Thermax Limited share price

Thermax Limited, together with its subsidiaries, provides energy and environment solutions in India and internationally. The company is involved in the manufacturing, installation, sales, and services related to boilers and heating equipment, absorption chiller/heat pumps, air pollution control equipment/systems, water and waste recycling; and provision of associated services and engineering, procurement, and construction (EPC). It also provides EPC of power plants, infra projects, and flue gas desulphurisation projects; manufactures, installs, sells, and services related to ion exchange resins, performance chemicals, construction chemicals, water treatment chemicals, oil field chemicals, p…Read more

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Capital GoodsConglomeratesNifty 500 Nifty Midcap 150NSE: THERMAXISIN INE152A01029

16 Oct 2026, 3:29 PM IST₹3,326.80▲ 53.00 (1.62%)

Market Cap₹ 37,476 Cr.
Current Price₹ 3,326.80
High / Low₹ 5,278 / 2,743
Stock P/E63.2
Book Value₹ 493
Dividend Yield0.43 %
ROCE15.3 %
ROE13.70 %
Face Value₹ 2.0

More figures (10)

EPS (TTM)₹ 52.66
Price / Book6.75
OPM9.0 %
Debt / Equity0.43
Sales growth (5Y)17.4 %
Profit growth (5Y)28.4 %
Promoter holding73.7 %
EV / EBITDA42.7
Beta0.30
All-time high₹ 5,840

Price chart

Price on NSE 50 DMA 200 DMA Volume

Returns	1M	3M	6M	YTD	1Y	3Y CAGR	5Y CAGR
THERMAX	-5.94%	-27.38%	-19.38%	+10.06%	+5.04%	+4.50%	+19.11%
Nifty 50	-0.31%	-3.85%	-4.34%	-11.42%	-9.53%	+5.46%	+4.76%

Price returns only (dividends not included). Prices from NSE via Yahoo Finance; may be delayed.

Quick take

Thermax Limited is in the Conglomerates industry (Industrials), with a market value of ₹37,476 crore.
It trades at 63.2 times its last 12 months' earnings and 6.8 times book value.
Revenue grew 17.4% a year over the last 5 years, profit 28.4% a year.
Return on equity was 13.7% and return on capital employed 15.3% in the latest year.
Debt was 0.43 times shareholders' equity.
The share price is 37.0% below its 52-week high and up 5.0% over one year.
Promoters and insiders hold about 73.7%; institutions about 19.2%.

Pros

Sales have grown 17.4% a year over the last 5 years.
Profit has grown 28.4% a year over the last 5 years.
Healthy return on equity of 14.2% on average over the last 3 years.
Promoters hold a large stake of 61.98%.

Cons

Latest quarter (Jun 2026): profit fell 86% from a year ago.
Other income makes up 32% of profit before tax.

Pros and cons are generated automatically from the reported figures. They are observations, not a recommendation to buy or sell.

AI analysis

Plenitude AI reads the figures on this page and explains them in plain language. It does not say whether to buy or sell.

