Thermax Limited

NSEI:THERMAX Stock Report

Market Cap: ₹361.7b

Thermax Future Growth

Future criteria checks 3/6

Thermax is forecast to grow earnings and revenue by 19% and 12.9% per annum respectively. EPS is expected to grow by 18.4% per annum. Return on equity is forecast to be 16.8% in 3 years.

Key information

19.0%

Earnings growth rate

18.4%

EPS growth rate

Machinery earnings growth17.1%
Revenue growth rate12.9%
Future return on equity16.8%
Analyst coverage

Good

Last updated13 Feb 2025

Recent future growth updates

Thermax Limited Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now

Aug 04
Thermax Limited Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now

Recent updates

Getting In Cheap On Thermax Limited (NSE:THERMAX) Is Unlikely

Jan 24
Getting In Cheap On Thermax Limited (NSE:THERMAX) Is Unlikely

Does Thermax (NSE:THERMAX) Have A Healthy Balance Sheet?

Dec 13
Does Thermax (NSE:THERMAX) Have A Healthy Balance Sheet?

Thermax's (NSE:THERMAX) Shareholders Should Assess Earnings With Caution

Nov 21
Thermax's (NSE:THERMAX) Shareholders Should Assess Earnings With Caution

The Returns At Thermax (NSE:THERMAX) Aren't Growing

Nov 09
The Returns At Thermax (NSE:THERMAX) Aren't Growing

Thermax Limited's (NSE:THERMAX) Share Price Matching Investor Opinion

Oct 13
Thermax Limited's (NSE:THERMAX) Share Price Matching Investor Opinion

Thermax Limited Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now

Aug 04
Thermax Limited Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now

Thermax (NSE:THERMAX) Has Some Way To Go To Become A Multi-Bagger

Aug 02
Thermax (NSE:THERMAX) Has Some Way To Go To Become A Multi-Bagger

Is Thermax (NSE:THERMAX) A Risky Investment?

Jul 02
Is Thermax (NSE:THERMAX) A Risky Investment?

Thermax (NSE:THERMAX) Has Some Way To Go To Become A Multi-Bagger

May 03
Thermax (NSE:THERMAX) Has Some Way To Go To Become A Multi-Bagger

Revenues Tell The Story For Thermax Limited (NSE:THERMAX) As Its Stock Soars 26%

Apr 06
Revenues Tell The Story For Thermax Limited (NSE:THERMAX) As Its Stock Soars 26%

Does Thermax (NSE:THERMAX) Have A Healthy Balance Sheet?

Mar 24
Does Thermax (NSE:THERMAX) Have A Healthy Balance Sheet?

Thermax Limited's (NSE:THERMAX) Share Price Matching Investor Opinion

Jan 08
Thermax Limited's (NSE:THERMAX) Share Price Matching Investor Opinion

Thermax (NSE:THERMAX) Seems To Use Debt Quite Sensibly

Dec 17
Thermax (NSE:THERMAX) Seems To Use Debt Quite Sensibly

Here's What To Make Of Thermax's (NSE:THERMAX) Decelerating Rates Of Return

Nov 26
Here's What To Make Of Thermax's (NSE:THERMAX) Decelerating Rates Of Return

These 4 Measures Indicate That Thermax (NSE:THERMAX) Is Using Debt Safely

Sep 14
These 4 Measures Indicate That Thermax (NSE:THERMAX) Is Using Debt Safely

Here's What To Make Of Thermax's (NSE:THERMAX) Decelerating Rates Of Return

Aug 19
Here's What To Make Of Thermax's (NSE:THERMAX) Decelerating Rates Of Return

We Think Thermax (NSE:THERMAX) Can Manage Its Debt With Ease

May 19
We Think Thermax (NSE:THERMAX) Can Manage Its Debt With Ease

Returns On Capital At Thermax (NSE:THERMAX) Have Hit The Brakes

Feb 19
Returns On Capital At Thermax (NSE:THERMAX) Have Hit The Brakes

Thermax (NSE:THERMAX) Could Easily Take On More Debt

Jan 02
Thermax (NSE:THERMAX) Could Easily Take On More Debt

Returns On Capital At Thermax (NSE:THERMAX) Paint A Concerning Picture

Nov 09
Returns On Capital At Thermax (NSE:THERMAX) Paint A Concerning Picture

Capital Allocation Trends At Thermax (NSE:THERMAX) Aren't Ideal

Aug 11
Capital Allocation Trends At Thermax (NSE:THERMAX) Aren't Ideal

Thermax's (NSE:THERMAX) Upcoming Dividend Will Be Larger Than Last Year's

Jul 14
Thermax's (NSE:THERMAX) Upcoming Dividend Will Be Larger Than Last Year's

Is Thermax (NSE:THERMAX) A Risky Investment?

Jul 03
Is Thermax (NSE:THERMAX) A Risky Investment?

