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Thermax Limited

THERMAX Share Price

3,885.906.59% (+240.10)
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Low
Returns
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1M
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With a market cap of ₹41,066 cr, stock is ranked 218

Stock is 3.03x as volatile as Nifty

THERMAX Stock Scorecard

Performance

Low

Hasn't fared well - amongst the low performers

Valuation

High

Seems to be overvalued vs the market average

Growth

Avg

Financials growth has been moderate for a few years

Profitability

High

Showing good signs of profitability & efficiency

Entry point

Avg

The stock is overpriced but is not in the overbought zone

Red flags

Low

No red flag found

How to use scorecard? Learn more

With a market cap of ₹41,066 cr, stock is ranked 218

Stock is 3.03x as volatile as Nifty

THERMAX Performance & Key Metrics

THERMAX Performance & Key Metrics

No LabelNo LabelPB RatioPB RatioDividend YieldDiv. Yield
64.738.310.38%
Sector PESector PESector PBSector PBSector Div YldSctr Div Yld
38.716.420.61%

THERMAX Analyst Ratings & Forecast

Detailed Forecast Detailed Forecast 
42%
Analysts have suggested that investors can buy this stock

from 19 analysts

Price Upside

Earnings Growth

Rev. Growth

See Detailed Forecast

THERMAX Company Profile

Thermax Limited is engaged in the business of manufacture and sale of boilers, heating and cooling equipment, industrial chemicals, and water and waste management equipment.

Investor Presentation

View older View older 

May 9, 2025

PDF
View Older Presentations

THERMAX Similar Stocks (Peers)

Compare with peers Compare with peers 

THERMAX Similar Stocks (Peers)

Compare with peers Compare with peers 
PE Ratio
49.45
49.45
1Y Return
5.58%
5.58%
Buy Reco %
65.00
65.00
PE Ratio
29.79
29.79
1Y Return
18.44%
18.44%
Buy Reco %
42.86
42.86
PE Ratio
57.28
57.28
1Y Return
12.32%
12.32%
Buy Reco %
100.00
100.00
PE Ratio
42.11
42.11
1Y Return
14.36%
14.36%
Buy Reco %
75.00
75.00
PE Ratio
74.31
74.31
1Y Return
16.49%
16.49%
Buy Reco %
100.00
100.00
Compare with Peers

THERMAX Forecast

THERMAX Forecasts

Price

Revenue

Earnings

THERMAX

THERMAX

Income

Balance Sheet

Cash Flow

THERMAX Income Statement

THERMAX Income Statement

Industry refers to the sub-sector this company belongs to.
Lower than Industry Revenue Growth
A higher-than-industry revenue growth represents increased potential for the company to increase their market share

Over the last 5 years, revenue has grown at a yearly rate of 12.78%, vs industry avg of 14.19%

Decreasing Market Share
Market share is the percentage of an industry's total sales going to a particular company. It gives a general idea of the size of a company v/s its competitors

Over the last 5 years, market share decreased from 9.2% to 8.16%

Lower than Industry Net Income
Net income is equal to net earnings (profit) less expenses. This number is an important measure of how profitable the company is

Over the last 5 years, net income has grown at a yearly rate of 24.46%, vs industry avg of 25.55%

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Financial YearFY 2017FY 2018FY 2019FY 2020FY 2021FY 2022FY 2023FY 2024FY 2025TTM
Total Revenue4,597.134,581.276,123.055,831.314,898.996,255.478,249.999,682.1510,640.9110,641.62
Raw Materialssubtract2,244.462,380.813,360.643,100.422,550.793,627.564,595.435,254.555,746.869,481.86
Power & Fuel Costsubtract33.3440.1151.0244.3638.5952.3161.9657.2857.16
Employee Costsubtract687.52682.52769.01799.12758.80812.93959.771,158.931,284.62
Selling & Administrative Expensessubtract341.25367.71410.02491.87343.45463.12552.17617.85670.36
Operating & Other expensessubtract761.36617.981,015.65889.36796.96751.041,323.151,488.911,722.15
Depreciation/Amortizationsubtract81.9082.4492.02116.63114.57113.24116.86148.08158.51158.51
Interest & Other Itemssubtract9.7112.8514.3215.0220.6425.1737.5987.59116.78116.78
Taxes & Other Itemssubtract214.58164.7484.94162.0868.6197.79152.77223.68250.00250.00
EPS19.8020.6128.9018.8718.3427.7339.9857.3056.3456.34
DPS6.006.007.007.007.009.0010.0012.0014.0012.00
Payout ratio0.300.290.240.370.380.320.250.210.250.21