About Thermax Limited

Employees: 3,962
Head office: Pune
NSE industry: Capital Goods

IndustrialsCapital GoodsConglomerates

Part ofNifty 500 Nifty Midcap 150

S.No.	Company	CMP ₹	P/E	Mar Cap ₹ Cr	Div Yld %	NP Qtr ₹ Cr	Qtr Profit Var %	Sales Qtr ₹ Cr	Qtr Sales Var %	ROCE %	ROE %	P/B	OPM %	Debt / Eq	Prom. Hold. %	Sales ₹ Cr	Sales Var 3Yrs %
1.	Thermax	3,326.80	63.2	37,476	0.43	22	-85.61	2,303	7.09	15.3	13.7	6.75	9.0	0.43	73.66	10,694	17.4
2.	SRF	2,472.10	33.8	73,275	0.40	759	75.53	5,033	31.81	14.5	13.8	5.22	18.0	0.37	52.38	15,787	1.8
3.	Tube Investments of India	2,197.30	70.3	42,534	0.16	169	262.24	6,038	20.35	12.8	9.6	5.49	7.5	0.10	43.93	22,221	15.5
4.	Godrej Industries	1,044.20	29.9	35,174	0.00	284	-18.57	5,448	22.16	12.3	11.6	3.15	7.4	4.61	87.19	22,098	9.8
5.	Carborundum Universal	1,110.10	106.4	21,149	0.36	76	162.18	1,411	17.65	7.1	5.2	5.42	6.7	0.08	39.37	5,149	3.8
6.	BEML	1,968.50	27.6	16,395	0.91	-27	-109.39	820	-50.40	5.9	4.9	5.59	5.3	0.24	54.22	4,154	3.0
7.	Nava	545.25	20.4	15,448	1.57	277	-9.99	1,212	1.56	11.1	9.6	1.76	31.4	0.25	50.50	4,269	6.8
8.	Cyient	1,194.50	35.1	12,435	2.69	109	-30.94	2,076	21.26	10.5	7.8	2.32	9.1	0.08	25.33	7,268	6.5
9.	MMTC	56.49	19.0	8,474	0.00	104	135.52	1	-50.00	29.7	20.3	4.00	-3,236.1	0.00	89.93	3	-90.1
10.	Swan Corp	265.35	39.1	8,318	0.06	-31	-264.21	1,014	-16.44	4.0	3.7	1.10	-7.9	0.30	55.62	4,334	45.6
	Median: 17 Co.	1,152.30	27.6	8,474	0.37	106	-14.28	1,743	12.37	11.7	9.6	2.32	7.4	0.25	53.30	6,209	4.4

Companies in the same industry; the median covers every company in it that we hold figures for. Tap a heading to sort. Sorting and comparing are ways to explore data, not recommendations.

Quarterly Results

Consolidated figures in ₹ crore /

₹ Cr	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	1,933	2,302	2,324	2,764	2,184	2,612	2,508	3,085	2,150	2,474	2,635	3,428	2,303
YOY Sales Growth %	16.83%	10.95%	13.42%	19.60%	13.01%	13.43%	7.89%	11.62%	-1.57%	-5.27%	5.06%	11.12%	7.09%
	1,801	2,098	2,137	2,491	2,043	2,334	2,319	2,785	1,925	2,302	2,380	3,054	2,234
Material Cost %	56%	56%	55%	57%	56%	55%	56%	57%	49%	53%	52%	53%	53%
Employee Cost %	13%	12%	13%	11%	13%	12%	13%	11%	15%	14%	14%	11%	16%
Other Expenses %	24%	23%	24%	22%	24%	22%	24%	23%	25%	26%	25%	25%	28%
Operating Profit	132	205	187	273	141	278	189	300	225	172	255	374	69
OPM %	7%	9%	8%	10%	6%	11%	8%	10%	10%	7%	10%	11%	3%
	53	66	58	55	84	60	32	77	66	85	63	54	68
Exceptional items	-51		126								59	2
Interest	13	20	27	28	27	29	29	31	30	32	34	42	35
Depreciation	29	33	36	50	36	42	35	45	49	51	53	54	60
Profit before tax	92	218	309	251	162	266	157	300	212	174	289	334	42
	34%	27%	23%	25%	32%	26%	27%	32%	28%	31%	29%	27%	48%
Current tax	25	52	68	69	48	85	34	132	59	43	85	81	27
Deferred tax	7	7	4	-6	4	-17	8	-37	1	11	-2	9	-6
	60	159	237	188	109	198	114	206	151	119	205	244	22
Profit from associates	-0	-0	-0	0	-0	-0	-1	1	-0	-0	-0	0
Minority share	1	1	-1	-3	-6	1	-2	-0	-1	-0	1	0	-3
Profit to shareholders	59	158	238	190	116	197	116	206	152	120	204	244	25
YOY Profit Growth %	1.70%	45.32%	87.55%	20.08%	82.52%	24.84%	-52.02%	9.58%	38.41%	-39.70%	80.26%	18.90%	-85.61%
EPS in Rs	5.23	14.00	21.17	16.90	10.28	17.49	10.29	18.27	13.53	10.62	18.12	21.68	2.24
Raw filing