Thermax (NSE:THERMAX) Hasn't Managed To Accelerate Its Returns

Apr 28
Thermax (NSE:THERMAX) Hasn't Managed To Accelerate Its Returns

Thermax (NSE:THERMAX) Could Easily Take On More Debt

Mar 29
Thermax (NSE:THERMAX) Could Easily Take On More Debt

Thermax (NSE:THERMAX) Has More To Do To Multiply In Value Going Forward

Jan 22
Thermax (NSE:THERMAX) Has More To Do To Multiply In Value Going Forward

We Think Thermax (NSE:THERMAX) Can Manage Its Debt With Ease

Dec 24
We Think Thermax (NSE:THERMAX) Can Manage Its Debt With Ease

Thermax (NSE:THERMAX) Is Reinvesting At Lower Rates Of Return

Oct 22
Thermax (NSE:THERMAX) Is Reinvesting At Lower Rates Of Return

Thermax (NSE:THERMAX) Seems To Use Debt Rather Sparingly

Sep 21
Thermax (NSE:THERMAX) Seems To Use Debt Rather Sparingly

We Think Thermax (NSE:THERMAX) Can Stay On Top Of Its Debt

Jun 04
We Think Thermax (NSE:THERMAX) Can Stay On Top Of Its Debt

Returns On Capital At Thermax (NSE:THERMAX) Paint A Concerning Picture

Mar 08
Returns On Capital At Thermax (NSE:THERMAX) Paint A Concerning Picture

Can Mixed Fundamentals Have A Negative Impact on Thermax Limited (NSE:THERMAX) Current Share Price Momentum?

Jan 21
Can Mixed Fundamentals Have A Negative Impact on Thermax Limited (NSE:THERMAX) Current Share Price Momentum?

Earnings and Revenue Growth Forecasts

NSEI:THERMAX - Analysts future estimates and past financials data (INR Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
3/31/2027139,57010,2325,910N/A19
3/31/2026120,0888,3304,109N/A19
3/31/2025104,0576,537-131N/A18
12/31/2024100,6746,191N/AN/AN/A
9/30/202498,8407,415-3,2995,889N/A
6/30/202495,7497,022N/AN/AN/A
3/31/202493,2356,453-5,9662,473N/A
12/31/202388,7066,109N/AN/AN/A
9/30/202385,9554,988-4,9145,083N/A
6/30/202383,6834,513N/AN/AN/A
3/31/202380,8984,503-2,0474,596N/A
12/31/202277,7093,968N/AN/AN/A
9/30/202273,3643,5019372,495N/A
6/30/202267,3053,289N/AN/AN/A
3/31/202261,2833,1232,4093,247N/A
12/31/202157,1093,171N/AN/AN/A
9/30/202155,0683,2094,8785,646N/A
6/30/202151,7872,643N/AN/AN/A
3/31/202147,9132,0666,8617,695N/A
12/31/202045,3971,383N/AN/AN/A
9/30/202045,3921,4005,8266,560N/A
6/30/202050,0381,344N/AN/AN/A
3/31/202057,3132,1252,7763,256N/A
12/31/201964,8203,003N/AN/AN/A
9/30/201965,0862,904-194319N/A
6/30/201963,3043,392N/AN/AN/A
3/31/201959,7323,254-2,701-1,154N/A
12/31/201853,4252,742N/AN/AN/A
9/30/201850,2292,578N/AN/AN/A
6/30/201846,2832,405N/AN/AN/A
3/31/201844,6492,321N/A5,336N/A
12/31/201745,1231,971N/AN/AN/A
9/30/201743,3931,933N/AN/AN/A
6/30/201743,7582,147N/AN/AN/A
3/31/201744,8312,230N/A3,346N/A
12/31/201648,3212,896N/AN/AN/A
9/30/201651,0362,891N/AN/AN/A
6/30/201652,7302,697N/AN/AN/A
3/31/201651,4502,823N/A2,526N/A
12/31/201553,5482,659N/AN/AN/A
9/30/201556,2182,803N/AN/AN/A
6/30/201556,3732,502N/AN/AN/A
3/31/201553,0442,098N/A3,108N/A
12/31/201452,8732,074N/AN/AN/A
9/30/201451,9472,120N/AN/AN/A
6/30/201450,5832,104N/AN/AN/A
3/31/201450,9992,460N/A3,213N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: THERMAX's forecast earnings growth (19% per year) is above the savings rate (6.7%).

Earnings vs Market: THERMAX's earnings (19% per year) are forecast to grow faster than the Indian market (17.7% per year).

High Growth Earnings: THERMAX's earnings are forecast to grow, but not significantly.

Revenue vs Market: THERMAX's revenue (12.9% per year) is forecast to grow faster than the Indian market (10.6% per year).

High Growth Revenue: THERMAX's revenue (12.9% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: THERMAX's Return on Equity is forecast to be low in 3 years time (16.8%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/02/19 13:21
End of Day Share Price 2025/02/19 00:00
Earnings2024/12/31
Annual Earnings2024/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Thermax Limited is covered by 55 analysts. 19 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullAnand Rathi Shares and Stock Brokers Limited
Amol RaoAnand Rathi Shares and Stock Brokers Limited
Puneet BambhaAngel Broking Private Limited