THERMAX Company Updates

Annual Report and Investor Presentation updates mentioned here are as reported by the company to the exchange
FY 2025FY 2025

Annual report

PDF

Investor Presentation

May 9PDF
Feb 4PDF
Nov 13PDF
FY 2024FY 2024

Annual report

PDF

Investor Presentation

Aug 1PDF
FY 2023FY 2023

Annual report

PDF

Investor Presentation

May 17PDF
Feb 8PDF
Nov 11PDF
Aug 2PDF
FY 2022FY 2022

Annual report

PDF

Investor Presentation

May 20PDF
Feb 4PDF
FY 2021FY 2021

Annual report

PDF
FY 2020FY 2020

Annual report

PDF
FY 2019FY 2019

Annual report

PDF
FY 2018FY 2018

Annual report

PDF
FY 2017FY 2017

Annual report

PDF
FY 2016FY 2016

Annual report

PDF
 

THERMAX Stock Peers

THERMAX Past Performance & Peer Comparison

THERMAX Past Performance & Peer Comparison

Comparing 3 stocks from 
IndustrialsIndustrial Machinery

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StockPE RatioPE RatioPB RatioPB RatioDiv. YieldDividend Yield
Thermax Limited64.738.310.38%
Cummins India Ltd49.4514.961.44%
AIA Engineering Ltd29.794.740.48%
Timken India Ltd57.2810.601.06%

THERMAX Stock Price Comparison

Compare THERMAX with any stock or ETF
Compare THERMAX with any stock or ETF
THERMAX
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THERMAX Holdings

THERMAX Shareholdings

THERMAX Promoter Holdings Trend

THERMAX Promoter Holdings Trend

Total Promoter Holding
Increasing promoter holding is considered good and reflects management’s positive view about the future outlook

In last 6 months, promoter holding in the company has almost stayed constant

Low Pledged Promoter Holding
Lower pledged promoter holdings is considered better

Pledged promoter holdings is insignificant

THERMAX Institutional Holdings Trend

THERMAX Institutional Holdings Trend

Total Retail Holding
Increasing retail holding can be considered bad as it can reflect that institutions and promoters are selling their stake which is being absorbed by retail investors.

In last 3 months, retail holding in the company has almost stayed constant

Foreign Institutional Holding
Foreign Institutional Holding is quantum of stock held by foreign large-quantities-trading entities. Increasing value indicates growing support and comfort for the stock

In last 3 months, foreign institutional holding of the company has almost stayed constant

Tickertape Separator

THERMAX Shareholding Pattern

THERMAX Shareholding Pattern

Retail and OthersForeign InstitutionsOther Domestic InstitutionsMutual FundsTotal Promoter Holding61.98%11.26%0.99%15.86%9.91%

Jun 2024

Sep 2024

Dec 2024

Mar 2025

THERMAX Shareholding History

THERMAX Shareholding History

Dec '23MarJunSepDec '24Mar12.01%12.24%15.14%15.38%15.49%15.86%

Mutual Funds Invested in THERMAX

Mutual Funds Invested in THERMAX

No mutual funds holding trends are available

Top 5 Mutual Funds holding Thermax Limited




Funds (Top 5)Market-cap heldWeight3M holding changePortfolio rank
(3M change)
1.8412%2.04%-0.33%27/35 (-7)
1.8318%1.37%-0.30%26/62 (-6)
1.4399%1.10%-0.18%31/55 (-7)

Compare 3-month MF holding change on Screener

THERMAX Insider Trades & Bulk Stock Deals

THERMAX Insider Trades & Bulk Stock Deals

Hmm, looks like there hasn't been any net deal activity in the last 6 months

smallcases containing THERMAX stock

smallcases containing THERMAX stock

Looks like this stock is not in any smallcase yet.

THERMAX Events

THERMAX Events

THERMAX Dividend Trend

Increasing Dividends
Dividends are the portion of earnings that a company distributes to all its shareholders every year

THERMAX has increased dividends consistently over the last 5 years

Dividend Yield
Dividend return is one of the most important things to be considered while investing for long term. It is the additional return on top of what investors earn through price appreciation

Current dividend yield is 0.38%. An investment of ₹1,000 in the stock is expected to generate dividend of ₹3.84 every year

Dividends

Corp. Actions

Announcements

Legal Orders

THERMAX Dividend Trend

Increasing Dividends
Dividends are the portion of earnings that a company distributes to all its shareholders every year

