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Thermax Limited

Thermax Limited

THERMAX Share Price

NSE
3,944.200.47% (-18.50)
High
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Returns
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Max
SIP

With a market cap of ₹44,699 cr, stock is ranked 228

Stock is 2.65x 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

Good

The stock is underpriced and is not in the overbought zone

Red flags

Low

No red flag found

How to use scorecard? Learn more

With a market cap of ₹44,699 cr, stock is ranked 228

Stock is 2.65x as volatile as Nifty

THERMAX Performance & Key Metrics

THERMAX Performance & Key Metrics

No LabelNo LabelPB RatioPB RatioDividend YieldDiv. Yield
75.338.010.50%
Sector PESector PESector PBSector PBSector Div YldSctr Div Yld
45.626.170.62%

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 

Jul 31, 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
59.95
59.95
1Y Return
35.33%
35.33%
Buy Reco %
72.22
72.22
PE Ratio
31.95
31.95
1Y Return
40.26%
40.26%
Buy Reco %
75.00
75.00
PE Ratio
53.23
53.23
1Y Return
133.30%
133.30%
Buy Reco %
83.33
83.33
PE Ratio
72.50
72.50
1Y Return
56.43%
56.43%
Buy Reco %
75.00
75.00
PE Ratio
56.82
56.82
1Y Return
10.42%
10.42%
Buy Reco %
75.00
75.00
Compare with Peers

THERMAX Sentiment Analysis

THERMAX Sentiment Analysis

New
Crisp summary & key insights to decode earnings calls instantly

THERMAX Stock Summary · May 2026

Thermax opened the quarter with a message of steady execution and selective growth, led by a material INR 1,600 crore supercritical boiler order that boosted Q4 bookings and by planned capex of roughly INR 250 crore to extend capacity. Management said Q4 delivered in line with revenue and execution plans and achieved planned profitability, driven by improved job timing rather than one‑off accounting, and noted modest improvement in cash. They emphasized margin discipline and selective bidding—particularly on supercritical work—alongside targeted capacity additions such as a new Sri City production line to support cooling and data‑center wins and pursuit of a potential data‑center deal in Q1. That optimism sat against clear near‑term tensions: a significant working‑capital build from project delays and retentions, recurring subcontractor failures that forced remedial work and caused cost overruns, and exposure to commodity spikes in March that were largely avoided in Q4 but could affect Q1 product margins. Management expects to recover overdue amounts over the next couple of quarters, remains cautiously optimistic about preserving planned Q1 volumes and margins, and sees FY27 materially stronger for green projects.

THERMAX Stock Growth Drivers
THERMAX Stock Growth Drivers
6
  • Robust Order Book and Large-Order Momentum

    The company delivered Q4 execution and revenue recognition in line with plans and materially strengthened

  • Improving Margin Profile and Pricing Discipline

    Recent bookings and ongoing project execution show a clear emphasis on margin protection and improved

THERMAX Stock Challenges
THERMAX Stock Challenges
7
  • Contractor and partner execution failures causing cost overruns and project setbacks

    Multiple instances of contractor or partner non-performance have forced the company to assume execution responsibility,

  • Working‑capital build and receivables/retention pressure

    Working capital increased significantly versus FY'25 as project delays pushed out collections and retentions were

THERMAX Forecast

THERMAX Forecasts

Price

Revenue

Earnings

THERMAX

THERMAX

Income

Balance Sheet

Cash Flow

THERMAX Income Statement

THERMAX Income Statement

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Quartermar 2024jun 2024sep 2024dec 2024mar 2025jun 2025sep 2025dec 2025mar 2026jun 2026
Total Revenue2,819.082,268.502,675.462,560.233,123.962,223.162,559.312,756.163,484.222,370.92
Operating & Other expensessubtract2,490.532,043.682,337.752,340.232,746.731,932.612,302.002,379.973,053.732,234.11
Depreciation/Amortizationsubtract49.8836.0342.0735.0745.3448.8851.4753.2854.0159.52
Interest & Other Itemssubtract27.8127.4829.3928.6631.2530.2032.1734.2442.3535.15
Taxes & Other Itemssubtract60.5345.5069.2240.3794.9159.0954.0184.4989.8516.90
EPS16.9010.2817.4910.2918.2713.5310.6218.1221.682.24

