| Revenue growth | Flat YoY; Q3 revenue slightly missed internal targets due to execution delays. |
|---|---|
| Margins | Chemical margins hit by new capacity costs; industrial products seeing mix shift. |
| Order book | Robust; international business contributed 50% of the Q3 order book. |
| Demand visibility | Strong international demand; domestic ethanol sector seeing significant project stalling. |
| Management confidence | Balanced; bullish on data center cooling and international order pipeline. |
Growth
Revenue growth is flat YoY; international orders surged to ₹1,400cr+ including a major Dangote contract.
Outlook
Targeting 1.1 GW green energy capacity by FY28; double-digit revenue growth expected in Q4.
Risks
Domestic project execution delays, ethanol sector slowdown, and margin contraction in chemicals due to high fixed costs.
Earnings Call filed with BSE, NSE: THERMAX. Summary written with AI assistance from the document.
Thermax Ltd: key numbers
- Share price
- ₹3,236.10
- Market cap
- ₹38,560 Cr
- Revenue (annual)
- ₹10,694 Cr
- Net profit (annual)
- ₹720.5 Cr
- P/E (TTM)
- 65.0×Sector 53.9×
- Promoter holding
- 61.98%+0.00% QoQ
- FII holding
- 11.46%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
More from Thermax Ltd
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Thermax Merger & Restructuring
Thermax Limited approved the amalgamation of its wholly-owned subsidiary, Thermax Cooling Solutions Limited, to simplify group structure. No new shares will be issued in this transaction.