What is the share price of Thermax Limited (THERMAX) today?
The share price of THERMAX as on 16th January 2026 is ₹2970.30. The stock prices are volatile and keep changing through the day depending upon various factors and market conditions.What is the return on Thermax Limited (THERMAX) share?
The past returns of Thermax Limited (THERMAX) share are- Past 1 week: -1.71%
- Past 1 month: 3.13%
- Past 3 months: -6.22%
- Past 6 months: -18.53%
- Past 1 year: -26.57%
- Past 3 years: 50.44%
- Past 5 years: 205.98%
What are the peers or stocks similar to Thermax Limited (THERMAX)?
The peers or stocks similar to Thermax Limited (THERMAX) include:What is the dividend yield % of Thermax Limited (THERMAX) share?
The current dividend yield of Thermax Limited (THERMAX) is 0.47.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 ₹33459.97 Cr as of 16th January 2026.What is the 52 week high and low of Thermax Limited (THERMAX) share?
The 52-week high of Thermax Limited (THERMAX) is ₹4246.80 and the 52-week low is ₹2742.70.What is the PE and PB ratio of Thermax Limited (THERMAX) stock?
The P/E (price-to-earnings) ratio of Thermax Limited (THERMAX) is 52.74. The P/B (price-to-book) ratio is 6.77.Which sector does Thermax Limited (THERMAX) belong to?
Thermax Limited (THERMAX) belongs to the Industrials sector & Industrial Machinery sub-sector.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.
Thermax Limited
THERMAX Share Price
2,970.300.05% (-1.50)
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THERMAX Stock Scorecard
Performance
LowHasn't fared well - amongst the low performers
Valuation
HighSeems to be overvalued vs the market average
Growth
AvgFinancials growth has been moderate for a few years
Profitability
HighShowing good signs of profitability & efficiency
Entry point
GoodThe stock is underpriced and is not in the overbought zone
Red flags
LowNo red flag found
How to use scorecard? Learn more
THERMAX Performance & Key Metrics
THERMAX Performance & Key Metrics
| No LabelNo Label | PB RatioPB Ratio | Dividend YieldDiv. Yield |
|---|---|---|
| 56.36 | 6.77 | 0.47% |
| Sector PESector PE | Sector PBSector PB | Sector Div YldSctr Div Yld |
|---|---|---|
| 40.21 | 5.94 | 0.66% |
45%
Analysts have suggested that investors can buy this stock
from 20 analysts
Price Upside
Earnings Growth
Rev. Growth
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.
CUMMINSIND
PE Ratio
56.30
56.30
1Y Return
38.87%
38.87%
Buy Reco %
71.43
71.43
AIAENG
PE Ratio
34.73
34.73
1Y Return
12.92%
12.92%
Buy Reco %
87.50
87.50
TIMKEN
PE Ratio
50.28
50.28
1Y Return
2.94%
2.94%
Buy Reco %
71.43
71.43
JYOTICNC
PE Ratio
66.50
66.50
1Y Return
24.79%
24.79%
Buy Reco %
100.00
100.00
CRAFTSMAN
PE Ratio
95.24
95.24
1Y Return
60.13%
60.13%
Buy Reco %
75.00
75.00
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
8Strong 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
3Project 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 Share Price Forecast
THERMAX Share Price Forecast
2026
Current
₹2,970.30
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Forecast for Jan 2027
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2026
Current
₹2,970.30
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THERMAX Company Revenue Forecast
THERMAX Company Revenue Forecast
2025
Current
₹10.64
Baseline
Forecast for Mar 2026
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2025
Current
₹10.64
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THERMAX Stock EPS (Earnings Per Share) Forecast
THERMAX Stock EPS (Earnings Per Share) Forecast
2025
Current
₹56.34
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Forecast for Mar 2026
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2025
Current
₹56.34
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THERMAX
THERMAX
Income
Balance Sheet
Cash Flow
Annual Normal View
THERMAX Income Statement
THERMAX Income Statement
Annual Normal View
| Financial Year | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | TTM | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Revenue | 4,597.13 | 4,581.27 | 6,123.05 | 5,831.31 | 4,898.99 | 6,255.47 | 8,249.99 | 9,682.15 | 10,640.91 | 10,484.23 | ||||||||||
Raw Materials | 2,244.46 | 2,380.81 | 3,360.64 | 3,100.42 | 2,550.79 | 3,627.56 | 4,595.43 | 5,254.55 | 5,746.86 | 9,339.14 | ||||||||||
