What were Thermax Ltd's latest quarterly results?
Thermax Ltd's latest quarterly results (Dec 2025) show
- PAT Growth YoY: +79.8% (stable)
- Revenue Growth YoY: +4.2%
- Operating Margin: 10.0% (volatile)
Thermax Ltd: Why Is It Outperforming Nifty 500?
ActiveRS +64.2%Average6w Streak
In , Thermax Ltd (Capital Goods - Engineering General) is outperforming Nifty 500 with +64.2% relative strength. Fundamentals: Average. On a 6-week streak.
Thermax Ltd Key Facts
- PE Ratio
- 75.8x
- Market Cap
- ₹48,587 Cr
- PAT Growth YoY
- +80%
- Revenue Growth YoY
- +4%
- OPM
- 10.0%
- RS vs Nifty 500
- +64.2%
PE: Mid ContractionStrong Opportunity
What's Happening
💎PE falling while earnings hold — value emerging
🌐FII stake decreased 1.9% this quarter
🏛️DII accumulation — stake up 1.2%
💰Trading 49% above estimated fair value — significant premium
Sector-Specific Signals
Order BookNot Given
Key Numbers
PAT Growth YoY
+80%
Stable
Revenue YoY
+4%
Stable
Operating Margin
10.0%
+300 bps YoY
PE Ratio
75.8
Current Price
₹4,078
Dividend Yield
0.34%
Fundamental Score
48/100
Average
3Y PAT CAGR
+26%
Market Cap
55.7K Cr
Valuation
Significantly Overvalued12-Week Performance
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
12 weeks agoThis week
What Is Thermax Ltd's Management Saying?
Key quotes from recent conference calls
“The transcript of the Analyst/Investors conference call for Q1 FY 2025-26 held on Friday, August 1, 2025 is now available on Company’s website [Previous Transcript Availability guidance]”
What Sector Metrics Matter for Thermax Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Order Book
Not Given
What Is Thermax Ltd's Management Guidance?
Forward-looking targets from management
Management Tone: CAUTIOUS
How Fast Is Thermax Ltd Growing?
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +4% | +19% | Stable |
| PAT (Net Profit) | +80% | +26% | Stable |
| OPM | 10.0% | +300 bps | Volatile |
Other Top Capital Goods - Engineering General Stocks Beating Nifty 500
Frequently Asked Questions: Thermax Ltd
Based on publicly available financial data. This is educational research, not investment advice.
Is Thermax Ltd's profit growing or declining?
Thermax Ltd's profit is growing with an stable trend.
- PAT Growth YoY: +79.8% (latest quarter)
- PAT Growth QoQ: +72.3% (sequential)
- 3-Year PAT CAGR: +26.2%
- Trend: Stable — consistent growth pattern
What is Thermax Ltd's revenue growth trend?
Thermax Ltd's revenue growth trend is stable.
- Revenue Growth YoY: +4.2%
- Revenue Growth QoQ: +6.5% (sequential)
- 3-Year Revenue CAGR: +19.2%
How is Thermax Ltd's operating margin trending?
Thermax Ltd's operating margin is volatile.
- Current OPM: 10.0%
- OPM Change YoY: +3.0% basis points
- OPM Change QoQ: +3.0% basis points
What is Thermax Ltd's 3-year profit and revenue CAGR?
Thermax Ltd's long-term compounding rates
- 3-Year Profit CAGR: +26.2%
- 3-Year Revenue CAGR: +19.2%
Is Thermax Ltd's growth accelerating or decelerating?
Thermax Ltd's earnings growth is stable with improving on a sequential basis.
- YoY Acceleration: +119.7% bps
- Sequential Acceleration: +71.2% bps
What is Thermax Ltd's trailing twelve month (TTM) performance?
Thermax Ltd's trailing twelve month (TTM) performance
- TTM PAT: ₹681 Cr
- TTM PAT Growth: +11.8% YoY
- TTM Revenue: ₹10,000 Cr
- TTM Revenue Growth: +2.6% YoY
- TTM Operating Margin: 9.3%
Is Thermax Ltd overvalued or undervalued?
