Capital GoodsLarge capRs 44,697 crRs 67.9 cr traded a dayEnergy
Close on 2026-08-21
3,967.80
−1.64%
52-week range50% of the way up
2,773.805,159.50
Market cap
44,697 cr
P/E (TTM)
76.4×
industry 52×
EPS (TTM)
51.92
Revenue YoY
+5.4%
Q1 FY27
Profit YoY
-80.1%
Net margin
0.9%
-4.1pt vs a year ago
Growth trend
-18.6pt
vs last quarter’s YoY
1 month
-13.3%
Below 52w high
30.0%
RSI (14)
40
Daily swing
2.7%
average true range
Volume
0.2×
vs 20-day average
Traded
Rs 68 cr
median day
Close200-day averageMaterial filing
260 sessions · hover for the filing behind a move
1 week
−1.91%
1 month
−13.33%
3 months
−10.55%
6 months
+24.68%
1 year
+20.89%
The read
written from the numbers on this page
The evidence is mixed3 supporting, 3 against, 1 worth knowing
Supporting
trading 7% above its 200-day average
up 21% over twelve months
revenue grew 5% year on year in the quarter ending 2026-06-30
Against
1 of the scans it matches has historically underperformed the market
net margin has narrowed from 4.5% to 0.9% across four quarters
priced at 76× earnings against an industry median of 52× — 47% above its peers
Worth knowing
the 50-day and 200-day averages disagree, which usually means a turn in progress rather than a trend to lean on
THERMAX sits in Energy — worth checking whether the whole group is moving together or whether this name is doing it alone.
What would change this read: a close below 3,705, its 200-day average.
Assembled automatically from the figures on this page — the scans matched, their measured record, the filed financials, the derivatives positioning and the peer comparison. It is not a recommendation, no one has spoken to the company, and every claim above can be checked against a number further down this page.
What is working, what is not
read from the filings, with the figure behind every line
Working1
Operating cash flow was Rs 542 cr against Rs 585 cr of profit over four quarters, 93% of it.
Rs 542 crRs 585 cr93%
Needs watching3
Net profit -89.0% year on year, Rs 198 cr to Rs 22 cr.
-89.0%Rs 198 crRs 22 cr
Profit grew slower than revenue, -89.0% against -11.8%.
-89.0%-11.8%
Net margin moved from 7.6% to 0.9%.
7.6%0.9%
Every figure here is computed from the company’s own filings. The wording is generated directly from the figures.
How it has performed
price return over each window, measured against zero
What the scans say today
3 of 47 matched on 2026-08-21
THERMAX matches 3 of the 47 scans today, across 2 different kinds of evidence.
segments and revenue mix, as the company reports them
THERMAX reports 4 business segments. The largest is a. Industrial Products at 45% of revenue in the quarter ending 2026-06-30.
SegmentRevenueSharevs a year ago
a. Industrial Products1,058 cr45.1%—
b. Industrial Infra814 cr34.7%—
c. Green Solutions245 cr10.4%—
d. Chemicals230 cr9.8%—
Segment names are the company’s own, taken verbatim from the reportable-segment disclosure in its quarterly XBRL filing. Nothing on this page describes the business in words we wrote.
Quality of the business
balance sheet as at 2026-03-31
Return on equity
10.5%
trailing profit over shareholders’ funds
Return on capital
10.5%
pre-tax profit over equity plus borrowings
Debt to equity
0.41×
2,288 cr borrowed against 5,550 cr of equity
Net debt
1,614 cr
borrowings less cash
Cash conversion
93%
operating cash flow as a share of profit
Receivable days
74
how long customers take to pay
Return on capital uses profit before tax over equity plus borrowings. The textbook version adds finance costs back; those are not tagged reliably in quarterly filings, so this understates the ratio for a heavily borrowed company rather than flattering it. Balance sheets are filed half-yearly, so these can be up to six months behind the profit figures above.
Valuation against its own history
500 sessions since 2024-09-06
53×
median 63×
83×
now 76×
THERMAX trades at 76× trailing earnings, above its median of 63× over this window — 21% more expensive than usual. The band runs from the 5th to the 95th percentile, so single-day spikes do not set the edges.
This window is short by the standards of valuation history — it begins where four quarters of filed earnings first exist. A stock can look cheap against two years and expensive against ten.
Analyst call filings were typically +0.14pt vs the market over the next 5 sessions (n=3,352) · Management filings were typically -0.01pt vs the market over the next 5 sessions (n=1,988) · AGM / EGM filings were typically +0.00pt vs the market over the next 5 sessions (n=4,362)
The business
from the company’s filed results
Everything below is taken from the company’s own quarterly filing with the exchange — the XBRL document it submitted, not a vendor’s summary of it. Figures in rupees crore.
RevenueNet profit, drawn inside its revenue barNet margin, own scale belowrupees crore, per quarter as filed. Revenue bars start at zero.
Going for it
revenue grew 5% against the same quarter a year earlier
Going against it
profit dropped 80% year on year
net margin narrowed from 7.1% to 0.9%
Quarter-by-quarter numbers, as filed
Quarter
Revenue
Profit before tax
Net profit
EPS
Net margin
Q1 FY27
2026-06-30 · consolidated
2,303
42
22
2.24
0.9%
Q4 FY26
2026-03-31 · consolidated
3,428
334
244
21.68
7.1%
Q3 FY26
2025-12-31 · consolidated
2,635
289
205
18.12
7.8%
Q3 FY25
2024-12-31 · consolidated
2,508
157
114
10.29
4.5%
Q2 FY25
2024-09-30 · consolidated
2,612
266
198
17.49
7.6%
Q1 FY25
2024-06-30 · consolidated
2,184
162
109
10.28
5.0%
Quarterly filings are unaudited unless stated. Consolidated figures are used where the company files both. A single quarter is a noisy thing — the trend across the column is worth more than the top row.
Where the price stands
the same figures every scan on this site is computed from
Trend
Distance from the averages traders watch. Above all of them is a bull phase; below the 200-day is the line most investors use to say otherwise.
Versus 50-day average-11.8%
Versus 200-day average+7.1%
Below 52-week high-23.1%
Above 52-week low+43.0%
Momentum
How hard it has been pushed lately. Above 70 on RSI is stretched, below 30 is washed out — neither is a signal on its own.
RSI (14)40.4
Higher closes in last 52 of 5
Six-month return+24.68%
Risk and liquidity
What a position costs to hold and to exit. Position sizing starts with the daily swing, not with conviction.
Typical daily swing (ATR)2.73%
Volume versus 20-day0.2x
Median daily turnoverRs 67.9 cr
Peers
Capital Goods · 107 classified companies
THERMAX trades at 76.4× trailing earnings against an industry median of 52.1× across 102 other classified companies in its industry — more expensive than them, by 47%. A multiple is a statement about expectations, not about quality: cheap usually means the market expects less, and it is often right.