# Thermax Ltd (THERMAX)
> Exchange: NSE | Sector: Infrastructure | ISIN: INE152A01029

## Price
Current Price: ₹4454.6
Day Change: -2.63%
52W High: ₹4653.85
52W Low: ₹2744.2
Market Cap: ₹50,808 Cr

## Valuation
P/E: 74.56
P/B: 10.04
EPS: ₹60.39
Book Value: ₹448.41
Dividend Yield: 0%

## Returns
1Y Return: 48.19%

## Profitability
ROE: 13.69%
ROCE: 14.93%
Debt/Equity: 0.42
Revenue Growth: 12.9%
Profit Growth: 18.7%
EBITDA Margin: 11.8%
Operating Margin: 10.74%

## About
Thermax Ltd is a Conglomerates company listed on NSE. The page combines exchange quotes, financial statements, shareholding, filings, and news so investors can review the business in one place.
Sector: Infrastructure
Industry: Conglomerates
Sub Industry: Unknown

## Business Model
Overview: Thermax Ltd makes money through Project execution, Product or asset sales, Operations and maintenance income in Conglomerates. Revenue quality depends on demand growth, margin discipline, balance-sheet strength, and the company's ability to defend its position within Infrastructure.
Source: Derived from stock data
Revenue Streams:
- Project execution
- Product or asset sales
- Operations and maintenance income
Operating Model:
- Converts order book, land bank, or manufacturing capacity into milestone-linked revenue.
- Execution speed, working capital, order inflow, and interest costs determine returns.
Recent Context:
- Concall Transcript: Announcement under Regulation 30 (LODR)-Earnings Call Transcript
- Announcement: Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS
- GuruFocus.com: Thermax Ltd (BOM:500411) Q4 2026 Earnings Call Highlights: Robust Order Book and Revenue Growth ...

## Access
Current tier: anonymous
More history: Register free to see 12 more years.

## Data Freshness
Quote Updated: 2026-05-24T20:00:15.406Z
Price History Updated: 2026-05-25T05:29:15.083Z
Latest Price History Date: 2026-05-24
Technicals Updated: 2026-05-25T05:29:15.083Z
Quant Updated: 2026-05-25T05:29:15.083Z
Sentiment Updated: 2026-05-25T05:29:15.083Z
Financials Status: current
Financials Updated: 2026-05-19T01:14:34.276Z
Financials Last Attempt: 2026-05-19T01:14:34.276Z
Financials Provider Tried: yahoo
Latest P&L Period: FY25
Latest Balance Sheet Period: FY25
Latest Cash Flow Period: FY25

## P&L (FY25)
Revenue: ₹10255.81 Cr
Operating Profit: ₹818.52 Cr (OPM 7.98%)
Net Profit: ₹634.47 Cr
Tax: ₹257.77 Cr

## Annual P&L History
FY25: Rev ₹10255.81Cr | PAT ₹634.47Cr | OPM 7.98%
FY24: Rev ₹9237.24Cr | PAT ₹645.28Cr | OPM 7.35%
FY23: Rev ₹8033.9Cr | PAT ₹450.29Cr | OPM 6.6%

## Balance Sheet (FY25)
Total Assets: ₹12038.02 Cr
Total Liabilities: ₹7095.44 Cr
Borrowings: ₹1733.77 Cr
Cash: ₹417.68 Cr

## Shareholding
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## Board
- Ashish  Bhandari, MD, CEO & Additional Director
- Rajendran  Arunachalam, Executive VP & Group CFO
- Santanu  Chaudhuri, Executive VP and Chief Technology Officer
- Amit  Sethi, Executive VP and Chief Digital & Information Officer
- Sangeet  Hunjan, Company Secretary & Compliance Officer

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Source: rupiya.io/stocks/thermax
Disclaimer: For research and education only. Not investment advice.