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Thermax Limited

Thermax Limited

THERMAX Share Price

NSE
4,982.708.54% (+392.10)
High
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Returns
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1M
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Max
SIP

With a market cap of ₹51,712 cr, stock is ranked 201

Stock is 2.60x as volatile as Nifty

THERMAX Stock Scorecard

Performance

Avg

Price return has been average, nothing exciting

Valuation

High

Seems to be overvalued vs the market average

Growth

Low

Lagging behind the market in financials growth

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 ₹51,712 cr, stock is ranked 201

Stock is 2.60x as volatile as Nifty

THERMAX Performance & Key Metrics

THERMAX Performance & Key Metrics

No LabelNo LabelPB RatioPB RatioDividend YieldDiv. Yield
77.9011.360.40%
Sector PESector PESector PBSector PBSector Div YldSctr Div Yld
40.016.830.53%

THERMAX Analyst Ratings & Forecast

Detailed Forecast Detailed Forecast 
32%
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 7, 2026

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
69.03
69.03
1Y Return
85.56%
85.56%
Buy Reco %
61.90
61.90
PE Ratio
33.09
33.09
1Y Return
29.13%
29.13%
Buy Reco %
70.00
70.00
PE Ratio
48.80
48.80
1Y Return
116.43%
116.43%
Buy Reco %
80.00
80.00
PE Ratio
65.82
65.82
1Y Return
15.82%
15.82%
Buy Reco %
75.00
75.00
PE Ratio
257.76
257.76
1Y Return
373.41%
373.41%
Buy Reco %
100.00
100.00
Compare with Peers

THERMAX Sentiment Analysis

THERMAX Sentiment Analysis

New
Crisp summary & key insights to decode earnings calls instantly

THERMAX Stock Summary · November 2025

The company is strategically realigning its focus towards profitability by addressing low-margin projects and enhancing project execution, particularly in the Industrial Infra segment. A recent accounting policy change has improved transparency in revenue recognition, while management expresses optimism for a significant revenue catch-up in the second half of the fiscal year, supported by a robust order backlog. Despite challenges in project execution and profitability, especially in the Chemicals and bio-CNG sectors, there is a positive outlook for growth driven by strong demand in key markets. The emphasis on selecting projects with favorable risk profiles and improving operational efficiency reflects a commitment to sustainable growth amid evolving market dynamics.

THERMAX Stock Growth Drivers
THERMAX Stock Growth Drivers
8
  • Strong Order Book Growth

    Thermax Limited has achieved a significant increase in its domestic order book, reporting over 25%

  • Successful Project Acquisitions

    The company has secured notable international orders, including a significant contract for boilers from a

THERMAX Stock Challenges
THERMAX Stock Challenges
3
  • Project Execution Challenges

    The company is facing significant challenges in project execution, particularly with the Industrial Infra segment.

  • Low Profitability and Financial Performance

    The company has reported low profitability margins across several segments, particularly in the Chemicals segment,

THERMAX Forecast

THERMAX Forecasts

Price

Revenue

Earnings

THERMAX

THERMAX

Income

Balance Sheet

Cash Flow

THERMAX Income Statement

THERMAX Income Statement

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Quarterdec 2023mar 2024jun 2024sep 2024dec 2024mar 2025jun 2025sep 2025dec 2025mar 2026
Total Revenue2,508.882,819.082,268.502,675.462,560.233,123.962,223.162,559.312,756.163,484.22
Operating & Other expensessubtract2,137.272,490.532,043.682,337.752,340.232,746.731,932.612,302.002,379.973,053.73
Depreciation/Amortizationsubtract35.8449.8836.0342.0735.0745.3448.8851.4753.2854.01
Interest & Other Itemssubtract26.6127.8127.4829.3928.6631.2530.2032.1734.2442.35
Taxes & Other Itemssubtract70.8260.5345.5069.2240.3794.9159.0954.0184.4989.85
EPS21.1716.9010.2817.4910.2918.2713.5310.6218.1221.68

THERMAX Company Updates

Annual Report and Investor Presentation updates mentioned here are as reported by the company to the exchange
FY 2026FY 2026

Annual Report Pending

Investor Presentation

May 7PDF
Feb 2PDF
Nov 11PDF
Jul 31PDF
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
FY 2022FY 2022

Annual report

PDF
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 Limited77.9011.360.40%
Cummins India Ltd69.0321.561.12%
AIA Engineering Ltd33.096.060.36%
Kirloskar Oil Engines Ltd48.809.170.23%