THERMAX has increased dividends consistently over the last 5 years

Dividend Yield
Dividend return is one of the most important things to be considered while investing for long term. It is the additional return on top of what investors earn through price appreciation

Current dividend yield is 0.38%. An investment of ₹1,000 in the stock is expected to generate dividend of ₹3.84 every year

THERMAX Upcoming Dividends

THERMAX Upcoming Dividends

No upcoming dividends are available

THERMAX Past Dividends

THERMAX Past Dividends

Cash Dividend

Ex DateEx DateJul 4, 2025

Final
Final | Div/Share: ₹14.00

Dividend/Share

14.00

Ex DateEx Date

Jul 4, 2025

Cash Dividend

Ex DateEx DateJul 5, 2024

Final
Final | Div/Share: ₹12.00

Dividend/Share

12.00

Ex DateEx Date

Jul 5, 2024

Cash Dividend

Ex DateEx DateJul 21, 2023

Final
Final | Div/Share: ₹10.00

Dividend/Share

10.00

Ex DateEx Date

Jul 21, 2023

Cash Dividend

Ex DateEx DateJul 21, 2022

Final
Final | Div/Share: ₹9.00

Dividend/Share

9.00

Ex DateEx Date

Jul 21, 2022

Cash Dividend

Ex DateEx DateJul 22, 2021

Final
Final | Div/Share: ₹7.00

Dividend/Share

7.00

Ex DateEx Date

Jul 22, 2021

THERMAX Stock News & Opinions

THERMAX Stock News & Opinions

Spotlight
Volumes jump at Thermax Ltd counter

PNC Infratech Ltd, AWL Agri Business Ltd, Godawari Power & Ispat Ltd, Sona BLW Precision Forgings Ltd are among the other stocks to see a surge in volumes on NSE today, 17 July 2025.Thermax Ltd saw volume of 33.76 lakh shares by 14:14 IST on NSE, a 25.31 fold spurt over two-week average daily volume of 1.33 lakh shares. The stock increased 8.04% to Rs.3,939.00. Volumes stood at 7.87 lakh shares in the last session.PNC Infratech Ltd notched up volume of 67.98 lakh shares by 14:14 IST on NSE, a 22.23 fold spurt over two-week average daily volume of 3.06 lakh shares. The stock rose 3.34% to Rs.321.65. Volumes stood at 8.47 lakh shares in the last session.AWL Agri Business Ltd witnessed volume of 206.81 lakh shares by 14:14 IST on NSE, a 10.67 times surge over two-week average daily volume of 19.39 lakh shares. The stock increased 5.68% to Rs.277.25. Volumes stood at 19.07 lakh shares in the last session.Godawari Power & Ispat Ltd witnessed volume of 81.02 lakh shares by 14:14 IST on NSE, a 9.38 times surge over two-week average daily volume of 8.63 lakh shares. The stock increased 2.63% to Rs.191.11. Volumes stood at 7.88 lakh shares in the last session.Sona BLW Precision Forgings Ltd saw volume of 259.15 lakh shares by 14:14 IST on NSE, a 8.72 fold spurt over two-week average daily volume of 29.72 lakh shares. The stock increased 6.29% to Rs.483.65. Volumes stood at 31.74 lakh shares in the last session.Powered by Capital Market - Live

11 hours agoCapital Market - Live
Spotlight
Thermax Ltd soars 10.6%, up for third straight session

Thermax Ltd rose for a third straight session today. The stock is quoting at Rs 4032.4, up 10.6% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is down around 0.14% on the day, quoting at 25177.45. The Sensex is at 82481.38, down 0.19%. Thermax Ltd has added around 14.92% in last one month. Meanwhile, Nifty Energy index of which Thermax Ltd is a constituent, has added around 2.39% in last one month and is currently quoting at 36350.9, up 0.47% on the day. The volume in the stock stood at 21.49 lakh shares today, compared to the daily average of 1.53 lakh shares in last one month.The PE of the stock is 86.27 based on TTM earnings ending March 25.Powered by Capital Market - Live

12 hours agoCapital Market - Live
Corporate
Thermax schedules board meeting

Thermax will hold a meeting of the Board of Directors of the Company on 31 July 2025.Powered by Capital Market - Live

1 week agoCapital Market - Live
Corporate
Thermax to hold AGM

Thermax announced that the 44th Annual General Meeting(AGM) of the company will be held on 31 July 2025.Powered by Capital Market - Live

1 week agoCapital Market - Live
Spotlight
Stock Alert: Dr Reddy's Laboratories, Thermax, Bank of India, Swiggy, Reliance Power

