THERMAX

Thermax share price & financials

Price
₹4,662
Market cap
₹48.4k Cr
Sector
Capital Goods
Calls analysed
6
Latest concall · Q1 FY27 · call held 31 Jul 2026

Thermax Limited Q1 FY27

Revenue Growth 7% Industrial Products Shipping Delay ₹300 cr Commodity Price Impact ₹10 cr FEPL Loss ₹20 cr

What went well

  • Order backlog is building up very nicely, with good quality, especially on the project side.
  • Industrial Projects backlog is very good and profitable, expected to show up in Q2, Q3, and Q4.
  • TOESL (Green Solutions) had good success in Q1 and is on track to become an INR 800-1,000 crore business over the next two years.

What to watch

  • A significant INR 91 crore cost-to-completion hit was taken on a legacy INR 1,200 crore government project, with an expected total loss of INR 150 crores.
  • INR 300 crores of finished goods inventory in Industrial Products could not be shipped, impacting Q1 revenue.
Read the full call →

What Thermax Limited does

Thermax designs, manufactures and installs energy and environment engineering systems for industrial customers, spanning heating (boilers, heaters), cooling (chillers), captive/process power plants, air pollution control equipment, and water & wastewater treatment plants. It also runs a Green Solutions arm covering biomass and waste-to-energy plants, compressed biogas (CBG), and wind-solar hybrid power, plus a Chemicals business making water-treatment chemicals, specialty resins and construction chemicals. Revenue comes from supplying, installing and commissioning these systems for customers across power, steel, cement, pharma, food & beverage, data centres and other process industries in India and abroad.

Segments

  • Industrial Products
  • Industrial Infra
  • Green Solutions
  • Chemicals
Manufacturing locations
18 (14 in India, 4 international)
Employees globally
7,854
Installations
90+ countries
Sales and service presence
30+ countries
Compressed biogas (CBG) plants completed (TBSPL)
14
Group operating companies
TBWES, TOESL, First Energy, Thermax Chemicals
Founded 1966Headquarters Thermax House, 14, Mumbai-Pune Road, Wakdewadi, Pune 411 003, IndiaEmployees 7,854 (FY 2025-26 (Q4)) Company website

Guidance record · Q1 FY27

what the last two calls moved 14 tracked 3 delivered 3 missed 8 open
  • Bio-CNG Order Inflow missed said Q4 FY25 Promised: expect to take two orders on bio-CNG... in Q1 Q1 FY27: Original promise for Q1 FY26 remains missed. Management now points to a 'good pipeline' for Q3/Q4 FY27, contingent on policy changes.
  • Projects Segment PBT Margin on track said Q2 FY26 Promised: overall, the mix should be 10%-ish Q1 FY27: Management sees 'line of sight to taking that business to 10% and beyond on profitability', reinforcing the target for the Industrial Infra segment.

All 14 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 6.7%, net profit down 85.4% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue2,616 2,529 3,046 2,158 2,474 −5%2,635 +4%3,428 +13%2,303 +7%
EBITDA278 188 300 225 172 −38%255 +36%374 +25%69 −69%
Net profit198 114 206 151 119 −40%205 +80%244 +18%22 −85%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +9.4% 1Y

₹3.0k₹3.5k₹4.0k₹4.5k₹5.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 12 Nov 2025Q3 FY26 — 5 Feb 2026Q4 FY26 — 8 May 2026Q1 FY27 — 31 Jul 2026

1Y: ₹3,366 on 10 Sept 2025 → ₹3,682. High ₹5,159.5 (30 Jun 2026), low ₹2,773.8 (10 Dec 2025).

How the price took the results

close before → close after

Q1 FY27
+1.3%
31 Jul
Q4 FY26
+11.8%
8 May
Q3 FY26
−1.4%
5 Feb
Q2 FY26
−3.4%
12 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 13.7% a year over 3 years, FY23 to FY26. Operating margin widened to 9.6%.

Year endingFY23FY24FY25FY26
Revenue₹7.3k Cr₹9.3k Cr₹10.4k Cr₹10.7k Cr
Operating profit₹543 Cr₹796 Cr₹907 Cr₹1.0k Cr
Operating margin7.5%8.5%8.7%9.6%
Interest₹31 Cr₹88 Cr₹116 Cr₹138 Cr
Depreciation₹106 Cr₹148 Cr₹158 Cr₹207 Cr
Net profit₹416 Cr₹644 Cr₹627 Cr₹719 Cr
Net margin5.7%6.9%6.0%6.7%
ROCE15.0%17.0%14.0%14.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹23 Cr₹23 Cr₹23 Cr₹23 Cr₹23 Cr₹23 Cr
Reserves₹3.2k Cr₹3.5k Cr₹3.8k Cr₹4.4k Cr₹5.0k Cr₹5.5k Cr
Borrowings₹328 Cr₹368 Cr₹831 Cr₹1.3k Cr₹1.8k Cr₹2.4k Cr
Other liabilities₹2.9k Cr₹3.6k Cr₹4.1k Cr₹4.4k Cr₹5.3k Cr₹5.3k Cr
Total liabilities₹6.5k Cr₹7.5k Cr₹8.8k Cr₹10.1k Cr₹12.2k Cr₹13.2k Cr
Fixed assets₹1.2k Cr₹1.2k Cr₹1.2k Cr₹1.9k Cr₹3.0k Cr₹3.0k Cr
Capital work in progress₹24 Cr₹44 Cr₹434 Cr₹525 Cr₹682 Cr₹1.4k Cr
Investments₹234 Cr₹1.5k Cr₹1.6k Cr₹1.8k Cr₹1.5k Cr₹1.8k Cr
Other assets₹5.0k Cr₹4.7k Cr₹5.5k Cr₹5.9k Cr₹7.1k Cr₹7.0k Cr
Total assets₹6.5k Cr₹7.5k Cr₹8.8k Cr₹10.1k Cr₹12.2k Cr₹13.2k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −4.56 pp while DIIs added +3.48 pp. The shareholder count grew 46% to 91,857.

