Thermax Ltd(THERMAX)

NSE: THERMAXBSE: 500411

₹ 3,095.6-2.03%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 36,886 crNext results: 5 Nov 2026Website: www.thermaxglobal.comUpdated: 24 Oct 2026

About

Thermax Limited is a Pune-based energy and environment solutions company that designs, manufactures and commissions boilers, heat exchangers, cooling systems, air pollution control equipment, water treatment plants and industrial chemicals. With a consolidated order balance of Rs. 14,045 crore as of Q1 FY27, Thermax is one of India's largest organised biomass aggregators through its TOESL subsidiary. It reported FY26 revenue of Rs 10,694.15 crore.^[1]

Business segments

Industrial Products: Rs 5,096.09 crore revenue in FY26 vs Rs 4,529.66 crore in FY25, 46.6% of segment revenue in FY26.^[2][3]
Industrial Infra: Rs 4,348.05 crore revenue in FY26 vs Rs 4,694.45 crore in FY25, 39.8% of segment revenue in FY26.^[2][3]
Chemicals: Rs 757.59 crore revenue in FY26 vs Rs 762.83 crore in FY25, 6.9% of segment revenue; segment profit fell to Rs. 54 crore from Rs. 122 crore on input costs and low utilisation at the new plant.^[2][3]
Green Solutions: Rs 732.24 crore revenue in FY26 vs Rs 689.88 crore in FY25, 6.7% of segment revenue in FY26.^[2][3]
Industrial Products mix is shifting, with air pollution control and water treatment growing faster than the core industrial boiler business (Q4 FY26).^[4]

Products and brands

Ion exchange resin is sold under the Tulsion® brand. Advanced resins and polymers from the OCQ partnership are sold under the Fortmax brand, launched in FY26.^[2]
Digital IIoT platform Thermax EDGE Live® reached 250+ installations in FY26, with ~90% prediction accuracy and a 100% contract renewal rate.^[2]
Technology licence and stack supply agreement signed with HydrogenPro ASA for alkaline electrolysers (FY26).^[2]

Operations

TOESL operates over 47 plants and sources more than 3,500 tonnes of biomass daily (FY26).^[2]
TBSPL commissioned seven bio-CNG plants in FY26 for 14 operational plants in total, and produced 19,400 tonnes of CBG in FY26. It booked no new EPC orders and cut losses by 65.2% YoY.^[2]
R&D spend was 0.5% of Group turnover in FY26, with a 151-person R&D team and Rs. 14.9 crore of digital transformation spend.^[2]
Headcount was 29,352 as of FY26, including 23,520 contractual workers. There were four fatalities during FY26.^[2]

Order book and key operating numbers

Consolidated order balance was Rs. 14,045 crore in Q1 FY27, up 23% YoY. The order backlog was Rs. 13,604 crore at the end of FY26, up 27.2% YoY.^[5][2]
Consolidated order booking was Rs. 2,809 crore in Q1 FY27, up 2% YoY.^[5]
Industrial Infra PBIT margin was -8.7% in Q1 FY27 vs +9.9% in Q1 FY26, after a Rs. 91 crore cost-to-complete revision on a Rs. 1,200 crore government project.^[5]
Chemicals PBIT margin was 11.2% in Q1 FY27 vs 9.3% in Q1 FY26.^[5]
TOESL's annualised revenue run rate was better than Rs. 600 crore in Q1 FY27.^[5]

Customers and markets

International business revenue was Rs. 3,084 crore in FY26, up 33.4% YoY. The company serves customers in 90+ countries.^[2]
Channel network of 147 dealers, serving 7,174 MSMEs, with 625 green channel vendors (FY26).^[2]
Thermax Inc. (Houston) grew revenue 29.3% and order booking 48.3% in FY26.^[2]
Government/PSU orders were less than 5% of the consolidated order book in Q1 FY27.^[5]
A Rs. 584 crore order from Dangote Industries (Nigeria) helped make refinery and petrochemicals 25% of order inflows in Q3 FY26.^[6]

Expansion and capex

FY27 consolidated capex is planned at about Rs. 250 crore, including capacity line extensions in the boiler and cooling facilities. A cooling line expansion is underway at Sri City.^[4]
Trichy 60 MW wind project: 12 of 17 WTGs complete as of Q1 FY27, targeted for full commissioning by Q2 FY27.^[5]
Jafrabad 140 MW hybrid project: 69.5 MWp of solar installed and 12 of 21 WTGs erected as of Q1 FY27, targeted for commissioning by Q4 FY27.^[5]
Karur 100 MW wind project: foundations for 10 of 17 WTGs completed as of Q1 FY27, targeted for commissioning in Q4 FY27.^[5]
SOEC demonstration plant to be commissioned by end-2026. Hydrogen revenues are expected to start in FY28.^[5]
Capital commitments not provided for were Rs. 633.89 crore at March 31, 2026, vs Rs. 150.64 crore a year earlier.^[2]

Recent developments

On September 30, 2026, Thermax acquired the remaining 49% of TSA Process Equipments for Rs. 42 crore, making it a wholly owned subsidiary.^[7]
ExactSpace became a subsidiary on April 9, 2026, after Thermax acquired an additional 35.83% stake.^[2]
The board approved the merger of Buildtech Products India Private Limited into Thermax, subject to NCLT approval (FY26).^[2]
TBSPL became a wholly owned subsidiary effective August 20, 2025.^[2]
FEPL lost Rs 20 crore in Q1 FY27. Management plans to sell a substantial majority stake to an external investor in FY27.^[5]
A Rs. 1,600 crore boiler package order from MB Power for a 1×800 MW ultra supercritical plant was booked in Q4 FY26.^[4]
TOESL booked its largest-ever single order, of Rs. 120+ crore, in Q1 FY27.^[5]
CRISIL reaffirmed the AA+/Stable long-term rating (FY26).^[2]

Market Cap

₹36,886 Cr

High / Low

₹5,277 / 2,744

Stock P/E

62.2

Price / Book

6.7

Book Value

₹466

EPS

₹60.5

No. of Shares

11.92 Cr

ROCE

14.7%

ROE

13.7%

OPM

9.9%

Debt / Equity

0.41

Sales

₹10,694 Cr

Net Profit

₹720 Cr

Promoter holding

62.0%

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Thermax Ltd(THERMAX)

About

Business segments

Products and brands

Operations

Order book and key operating numbers

Customers and markets

Expansion and capex

Recent developments

Signal history

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