₹ Cr	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	1,161	1,444	1,480	1,738	1,311	1,519	1,453	1,972	1,183	1,505	1,599	2,226	1,303
YOY Sales Growth %		5.13%	11.20%	16.62%	12.95%	5.18%	-1.83%	13.47%	-9.79%	-0.93%	10.07%	12.89%	10.17%
	1,077	1,303	1,359	1,603	1,239	1,392	1,342	1,755	1,128	1,399	1,460	1,981	1,331
Material Cost %	54%	55%	56%	59%	56%	55%	55%	58%	50%	55%	54%	57%	55%
Employee Cost %	13%	12%	12%	11%	13%	13%	14%	10%	17%	14%	13%	10%	17%
Other Expenses %	26%	23%	24%	22%	25%	24%	24%	21%	28%	25%	23%	22%	31%
Operating Profit	84	141	121	135	72	127	110	217	55	106	139	245	-28
OPM %	7%	10%	8%	8%	6%	8%	8%	11%	5%	7%	9%	11%	-2%
	49	58	35	52	69	37	41	56	35	178	39	33	35
Exceptional items	-51	-73	126					94			85	2
Interest	5	6	6	7	6	8	8	9	3	5	8	8	6
Depreciation	18	18	18	19	19	20	19	20	24	26	27	235	26
Profit before tax	59	102	258	161	116	136	124	337	62	253	227	37	-24
	26%	37%	22%	20%	26%	21%	17%	18%	25%	11%	23%	138%
Current tax	19	41	50	37	31	44	18	85	16	14	54	46
Deferred tax	-3	-3	8	-5	-0	-16	3	-23	-1	14	-2	5	-6
	44	64	201	129	86	108	103	275	46	226	175	-14	-18
YOY Profit Growth %		-30.47%	122.89%	5.24%	95.94%	67.62%	-48.57%	113.96%	-45.95%	109.32%	70.07%	-105.09%	-138.95%
EPS in Rs	3.68	5.41	16.84	10.79	7.22	9.06	8.66	23.09	3.90	18.96	14.73	16.87	-1.52
Raw filing

Source: the company's results filed with NSE, as reported. Tap a row marked + for its breakdown. Latest quarter on the right.

Profit & Loss

Consolidated figures in ₹ crore /

₹ Cr	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	4,486	5,731	4,791	6,128	8,090	9,323	10,389	10,694	10,839
YOY Sales Growth %		27.77%	-16.40%	27.91%	32.01%	15.25%	11.43%	2.94%
	4,085	5,325	4,436	5,707	7,492	8,526	9,481	9,668	9,970
Material Cost %	52%	54%	53%	57%	57%	56%	56%	52%	53%
Employee Cost %	16%	14%	16%	13%	12%	12%	12%	13%	14%
Other Expenses %	23%	25%	24%	23%	24%	23%	23%	25%	26%
Operating Profit	401	406	355	421	598	797	908	1,026	870
OPM %	9%	7%	7%	7%	7%	9%	9%	10%	8%
	116	100	108	127	160	233	252	267	270
Exceptional items			-53			75		61	61
Interest	13	15	21	25	38	88	117	139	144
Depreciation	82	117	115	113	117	148	159	208	218
Profit before tax	422	375	275	410	603	870	885	1,008	839
	39%	43%	25%	24%	25%	26%	29%	29%	30%
Current tax	159	96	75	73	126	214	300	268
Deferred tax	7	66	-6	25	26	11	-42	20
	231	212	207	312	451	643	627	720	591
Profit from associates	-25			0	-0	-1	-0	-0	-0
Minority share	-1				0	-2	-8	-0	-3
Profit to shareholders	232	212	207	312	450	645	634	721	593
YOY Profit Growth %		-8.07%	-2.76%	51.18%	44.31%	42.71%	-2.56%	14.93%
EPS in Rs	20.61	18.87	18.34	27.73	39.98	57.30	56.33	63.95	52.66
Dividend Payout %					23%	17%	21%	22%

