Thermax THERMAX
Energy Generation: Boilers, heaters and power-plant equipment for industrial and utility customers
Mapped in 3 themes: Semiconductors (Fab + ATMP), Energy Generation and Semicon 2.0 + Mobile Phones (MPMS).
Where Thermax sits in the supply chain
Thermax appears in 3 supply-chain layers across 3 themes: Semiconductors (Fab + ATMP), Energy Generation and Semicon 2.0 + Mobile Phones (MPMS).
Semiconductors (Fab + ATMP) › Cleanroom, Utilities & Ultra-Pure Water
Direct supplierUtilities - boilers, steam, power and cooling systems for fab campuses
Other companies in this layer
Energy Generation › Thermal Equipment & EPC
Direct supplierBoilers, heaters and power-plant equipment for industrial and utility customers
Other companies in this layer
Semicon 2.0 + Mobile Phones (MPMS) › Plant build & utilities
Indirect supplierUtility systems: boilers, chillers, water treatment and captive power for industrial campuses
Other companies in this layer
Revenue and profit
| ₹ Cr | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 9,323 | 10,387 | 10,774 |
| Net profit | 643 | 627 | 720 |
Latest-year revenue ₹10,774 Cr (FY26, company-wide). Wider screens show FY22 onwards.
Strengths · in Energy Generation
- Established mid-sized power and industrial-equipment maker with a diversified customer base across captive, utility and industrial boiler segments
Risks · in Energy Generation
- Thermal/power equipment demand is cyclical and order-book driven, with execution timelines that can slip
Common questions
What does Thermax do?
In Energy Generation: Boilers, heaters and power-plant equipment for industrial and utility customers. NextResearch maps it in 3 supply chains: Energy Generation, Semiconductors (Fab + ATMP) and Semicon 2.0 + Mobile Phones (MPMS).
Where does Thermax sit in the supply chain?
Thermax (NSE: THERMAX) is mapped in 3 supply-chain layers: Cleanroom, Utilities & Ultra-Pure Water (Semiconductors (Fab + ATMP)); Thermal Equipment & EPC (Energy Generation); and Plant build & utilities (Semicon 2.0 + Mobile Phones (MPMS)).
Who are Thermax's peers?
In the Thermal Equipment & EPC layer of Energy Generation: Bharat Heavy Electricals, Siemens Energy India and Larsen & Toubro.
What is Thermax's market cap and valuation?
As of 30 Oct 2026: market cap ₹37,064 Cr, P/E 67.3x, ROCE 13.9%, ROE 10.6%, dividend yield 0.45%.