| Power & Fuel Cost | 33.34 | 40.11 | 51.02 | 44.36 | 38.59 | 52.31 | 61.96 | 57.28 | 57.16 | |||||||||||
| Employee Cost | 687.52 | 682.52 | 769.01 | 799.12 | 758.80 | 812.93 | 959.77 | 1,158.93 | 1,284.62 | |||||||||||
| Selling & Administrative Expenses | 341.25 | 367.71 | 410.02 | 491.87 | 343.45 | 463.12 | 552.17 | 617.85 | 670.36 | |||||||||||
| Operating & Other expenses | 761.36 | 617.98 | 1,015.65 | 889.36 | 796.96 | 751.04 | 1,323.15 | 1,488.91 | 1,722.15 | |||||||||||
EBITDA | 529.20 | 492.14 | 516.71 | 506.18 | 410.40 | 548.51 | 757.51 | 1,104.63 | 1,159.76 | 1,145.09 | ||||||||||
| Depreciation/Amortization | 81.90 | 82.44 | 92.02 | 116.63 | 114.57 | 113.24 | 116.86 | 148.08 | 158.51 | 180.76 | ||||||||||
| PBIT | 447.30 | 409.70 | 424.69 | 389.55 | 295.83 | 435.27 | 640.65 | 956.55 | 1,001.25 | 964.33 | ||||||||||
| Interest & Other Items | 9.71 | 12.85 | 14.32 | 15.02 | 20.64 | 25.17 | 37.59 | 87.59 | 116.78 | 122.28 | ||||||||||
| PBT | 437.59 | 396.85 | 410.37 | 374.53 | 275.19 | 410.10 | 603.06 | 868.96 | 884.47 | 842.05 | ||||||||||
| Taxes & Other Items | 214.58 | 164.74 | 84.94 | 162.08 | 68.61 | 97.79 | 152.77 | 223.68 | 250.00 | 248.38 | ||||||||||
| Net Income | 223.01 | 232.11 | 325.43 | 212.45 | 206.58 | 312.31 | 450.29 | 645.28 | 634.47 | 593.67 | ||||||||||
| EPS | 19.80 | 20.61 | 28.90 | 18.87 | 18.34 | 27.73 | 39.98 | 57.30 | 56.34 | 52.71 | ||||||||||
| DPS | 6.00 | 6.00 | 7.00 | 7.00 | 7.00 | 9.00 | 10.00 | 12.00 | 14.00 | 14.00 | ||||||||||
| Payout ratio | 0.30 | 0.29 | 0.24 | 0.37 | 0.38 | 0.32 | 0.25 | 0.21 | 0.25 | 0.27 |
THERMAX Company Updates
FY 2026FY 2026
Investor Presentation
Nov 11PDF
Jul 31PDF
THERMAX Stock Peers
THERMAX Past Performance & Peer Comparison
THERMAX Past Performance & Peer Comparison
Comparing 3 stocks from
IndustrialsIndustrial Machinery
Compare valuation on Screener
IndustrialsIndustrial Machinery
Valuation
Technical
Forecast
Compare valuation on Screener| Stock | PE RatioPE Ratio | PB RatioPB Ratio | Div. YieldDividend Yield |
|---|---|---|---|
| Thermax Limited | 52.74 | 6.77 | 0.47% |
| Cummins India Ltd | 56.30 | 14.89 | 1.27% |
| AIA Engineering Ltd | 34.73 | 5.31 | 0.41% |
| Timken India Ltd | 50.28 | 7.91 | 1.20% |
THERMAX Stock Price Comparison
Compare THERMAX with any stock or ETFCompare THERMAX with any stock or ETF
THERMAX
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 1.08%
THERMAX Shareholding Pattern
THERMAX Shareholding Pattern
THERMAX Shareholding History
THERMAX Shareholding History
Foreign Institutions
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) | The rupee value of the stock held by the fund divided by the stock’s market cap Market-cap held | Percentage of the fund’s portfolio invested in the stock Weight | Change in the portfolio weight of the stock over the last 3 months 3M holding change | The rank of the stock in the fund’s portfolio based on its weight in the portfolio along with the change in the rank over the last 3 months Portfolio rank(3M change) |
|---|---|---|---|---|
The rupee value of the stock held by the fund divided by the stock’s market cap 2.6184% | Percentage of the fund’s portfolio invested in the stock 1.57% | Change in the portfolio weight of the stock over the last 3 months -0.17% | The rank of the stock in the fund’s portfolio based on its weight in the portfolio along with the change in the rank over the last 3 months 28/52 (-3) | |
The rupee value of the stock held by the fund divided by the stock’s market cap 2.0767% | Percentage of the fund’s portfolio invested in the stock 1.61% | Change in the portfolio weight of the stock over the last 3 months -0.26% | The rank of the stock in the fund’s portfolio based on its weight in the portfolio along with the change in the rank over the last 3 months 28/38 (-7) | |
The rupee value of the stock held by the fund divided by the stock’s market cap 2.0013% | Percentage of the fund’s portfolio invested in the stock 1.18% | Change in the portfolio weight of the stock over the last 3 months -0.11% | The rank of the stock in the fund’s portfolio based on its weight in the portfolio along with the change in the rank over the last 3 months 22/64 (-2) |
Compare 3-month MF holding change on Screener
Hmm, looks like there hasn't been any net deal activity in the last 6 monthssmallcases 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 0.47%. An investment of ₹1,000 in the stock is expected to generate dividend of ₹4.71 every year