Thermax Ltd appears significantly overvalued based on our fair value analysis.
- Valuation Signal: Significantly Overvalued
- Current PE: 75.8x
- Price-to-Book: 9.6x
What is Thermax Ltd's current PE ratio?
Thermax Ltd's current PE ratio is 75.8x.
- Current PE: 75.8x
- Market Cap: 48.6K Cr
- Dividend Yield: 0.34%
How does Thermax Ltd's valuation compare to its history?
Thermax Ltd's current PE is 75.8x.
- Current PE: 75.8x
- Valuation Assessment: Significantly Overvalued
What is Thermax Ltd's price-to-book ratio?
Thermax Ltd's price-to-book ratio is 9.6x.
- Price-to-Book (P/B): 9.6x
- Book Value per Share: ₹424
- Current Price: ₹4078
Is Thermax Ltd a fundamentally strong company?
Thermax Ltd is rated Average with a fundamental score of 48.37/100. This score is calculated from objective financial metrics
- Revenue Growth YoY: +4.2% (10% weight)
- PAT Growth YoY: +79.8% (10% weight)
- PAT Growth QoQ: +72.3% (10% weight)
- Margins stable (10% weight)
Is Thermax Ltd debt free?
Thermax Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹2,000 Cr
What is Thermax Ltd's return on equity (ROE) and ROCE?
Thermax Ltd's return ratios over recent years
- FY2023: ROCE 15.0%
- FY2024: ROCE 17.0%
- FY2025: ROCE 16.0%
Is Thermax Ltd's cash flow positive?
Thermax Ltd's operating cash flow is positive (FY2025).
- Cash from Operations (CFO): ₹1,000 Cr
- Free Cash Flow (FCF): ₹-177 Cr
- CFO/PAT Ratio: 166% (strong cash conversion)
What is Thermax Ltd's dividend yield?
Thermax Ltd's current dividend yield is 0.34%.
- Dividend Yield: 0.34%
- Current Price: ₹4078
Who holds Thermax Ltd shares — promoters, FII, DII?
Thermax Ltd's shareholding pattern (Mar 2026)
- Promoters: 62.0%
- FII (Foreign): 11.3%
- DII (Domestic): 15.5%
- Public: 5.8%
Is promoter holding increasing or decreasing in Thermax Ltd?
Thermax Ltd's promoter holding has remained stable recently.
- Current Promoter Holding: 62.0% (Mar 2026)
- Previous Quarter: 62.0% (Dec 2025)
- Change: 0.00% (stable)
How long has Thermax Ltd been outperforming Nifty 500?
Thermax Ltd has been outperforming Nifty 500 for 6 consecutive weeks, indicating building momentum.
Is Thermax Ltd a new momentum entry or an established outperformer?
Thermax Ltd is an established outperformer with 6 weeks of consecutive Nifty 500 outperformance.
What did Thermax Ltd's management say in the latest earnings call?
In Q3 FY26, Thermax Ltd's management highlighted
- "The transcript of the Analyst/Investors conference call for Q1 FY 2025-26 held on Friday, August 1, 2025 is now available on Company’s website [Previ..."
What is Thermax Ltd's management guidance for growth?
Thermax Ltd's management has provided the following forward guidance
- Revenue outlook: Not Given
- Margin outlook: Not Given
- Management tone: cautious
What sector-specific metrics matter most for Thermax Ltd?
Thermax Ltd's most important sub-sector-specific KPIs from the latest concall
- Order Book: Not Given
Is Thermax Ltd worth studying for long term investment?
Based on quantitative research signals, here is why Thermax Ltd may be worth studying
- Earnings growing at +79.8% YoY
- Cash flow is positive — CFO ₹1,000 Cr
What is the investment thesis for Thermax Ltd?
Thermax Ltd investment thesis summary:
Risk Factors (Bear Case)
- Appears significantly overvalued
What is the future outlook for Thermax Ltd?
Thermax Ltd's forward outlook based on current data signals
- Earnings Trend: stable
- Revenue Trend: stable
- Margin Trend: volatile
- Valuation: Significantly Overvalued
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.