KIRA
KIRA Research · Capital Goods / Industrials · Energy & Environment Capital Equipment

Thermax Limited

NSE: THERMAX · BSE: 500411 · ISIN INE152A01029 · Data as of 2026-09-26
Research: READYConfidence: HIGHKIRA Score: Not yet scoredMidFigures: INR crore; basis shown per row

KIRA view

Capital-goods mid-cap with improving order book; cash conversion lumpy not structurally weak (corrected after QA). Major strength: order-book growth. Major risk: WC volatility. ANALYSIS

Pillar 1 — Business Quality & Moat

Business overview, segments, revenue drivers, competitive position and industry standing.

Revenue drivers

  • Equipment order execution ANALYSIS
  • AMC/services ANALYSIS
  • Chemicals ANALYSIS

Competitive position — peers

  • Thermax Babcock & Wilcox (JV context) ANALYSIS
  • BHEL (partial) ANALYSIS
  • Isgec ANALYSIS
  • Bharat Heavy Plate peers ANALYSIS

Pillar 2 — Growth Quality

Revenue/AUM and profit growth, multi-year CAGR, growth consistency, growth drivers and relevant recent developments.

MetricPeriodValueBasisProvenanceSource
RevenueFY26₹10,694.15 crConsol.SOURCEDS10
Revenue growth (YoY)FY263.13%Consol.SOURCEDS10
Net profit (PAT)FY26₹720.5 crConsol.SOURCEDS10
PAT growth (YoY)FY2613.6%Consol.SOURCEDS10
RevenueFY25₹10,369.26 crConsol.SOURCEDS10
Net profit (PAT)FY25₹634.47 crConsol.SOURCEDS10
Profit for the year (incl. NCI)FY26₹720.26 crConsol.SOURCEDS10
Profit for the year (incl. NCI)FY25₹626.7 crConsol.SOURCEDS10

Growth drivers

  • Order book +27% YoY (Rs13,604cr) ANALYSIS
  • Energy-transition capex ANALYSIS
  • FEPL renewables scaling ANALYSIS

Recent developments

  • FY26 audited results approved by the Board on 7 May 2026 (Kimi recorded 08-May-2026, probably the date of public coverage). SOURCED S13
  • FY26 dividend recommended: ₹20 per share = final ₹14 + special ₹6 (60th anniversary). SOURCED S13

Pillar 3 — Profitability & Return Ratios

Margins, ROE, ROCE, and ROA/NIM for financial companies.

Notes

  • note: Margin detail to be completed from AR segment tables at publication ANALYSIS

Pillar 4 — Balance Sheet Strength

Debt, leverage, liquidity, capital adequacy and asset quality where applicable.

Notes

  • note: Capex-cycle industrial; balance-sheet detail pending full AR extraction ANALYSIS

Pillar 5 — Cash Flow & Earnings Quality

CFO, FCF, CFO/PAT, working capital and, for lenders, credit-cost quality.

MetricPeriodValueBasisProvenanceSource
Cash from operationsFY26₹541.55 crConsol.SOURCEDS10
Cash from operationsFY25₹1,079.79 crConsol.SOURCEDS10
CFO / PATFY260.75Consol.SOURCEDS10
CFO / PATFY251.7Consol.SOURCEDS10

Notes

  • conclusion: CORRECTED FINDING: lumpy WC-driven conversion; FY26 weakness is normalisation after advance-heavy FY25, NOT structural weak conversion ANALYSIS S10

Pillar 6 — Governance & Shareholding

Promoter holding and pledge, FII/DII/public holding, auditor, board, regulatory actions and material litigation.

Governance, regulatory & litigation

  • Chairperson: Meher Pudumjee. Statutory auditor: Price Waterhouse Chartered Accountants LLP (FRN 012754N/N500016). [Company disclosure] SOURCED S13
  • 'No red flags found' (Kimi) — removed as a conclusion: no documented check list supports it yet. ANALYSIS

Pillar 7 — Valuation Comfort

P/E, P/B, EV/EBITDA, dividend yield, historical and peer context — descriptive only; no price target.

NOT VERIFIED — no verified data for this pillar yet.

Pillar 8 — Technical Confirmation

Informational only: long-term trend context when properly sourced. No entry levels, targets, stop-losses or calls.

No sourced technical data. This pillar is informational only and never carries entry levels, targets, stop-losses or buy/sell/hold calls.

Material risks

  • Order-cycle lumpiness ANALYSIS
  • WC swings ANALYSIS
  • Industrial capex cyclicality ANALYSIS

Key questions to monitor

None recorded yet.

Sources

IDDocumentPublisherTypeDateAuthority
S90Thermax Ltd — INE152A01029 / 500411 / THERMAXInvestOnlinemarket-data page (identity cross-check)2026-09-28SECONDARY
S1045th Annual Report 2025-26 — Consolidated Financial Statements (Independent Auditors' Report, p. 218 onward)Thermax Limitedannual report — audited consolidated financial statements2026-07PRIMARY
S11Intimation to BSE Limited — investors meet (letterhead shows NSE: THERMAX EQ, BSE: 500411)Thermax Limitedstock exchange intimation2026-05-25PRIMARY
S12Certificate/letter to NSE (RTA compliance) — Thermax Limited, ISIN 'INE 152A01029', NSE symbol THERMAXThermax Limitedstock exchange filing (company letter)2019-04-11PRIMARY
S1345th Annual Report 2025-26 — Statutory Reports (Directors' Report)Thermax Limitedannual report — directors' report2026-07PRIMARY

Research status

Status
READY
Confidence
HIGH
Data as of
2026-09-26
KIRA Score
Not yet scored — no verified KIRA Score registry match
Method
Primary filings first; aggregators for cross-check only. SOURCED = from a cited document; ANALYSIS = KIRA interpretation; UNVERIFIED = not yet checked against a primary source.
Withheld
11 item(s) not yet verified are not shown.

Data conflicts

  • Resolved · cash_flow.CFO_PAT.FY25
    Stated FY25 CFO/PAT 1.64 vs 1.70 recomputed from the record's own inputs.
    S10 gives FY25 CFO ₹1,079.79 crore, attributable PAT ₹634.47 crore and profit for the year ₹626.70 crore. CFO/PAT = 1.70 (attributable, the convention used for FY26 and for PAT growth) or 1.72 (profit for the year). 1.64 is not supported and was replaced with 1.70; Kimi's value is kept in qa.lineage. S10