All companies
Capital GoodsEnergy & EnvironmentPlatform Integration
Thermax
Boilers, heat pumps, green hydrogen, bio-CNG, water. Green-transition portfolio building slowly; margin grind from 7%→10%.
Order book · Green energy + FGD + bio-CNG pipeline
Hold
₹4,710
Mkt cap ₹56.1K Cr
P/E
101.0x
P/B
10.1x
ROCE
13.9%
ROE
10.6%
Div yield
0.30%
52W high
₹5,278
52W low
₹2,743
Promoter
62.0%
Score bridge (derived from real data)
Fundamental
47
Valuation
33
Technical
76
Moat (curated)
68
Fundamental = ROCE/ROE/OPM/growth/cash-conversion/leverage from Screener statements. Valuation = P/E, EV/EBITDA, P/B and distance-from-high. Technical = position in real 52-week range (full OHLCV indicators need a market-data API). Decision = weighted engine over all four.
52-week position
₹2,743now ₹4,710₹5,278
78/100
Technical rating A
Price · 2 years · SMA 50/200 · as of 2026-07-20
Strong UpMACD BearishGolden cross
RSI-14
RSI-14
50
vs SMA-50
0.2%
vs SMA-200
31.6%
1Y return
21.1%
Ann. vol
35%
Max DD 1Y
-30%
Annual trend · sales, PAT, OPM
Quarterly run-rate
Peer set · Energy & Environment
| Company | Mkt cap | P/E | OPM | ROCE | Sales 3Y | PAT 3Y | D/E | Composite |
|---|---|---|---|---|---|---|---|---|
| Thermax ◄ | ₹56.1K Cr | 101.0x | 10% | 13.9% | 10.0% | 16.9% | 0.42x | 54 |
| Praj Industries | ₹6.2K Cr | 321.0x | 5% | 6.3% | -3.5% | -53.6% | 0.13x | 39 |
Financial statements
Source: Screener.inSales 3Y CAGR
10.0%
PAT 3Y CAGR
16.9%
OPM (latest)
10.0%
PAT margin
6.7%
D / E
0.42x
CFO / PAT
0.75x
EV / EBITDA
56.3x
FCF yield
-0.0%
Ratio history · computed per year
| Ratio | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Sales growth YoY % | — | 32.0% | 15.2% | 11.4% | 3.7% |
| PAT growth YoY % | — | 44.6% | 42.6% | -2.5% | 14.8% |
| OPM % | 7% | 7% | 9% | 9% | 10% |
| PAT margin % | 5.1% | 5.6% | 6.9% | 6.0% | 6.7% |
| ROE % (PAT / net worth) | 8.9% | 11.7% | 14.5% | 12.7% | 13.0% |
| D / E (x) | 0.11 | 0.21 | 0.29 | 0.35 | 0.42 |
| Asset turnover (x) | 0.82 | 0.92 | 0.92 | 0.91 | 0.81 |
| CFO / PAT (x) | 1.04 | 1.02 | 0.38 | 1.72 | 0.75 |
Annual P&L · ₹ Cr
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Sales | 6,128 | 8,090 | 9,323 | 10,387 | 10,774 |
| Operating profit | 414 | 601 | 797 | 910 | 1,038 |
| OPM % | 7% | 7% | 9% | 9% | 10% |
| Net profit | 312 | 451 | 643 | 627 | 720 |
| EPS ₹ | 26.21 | 37.79 | 54.15 | 53.25 | 60.47 |
Quarterly · ₹ Cr
| Mar 2026 | Jun 2025 | Sep 2025 | Dec 2025 | |
|---|---|---|---|---|
| Sales | 3,428 | 2,158 | 2,474 | 2,635 |
| OPM % | 11% | 10% | 7% | 10% |
| PAT | 244 | 151 | 119 | 205 |
Balance sheet · ₹ Cr
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Equity | 23 | 23 | 23 | 23 | 23 |
| Reserves | 3,470 | 3,846 | 4,417 | 4,914 | 5,527 |
| Borrowings | 368 | 831 | 1,277 | 1,718 | 2,353 |
| Total assets | 7,458 | 8,836 | 10,141 | 11,382 | 13,242 |
Cash flow · ₹ Cr
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Operating | 325 | 460 | 247 | 1,080 | 542 |
| Investing | -420 | -664 | -514 | -1,257 | -565 |
| Financing | -21 | 349 | 285 | 123 | 248 |
Shareholding
Promoters
62.0%
FII
11.3%
DII
15.5%
Public
5.8%
Mkt cap
₹56.1K Cr
P/E
101.0x
52W range
₹2,743–5,278