Revenue distribution by industry:

1. Energy: approx. 40%
2. Environmental Solutions: approx. 35%
3. Chemicals: approx. 25%

TOP 3 markets and their percentage shares:

1. India: approx. 50%
2. Southeast Asia: approx. 20%
3. Middle East: approx. 15%

Thermax Limited mainly generates its revenues from three core areas: Energy, Environmental Solutions, and Chemicals. The energy sector is the largest revenue driver, followed by Environmental Solutions, which are growing due to the increasing demand for sustainable technologies. The chemical sector also contributes significantly, especially through specialized chemical solutions.

Geographically, India is the largest market for Thermax, attributed to the strong presence and the need for energy and environmental solutions in the country. Southeast Asia and the Middle East are also significant markets experiencing growing demand due to infrastructure developments and industrialization.

Production sites of Thermax Limited:

1. India: Pune, Gujarat, Tamil Nadu
2. Indonesia
3. Denmark

Thermax Limited is a multinational company headquartered in India, specializing in the manufacturing of energy and environmental solutions. The main production facilities are located in India, with Pune being one of the central sites. Additionally, the company has production capacities in Indonesia and Denmark to better serve its international markets. This strategic distribution of production sites enables Thermax to efficiently respond to demand in different regions while optimizing transportation costs.

Revenue Growth: 18% (2024) Profit Growth: 14% (2024)

Thermax Limited is pursuing a growth strategy that focuses on diversifying its product range and tapping into new markets. A key element of this strategy is investing in sustainable and environmentally friendly technologies to meet the increasing demands for energy efficiency and emission reduction.

The company plans to expand its presence in international markets, particularly in regions with a growing need for energy solutions. Additionally, Thermax is placing greater emphasis on research and development to offer innovative solutions that meet the current and future needs of the industry.

Another focus is on strategic partnerships and acquisitions to expand the portfolio and leverage synergies that can support growth. These measures are intended to strengthen Thermax's market position and ensure long-term profitable growth.

Main raw materials: Steel, Copper, Aluminum

Countries of origin:

• Steel: China, South Korea
• Copper: Chile, Peru
• Aluminum: Australia, Russia

Thermax Limited is a company engaged in the manufacturing of energy and environmental solutions. It requires a variety of raw materials for its production processes. Steel, copper, and aluminum are the primary materials imported to meet the requirements in the manufacturing of boilers, heating systems, and other industrial solutions.

China and South Korea are leading exporters of steel, making them important partners for Thermax. Copper is mainly imported from Chile and Peru, as these countries are among the largest copper producers globally. Aluminum is sourced from Australia and Russia, which are also significant producers of this metal.

These import strategies enable Thermax to procure high-quality materials at competitive prices, which is crucial for maintaining their production capacities and cost efficiency.

Market share: 12% (2024, estimated)
EBITDA margin: 10.5% (2024)
Research & Development expenses: 3% of revenue (2024)

Thermax Limited has a solid competitive advantage in the energy and environmental technology industry, especially in India. The company benefits from its strong market position and a diversified product portfolio that includes both industrial heating solutions and environmental technology.

A key advantage of Thermax is its ability to offer customized solutions tailored to the specific needs of customers. This is supported by continuous investments in research and development, which account for approximately 3% of revenue.

The EBITDA margin of 10.5% demonstrates an efficient cost structure and the ability to remain profitable in a competitive market. Thermax has also benefited from increasing demand for sustainable and environmentally friendly technologies, further strengthening its growth potential.

In summary, Thermax possesses a strong competitive advantage through its innovation, market knowledge, and strategic partnerships.

Institutional Investor Share: Approximately 30% (estimated, 2025)

Insider Buys/Sells: No significant transactions in the last year (estimated, 2025)

The institutional investor share in Thermax Limited is estimated to be around 30%. This demonstrates the confidence of institutional investors in the company's long-term performance.

In 2025, there were no significant insider transactions, which could indicate a stable assessment of the company's value by management and insiders. This stability can be a positive signal for other investors as it suggests a balanced relationship between market value and internal evaluation.

Market share of Thermax Limited: Estimated 5-7% (2025, based on industry analysis)

Major competitors and their market share:

1. Larsen & Toubro (L&T): Estimated 15-18%
2. Bharat Heavy Electricals Limited (BHEL): Estimated 12-15%
3. Siemens India: Estimated 10-12%
4. ABB India: Estimated 8-10%
5. GE Power India: Estimated 6-8%

Moat of Thermax Limited:

Thermax Limited has a moderate moat, mainly attributed to its long-standing expertise in energy and environmental solutions, as well as its strong customer relationships. The company benefits from a diversified product portfolio and a good reputation in the industry, helping it to differentiate from some competitors.

However, compared to its competitors, Thermax does not have the strongest moat. Companies like Larsen & Toubro and Siemens India have larger financial resources and a broader global presence, giving them a significant advantage. These companies can also benefit from larger economies of scale and often have stronger innovation capabilities.

In summary, while Thermax Limited has specific strengths, it has a less pronounced moat compared to some of its larger competitors. The company's competitiveness heavily relies on its ability to differentiate through specialized solutions and excellent customer service.

Revenue Growth: 10% (2024) EBITDA Margin: 12.5% (2024) Order Backlog: 8,000 Crore INR (2024)

Thermax Limited recorded a revenue growth of 10% in 2024, driven by strong demand for its energy and environmental solutions. The EBITDA margin of 12.5% indicates that the company operates efficiently and is able to manage its costs well.

The order backlog of 8,000 Crore INR suggests that Thermax has a solid pipeline of future projects that could support future growth. This is particularly important in the industry where long-term projects and contracts are common.

Overall, Thermax Limited demonstrates positive business development with a stable order backlog and solid margins, indicating that the stock could be a potentially good investment, especially for investors interested in long-term growth.

Dividend yield: 1.5% (2025, estimated)
Dividend history: Regular payout in the last 5 years

Thermax Limited has regularly distributed dividends in recent years, indicating a certain level of reliability. The estimated dividend yield for 2025 is around 1.5%. This suggests that the company is committed to returning a portion of its profits to shareholders.

The consistency of dividend payments over the past five years indicates that Thermax has a stable financial position and is capable of generating profits continuously. This is a positive signal for investors who rely on regular returns from their investments.