Crisil Ratings said that the ratings continue to reflect the healthy position of Thermax in the energy, chemicals and environment space, diversified product portfolio and geographical presence (which lends stability to its revenue streams), and robust financial risk profile.
These strengths are partially offset by exposure to cyclicality in end-user industries and modest operating profitability owing to intense competition.
The rating agency further said that healthy double-digit growth in revenue and an improvement in operating profitability to over 12% on a sustained basis; increased diversity of revenue in terms of products, customers, and segments; and the sustenance of a strong financial risk profile, with a total outside liabilities to tangible networth (TOLTNW) ratio of less than 1 time and superior liquidity, could lead to a positive rating action.
However, a decline in market share that also impacts business performance; operating profitability falling below 6% on a sustained basis; major debt-funded capex or acquisitions leading to a significant moderation in credit metrics; and a material reduction of liquid surplus due to high dividend payouts, share buy-backs, or capital reductions could lead to a downward rating action.
Thermax provides packaged and custom-made large boilers, cogeneration equipment, air pollution-control equipment, water- and waste-treatment plants and chemicals, and absorption chillers. Thermax has traditionally focused on turnkey projects for large boiler systems, water- and effluent-treatment plants, air-pollution-control systems and co-generation plants. It also pioneered the vapour-absorption cooling plants segment in India.
During the first half of fiscal 2026, revenues came in at Rs.4,631 crore and profit after tax stood at Rs.271 crore. Against this, the company had recorded revenues of Rs.4,796 crore and net profits of Rs.307 crore during the corresponding year-ago period.
The scrip shed 0.79% to currently trade at Rs 2921.05 on the BSE.
Powered by Capital Market - Live News
Beware of fraudulent tips, unauthenticated news and advice on stock market.
At BOB Capital, your account security is our topmost priority. Beware of receiving fraudulent communications, unauthenticated trading tips and unsolicited calls on trading in stocks from unverified sources, received through Whatsapp, Telegram, SMS, Calls, etc and take an informed decision before investing.
What should you do if you receive a trading tip over phone or SMS?
Report unsolicited messages to the Stock Exchange on +91 8291833676 or on designated email id i.e. feedbk_invg@nse.co.in. Please visit here to understand better.
Please visit CVC website at pledge.cvc.nic.in and take "Integrity Pledge" to be an active part of the "Satark Bharat, Samriddh Bharat" (Vigilant India, Prosperous India).
Filing complaints on SCORES - Easy & quick: a. Register on SCORES portal scores.sebi.gov.in/ b. Mandatory details for filing complaints on SCORES are i. Name, PAN, Address, Mobile Number, E-mail ID. c. Benefits: i. Effective communication ii. Speedy redressal of the grievances.
Valued Customer,
BOB Capital Markets Limited (BOBCaps) is firmly committed to the safety of your wealth. We would like to bring to your notice certain precautions that you certainly must take against potential tele-fraudsters/ unscrupulous and unregistered portfolio managers:
ALWAYS AVOID
We would like to caution you against such fraudulent calls and SMSes and urge you to be alert. Follow the golden rule:
Do not share your Login Credentials or Passwords with anybody
BOBCaps employees / representatives never ask for your password.
Certain tele-fraudsters / unscrupulous and unregistered portfolio managers call customers or SMS them on the pretext of providing investment tips and lure them to invest through their bogus firms by promising huge profits.
Such deceitful callers ask the customer to share his/her login credentials with passwords to allow trading in their accounts, assuring huge returns.
Often trades done in the customer’s accounts are far from the best interest of the customers. Holdings of customers are often sold and with the funds, trades are then placed in illiquid securities at unrealistic prices.
At times, the holdings of customers are sold at prices detrimental to the customer. The so-called “portfolio manager” assures profits, which naturally does not materialize. Customers are deceived into providing access to their trading accounts, thereby allowing such fraudsters access to funds and securities available to execute trades, injurious to the customer’s interest.
In our continuous effort to keep you safeguard from the market related frauds and increase awareness while conducting trades, we request you to go through the Press Release issued by the NSE and would request you to ensure that you do not engage with the individuals and entities mentioned below: