INR4,130, Keeps at Buy	Feb. 13	MT
Jefferies Adjusts Thermax’s Price Target to INR3,800 From INR3,085, Keeps at Buy	Nov. 07	MT

Thermax Limited Stock

Equities

THERMAX

INE152A01029

Industrial Machinery & Equipment

Valuation: Thermax Limited

Chart: Thermax Limited

Latest news: Thermax Limited

Last Transcript: Thermax Limited

Analysts' recommendations: Thermax Limited

Press Releases: Thermax Limited

Quotes and Performance

Course Extremes

Managers and Directors: Thermax Limited

ETFs: Thermax Limited

Other Industrial Machinery & Equipment

Financials

Company Profile

Quotes

Income Statement and Estimates

Ratings

Analysts' Consensus

Quarterly revenue - Rate of surprise

Thermax boosts its construction chemicals portfolio with the acquisition of Buildtech Products India	Oct. 28	AQ
Thermax Partners with Ceres for Green Hydrogen Production with Large-Scale Solid Oxide Electrolysis Cell (SOEC) Manufacturing in India	Sep. 13	AQ
Thermax demonstrates its suite of green energy solutions at its REDISCOVER roadshow to enable environmental, economic, and social benefits in Chhattisgarh	Jul. 15	AQ
Thermax Group secures an order valued at Rs. 513 crore from a leading industrial conglomerate	Jul. 08	AQ
Thermax strengthens its water purification capabilities with acquisition of TSA Process Equipments	Feb. 07	AQ

1 day	-1.25%
1 week	+1.46%
Current month	+1.46%
1 month	-8.44%
3 months	+7.54%
6 months	-11.50%
Current year	+51.13%

Director	Title	Age	Since
Ashish Bhandari CEO	Chief Executive Officer	53	2020-04-06
Rajendran Arunachalam DFI	Director of Finance/CFO	-	2019-05-31
Amit Sethi CTO	Chief Tech/Sci/R&D Officer	-	2022-09-30

Manager	Title	Age	Since
Meher Pheroz Pudumjee CHM	Chairman	57	2004-10-04
Pheroz Pudumjee Naswanjee BRD	Director/Board Member	-	2001-01-14
Harsh Charandas Mariwala BRD	Director/Board Member	73	2016-11-09

Name	Weight	AuM	1st Jan change	Investor Rating
WISDOMTREE INDIA EX-STATE-OWNED ENTERPRISES FUND ETF - USD	0.16%	6 M€	+6.07%	-
SIMPLIFY EMERGING MARKETS PLUS DOWNSIDE CONVEXITY ETF - USD	0.02%	4 M€	-4.41%	-
LEADERSHARES EQUITY SKEW ETF - USD	0.01%	92 M€	+15.97%	-

Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Change	5d. change	1-year change	3-years change	Capi. ($)
THERMAX LIMITED	-1.32%	+1.46%	+73.33%	+178.28%	6.27B
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DOVER CORPORATION	-0.74%	-2.29%	+42.74%	+20.82%	27.68B
FORTIVE CORPORATION	+0.39%	-0.33%	+15.87%	+6.19%	27.46B
TECHTRONIC INDUSTRIES CO. LTD.	+0.18%	+1.37%	+39.84%	-32.95%	26.11B
FANUC CORPORATION	+0.05%	+2.47%	-3.44%	-14.36%	24.81B
SNAP-ON INCORPORATED	-0.41%	-2.13%	+29.55%	+71.16%	18.97B
ALFA LAVAL AB	-0.14%	+5.21%	+26.75%	+40.33%	18.57B
Average	-0.42%	+0.55%	+34.68%	+47.98%	31.15B
Weighted average by Cap.	-0.37%	-0.02%	+37.94%	+56.22%

	2025 *	2026 *
Net sales	107B 1.26B 1.19B 1.11B 986M 1.76B 1.95B 13.68B 5.07B 43.65B 4.72B 4.62B 189B	125B 1.48B 1.4B 1.3B 1.16B 2.07B 2.29B 16.07B 5.96B 51.28B 5.55B 5.43B 222B
Net income	7.11B 83.97M 79.44M 73.83M 65.83M 118M 130M 913M 339M 2.91B 315M 308M 12.61B	9.24B 109M 103M 95.88M 85.49M 153M 169M 1.19B 440M 3.78B 409M 401M 16.37B
Net Debt	5.55B 65.52M 61.99M 57.61M 51.36M 91.92M 102M 712M 264M 2.27B 246M 241M 9.84B	4.18B 49.33M 46.67M 43.38M 38.67M 69.21M 76.61M 536M 199M 1.71B 185M 181M 7.41B