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

Decreased 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 decreased by 1.12%

Tickertape Separator

THERMAX Shareholding Pattern

THERMAX Shareholding Pattern

Retail and OthersForeign InstitutionsOther Domestic InstitutionsMutual FundsTotal Promoter Holding61.98%13.75%1.74%11.24%11.29%

Jun 2025

Sep 2025

Dec 2025

Mar 2026

THERMAX Shareholding History

THERMAX Shareholding History

Dec '24MarJunSepDec '25Mar15.49%15.86%16.02%13.44%12.36%11.24%

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)
2.2867%2.21%0.57%17/60 (+7)
1.8136%2.04%0.38%20/33 (+2)
1.7150%1.62%0.42%24/61 (+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 0.44%. An investment of ₹1,000 in the stock is expected to generate dividend of ₹4.36 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 0.44%. An investment of ₹1,000 in the stock is expected to generate dividend of ₹4.36 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
Spotlight
Thermax Ltd soars 8.26%, rises for third straight session

Thermax Ltd rose for a third straight session today. The stock is quoting at Rs 4970, up 8.26% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is down around 0.23% on the day, quoting at 23851.2. The Sensex is at 75767.34, down 0.13%. Thermax Ltd has added around 21.89% in last one month. Meanwhile, Nifty Energy index of which Thermax Ltd is a constituent, has added around 1.34% in last one month and is currently quoting at 41535.75, down 0.52% on the day. The volume in the stock stood at 10.97 lakh shares today, compared to the daily average of 4.5 lakh shares in last one month.The PE of the stock is 94.73 based on TTM earnings ending March 26.Powered by Capital Market - Live

9 hours agoCapital Market - Live
Spotlight
Spotlight
Thermax jumps after Q4 PAT rises 17.86% YoY; order booking more than doubles

Consolidated profit after tax stood at Rs 244.28 crore in Q4 FY26, up 18.74% from Rs 205.73 crore in Q4 FY25 and up 19.64% from Rs 204.18 crore in Q3 FY26. Revenue from operations increased 12.53% to Rs 3,428.04 crore in Q4 FY26 from Rs 3,046.40 crore in the corresponding quarter last year. Revenue rose 30.11% sequentially from Rs 2,634.68 crore in Q3 FY26. Profit before tax stood at Rs 334.13 crore in Q4 FY26, up 11.14% YoY from Rs 300.64 crore and higher by 15.75% QoQ from Rs 288.67 crore. On the cost front, raw material consumed rose 7.68% YoY to Rs 1,747.60 crore. Employee expenses climbed 17.90% YoY to Rs 391.46 crore. Interest costs rose 35.52% YoY to Rs 42.35 crore, while depreciation expense increased 19.12% YoY to Rs 54.01 crore. As of 31 March 2026, order balance stood at Rs 13,604 crore compared with Rs 10,693 crore a year earlier, reflecting a 27.22% increase. Order booking during the quarter jumped 111.89% to Rs 4,490 crore from Rs 2,119 crore in the corresponding quarter of the previous fiscal year. For the full year ended 31 March 2026, consolidated revenue increased 3.13% to Rs 10,694.15 crore from Rs 10,369.26 crore in FY25. Profit before tax rose 13.96% to Rs 1,007.94 crore from Rs 884.47 crore, while profit after tax increased 13.56% to Rs 720.50 crore. Net cash generated from operating activities declined to Rs 541.55 crore in FY26 from Rs 1,079.79 crore in FY25. Thermax is an energy and environment solutions company focused on supporting the energy transition. Its portfolio spans clean air, clean energy, clean water and chemical solutions. The company operates 16 manufacturing facilities across India, Europe and Southeast Asia and has more than 45 Indian and international subsidiaries. Powered by Capital Market - Live

3 weeks agoCapital Market - Live
Corporate
Corporate
Board of Thermax recommends special dividend

Thermax announced that the Board of Directors of the Company at its meeting held on 7 May 2026, inter alia, have recommended the special dividend of Rs 6 per equity Share (i.e. 300%) , subject to the approval of the shareholders.

3 weeks agoCapital Market - Live
Corporate
Corporate
Board of Thermax recommends final dividend

Thermax announced that the Board of Directors of the Company at its meeting held on 7 May 2026, inter alia, have recommended the final dividend of Rs 14 per equity Share (i.e. 700%) , subject to the approval of the shareholders.

