THERMAX
Large CapThermax Limited
Industrials
Thermax Limited is a global provider of sustainable solutions in energy and environment, with 18 manufacturing locations and sales/service presence in 30+ countries. It offers industrial products, infrastructure, green solutions, and chemicals, serving diverse sectors globally.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 70/100Rev +13% YoY · PAT +18% YoY · margin expansion · +30% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,428 Cr | +12.5% | +30.1% |
| EBITDA | ₹374 Cr | +24.7% | +46.7% |
| Operating margin | 11.0% | +100 bps | +100 bps |
| PAT | ₹244 Cr | +18.4% | +19.0% |
| PAT margin | 7.1% | +36 bps | -66 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Thermax reported robust Q4 FY26 with Order Booking up 112% YoY to Rs. 4,490 crore, driven by a large thermal power plant order. Revenue grew 13% YoY to Rs. 3,428 crore, and PAT increased 18% YoY to Rs. 244 crore, supported by improved Industrial Products and reduced Industrial Infra losses.
Strong Q4 order booking, particularly in Industrial Infra, and improved segment profitability suggest execution momentum. The large order book provides revenue visibility, while new sectors like data centers offer future growth. However, input cost volatility and project overruns in Green Solutions warrant monitoring.
Thermal Power Projects
Secured a boiler package order for a 1 x 800 MW ultra supercritical thermal power plant, valued at ~Rs. 1,600 crore.
Data Centres
Secured breakthrough order of multiple hot water driven chillers (45,000 TR combined capacity) for a large data centre in the USA.
Waste-to-Energy Solutions
Commissioned a 1 x 40 TPH waste-to-energy boiler in North India, operating on 100% RDF, NRSW, and biomass.
CBG Production
Achieved ~8,000 tonnes of CBG production in Q4 FY26 (19,400+ tonnes YTD), commissioning Reliance Akola and Nanded plants.
CBG Plants Commissioned
Commissioned Reliance Akola and Nanded plants, completing all 14 existing plants.
Jafrabad Hybrid Project Progress
9 of 21 WTGs installed, 40.8 MWp of 69.5 MWp module installation completed, EHV line and PSS charging completed.
Sustained Manufacturing Growth
India’s manufacturing PMI remained in expansionary territory through Q4 FY26, indicating sustained factory growth.
Data Centres as New Sector
Data Centres are continuing as a new sector with tremendous future potential.
Input Commodity Price Volatility
High volatility in input commodity prices amid geopolitical instability, with steel prices rising ~20–25%.
Crude Oil & Non-Ferrous Metal Fluctuations
Crude oil fluctuations drove volatility in non-ferrous metals, further impacted by USD appreciation against INR.
Middle East Geopolitical Impact
The Middle East war impact will affect most industries in the short-medium term, causing raw material cost escalation.
Geopolitical Risks
Business risks associated with the volatile global economic environment and political conditions.
Raw Material Volatility & Supply Disruptions
Faced supply disruptions and raw material volatility due to Middle East crises, impacting chemicals business.
Project Overrun Costs
Green Solutions business incurred project overrun costs during the quarter, impacting margins.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Q4 results provide a full-year perspective, making YoY essential for assessing annual growth and profitability trends. QoQ is also crucial for tracking sequential momentum in order booking, execution, and segment-wise performance, especially given project-based nature of some businesses.
Order Booking (Q4 FY26)
Rs. 4,490 crore, up 112% YoY.
Order Balance (Q4 FY26)
Rs. 13,604 crore, up 27% YoY.
Revenue (Q4 FY26)
Rs. 3,428 crore, up 13% YoY.
PBT Before Exceptional Items and Tax % (Q4 FY26)
9.7% (vs 9.8% YoY, 8.7% QoQ).
Order Book Growth Drivers
Order booking and balance for the current year is higher primarily driven by improved performance in Industrial Products and Industrial Infra segments.
Profit Improvement Factors
Profit for the qtr. has improved due to better performance by Industrial Products and reduced losses in Industrial Infra.
Green Solutions Reporting Change
TOESL adopted a rolling 12-month forecast model for reporting its order book, replacing earlier practice of reporting only first year’s revenue.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Industrial Infra Profitability | Q4 FY26 PBIT % at 6.5%. | Sustained improvement in operational efficiency and reduced losses in Industrial Infra entities. |
| Green Solutions Margins | Q4 FY26 PBIT at (Rs. 29) crore due to project overruns. | Mitigation of project overrun costs and return to profitability in Green Solutions. |
| Order Book Execution | Order Balance Rs. 13,604 crore. | Consistent revenue recognition from the strong order book, especially the large power project. |
| Input Cost Management | Steel prices rising ~20-25%, crude oil fluctuations. | Effective price revisions and supply assurance to mitigate raw material volatility. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +50.1% / mo · near 52W high
Technical chart
THERMAXdaily · 3Y+49.6%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 58. Wait for confirmation.
- SMA20 rising (~10.2% over last month) — short-term momentum positive.
- RSI(14) at 58 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 7% off 52W high · 73% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 8/15 to the score.
- Growth contributes 12/25 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -74.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 76th percentile of the scored universe and 72nd percentile within Industrials. No major sub-score weakness stands out.
Healthy Trust Lite: Promoter holding is 62%. Key concern: 1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 72nd pctile, median 68 · Large: 52nd pctile, median 74
106 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 62%.
- ▸Promoter pledge is zero.
- ▸7 years of positive FCF.
- ▸3/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 83.60
- P/B
- 10.17
- EV/EBITDA
- 47.74
- Market Cap
- 56564.00Cr
Profitability
- ROE
- 12.90%
- ROCE
- 14.90%
- ROA
- 5.42%
- Dividend Y
- 0.30%
Growth (CAGR)
- Revenue 5Y
- 17.00%
- EPS 5Y
- 23.00%
- Revenue 3Y
- 10.00%
- EPS 3Y
- 14.00%
Balance Sheet
- Debt/Equity
- 0.42
- Interest Coverage
- 7.38×
- Altman Z
- 6.18
- Book Value
- 466.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 7/5
- OCF
- 542.00 Cr
- EPS TTM
- 60.47
Shareholding
- Promoter Hold
- 61.99%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 86%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.