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About the company
Thermax Limited is an India-based energy and environment solutions provider. The Company's segments include Industrial Products, Industrial Infra, Green Solutions and Chemical. Industrial Products segment includes air pollution control, cooling, heating, water and waste solutions, and specialized services. Industrial Infra segment includes boilers and fired heaters, projects and energy solutions, and specialized services. Green Solutions segment includes build-own-operate, energy management solutions, green hydrogen projects and renewable energy (solar/wind). Chemical segment includes construction chemicals, ion exchange resins, oil field chemicals and performance chemicals. Its Thermax EDGE Live is a digital solution that uses AI and machine learning to analyze data from all industrial equipment worldwide and help clients to optimize asset performance in terms of up time and efficiency. It serves various industries, including aviation, construction, biotechnology and chemicals.
- Revenue in INR (TTM)103.44bn
- Net income in INR6.82bn
- Incorporated1980
- Employees3.70k
- LocationThermax LimitedThermax House14 Mumbai-Pune Road, WakdewadiPUNE 411003IndiaIND
- Phone+91 2 025542122
- Fax+91 2 025541226
- Websitehttps://www.thermaxglobal.com/
Mergers & acquisitions
| Acquired company | THERMAX:NSI since announced | Transaction value |
|---|---|---|
| Thermax Bioenergy Solutions Pvt Ltd | -12.26% | 1.91m |
Peer analysis
- Key Information
- Stock Performance
- Per Share Data
- Efficiency
- Management Effectiveness
- Profitability
- Financial Strength
- Growth Rates
| Company | Revenue (TTM) | Net income (TTM) | Market cap | Employees | Price/earnings (TTM) | Price/book value (MRQ) | Price/cash flow (TTM) | Price/sales (TTM) | EPS (excl. extraordinary items, TTM) | EPS (incl. extraordinary items, TTM) | Revenue per share (TTM) | Book value per share (MRQ) | Asset turnover (TTM) | Inventory turnover (TTM) | Receivables turnover (TTM) | Revenues per employee (TTM) | Return on avg assets (TTM) | Return on avg assets (5 yr avg) | Return on investment (TTM) | Return on investment (5 yr avg) | Gross margin (TTM) | Gross margin (5 yr avg) | Net profit margin (TTM) | Net Profit margin (5 yr avg) | Quick ratio (MRQ) | Interest coverage (TTM) | Total debt to capital (MRQ) | Payout ratio (5 yr avg) | Revenue (YOY change %) | Revenue (5 yr growth rate) | Net income (YOY change %) | Net income (5 yr growth rate) | Capital expenditure (5 yr growth rate) | Dividend (5 yr growth rate) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Grindwell Norton Ltd | 29.40bn | 3.89bn | 181.10bn | 2.43k | 46.55 | -- | 36.63 | 6.16 | 35.14 | 35.14 | 265.62 | -- | -- | -- | -- | 12,105,760.00 | -- | 14.36 | -- | 18.43 | 54.00 | 45.11 | 13.27 | 14.11 | -- | 50.14 | -- | 47.00 | 4.65 | 12.22 | -3.89 | 15.10 | 13.63 | 17.78 |
