Thermax Limited
Thermax Limited operates in Heavy Electrical Equipment, part of the Capital Goods sector. It booked ₹2,303 cr of revenue in its latest quarter (Q1 FY27) and kept 1.1% of sales as profit. It is the 9th largest of 9 Heavy Electrical Equipment companies we track, by market value.
| Segment | FY24 | FY25 | FY26 | Share |
|---|---|---|---|---|
| a. Industrial Products | 4,055 | 4,529 | 5,096 | 42% → 47% |
| b. Industrial Infra | 4,455 | 4,715 | 4,348 | 46% → 40% |
| c. Green Solutions | 507 | 690 | 732 | 5% → 7% |
| d. Chemicals | — | — | — | — |
| d. Chemical | 663 | 763 | 758 | 7% → 7% |
| Total | 9,681 | 10,696 | 10,934 |
From the company's consolidated segment filings (Ind AS 108). Margin is segment operating profit (before interest & tax) over segment revenue; reconciliation rows like inter-segment eliminations are excluded from the mix.
Healthier than 30% of companies in Capital Goods, on all six measures of filed financials. Each measure is ranked against the 77–113 companies that reported it.
Measures financial condition, not whether to buy. Learn what this score means · How this is calculated
- RSI (14)
- 23
At close. Not part of the score.
How much profit it earns on the money it employs
How much it owes, and whether earnings cover the interest
Whether reported profit actually arrives as cash
Whether sales and profit have grown, and how steadily
What today's price implies, against our models or its peers
How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure
What if I invest in THERMAX?
Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.
The starting rate is a round number, not a view on this company — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.
P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-09-17.
An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.
| Revenue from Operations | ₹2,303 cr |
| Other Income | ₹68 cr |
| Total Income | ₹2,371 cr |
| Cost of Materials | ₹1,228 cr |
| Purchases of Stock-in-Trade | ₹44 cr |
| Inventory Change (±) | ₹-51 cr |
| Employee Benefit Expense | ₹371 cr |
| Finance Costs | ₹35 cr |
| Depreciation & Amortisation | ₹60 cr |
| Other Expenses | ₹642 cr |
| Total Expenses | ₹2,329 cr |
| Profit before Tax | ₹42 cr |
| Tax Expense | ₹20 cr |
| Net Profit | ₹22 cr |
| Net margin on total income | 0.9% |
| Metric | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|
| Revenue | 2,635 cr | 3,428 cr | 2,303 cr |
| Total income | 2,697 cr | 3,482 cr | 2,371 cr |
| Expenses | 2,467 cr | 3,150 cr | 2,329 cr |
| Profit before tax | 289 cr | 334 cr | 42 cr |
| Tax | 84 cr | 90 cr | 20 cr |
| Net profit (owners' share) | 204 cr | 244 cr | 25 cr |
| Net margin (owners' share, on revenue) | 7.7% | 7.1% | 1.1% |
| EPS (₹) | 18.12 | 21.68 | 2.24 |
| Company | Price | Market cap | P/E | ROE | Net margin | 1-yr return |
|---|---|---|---|---|---|---|
| Siemens Limited | ₹3,764 | ₹8.37 L cr | 97.6 | 61.9% | 45.5% | — |
| ABB India Limited | ₹7,131 | ₹1.51 L cr | 102.1 | 15.5% | 10.2% | — |
| Bharat Heavy Electricals Limited | ₹429 | ₹1.49 L cr | 99.4 | 5.8% | 4.9% | — |
| Hitachi Energy India Limited | ₹31,230 | ₹1.39 L cr | 118.3 | 22.7% | 11.8% | — |
| CG Power and Industrial Solutions Limited | ₹880 | ₹1.39 L cr | 110.6 | 15.3% | 9.3% | — |
| GE Vernova T&D India Limited | ₹4,341 | ₹1.11 L cr | 76.5 | 54.0% | 19.8% | — |
| Siemens Energy India Limited | ₹3,109 | ₹1.11 L cr | 62.8 | 36.7% | 17.7% | — |
| Suzlon Energy Limited | ₹43 | ₹58,505 cr | 48.3 | 12.9% | 8.0% | — |
| Thermax Limitedthis company | ₹3,570 | ₹40,210 cr | 398.4 | 1.8% | 1.1% | — |
| Action | Detail | Ex-date |
|---|---|---|
| Dividend | ₹14 / share | 3 Jul 2026 |
| Dividend | ₹6 / share | 3 Jul 2026 |
| Dividend | ₹14 / share | 4 Jul 2025 |
| Dividend | ₹12 / share | 5 Jul 2024 |
| Dividend | ₹10 / share | 21 Jul 2023 |
| Dividend | ₹9 / share | 21 Jul 2022 |
A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.
Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.
Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.
The company also transacted with 12 other related parties — subsidiaries, joint ventures, directors and others — that we could not match by name to the promoter list above. Some may still be connected to the family; we only count the ones the filings let us match with certainty.
Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.