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Indian energy and environment engineering company making industrial boilers, chillers, water treatment and captive power plants.
Indian energy and environment engineering company making industrial boilers, chillers, water treatment and captive power plants.
Sells engineered systems and bills by project milestones, so orders won in earlier quarters drive reported revenue; steadier income comes from spares and servicing for the installed base. Profit swings with plant investment in cement, steel and chemicals. The Aga family-linked promoters keep control.
In one line: India's smaller Babcock & Wilcox for industrial energy/environment systems.
Moat: narrow (process know-how, installed base). Decades of engineering know-how and a large installed base servicing India's industrial energy needs.
Headquarters: Pune, India · Founded: 1966 · Employees: 30,512
Size Thermax (THERMAX.NS) is an India Industrials company (Industrial Machinery) with a market value of $3.46B, the 258th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹2,746 on 6 Nov 2026.
Performance Over six months the shares fell 34.3%, against -12.8% for the median peer and 0.0% for the India market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 4.7% over the last twelve months (peer median +12.0%); the operating margin is 6.4% (peer median 9.8%).
Valuation It trades at 43.6× forward earnings against a peer median of 23.7× (6th most expensive of 19).
Capital Return on invested capital runs 0.9 points below its cost of capital (10.2% WACC).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹108B | ₹107B | ₹103B | ₹92.7B | ₹80.7B |
| Revenue growth | — | +4% | +11% | +15% | — |
| Gross profit | ₹27.0B | ₹18.0B | ₹16.0B | ₹14.1B | ₹11.8B |
| EBITDA | ₹9.11B | ₹10.8B | ₹9.33B | ₹8.12B | ₹6.27B |
| Net income | ₹5.93B | ₹7.21B | ₹6.34B | ₹6.45B | ₹4.50B |
| Free cash flow | n/a | -₹4.37B | ₹658M | -₹5.92B | -₹1.46B |
| Capital expenditure | n/a | ₹9.52B | ₹9.02B | ₹8.44B | ₹6.50B |
| Total debt | n/a | ₹23.5B | ₹17.2B | ₹12.8B | ₹8.31B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Thermax THERMAX.NS | $3.46B | -34% | +5% | 6% | 43.6× | n/a |
| Bharat Heavy Electricals BHEL.NS | $15.4B | +3% | +29% | 9% | 41.2× | 44.1% |
| VA Tech Wabag WABAG.NS | $1.32B | +33% | +20% | 11% | 27.1× | 34.6% |
| Triveni Turbine TRITURBINE.NS | $1.66B | -14% | +18% | 17% | 42.5× | 45.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | THERMAX.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.0% | -2.9% | 8th lowest of 21 |
| 6-month return | -34.3% | -12.8% | 4th lowest of 21 |
| Distance from 52-week high | -48.0% | -37.2% | 7th lowest of 21 |
| Revenue growth (TTM) | +4.7% | +12.0% | 4th lowest of 21 |
| Operating margin | 6.4% | 9.8% | 8th lowest of 21 |
| Forward P/E | 43.6× | 23.7× | 6th most expensive of 19 |
| ROIC minus cost of capital | -0.9 pp | +0.2 pp | 10th lowest of 21 |
| EV / EBITDA | 35.9× | 14.3× | 2nd most expensive of 10 |
| Net debt / EBITDA | -0.1× | -0.0× | 4th least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Thermax THERMAX.NS | India | $3.46B | -34% | +5% | 6% | 43.6× | n/a | n/a |
| Kadant KAI | United States | $3.46B | -14% | +17% | 16% | 21.7× | 15.5% | +10.6% |
| Shenzhen Zhaowei Machinery & Electronics 003021.SZ | China | $3.45B | +6% | 0% | 9% | 124.4× | 46.0% | +7.5% |
| Blue Star BLUESTARCO.NS | India | $3.43B | -10% | +9% | 5% | 56.0× | n/a | n/a |
| Anhui Yingliu Electromechanical 603308.SS | China | $3.50B | -58% | +38% | 13% | 42.0× | n/a | n/a |
| Guangdong Shenling Environmental Systems 301018.SZ | China | $3.42B | -27% | +45% | 5% | 64.8× | n/a | n/a |
| Jiangsu Lettall Electronic 603629.SS | China | $3.41B | -40% | +27% | 34% | n/a | 4.8% | +15.0% |
| THK 6481.T | Japan | $3.52B | -16% | +8% | 7% | 10.6× | 24.8% | +1.9% |
| Moon Environment Technology 000811.SZ | China | $3.34B | -10% | +27% | 10% | 25.8× | 20.9% | +11.8% |
| Kaori Heat Treatment 8996.TW | Taiwan | $3.34B | -1% | +108% | 16% | 42.6× | 46.0% | +25.9% |
| SINOMACH Heavy Equipment 601399.SS | China | $3.33B | -28% | 0% | 4% | n/a | n/a | n/a |
| Danieli & C. Officine Meccaniche DAN.MI | Italy | $3.60B | -24% | -8% | -6% | 13.5× | n/a | n/a |
| Kunshan Kinglai Hygienic Materials 300260.SZ | China | $3.61B | -12% | +11% | 8% | 73.2× | n/a | n/a |
| Haitian International 1882.HK | Hong Kong | $3.64B | -18% | +8% | 17% | 7.4× | -11.5% | +7.7% |
| Sumitomo Heavy Industries 6302.T | Japan | $3.64B | -10% | +9% | 6% | 13.0× | 6.3% | +4.3% |
| Estun Automation 002747.SZ | China | $3.65B | +30% | +8% | 4% | 104.6× | 48.2% | +14.3% |
| Zijin Longking 600388.SS | China | $3.70B | -6% | +13% | 11% | 17.4× | n/a | n/a |
| Carel Industries CRL.MI | Italy | $3.24B | -11% | +17% | 15% | 30.5× | 23.3% | +13.7% |
| Mueller Water Products MWA | United States | $3.75B | -9% | +6% | 21% | 15.3× | 2.4% | +5.8% |
| Ningbo Zhenyu Technology 300953.SZ | China | $3.77B | -35% | +58% | 6% | 21.2× | n/a | n/a |
| Tokyo Seimitsu 7729.T | Japan | $3.16B | -29% | +17% | 22% | 15.2× | 16.0% | +11.4% |