| Inox Wind Ltd | 41.32bn | 5.02bn | 183.85bn | 1.24k | 32.16 | 2.76 | 25.84 | 4.45 | 3.31 | 3.30 | 27.19 | 38.61 | 0.45 | 1.79 | 1.74 | 33,453,580.00 | 5.62 | -3.52 | 10.70 | -8.80 | 37.00 | 29.03 | 12.48 | -14.96 | 1.78 | 4.39 | 0.1358 | -- | 104.05 | 36.16 | 1,263.85 | -- | 15.96 | -- |
| Craftsman Automation Ltd | 75.92bn | 3.34bn | 184.38bn | 2.89k | 51.76 | -- | 24.42 | 2.43 | 149.33 | 149.33 | 3,392.09 | -- | -- | -- | -- | 26,243,070.00 | -- | 5.75 | -- | 8.76 | 45.54 | 36.93 | 4.40 | 6.14 | -- | 2.42 | -- | 4.33 | 27.83 | 30.69 | -36.10 | 37.21 | 47.83 | -- |
| Jyoti CNC Automation Ltd | 20.70bn | 3.54bn | 188.22bn | 2.16k | 53.09 | -- | 46.98 | 9.09 | 15.59 | 15.59 | 91.02 | -- | -- | -- | -- | 9,599,485.00 | -- | -- | -- | -- | 56.00 | -- | 17.12 | -- | -- | 8.33 | -- | -- | 35.80 | -- | 109.47 | -- | -- | -- |
| Kirloskar Oil Engines Ltd | 73.38bn | 5.42bn | 200.57bn | 2.48k | 37.05 | -- | 28.93 | 2.73 | 37.24 | 37.57 | 504.15 | -- | -- | -- | -- | 29,635,180.00 | -- | 5.30 | -- | 8.38 | 42.62 | 32.29 | 7.21 | 6.57 | -- | 2.23 | -- | 21.28 | 7.64 | 13.44 | 10.70 | 22.28 | 30.04 | -- |
| Timken India Ltd | 33.01bn | 4.35bn | 230.38bn | 1.28k | 52.95 | -- | 43.29 | 6.98 | 57.84 | 57.84 | 438.84 | -- | -- | -- | -- | 25,750,890.00 | -- | 13.79 | -- | 16.75 | 38.83 | 32.24 | 13.18 | 13.63 | -- | 126.07 | -- | -- | 8.19 | 14.24 | 14.09 | 12.70 | 25.62 | -- |
| Thermax Limited | 103.44bn | 6.82bn | 325.18bn | 3.70k | 47.70 | -- | 36.94 | 3.14 | 60.52 | 60.52 | 917.98 | -- | -- | -- | -- | 27,925,730.00 | -- | 5.34 | -- | 10.28 | 46.97 | 42.71 | 6.59 | 5.78 | -- | 5.89 | -- | 27.55 | 11.43 | 12.63 | -1.68 | 18.24 | 79.83 | 14.87 |
| Premier Energies Ltd | 72.15bn | 13.31bn | 341.16bn | 1.61k | 26.91 | -- | 18.14 | 4.73 | 28.21 | 28.21 | 149.51 | -- | -- | -- | -- | 44,785,260.00 | -- | -- | -- | -- | 40.47 | -- | 18.44 | -- | -- | 10.51 | -- | -- | 107.35 | -- | 305.05 | -- | -- | -- |
| AIA Engineering Ltd | 43.11bn | 11.62bn | 360.38bn | 1.31k | 31.01 | -- | 28.32 | 8.36 | 124.53 | 124.53 | 461.91 | -- | -- | -- | -- | 33,006,440.00 | -- | 14.79 | -- | 16.43 | 54.47 | 45.00 | 26.93 | 21.66 | -- | 38.74 | -- | 8.75 | -11.67 | 7.54 | -6.59 | 12.43 | 0.7551 | -9.94 |
| Holder | Shares | % Held |
|---|---|---|
| SBI Funds Management Ltd.as of 26 Aug 2025 | 9.05m | 7.60% |
| Kotak Mahindra Asset Management Co. Ltd.as of 11 Jun 2025 | 3.28m | 2.75% |
| Kotak Mahindra Asset Management (Singapore) Pte Ltd.as of 31 Oct 2025 | 1.77m | 1.49% |
| ICICI Prudential Asset Management Co. Ltd. (Invt Mgmt)as of 31 Dec 2025 | 1.50m | 1.26% |
| The Vanguard Group, Inc.as of 07 Jan 2026 | 1.15m | 0.97% |
| SBI Life Insurance Co. Ltd. (Investment Portfolio)as of 31 Dec 2025 | 930.85k | 0.78% |
| Aditya Birla Sun Life Amc Ltd. (Investment Management)as of 31 Dec 2025 | 898.67k | 0.75% |
| FIL Investment Management (Singapore) Ltd.as of 31 Dec 2025 | 868.86k | 0.73% |
| BlackRock Fund Advisorsas of 09 Jan 2026 | 585.64k | 0.49% |
| Tata Asset Management Pvt Ltd.as of 31 Dec 2025 | 473.76k | 0.40% |