Compounded Sales Growth

5 Years:: 17%
3 Years:: 10%
TTM:: 5%

Compounded Profit Growth

5 Years:: 28%
3 Years:: 17%
TTM:: -12%

Stock Price CAGR

5 Years:: 19%
3 Years:: 5%
1 Year:: 5%

Return on Equity

4 Years:: 14%
Last Year:: 14%

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	3,889	3,541	3,215	3,131	4,015	5,141	5,822	6,254	6,518	6,632
YOY Sales Growth %		-8.94%	-9.21%	-2.60%	28.23%	28.04%	13.24%	7.42%	4.22%
	3,517	3,290	3,002	2,913	3,789	4,760	5,341	5,727	5,974	6,170
Material Cost %	55%	62%	57%	55%	60%	58%	56%	56%	55%	55%
Employee Cost %	12%	11%	13%	14%	12%	11%	12%	12%	13%	13%
Other Expenses %	24%	20%	23%	24%	23%	24%	24%	23%	24%	25%
Operating Profit	371	251	213	218	226	381	481	527	545	462
OPM %	10%	7%	7%	7%	6%	7%	8%	8%	8%	7%
	104	123	104	140	125	136	193	203	285	285
Exceptional items	-25	-48	-15	-103	-14	7	2	94	88	88
Interest	8	5	5	9	13	20	24	31	25	27
Depreciation	64	50	63	64	67	73	73	78	97	314
Profit before tax	378	270	235	183	256	431	580	713	795	494
	37%	40%	31%	23%	22%	24%	25%	20%	18%	25%
Current tax	141	106	62	55	52	99	146	178	131
Deferred tax	-1	3	12	-13	3	3	-3	-37	15
	238	275	214	141	201	329	437	572	649	369
Profit to shareholders	238	275
YOY Profit Growth %		15.53%	-22.25%	-34.10%	42.38%	63.98%	32.86%	30.79%	13.42%
EPS in Rs	19.99	23.10	17.95	11.83	16.85	27.63	36.71	48.02	54.46	49.04
Dividend Payout %						31%	26%	24%	24%

Compounded Sales Growth

5 Years:: 16%
3 Years:: 8%
TTM:: 8%

Compounded Profit Growth

5 Years:: 36%
3 Years:: 25%
TTM:: -31%

Stock Price CAGR

5 Years:: 19%
3 Years:: 5%
1 Year:: 5%

Return on Equity

4 Years:: 14%
Last Year:: 14%

Financial years ending March; TTM = the last four quarters. Source: the company's results filed with NSE, as reported. Tap a row marked + for its breakdown. Dividend payout = dividends paid in the year ÷ net profit.

Balance Sheet

Consolidated figures in ₹ crore, as at 31 March

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	23	23	23	23
Reserves	3,846	4,417	4,914	5,527
	851	1,296	1,734	2,372
Long term borrowings	423	789	1,162	1,616
Short term borrowings	388	466	532	672
	4,119	4,418	4,741	5,360
Trade payables	1,498	1,533	1,693	2,057
Minority interest	2		6	29
Current liabilities	4,409	4,725	5,009	5,820
Total Liabilities	8,839	10,153	11,412	13,282
	1,797	2,500	3,333	4,402
Gross block	2,700	3,514	4,466	5,705
Accumulated depreciation	903	1,014	1,133	1,304
Goodwill & intangibles	32	37	192	230
CWIP	581	625	718	1,534
	6,461	7,028	7,361	7,347
Inventories	756	765	717	910
Trade receivables	1,762	2,116	2,003	2,205
Cash & equivalents	453	487	417	674
Current assets	6,080	6,449	6,696	7,109
Total Assets	8,839	10,153	11,412	13,282

Source: Yahoo Finance (compiled from the annual reports). Tap a row marked + for its breakdown.

