Thermax Limited
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About Company
Thermax Limited provides energy, environmental, and chemical solutions in India and internationally. It operates in Industrial Products, Industrial Infra, Green Solutions, and Chemical segments. The Industrial Products segment offers manufacturing, installation, sales and services related to boilers and heating equipment, absorption chillers/heat pumps, air pollution control equipment/ systems, water & waste recycling, including associated services and engineering, procurement and construction. The Industrial Infra segment provides engineering, procurement, and construction (EPC) of power plants, infra projects, and flue gas desulphurisation projects, along with associated services and manufacturing, installation, sales and services related to boiler and heater plants. The Green solutions segment builds, owns and operates BOO models, energy management solutions, oil and gas-fired, green hydrogen projects and renewable energy (Solar/Wind). The Chemical segment offers manufacturing, installation, sales and services related to ion exchange resins, performance chemicals, construction chemicals, water treatment chemicals, oil field chemicals, paper and construction chemicals, and related services. It also operates cogeneration, waste heat recovery power, captive power, and independent power plants, as well as offers operation and maintenance services. In addition, the company offers steam boilers; waste heat recovery units; fired heaters and process furnaces; thermic fluid, hot air, and hot water heaters; and waste heat recovery. It serves automobiles, cement, chemicals and fertilizers, commercial/construction, dairy, distillery, paper and pulp, pharmaceuticals, plywood, power generation, food, refineries and petrochemicals, soft beverages, metals, sugar, textiles, and tyre industries. Thermax Limited was incorporated in 1966 and is headquartered in Pune, India. Thermax Limited is a subsidiary of RDA Holdings Private Limited.
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Peer Comparison
Related Sector| Company | Price | P/E | M.Cap (Cr) | ROE % |
|---|---|---|---|---|
SKF INDIA LTD SKFINDIA | ₹1,508.3 | 15.23 | 7,457 | - |
AIA ENGINEERING LIMITED AIAENG | ₹3,458.4 | 27.79 | 32,274 | - |
ABB INDIA LIMITED ABB | ₹6,105 | 77.38 | 1,29,378 | 22.39% |
SIEMENS LTD SIEMENS | ₹3,048.9 | 64.26 | 1,08,578 | 11.81% |
CUMMINS INDIA LTD CUMMINSIND | ₹4,631.5 | 57.16 | 1,28,385 | - |
Quarterly Results
| Particulars | Dec 25 | Sept 25 | Jun 25 | Mar 25 | Dec 24 |
|---|---|---|---|---|---|
| Total Revenue (Cr) | 2,634.68 | 2,473.9 | 2,094.36 | 2,952.05 | 2,528.72 |
| Net Income (Cr) | 204.18 | 119.66 | 152.38 | 205.73 | 115.9 |
| EPS (₹) | 18.12 | 10.62 | 13.53 | 0 | 10.29 |
Annual Profit & Loss
| Particulars | 2025 | 2024 | 2023 | 2022 | 1970 |
|---|---|---|---|---|---|
| Total Revenue (Cr) | 10,255.81 | 9,237.24 | 8,033.9 | 6,064.03 | 0 |
| Operating Exp (Cr) | 3,399.1 | 3,110.07 | 2,649.16 | 2,120.93 | 0 |
| Net Income (Cr) | 634.47 | 645.28 | 450.29 | 312.31 | 0 |
| EPS (₹) | 56.33 | 57.3 | 39.98 | 27.73 | 0 |
Balance Sheet
| Particulars | Dec 25 | Sept 25 | Jun 25 | Mar 25 | Dec 24 |
|---|---|---|---|---|---|
| Total Assets (Cr) | - | 12,188.39 | - | 12,038.02 | - |
| Total Liabilities (Cr) | - | 7,127.96 | - | 7,095.44 | - |
| Total Equity (Cr) | - | 5,052.41 | - | 4,936.89 | - |
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