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Thermax LtdHeavy Electrical EquipmentINE152A01029Consolidated₹3551.90-17.60 (-0.49%)Jun-26

Valuation

Market Cap₹42.32K Cr

TTM PE67.45x

Forward PE63.37x

PEG-3.82

Book Value₹465.77

P/B7.63x

TTM EPS₹52.66

Fwd EPS₹56.05

TTM Revenue₹10.84K Cr

TTM PAT₹590.60 Cr

TTM EBITDA₹869.78 Cr

TTM EBIT₹651.50 Cr

Last Qtr PAT₹21.79 Cr

Last Qtr EBITDA₹68.62 Cr

Last Qtr EBIT₹9.10 Cr

Profitability

ROE10.64%

ROCE12.44%

TTM NPM5.45%

TTM EBITDA %8.02%

Curr OPM0.92%

Last OPM7.02%

Curr NPM—

Last NPM—

Curr EPS₹2.24

Last EPS₹21.68

Balance sheet

Equity₹22.53 Cr

Reserve₹5.53K Cr

Total Debt₹2,352.53 Cr

D/E0.42x

Interest %161.31%

Curr Interest₹35.15 Cr

Price / range

Close₹3551.90

vs 52W High—

vs 52W Low—

MA50—

MA200—

Returns

1D-0.49%

1W-3.53%

1M-12.94%

3M-24.37%

6M+8.41%

1Y+6.67%

2Y-31.90%

3Y+27.35%

5Y+140.57%

Diwali+16.02%

Sector peers — Heavy Electrical Equipment

Company	Close	Mkt Cap	TTM P/E	ROE
ABB	7270.50	₹1.54L Cr	99.05	38.13%
BHEL	439.90	₹1.53L Cr	62.93	9.30%
POWERINDIA	32700.00	₹1.46L Cr	126.70	22.23%
CGPOWER	892.00	₹1.40L Cr	112.48	15.56%
SIEMENS	3913.90	₹1.39L Cr	42.65	26.58%
ENRIN	3228.00	₹1.15L Cr	77.24	30.92%
GVTD	4385.00	₹1.12L Cr	86.01	73.60%
SUZLON	43.14	₹59.29K Cr	18.92	33.23%

Financial Results

Quarterly and yearly P&L · YoY % on Revenue, Total Income, Expenditure, EBITDA, EBIT, PBT, Net Profit and EPS

Metric	Jun-26	Mar-26	Dec-25	Sep-25	Jun-25	FY25-26
Revenue	1,302.95+10.2%	2,225.85	1,599.01	1,504.60	1,182.66	6,518.26
Other Income	35.27	32.86	38.70	178.05	34.85	284.56
Total Income	1,338.22+9.9%	2,258.71	1,637.71	1,682.65	1,217.51	6,802.82
Interest	5.89	7.97	8.49	5.01	3.40	24.87
Expenditure	-1,362.60-17.9%	-2,224.18	-1,495.60	-1,429.24	-1,155.59	-6,095.80
PBDT	0	0	0	0	0	0
EBITDA	-27.72-150.7%	244.97	138.92	106	54.63	544.52
Depreciation	-26.04	-235.33	-27.02	-25.63	-24.16	-97.19
EBIT	-53.76-276.4%	9.64	111.90	80.37	30.47	447.33
PBT	-24.38-139.4%	36.99	227.49	253.41	61.92	794.86
Tax	6.28	-51	-52.01	-27.49	-15.45	-145.95
Equity	23.83	23.83	23.83	0	23.83	23.83
OPM	-1.82	1.64	13.89	16.84	5.09	11.68
Net Profit	-18.10-138.9%	-14.01	175.48	225.92	46.47	648.91
NPM	-1.35	-0.62	10.71	15.02	3.82	9.54
EPS	-1.52-139.0%	16.87	14.73	18.96	3.90	54.46

Yearly results

Last 6 financial years · YoY % vs previous FY

Metric	FY 25-26	FY 24-25	FY 23-24	FY 22-23	FY 21-22	FY 20-21
Revenue	6,518.26+4.2%	6,254.07+7.4%	5,821.93+13.2%	5,141.16+28.0%	4,015.39+28.2%	3,131.48
Other Income	284.56	202.53	193.49	136.34	124.56	140.40
Total Income	6,802.82+5.4%	6,456.60+7.3%	6,015.42+14.0%	5,277.50+27.5%	4,139.95+26.5%	3,271.88
Expenditure	-6,095.80-4.4%	-5,837.19-7.4%	-5,437.44-12.0%	-4,853.21-25.4%	-3,869.89-29.6%	-2,985.93
Interest	-24.87	-31.40	-23.84	-19.58	-13.33	-8.57
PBDT	0	0	0	0	0	0
EBITDA	544.52+3.4%	526.67+9.5%	481.07+26.4%	380.68+68.4%	226.02+3.6%	218.11
Depreciation	-97.19	-78.39	-72.74	-73.15	-67.19	-63.99
EBIT	447.33-0.2%	448.28+9.8%	408.33+32.8%	307.53+93.6%	158.83+3.1%	154.12
PBT	794.86+11.5%	713.14+22.9%	580.06+34.4%	431.49+68.5%	256.06+40.0%	182.92
Tax	-145.95	-141	-142.62	-102.23	-55.27	-41.90
Equity	23.83	23.83	0	0	0	0
OPM (%)	11.68	11.05	10.00	8.00	6.00	6.00
Net Profit	648.91+13.4%	572.14+30.8%	437.44+32.9%	329.26+64.0%	200.79+42.4%	141.02
NPM (%)	9.54	8.86	7.00	6.00	5.00	4.00
EPS (Rs)	54.46+13.4%	48.02+30.8%	36.71+32.9%	27.63+64.0%	16.85+42.4%	11.83
CEPS	54.46	48.02	36.71	27.63	16.85	11.83