Promoters
62.0%
FIIs
11.5%
DIIs
15.2%
Public
5.9%
Others
5.5%

Since Jun 2025

  • FIIs −4.56 pp
  • DIIs +3.48 pp
  • Public +1.11 pp

How it drifted, 12 quarters

Over this window the public went from 4.5% to 5.9% — +1.3 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 62.0%, FIIs 12.5%, DIIs 15.5%, Public 4.5%, Others 5.5%.Dec '23: Promoters 62.0%, FIIs 12.0%, DIIs 15.9%, Public 4.7%, Others 5.5%.Mar '24: Promoters 62.0%, FIIs 12.2%, DIIs 15.8%, Public 4.5%, Others 5.5%.Jun '24: Promoters 62.0%, FIIs 15.2%, DIIs 12.9%, Public 4.5%, Others 5.5%.Sep '24: Promoters 62.0%, FIIs 15.4%, DIIs 12.7%, Public 4.5%, Others 5.5%.Dec '24: Promoters 62.0%, FIIs 15.5%, DIIs 12.7%, Public 4.4%, Others 5.5%.Mar '25: Promoters 62.0%, FIIs 15.9%, DIIs 12.3%, Public 4.4%, Others 5.5%.Jun '25: Promoters 62.0%, FIIs 16.0%, DIIs 11.7%, Public 4.8%, Others 5.5%.Sep '25: Promoters 62.0%, FIIs 13.4%, DIIs 13.9%, Public 5.2%, Others 5.5%.Dec '25: Promoters 62.0%, FIIs 12.4%, DIIs 14.8%, Public 5.3%, Others 5.5%.Mar '26: Promoters 62.0%, FIIs 11.3%, DIIs 15.5%, Public 5.8%, Others 5.5%.Jun '26: Promoters 62.0%, FIIs 11.5%, DIIs 15.2%, Public 5.9%, Others 5.5%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 4 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Thermax Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Rda Holdings Private Ltd 53.99%unchanged
Ara Trusteeship Company Private Limited 7.99%unchanged
SBI Nifty Midcap 150 Momentum 50 ETF Mutual fund6.03%newly disclosed
Nalanda India Equity Fund Limited FPI fund5.13%unchanged
Kotak Mahindra Trustee Co Ltd A/C Kotak Nifty Midc Mutual fund1.84%newly disclosed
SBI Life Insurance Co. Ltd Insurer1.09%newly disclosed
Pheroz N Pudumjee 0.01%unchanged
Shakti Sustainable Energy Foundation 0.00%unchanged
Rda Investments Singapore Pte. Ltd. 0.00%unchanged
Darayus A. Bhatena 0.00%unchanged
Jamsdhed A. Bhatena 0.00%unchanged
Khorshed Kavas Bharucha 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in THERMAX

Filings to Aug 2026

0 new, 7 added, 4 trimmed, 0 sold out — net −2.23 L shares (−3.2%).

Held by funds
₹2.6k Cr
19 schemes
Biggest holder
SBI Large Cap Fund
₹914 Cr · 1.7% of that fund
SchemeHoldingLast month
SBI Large Cap Fund SBI Mutual Fund₹914 Crheld
SBI Focused Fund SBI Mutual Fund₹897 Crheld
SBI Energy Opportunities Fund SBI Mutual Fund₹345 Crheld
SBI Midcap Fund SBI Mutual Fund₹193 Cr−1.06 L
SBI Innovative Opportunities Fund SBI Mutual Fund₹78 Cr−1.00 L
SBI ESG Exclusionary Strategy Fund SBI Mutual Fund₹72 Crheld
SBI Retirement Benefit Fund - Aggressive Plan SBI Mutual Fund₹41 Crheld
SBI ELSS Tax Saver Fund SBI Mutual Fund₹38 Cr−0.24 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

7 added, 4 trimmed — net −2.23 L shares (−3.2%)

Funds are sitting on
+30%
vs est. average cost
Held by funds
₹2.6k Cr
19 schemes · ≈ 6.5% of the company
Biggest holder
SBI Large Cap Fund
₹914 Cr · 1.7% of that fund
Longest holder
Nippon India ETF Nifty Midcap 150
7y 8m · since Jan '19

Shares held by these funds +93%

Aug '23 69.96 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹3682, this stock must grow earnings at 45% every year for 7 years. Our analysis caps realistic growth at ~20%. At that growth it is worth ₹1126 — downside of 69%.

Growth the price implies
44.6% a year
for 7 years, fading to 4%
It has actually compounded at
20.0% a year
net profit, FY23–FY26 · EPS 20.1%
The gap
0.2 pp
-69% downside if it only repeats history
Price today ₹3,682 Value at the reference growth ₹1,125.8

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Thermax Limited

Guides on how to read this kind of business and the numbers that matter.