This fundamental analysis of Thermax Ltd. (THERMAX) looks at revenue trends, profitability, valuation, and shareholding patterns.
Thermax Revenue Trend
Revenue for Thermax Ltd. came in at ₹10,962 Cr in FY2026, a 3.0% increase over FY2025.
Over the past 9 years, Thermax Ltd. has compounded revenue at 10.2% annually, solid growth by most standards. The top line climbed from ₹4,590 Cr to ₹10,962 Cr in that span.
With a ₹10,962 Cr revenue base, Thermax Ltd. stands out as a major name in the Indian electrical equipment sector.
Thermax Ltd. has now posted 5 straight years of revenue growth.
| Year | Revenue | YoY % |
|---|---|---|
| FY2026 | ₹10,962 Cr | +3.0% |
| FY2025 | ₹10,641 Cr | +11.4% |
| FY2024 | ₹9,556 Cr | +15.8% |
| FY2023 | ₹8,250 Cr | +31.9% |
| FY2022 | ₹6,255 Cr | — |
View Thermax Ltd.'s full 10-year revenue trend with CAGR analysis →
Thermax Profitability
Net profit for Thermax Ltd. rose 14.9% year-over-year, from ₹627 Cr to ₹720 Cr in FY2026.
Margins improved too: net margin reached 6.6% in FY2026, up from 5.9% in FY2025.
Diluted EPS came in at ₹63.94 for FY2026, versus ₹56.31 in FY2025.
Is Thermax Undervalued
Shares of Thermax Ltd. currently trade at ₹4,710.50.
Craytheon calculates intrinsic value using the P/E Ratio and EPS Growth models. Both appear in the Valuation Models cards below.
Valuation Models
Thermax Balance Sheet
Proportional view as of 21 Jul 2026. Hover blocks for details.
Assets
Liabilities & Equity
In FY2026, the total asset base came in at ₹132.82B, up 16.4% YoY from ₹114.12B.
Property, Plant & Equipment accounts for 30.4% of the total, ahead of Other Assets (26.0%) and Receivables (16.6%).
Capital structure: 42.0% equity, 17.7% debt, 40.3% operating liabilities. Over the year, debt is up 37.0% and equity is up 12.9%.
Balance sheet composition — FY 2026
| Category | Value |
|---|---|
| Cash & ST Investments | 19.51B |
| Receivables | 22.05B |
| Inventories | 9.10B |
| Property, Plant & Equipment | 40.32B |
| Investments | 5.07B |
| Intangibles & Goodwill | 2.30B |
| Other Assets | 34.48B |
| Category | Value |
|---|---|
| Equity | 55.79B |
| Short-term Debt | 6.79B |
| Long-term Debt | 16.73B |
| Trade Payables | 20.57B |
| Other Liabilities | 32.93B |
Thermax Stock Analysis
So what should investors take away from Thermax Ltd.'s (THERMAX) latest numbers? Here's a quick summary.
FY2026 revenue of ₹10,962 Cr, up 3.0% year-over-year.
Revenue has compounded at 10.2% annually over the past 9 years.
Profitability remains solid, with a 6.6% net margin and net income of ₹720 Cr.
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