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Thermax Limited
NSE:THERMAX

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Thermax Limited
NSE:THERMAX
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Price: 3 219.1001 INR -1.75% Market Closed
Market Cap: ₹362.6B

Operating Margin

7.3%
Current
Improving
by 0.2%
vs 3-y average of 7.1%

Operating Margin shows how much profit a company makes from its regular business activities after covering operating costs. It helps measure how efficiently the company turns sales into profit.

Operating Margin
7.3%
=
Operating Income
₹7.5B
/
Revenue
₹103.4B

Operating Margin shows how much profit a company makes from its regular business activities after covering operating costs. It helps measure how efficiently the company turns sales into profit.

Operating Margin
7.3%
=
Operating Income
₹7.5B
/
Revenue
₹103.4B

Peer Comparison

Country Company Market Cap Operating
Margin
IN
Thermax Limited
NSE:THERMAX
390.4B INR
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IN
Larsen & Toubro Ltd
NSE:LT
5.1T INR
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JP
Fujitec Co Ltd
TSE:6406
2 720 795.8T JPY
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JP
Ishii Iron Works Co Ltd
TSE:6362
304.2T JPY
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JP
Star Micronics Co Ltd
TSE:7718
48T JPY
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US
Parker-Hannifin Corp
NYSE:PH
115.2B USD
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JP
Freund Corp
TSE:6312
16.9T JPY
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JP
Mitsubishi Heavy Industries Ltd
TSE:7011
16.1T JPY
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SE
Atlas Copco AB
STO:ATCO A
809.1B SEK
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US
Illinois Tool Works Inc
NYSE:ITW
74.8B USD
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US
Barnes Group Inc
NYSE:B
69.3B USD
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Market Distribution

In line with most companies in India
Percentile
50th
Based on 5 437 companies
50th percentile
7.3%
Low
-153 833.3% — 2.7%
Typical Range
2.7% — 13.2%
High
13.2% — 9 977%
Distribution Statistics
India
Min -153 833.3%
30th Percentile 2.7%
Median 7.3%
70th Percentile 13.2%
Max 9 977%

Thermax Limited
Glance View

In the bustling industrial landscape of India, Thermax Limited emerged as a beacon of innovation and efficiency, carving its niche in the realm of energy and environment solutions. Founded in 1966 by A.S. Bhathena, the company has transformed from a boiler manufacturer into a comprehensive solutions provider, driven by a vision to frame energy systems that reduce environmental impact. Operating from its headquarters in Pune, Thermax has become synonymous with sustainability. It offers a diverse portfolio ranging from heating, cooling, and power generation to water and waste management solutions, catering to a variety of industries such as steel, cement, textiles, and more. The company leverages its robust research and development arm and strategic collaborations to push the boundaries of technology, aiming to meet the growing demand for energy efficiency across the globe. Thermax’s financial lifeblood flows from its project-based engagements and product offerings. It specializes in creating tailor-made solutions that optimize resource consumption and mitigate environmental effects, resonating with businesses striving for operational efficiency and sustainability. Revenue streams are fortified by its manufacturing excellence and service network, which spans continents, ensuring that industrial giants from Asia to Africa and Europe can rely on its expertise. A significant portion of its income derives from long-term maintenance contracts and retrofitting projects that provide steady returns alongside diverse product sales. Thus, by consistently aligning its operations with global environmental standards and client-specific needs, Thermax not only fortifies its balance sheet but also cements its status as a pivotal player in the green industrial solutions market.

THERMAX Intrinsic Value
LOCKED
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What is Operating Margin?
Operating Margin shows how much profit a company makes from its regular business activities after covering operating costs. It helps measure how efficiently the company turns sales into profit.
How is Operating Margin calculated?

Operating Margin is calculated by dividing the Operating Income by the Revenue.

Operating Margin
7.3%
=
Operating Income
₹7.5B
/
Revenue
₹103.4B
What is Thermax Limited's current Operating Margin?

The current Operating Margin for Thermax Limited is 7.3%, which is above its 3-year median of 7.1%.

How has Operating Margin changed over time?

Over the last 3 years, Thermax Limited’s Operating Margin has increased from 5.4% to 7.3%. During this period, it reached a low of 5.4% on Dec 31, 2022 and a high of 8% on Mar 31, 2025.

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