THERMAX Company Updates

Annual Report and Investor Presentation updates mentioned here are as reported by the company to the exchange
FY 2027FY 2027

Annual Report Pending

Investor Presentation

Jul 31PDF
Jul 30PDF
FY 2026FY 2026

Annual report

PDF

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
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
 

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 Limited62.048.010.50%
Cummins India Ltd59.9516.711.29%
AIA Engineering Ltd31.955.050.37%
Kirloskar Oil Engines Ltd53.238.550.33%

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%12.86%2.36%11.46%11.34%

Sep 2025

Dec 2025

Mar 2026

Jun 2026

THERMAX Shareholding History

THERMAX Shareholding History

MarJunSepDec '25MarJun15.86%16.02%13.44%12.36%11.24%11.46%

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)
2.2575%1.82%-0.39%23/61 (-5)
2.2157%1.98%-0.06%22/30 (-2)
2.0952%1.67%0.05%19/65 (+3)

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 0.50%. An investment of ₹1,000 in the stock is expected to generate dividend of ₹5.04 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 0.50%. An investment of ₹1,000 in the stock is expected to generate dividend of ₹5.04 every year

THERMAX Upcoming Dividends

THERMAX Upcoming Dividends

No upcoming dividends are available

THERMAX Past Dividends

THERMAX Past Dividends

Cash Dividend

Ex DateEx DateJul 3, 2026

Special
Special | Div/Share: ₹6.00

Dividend/Share

6.00

Ex DateEx Date

Jul 3, 2026

Cash Dividend

Ex DateEx DateJul 3, 2026

Final
Final | Div/Share: ₹14.00

Dividend/Share

14.00

Ex DateEx Date

Jul 3, 2026

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

THERMAX Stock News & Opinions

THERMAX Stock News & Opinions

Earnings
Earnings
Thermax consolidated net profit declines 83.44% in the June 2026 quarter

Net profit of Thermax declined 83.44% to Rs 25.24 crore in the quarter ended June 2026 as against Rs 152.38 crore during the previous quarter ended June 2025. Sales rose 6.73% to Rs 2302.73 crore in the quarter ended June 2026 as against Rs 2157.53 crore during the previous quarter ended June 2025. ParticularsQuarter EndedJun. 2026Jun. 2025% Var. Sales2302.732157.53 7 OPM %2.9810.42 - PBDT101.66260.35 -61 PBT42.14211.47 -80 NP25.24152.38 -83 Powered by Capital Market - Live

4 weeks agoCapital Market - Live
Spotlight
Spotlight
Thermax Ltd slips for fifth straight session

Thermax Ltd dropped for a fifth straight session today. The stock is quoting at Rs 4408.5, down 1.03% on the day as on 13:19 IST on the NSE. The benchmark NIFTY is down around 0.07% on the day, quoting at 23978.55. The Sensex is at 76785.26, down 0.07%.Thermax Ltd has lost around 13.98% in last one month.Meanwhile, Nifty Energy index of which Thermax Ltd is a constituent, has eased around 3.86% in last one month and is currently quoting at 38830.1, down 1.66% on the day. The volume in the stock stood at 56619 shares today, compared to the daily average of 2.55 lakh shares in last one month.The PE of the stock is 111.24 based on TTM earnings ending March 26.