Securities in F&O Ban: Central Depository Services (India)(CDSL), RBL Bank, Manappuram Finance shares are banned from F&O Trading on 12 May 2025. Upcoming Results: Tata Steel, Bajaj Electricals, Carborundum Universal, CARE Ratings, Chalet Hotels, DCW, Garden Reach Shipbuilders & Engineers, Happiest Minds Technologies, JM Financial, Jyothy Labs, Krishna Institute of Medical Sciences, Kewal Kiran Clothing, Krsnaa Diagnostics, Man Industries (India), Morepen Laboratories, PG Electroplast, Prudent Corporate Advisory Services, PVR Inox, Raymond, Raymond Lifestyle, Sagar Cement, SRF, UPL, Venkys (India) and Zaggle Prepaid Ocean Services will declare their result later today. Stocks to Watch: Thermax's consolidated net profit jumped 8.09% to Rs 205.90 crore in Q4 FY25 as against Rs 190.33 crore posted in Q4 FY24. Revenue from operations grew by 11.62% YoY to Rs 3,084.93 crore in the quarter ended 31 March 2025. Bank of India's standalone net profit jumped 82.49% year-on-year (YoY) to Rs 2,625.91 crore, compared to Rs 1,438.91 crore in Q4 FY24. Total income for the quarter jumped 21.42% YoY to Rs 21,750.80 crore. Dr. Reddy's Laboratories reported a consolidated net profit of Rs 1,594 crore for the quarter ended March 2025 (Q4FY25), marking a 22% year-on-year increase from Rs 1,307 crore in the same period last year. Revenue from operations rose 20% year-on-year to Rs 8,506 crore, compared to Rs 7,083 crore in Q4FY24. Swiggy reported a net loss of Rs 1,081.18 crore for the quarter ended March 2025 (Q4 FY25), nearly doubling from Rs 554.77 crore in the same quarter last year. Revenue from operations rose 44.8% year-on-year to Rs 4,410.02 crore in Q4FY25. Reliance Power reported a consolidated net profit of Rs 125.60 crore for Q4 FY25, marking a significant turnaround from a net loss of Rs 397.56 crore in Q4 FY24. Revenue from operations grew by 0.93%, reaching Rs 1,978.01 crore compared to Rs 1,996.65 crore in the previous year. Relaxo Footwear's consolidated net profit fell 8.4% to Rs 56.22 crore in Q4 FY25 as compared with Rs 61.39 crore in Q4 FY24. Revenue from operations fell 7.1% to Rs 695.15 crore in the quarter ended 31st March 2025.Powered by Capital Market - Live

2 months agoCapital Market - Live
Spotlight
Thermax Q4 PAT jumps 8% YoY to Rs 206 cr; declares dividend of Rs 14/sh

Revenue from operations grew by 11.62% to Rs 3,084.93 crore in the quarter ended 31 March 2025. Profit before tax (PBT) was at Rs 300.64 crore in Q4 FY25, up 19.84% as against Rs 250.86 crore posted in Q4 FY24. On the segmental front, revenue from industrial products stood at Rs 1,430.41 crore (up 18.47% YoY), revenue from industrial infra stood at Rs 1,415.19 crore (up 4.32% YoY), revenue from green solutions stood at Rs 151.87 crore (up 4.14% YoY) and revenue from chemical segment stood at Rs 210.10 crore (up 36.32% YoY) during the quarter. As of 31 March 2025, the order balance stood at Rs 10,693 crore, reflecting a 6% increase from Rs 10,111 crore in the corresponding quarter of the previous year. Order booking for the quarter was Rs 2,119 crore, representing an 8% decline compared to Rs 2,309 crore in the same quarter of the previous fiscal year. The quarterly results were affected by the recognition of higher technology intervention costs amounting to Rs 66 crore in Bio-CNG projects under the industrial infra segment. On standalone basis, the company's net profit zoomed 113.96% to Rs 275.05 crore in Q4 FY25 as against Rs 128.55 crore posted in Q4 FY24. Revenue from operations added 13.46% YoY to Rs 1,971.65 crore posted in Q4 FY25. The order booking for the quarter declined by 6% to Rs 1,526 crore, compared to Rs 1,623 crore in the same period last year. The order backlog as of 31 March 2025 stood at Rs 6,026 crore, a decrease of 3% from Rs 6,213 crore. Meanwhile, the board has recommended a dividend of Rs 14 per share for FY 2024-25. The record date for payment of dividend is fixed as Friday, 4 July 2025. Further, the board has approved the re-appointment of Ashish Bhandari as managing director, chief executive officer, and key managerial personnel of the company for a further term of five years, effective from September 1, 2025, to 31 August 2030. Thermax, a leading energy and environment solutions provider, is one of the few companies in the world that offers integrated innovative solutions in the areas of heating, cooling, power, water and waste management, air pollution control and chemicals. Thermax has manufacturing facilities in India, Europe and Southeast Asia. Shares of Thermax advanced 2.47% to Rs 3,234.75 on Friday, 9 May 2025.Powered by Capital Market - Live