Cash Flows

Consolidated figures in ₹ crore, financial years ending March

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	460	247	1,080	542
Profit for the year	450	645	634	721
Working capital changes	-63	-476	132	-228
Direct taxes paid	-151	-186	-186	-349
	-680	-509	-1,272	-587
Fixed assets purchased	-664	-844	-903	-952
Fixed assets sold	14	125	2	10
Investments purchased	-3,427	-3,863	-5,193	-5,845
Investments sold	3,338	3,988	4,895	6,017
	349	285	123	248
Proceeds from borrowings	810	969	1,294	1,469
Repayment of borrowings	-362	-538	-861	-911
Interest paid	-26	-82	-176	-162
Dividends paid	-102	-113	-135	-158
Net Cash Flow	128	23	-70	202
Free Cash Flow	-205	-597	177	-411

Free cash flow = cash from operations − capital expenditure. Source: Yahoo Finance.

Ratios

Ratio	Mar 2023	Mar 2024	Mar 2025	Mar 2026
ROE	11.6%	15.5%	13.5%	13.7%
ROCE	14.5%	17.6%	15.6%	15.3%
Operating margin	6.6%	7.4%	8.3%	9.0%
Net margin	5.6%	7.0%	6.2%	6.8%
Debt / equity	0.22	0.29	0.35	0.43
Current ratio	1.38	1.36	1.34	1.22
Debtor days	80	84	71	76
Inventory days	57	51	43	57
Days payable	113	103	103	129
Cash conversion cycle	24	32	11	4
Working capital days	76	68	60	44

Computed from the reported statements: ROE on average equity; ROCE = EBIT / (total assets − current liabilities). Debtor days = receivables ÷ sales × 365; inventory and payable days use cost of goods sold; cash conversion cycle = debtor + inventory − payable days; working capital days = (current assets − current liabilities) ÷ sales × 365.

Shareholding Pattern

Numbers in percentages · as filed with NSE each quarter

Promoters 61.98%
FIIs 11.31%
DIIs 14.94%
Public 6.32%

%	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Promoters	61.98%	61.98%	61.98%	61.98%	61.98%	61.98%	61.98%	61.98%	61.98%	61.98%	61.98%	61.98%
	12.01%	12.24%	15.14%	15.38%	15.49%	15.86%	16.02%	13.44%	12.36%	11.24%	11.46%	11.31%
Foreign portfolio investors (Cat. I)	11.95%	12.09%	14.88%	15.12%	15.22%	15.60%	15.76%	13.15%	12.18%	11.07%	11.25%	10.76%
Foreign portfolio investors (Cat. II)	0.06%	0.15%	0.27%	0.26%	0.27%	0.26%	0.26%	0.29%	0.18%	0.18%	0.21%	0.54%
	15.86%	15.82%	12.88%	12.72%	12.66%	12.25%	11.75%	13.95%	14.84%	15.49%	15.22%	14.94%
Mutual funds	13.55%	13.56%	12.06%	12.06%	11.87%	11.26%	10.71%	12.56%	13.26%	13.75%	12.86%	12.33%
Insurance companies	2.16%	2.13%	0.69%	0.62%	0.72%	0.93%	1.03%	1.33%	1.47%	1.49%	2.08%	2.24%
Provident & pension funds	0.13%	0.13%	0.13%	0.04%	0.06%	0.06%
Alternative investment funds	0.02%				0.01%			0.06%	0.11%	0.25%	0.28%	0.37%
	4.66%	4.48%	4.50%	4.44%	4.40%	4.44%	4.79%	5.16%	5.36%	5.82%	5.88%	6.32%
Retail (up to ₹2 lakh)	3.64%	3.52%	3.59%	3.54%	3.48%	3.52%	3.80%	4.07%	4.33%	4.58%	4.58%	4.90%
HNIs (above ₹2 lakh)	0.19%	0.19%	0.19%	0.19%	0.19%	0.19%	0.19%	0.19%	0.19%	0.32%	0.32%	0.32%
NRIs	0.32%	0.31%	0.31%	0.31%	0.30%	0.31%	0.32%	0.33%	0.33%	0.38%	0.40%	0.40%
Bodies corporate	0.31%	0.25%	0.20%	0.19%	0.21%	0.19%	0.24%	0.34%	0.27%	0.31%	0.36%	0.46%
IEPF	0.12%	0.12%	0.12%	0.12%	0.12%	0.12%	0.12%	0.13%	0.13%	0.12%	0.12%	0.12%
No. of Shareholders	39,547	40,819	48,966	51,876	50,755	53,687	62,986	71,208	77,455	89,964	91,857	87,995