3 weeks agoCapital Market - Live
Spotlight
Spotlight
Thermax Ltd Spikes 6.2%

Thermax Ltd rose 6.2% today to trade at Rs 4441.85. The BSE Capital Goods index is up 0.71% to quote at 80892.99. The index is up 16.49 % over last one month. Among the other constituents of the index, Siemens Energy India Ltd increased 2.88% and Timken India Ltd added 1.78% on the day. The BSE Capital Goods index went up 30.85 % over last one year compared to the 3.58% fall in benchmark SENSEX. Thermax Ltd has added 34.55% over last one month compared to 16.49% gain in BSE Capital Goods index and 0.13% drop in the SENSEX. On the BSE, 8379 shares were traded in the counter so far compared with average daily volumes of 29777 shares in the past one month. The stock hit a record high of Rs 4444.9 on 08 May 2026. The stock hit a 52-week low of Rs 2744.2 on 08 Dec 2025.Powered by Capital Market - Live

3 weeks agoCapital Market - Live
Earnings
Earnings
Thermax consolidated net profit rises 18.74% in the March 2026 quarter

Net profit of Thermax rose 18.74% to Rs 244.28 crore in the quarter ended March 2026 as against Rs 205.73 crore during the previous quarter ended March 2025. Sales rose 12.53% to Rs 3428.04 crore in the quarter ended March 2026 as against Rs 3046.40 crore during the previous quarter ended March 2025. For the full year,net profit rose 13.56% to Rs 720.50 crore in the year ended March 2026 as against Rs 634.47 crore during the previous year ended March 2025. Sales rose 3.13% to Rs 10694.15 crore in the year ended March 2026 as against Rs 10369.26 crore during the previous year ended March 2025. ParticularsQuarter EndedYear EndedMar. 2026Mar. 2025% Var.Mar. 2026Mar. 2025% Var. Sales3428.043046.40 13 10694.1510369.26 3 OPM %10.929.84 -9.598.75 - PBDT385.68345.98 11 1154.371042.98 11 PBT331.67300.64 10 946.73884.47 7 NP244.28205.73 19 720.50634.47 14 Powered by Capital Market - Live

3 weeks agoCapital Market - Live
Corporate
Corporate
Thermax fixes record date for final and special dividend

Thermax has fixed 03 July 2026 as record date for payment of final dividend of Rs 14 per equity share and special dividend of Rs 5 per equity share on the company's 60th anniversary milestone for FY 2026.

3 weeks agoCapital Market - Live
Corporate
Corporate
Thermax board appoints Chief Human Resources Officer

The board of Thermax at its meeting held on 07 May 2026 has approved the appointment of Kavita Singh as the Chief Human Resources Officer and Senior Management Personnel of the Company with effect from 25 May 2026.

3 weeks agoCapital Market - Live
Corporate
Corporate
Thermax to conduct board meeting

Thermax will hold a meeting of the Board of Directors of the Company on 7 May 2026.

1 month agoCapital Market - Live
Spotlight
Spotlight
Thermax Ltd soars 5.08%, up for fifth straight session

Thermax Ltd gained for a fifth straight session today. The stock is quoting at Rs 4067.4, up 5.08% on the day as on 12:39 IST on the NSE. The benchmark NIFTY is up around 1.64% on the day, quoting at 24232.7. The Sensex is at 78098.95, up 1.63%. Thermax Ltd has risen around 24.8% in last one month. Meanwhile, Nifty Energy index of which Thermax Ltd is a constituent, has risen around 6.47% in last one month and is currently quoting at 37195.05, up 2.14% on the day. The volume in the stock stood at 2.7 lakh shares today, compared to the daily average of 2.81 lakh shares in last one month.The PE of the stock is 78.36 based on TTM earnings ending December 25.

1 month 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 29th May 2026 is ₹4982.70. 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: 10.75%
    • Past 1 month: 23.03%
    • Past 3 months: 59.81%
    • Past 6 months: 70.85%
    • Past 1 year: 45.76%
    • Past 3 years: 120.89%
    • Past 5 years: 249.92%

  3. What are the peers or stocks similar to Thermax Limited (THERMAX)?
  4. What is the dividend yield % of Thermax Limited (THERMAX) share?

    The current dividend yield of Thermax Limited (THERMAX) is 0.40.

  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 ₹56129.45 Cr as of 29th May 2026.

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

    The 52-week high of Thermax Limited (THERMAX) is ₹5075 and the 52-week low is ₹2742.70.

  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 77.90. The P/B (price-to-book) ratio is 11.36.

  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.