2 months agoCapital Market - Live
Corporate
Board of Thermax recommends final dividend

Thermax announced that the Board of Directors of the Company at its meeting held on 9 May 2025, inter alia, have recommended the final dividend of Rs 14 per equity Share (i.e. 700%) , subject to the approval of the shareholders.Powered by Capital Market - Live

2 months agoCapital Market - Live
Earnings
Thermax consolidated net profit rises 8.09% in the March 2025 quarter

Net profit of Thermax rose 8.09% to Rs 205.73 crore in the quarter ended March 2025 as against Rs 190.33 crore during the previous quarter ended March 2024. Sales rose 11.62% to Rs 3084.93 crore in the quarter ended March 2025 as against Rs 2763.68 crore during the previous quarter ended March 2024. For the full year,net profit declined 1.68% to Rs 634.47 crore in the year ended March 2025 as against Rs 645.28 crore during the previous year ended March 2024. Sales rose 11.43% to Rs 10388.69 crore in the year ended March 2025 as against Rs 9323.46 crore during the previous year ended March 2024. ParticularsQuarter EndedYear EndedMar. 2025Mar. 2024% Var.Mar. 2025Mar. 2024% Var. Sales3084.932763.68 12 10388.699323.46 11 OPM %9.719.88 -8.748.54 - PBDT345.98300.74 15 1042.98941.55 11 PBT300.64250.86 20 884.47793.47 11 NP205.73190.33 8 634.47645.28 -2 Powered by Capital Market - Live

2 months agoCapital Market - Live
Corporate
Thermax to table results

Thermax will hold a meeting of the Board of Directors of the Company on 9 May 2025.Powered by Capital Market - Live

2 months agoCapital Market - Live
Corporate
Thermax announces incorporation of wholly owned step-down subsidiary

Thermax announced that the Ministry of Corporate Affairs (MCA) has issued certificate of incorporation in the name of 'Fortmax Chemicals India' (FCIPL) on 11 April 2025. Accordingly, FCIPL has become a wholly owned step-down subsidiary of the Company.Powered by Capital Market - Live

3 months agoCapital Market - Live

Frequently asked questions

Frequently asked questions

  1. What is the share price of Thermax Limited (THERMAX) today?

    The share price of THERMAX as on 17th July 2025 is ₹3885.90. The stock prices are volatile and keep changing through the day depending upon various factors and market conditions.

  2. What is the return on Thermax Limited (THERMAX) share?

    The past returns of Thermax Limited (THERMAX) share are
    • Past 1 week: 6.22%
    • Past 1 month: 2.93%
    • Past 3 months: 14.48%
    • Past 6 months: -1.97%
    • Past 1 year: -21.69%
    • Past 3 years: 89.24%
    • Past 5 years: 424.48%

  3. What are the peers or stocks similar to Thermax Limited (THERMAX)?

    The peers or stocks similar to Thermax Limited (THERMAX) include:

  4. What is the dividend yield % of Thermax Limited (THERMAX) share?

    The current dividend yield of Thermax Limited (THERMAX) is 0.38.

  5. What is the market cap of Thermax Limited (THERMAX) share?

    Market capitalization, short for market cap, is the market value of a publicly traded company's outstanding shares. The market cap of Thermax Limited (THERMAX) is ₹41066.27 Cr as of 17th July 2025.

  6. What is the 52 week high and low of Thermax Limited (THERMAX) share?

    The 52-week high of Thermax Limited (THERMAX) is ₹5719 and the 52-week low is ₹2950.05.

  7. What is the PE and PB ratio of Thermax Limited (THERMAX) stock?

    The P/E (price-to-earnings) ratio of Thermax Limited (THERMAX) is 64.73. The P/B (price-to-book) ratio is 8.31.

  8. Which sector does Thermax Limited (THERMAX) belong to?

    Thermax Limited (THERMAX) belongs to the Industrials sector & Industrial Machinery sub-sector.

  9. How to buy Thermax Limited (THERMAX) shares?

    You can directly buy Thermax Limited (THERMAX) shares on Tickertape. Simply sign up, connect your demat account and place your order.