Source: shareholding patterns filed by the company with NSE. Public = non-institutional holders. Tap a row marked + for its breakdown.

Mutual funds & institutions holding Thermax

Holder (above 1%)	Stake
SBI Nifty Midcap 150 Momentum 50 ETF FOFMutual fund	5.15%
Kotak Mahindra Trustee Co Ltd A/C Kotak Nifty MidcMutual fund	1.91%
Sundaram Flexicap FundMutual fund	1.51%
Sbi Life Insurance Co. LtdInsurance	1.09%

As named in the shareholding pattern for Sep 2026 filed with NSE; mutual funds together hold 12.33% of the company. Shareholders below 1% are not named in the filing.

Documents

Announcements

All announcements on NSE →

Annual reports

Credit ratings

Concalls & investor meets

Filings made by the company with NSE; documents open on NSE's website.

Key dates

Results announced: 11 Nov 2026
Ex-dividend date: 3 Jul 2026
Latest quarter: 30 Jun 2026
Financial year end: 31 Mar 2026

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Latest news

In the news

Thermax Limited (THERMAX.NS) Slips Near ₹3,248 as the Stock Tests the Lower Half of Its Recent Range - Demand Zonehttps://www.siam.in/ · 1 d ago

From the company (NSE)

Headlines from news publishers (via Google News) and the filings of the company with NSE; they open on the source website. Headlines with price targets or buy/sell calls are left out. News is for information only and is not a recommendation.

Questions about Thermax Limited

What is the share price of Thermax Limited today?

Thermax Limited (THERMAX) last traded at ₹3,326.80 on NSE (16 Oct 2026, 3:29 PM IST). Prices may be delayed.

What is the market cap of Thermax Limited?

About ₹37,476 crore at the latest price.

What is the P/E ratio of Thermax Limited?

About 63.2 times its earnings over the last 12 months.

Is Thermax Limited a good investment?

We do not give views on individual shares. Whether any share suits you depends on your goals, time horizon and risk appetite; for long-term goals, a diversified mutual fund is often a simpler way to own shares. Investments in securities markets are subject to market risks.

How can I buy Thermax Limited shares?

You need a trading and demat account with a SEBI-registered stock broker. We can help you open one through Parshvanath Investments, an Authorised Person of Master Capital Services Ltd (SEBI Reg. INZ000210539). We provide execution and account service only, not tips or research.

Important. Prices from NSE via Yahoo Finance. Quarterly and annual results, shareholding and documents are taken from the filings the company made with NSE; balance sheet, cash flow and valuation figures are compiled by Yahoo Finance; ratios are computed by us from them. Figures may be delayed or revised. This page is for information only: it is not research, a recommendation or an offer to buy or sell any security. Investments in securities markets are subject to market risks; read all related documents carefully before investing. Plenitude Connect Private Limited is an AMFI-registered Mutual Fund Distributor (ARN-130934); share broking is offered through Parshvanath Investments, Authorised Person of Master Capital Services Ltd (SEBI Reg. INZ000210539).

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