THERMAXThermax Limited.NSE:THERMAXTechnicalAnalystSucritThermax Ltd. (CMP ₹3,535.10, NSE: THERMAX) A mid‑cap engineering solutions company, incorporated in 1980, headquartered in Pune, Maharashtra. Thermax operates across energy, environment, and chemical segments, offering sustainable solutions in heating, cooling, power generation, water treatment, and pollution control. Promoter Holding (Dec 2025): Pudumjee family — 62.00% FY22–FY26 Snapshot Revenue Growth: Q3 FY26 revenue ₹2,762 Cr (+15.5% YoY), driven by energy and environment segments. → Good Net Profit: Q3 FY26 PAT ₹165 Cr (+22% YoY), reflecting strong demand recovery. → Good Operating Margin: EBITDA margin ~11.5% in FY26, stable efficiency. → Good Equity Capital: Stable, no major dilution. → Good Dividend Policy: Yield ~0.43%, consistent payouts. → Good Asset Building: Expansion in green energy, renewables, and water treatment projects. → Good Sales: FY26 revenue run‑rate >₹11,000 Cr annualized. → Good Expense: Rising raw material costs, partly offset by efficiency gains. → Neutral EPS: TTM EPS ~₹52.8, reflecting steady profitability. → Good Institutional Interest & Ownership Trends (Dec 2025) Promoter Holding: 62.00% (Pudumjee family). FII Holding: ~11.2% DII Holding: ~16.5% Retail & Others: ~10.3% Strategic Moves & Innovations Expansion in renewable energy and green solutions. Investments in waste heat recovery and pollution control systems. Focus on water treatment and sustainable chemical solutions. Cash Flow & Balance Sheet Strength Strong operating cash flows supported by rising demand. Debt levels negligible, balance sheet conservative. Profit growth supports reinvestment in green projects. Risk Factors Dependence on industrial capex cycles. Exposure to commodity price volatility. Competition from domestic/global engineering firms. Execution risks in large EPC contracts. Investor Takeaway Thermax has delivered steady revenue growth, margin stability, and profitability expansion in FY26, backed by strong promoter holding and a conservative balance sheet. With its focus on green energy and sustainable solutions, the company is well‑positioned for long‑term growth. Investors should monitor industrial demand cycles and raw material costs, but the outlook remains positive for long‑term holders.