1 month agoCapital Market - Live
Spotlight
Spotlight
Thermax Ltd soars 2.4%, gains for fifth straight session

Thermax Ltd is up for a fifth straight session today. The stock is quoting at Rs 4823.5, up 2.4% on the day as on 12:44 IST on the NSE. The benchmark NIFTY is down around 0.27% on the day, quoting at 24172.8. The Sensex is at 77442.96, down 0.34%. Thermax Ltd has slipped around 0.83% in last one month. Meanwhile, Nifty Energy index of which Thermax Ltd is a constituent, has slipped around 2.97% in last one month and is currently quoting at 39663.45, down 0.25% on the day. The volume in the stock stood at 1.72 lakh shares today, compared to the daily average of 2.67 lakh shares in last one month.The PE of the stock is 117.8 based on TTM earnings ending March 26.Powered by Capital Market - Live

1 month agoCapital Market - Live
Spotlight
Spotlight
Thermax Ltd soars 1.57%, up for third straight session

Thermax Ltd rose for a third straight session today. The stock is quoting at Rs 4653, up 1.57% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.92% on the day, quoting at 24294. The Sensex is at 77994.28, up 1.05%. Thermax Ltd has dropped around 0.92% in last one month. Meanwhile, Nifty Energy index of which Thermax Ltd is a constituent, has dropped around 2.97% in last one month and is currently quoting at 39345.8, down 0.22% on the day. The volume in the stock stood at 1.54 lakh shares today, compared to the daily average of 2.65 lakh shares in last one month.The PE of the stock is 114.57 based on TTM earnings ending March 26.Powered by Capital Market - Live

1 month agoCapital Market - Live
Corporate
Corporate
Thermax to convene board meeting

Thermax will hold a meeting of the Board of Directors of the Company on 30 July 2026.

1 month agoCapital Market - Live
Spotlight
Spotlight
Thermax Ltd leads losers in 'A' group

Newgen Software Technologies Ltd, NIIT Learning Systems Ltd, Aegis Logistics Ltd and Mangalore Refinery And Petrochemicals Ltd are among the other losers in the BSE's 'A' group today, 14 July 2026.Thermax Ltd lost 5.95% to Rs 4387 at 14:46 IST.The stock was the biggest loser in the BSE's 'A' group.On the BSE, 22042 shares were traded on the counter so far as against the average daily volumes of 27052 shares in the past one month.Newgen Software Technologies Ltd crashed 5.87% to Rs 555.6. The stock was the second biggest loser in 'A' group.On the BSE, 5.27 lakh shares were traded on the counter so far as against the average daily volumes of 2.66 lakh shares in the past one month.NIIT Learning Systems Ltd tumbled 5.84% to Rs 240.1. The stock was the third biggest loser in 'A' group.On the BSE, 23112 shares were traded on the counter so far as against the average daily volumes of 96242 shares in the past one month.Aegis Logistics Ltd pared 5.29% to Rs 1225.7. The stock was the fourth biggest loser in 'A' group.On the BSE, 1.54 lakh shares were traded on the counter so far as against the average daily volumes of 2.21 lakh shares in the past one month.Mangalore Refinery And Petrochemicals Ltd shed 4.83% to Rs 156.75. The stock was the fifth biggest loser in 'A' group.On the BSE, 3.06 lakh shares were traded on the counter so far as against the average daily volumes of 4.49 lakh shares in the past one month.Powered by Capital Market - Live

1 month agoCapital Market - Live
Corporate
Corporate
Thermax schedules AGM

Thermax announced that the Annual General Meeting(AGM) of the company will be held on 30 July 2026.

1 month agoCapital Market - Live
Corporate
Corporate
NCLT approves merger of Buildtech Products India with Thermax

Thermax announced that the Hon'ble National Company Law Tribunal, Mumbai Bench (NCLT) has passed an order approving the Scheme of Merger by Absorption of Buildtech Products India with the Company.

2 months agoCapital Market - Live
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

2 months 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 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 28th August 2026 is ₹3944.20. 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: -2.03%
    • Past 1 month: -12.12%
    • Past 3 months: -13.68%
    • Past 6 months: 27.10%
    • Past 1 year: 24.35%
    • Past 3 years: 47.16%
    • Past 5 years: 188.51%

  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 0.50.

  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 ₹44699.24 Cr as of 28th August 2026.

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

    The 52-week high of Thermax Limited (THERMAX) is ₹5277.80 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 62.04. The P/B (price-to-book) ratio is 8.01.

  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.