Market closed · data as of 27 Aug 2026 · source NSE via Alphave. Open the live chart →
Energy and environment engineering company supplying boilers, heaters, absorption chillers, air pollution control equipment, water and waste-water treatment plants, and specialty chemicals (ion-exchange resins). Operates through Industrial Products, Industrial Infra (EPC for captive power and process heating), Green Solutions (bio-CNG, renewables) and Chemicals segments. Revenue is driven by industrial capex cycles across cement, steel, refining, chemicals and food processing, plus a growing clean-energy transition portfolio.
A leading Indian player in industrial heating, captive power and environment solutions with a large installed base and international operations.
Thermax Ltd. is a constituent of NIFTY 500, NIFTY ENERGY, NIFTY MIDCAP 150. See where it sits on the market heatmap →
Consolidated annual figures taken from Thermax Ltd.'s own filed statements — not estimates, and not restated by us. The most recent period shown is FY26 (year ended 31 Mar 2026).
| Metric | FY26 | FY25 | FY24 |
|---|---|---|---|
| EPS (basic, ₹) | 63.95 | 56.33 | 57.30 |
| Book value / share (₹) | 495.27 | 438.76 | 394.30 |
| Return on equity | 12.9% | 12.8% | 14.5% |
| Return on capital employed | 11.0% | 11.7% | 12.0% |
| Operating margin | 7.7% | 7.2% | 7.0% |
| Net margin | 6.7% | 6.0% | 6.9% |
| EBITDA | ₹1,026 Cr | ₹908 Cr | ₹797 Cr |
| Free cash flow | ₹-411 Cr | ₹140 Cr | ₹-597 Cr |
| Total debt | ₹2,288 Cr | ₹1,693 Cr | ₹1,256 Cr |
| Debt to equity | 0.41 | 0.34 | 0.28 |
| Interest coverage | 5.9 | 6.4 | 7.4 |
| Current ratio | 1.22 | 1.30 | 1.36 |
| Shares outstanding | 11,26,50,000 | 11,26,50,000 | 11,26,00,000 |
Open the full income statement, balance sheet and cash flow for THERMAX →
As disclosed for the quarter ended 30 Jun 2026.
Institutional ownership changes quarter to quarter. See daily FII and DII flows across the market →
Companies Alphave classifies in the same sub-sector, closest by market capitalisation.