NSE: THERMAX · BSE: 500411 · ISIN INE152A01029
Thermax Limited stock analysis
Thermax Limited ranks #3863 in the TickerSutra evidence-ranked universe with a score of 37/100 and 95% data confidence. The latest captured fundamentals show ROCE of 13.9%, quarterly sales growth of 6.7% and quarterly profit growth of -83.4%.Avoid / exit review
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- CFO/EBITDA is below 0.6×
- Valuation is above 40× earnings
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹6,128cr | ₹414cr | ₹312cr | 7.0% |
| 2023 | ₹8,090cr | ₹601cr | ₹451cr | 7.0% |
| 2024 | ₹9,323cr | ₹797cr | ₹643cr | 9.0% |
| 2025 | ₹10,387cr | ₹910cr | ₹627cr | 9.0% |
| 2026 | ₹10,774cr | ₹1,038cr | ₹720cr | 10.0% |
| TTM | ₹10,839cr | ₹870cr | ₹591cr | 8.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
MANAGEMENT COMMENTARY
Signals from filed documents
Accelerating the Energy Transition: With increased government emphasis on renewable energy and sustainable practices, we can capitalise on new incentives and expand demand for our clean, energy-efficient solutions. Competing in a Crowded Market: We face intensifying competition from both domestic and international players in the energy and environmental sectors, which may lead to pricing pressures and margin compress
Our recent collaboration with Norway-based HydrogenPro ASA enables us to offer market-ready alkaline electrolyser solutions in India. Chemicals faced significant headwinds during the year — geopolitical disruptions, volatility in raw material prices, a constrained demand that has only recently begun to recover, and higher costs due to low capacity utilisation at a new plant. The Fortmax brand, born from our alliance
13,694 Trees Planted across Thermax Locations in FY 2025-26 STAKEHOLDER VALUE CREATION – PLANET Water Stewardship and Effluent Management We continue to pursue responsible water stewardship and effective wastewater management across our operations, with a target to reduce freshwater consumption by 5% by 2030, using FY 2025 as the baseline. During FY 2025–26, overall water consumption increased by 12.6%, primarily due
• Inaugurated a new manufacturing facility in Indonesia, expanding our footprint in international markets, especially the ASEAN countries. • Commenced the commercial production of ion exchange resins at the chemical factory in Dahej, Gujarat, to serve global markets. • Through its Denmark subsidiary, acquired assets and operations of Barite Investments Sp.
Global Foray: Strategic international expansion. Fuel Security: Backward integration by developing alternative fuels, farm-level linkages, and dedicated fuel infrastructure. Risks Macroeconomic Uncertainty: Economic slowdown may impact industrial capital expenditure and delay investments in sustainability initiatives.
750 crore in FY 2024-25, while segment profit declined to Rs. Performance during the year was impacted by higher input costs, expenses associated with new manufacturing capacity, investments in two new partnerships, and the integration of the Buildtech acquisition. Despite these challenges, order booking increased to Rs.
The United Nations Conference on Trade and Development (UNCTAD) reported that global FDI (Foreign Direct Investment) declined by 11% to USD 1.5 trillion in 2024.[3] Commodity markets remained an important variable. The World Bank expects global commodity prices to ease further, though risks remain from geopolitical disruptions.[4] Labour markets remained stable, with global unemployment around 5.0% in 2024 and expect
Order booking increased by 37.9%, following an exceptional 55.0% growth in FY 2024-25. The growth was underpinned by large export orders, including an approximately Rs. 1,600 crore project, and sustained momentum across major product groups, especially in the oil & gas and waste-to-energy segments.
The Company’s strong internal engineering and R&D are developing new products and services to meet customer needs. Positive 3 Waste Management R Waste management is a material issue due to growing regulatory pressure, as companies that fail to comply with regulations may face legal and financial consequences. Improper disposal of waste can have detrimental effects on our ecosystems and public health.
Sustainable Growth Plan Expanding footprint across West, South, and East markets through new approvals, while strengthening presence in sleeper manufacturing and exploring opportunities in neighbouring countries such as Nepal and Bhutan. Geographical Footprint India Nepal Order Highlights Secured regulatory approvals and project qualifications, including source approval from the Sinkula Tunnel Project, Dibang Hydro P
M) The Company has complied with the Corporate Governance requirements as per the Listing Regulations. N) The Company has not raised funds through preferential allotment or qualified institutional placement as specified under Regulation 32(7A). O) There were no instances wherein recommendations proposed by the committees were not approved by the Board.
Positive BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT 168 169 Understanding Thermax Year in a Review Governance Strategy Stakeholder Value Creation Statutory Reports Financial Statements S. Material Issue Identified Indicate whether Risk or Opportunity (R/O) Rationale for Identifying the Risk/ Opportunity In Case of Risk, Approach to Adapt or Mitigate Financial Implications of the Risk or Opportunity (Indicate P
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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