Metric	Jun-26	Mar-26	Dec-25	Sep-25	Jun-25	FY25-26
Revenue	2,302.73+7.1%	3,428.04	2,634.68	2,473.90	2,150.18	10,694.20
Other Income	68.19	53.71	62.73	85.41	65.63	267.48
Total Income	2,370.92+7.0%	3,481.75	2,697.41	2,559.31	2,215.81	10,961.63
Interest	35.15	42.35	34.24	32.17	30.20	138.96
Expenditure	-2,328.78-16.2%	-3,150.09	-2,467.38	-2,385.51	-2,004.16	-10,014.50
PBDT	0	0	0	0	0	0
EBITDA	68.62-69.5%	374.31	254.82	172.03	225.10	1,026.30
Depreciation	-59.52	-54.01	-53.28	-51.47	-48.88	-207.64
EBIT	9.10-94.8%	320.30	201.54	120.56	176.22	818.66
PBT	42.14-80.1%	334.12	288.78	173.80	211.65	1,008.34
Tax	-20.35	-89.73	-83.66	-54.27	-60.02	-287.68
Equity	22.53	22.53	22.53	0	22.53	22.53
OPM	1.78	9.60	10.71	6.79	9.55	9.20
Net Profit	21.79-85.6%	244.40	205.01	119.40	151.45	720.26
NPM	0.92	7.02	7.60	4.67	6.83	6.57
EPS	2.24-83.4%	21.68	18.12	10.62	13.53	63.95

Yearly results

Last 6 financial years · YoY % vs previous FY

Metric	FY 25-26	FY 24-25	FY 23-24	FY 22-23	FY 21-22	FY 20-21
Revenue	10,694.15+2.9%	10,388.69+11.4%	9,323.46+15.2%	8,089.81+32.0%	6,128.33+27.9%	4,791.25
Other Income	267.48	252.22	232.57	160.18	127.01	107.74
Total Income	10,961.63+3.0%	10,640.91+11.4%	9,556.03+15.8%	8,249.99+31.9%	6,255.34+27.7%	4,898.99
Expenditure	-10,014.50-2.6%	-9,756.20-11.4%	-8,761.74-14.6%	-7,646.70-30.8%	-5,845.37-27.9%	-4,571.27
Interest	-138.96	-116.78	-87.59	-37.59	-25.17	-20.64
PBDT	0	0	0	0	0	0
EBITDA	1,026.25+13.1%	907.78+13.8%	797.39+33.4%	597.56+41.8%	421.37+18.6%	355.19
Depreciation	-207.64	-158.51	-148.08	-116.86	-113.24	-114.57
EBIT	818.61+9.3%	749.27+15.4%	649.31+35.1%	480.70+56.0%	308.13+28.1%	240.62
PBT	1,008.34+14.0%	884.71+1.7%	869.78+44.2%	603.29+47.2%	409.97+49.0%	275.19
Tax	-287.68	-257.77	-225.77	-152.36	-97.79	-68.61
Equity	22.53	22.53	0	0	0	0
OPM (%)	9.20	8.31	9.10	7.31	6.55	5.62
Net Profit	720.26+14.9%	626.70-2.6%	643.19+42.7%	450.70+44.3%	312.31+51.2%	206.58
NPM (%)	6.57	5.89	6.73	5.46	4.99	4.22
EPS (Rs)	63.95+13.5%	56.33-1.7%	57.30+43.3%	39.98+44.2%	27.73+51.2%	18.34
CEPS	63.94	56.31	57.28	39.98	27.73	18.34

Corporate Actions

Dividends, bonus issues, and stock splits

Dividend

Year	Type	Amount	Ex-Date
2026	Final Dividend	14	03 Jul 2026
2026	Special Dividend	6	03 Jul 2026
2025	Final Dividend	14	04 Jul 2025
2024	Final Dividend	12	05 Jul 2024
2023	Final Dividend	10	21 Jul 2023
2022	Final Dividend	9	21 Jul 2022
2021	Final Dividend	7	22 Jul 2021
2020	Interim Dividend	7	20 Mar 2020
2019	Final Dividend	7	25 Jul 2019
2018	Final Dividend	6	26 Jul 2018
2017	Final Dividend	6	27 Jul 2017
2016	Final Dividend	6	28 Jul 2016
2015	Final Dividend	7	16 Jul 2015
2014	Final Dividend	6	10 Jul 2014
2013	Final Dividend	7	11 Jul 2013
2012	Final Dividend	7	12 Jul 2012
2011	Final Dividend	9	07 Jul 2011
2010	Final Dividend	5	08 Jul 2010
2009	Final Dividend	5	09 Jul 2009
2008	Final Dividend	8	10 Jul 2008

Bonus

No bonus history.

Split

No split history.

Financial Results

Standalone

Yearly results

Yearly

Consolidated

Yearly results

Yearly

Corporate Actions

Dividend

Bonus

Split