Dividends
Corp. Actions
Announcements
Legal Orders
Dividends
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 0.47%. An investment of ₹1,000 in the stock is expected to generate dividend of ₹4.71 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
Articles & Videos
Corporate
Thermax receives credit rating for commercial paper
Thermax announced that CareEdge Ratings has assigned a credit rating of CARE A1+ for the commercial papers of the company.Powered by Capital Market - Live
3 days agoCapital Market - Live
Corporate
Thermax to hold board meeting
Thermax will hold a meeting of the Board of Directors of the Company on 2 February 2026.Powered by Capital Market - Live
1 week agoCapital Market - Live
Spotlight
Thermax Ltd spurts 1.01%, up for third straight session
Thermax Ltd rose for a third straight session today. The stock is quoting at Rs 3053.1, up 1.01% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.1% on the day, quoting at 26156.4. The Sensex is at 85236.73, up 0.02%. Thermax Ltd has added around 4.41% in last one month. Meanwhile, Nifty Energy index of which Thermax Ltd is a constituent, has added around 0.02% in last one month and is currently quoting at 35325.65, up 0.4% on the day. The volume in the stock stood at 32513 shares today, compared to the daily average of 91479 shares in last one month.The PE of the stock is 61.93 based on TTM earnings ending September 25.Powered by Capital Market - Live
2 weeks agoCapital Market - Live
Spotlight
Thermax Ltd up for third straight session
Thermax Ltd is up for a third straight session today. The stock is quoting at Rs 2912.6, up 1.24% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.05% on the day, quoting at 26186.55. The Sensex is at 85580.54, up 0.02%. Thermax Ltd has gained around 1.58% in last one month. Meanwhile, Nifty Energy index of which Thermax Ltd is a constituent, has gained around 0.48% in last one month and is currently quoting at 35025.45, up 0.66% on the day. The volume in the stock stood at 33078 shares today, compared to the daily average of 83284 shares in last one month.The PE of the stock is 59.05 based on TTM earnings ending September 25.Powered by Capital Market - Live
3 weeks agoCapital Market - Live
Spotlight
Volumes soar at Thermax Ltd counter
Ambuja Cements Ltd, Rites Ltd, Alok Industries Ltd, Jupiter Wagons Ltd are among the other stocks to see a surge in volumes on BSE today, 23 December 2025.Thermax Ltd recorded volume of 1 lakh shares by 10:46 IST on BSE, a 22.95 times surge over two-week average daily volume of 4378 shares. The stock gained 0.35% to Rs.2,887.00. Volumes stood at 4605 shares in the last session.Ambuja Cements Ltd clocked volume of 4.09 lakh shares by 10:46 IST on BSE, a 10.86 times surge over two-week average daily volume of 37671 shares. The stock gained 2.06% to Rs.551.15. Volumes stood at 36124 shares in the last session.Rites Ltd registered volume of 2.01 lakh shares by 10:46 IST on BSE, a 6.9 fold spurt over two-week average daily volume of 29128 shares. The stock rose 3.16% to Rs.240.00. Volumes stood at 68246 shares in the last session.Alok Industries Ltd witnessed volume of 18.87 lakh shares by 10:46 IST on BSE, a 6.79 times surge over two-week average daily volume of 2.78 lakh shares. The stock increased 5.66% to Rs.16.98. Volumes stood at 2.68 lakh shares in the last session.Jupiter Wagons Ltd registered volume of 50.7 lakh shares by 10:46 IST on BSE, a 6.15 fold spurt over two-week average daily volume of 8.25 lakh shares. The stock rose 9.08% to Rs.338.80. Volumes stood at 67.34 lakh shares in the last session.Powered by Capital Market - Live
3 weeks agoCapital Market - Live
Earnings
Thermax consolidated net profit declines 39.27% in the September 2025 quarter
Net profit of Thermax declined 39.27% to Rs 119.66 crore in the quarter ended September 2025 as against Rs 197.03 crore during the previous quarter ended September 2024. Sales declined 5.42% to Rs 2473.90 crore in the quarter ended September 2025 as against Rs 2615.69 crore during the previous quarter ended September 2024. ParticularsQuarter EndedSep. 2025Sep. 2024% Var. Sales2473.902615.69 -5 OPM %6.9510.63 - PBDT225.14308.32 -27 PBT173.67266.25 -35 NP119.66197.03 -39 Powered by Capital Market - Live
2 months agoCapital Market - Live
Corporate
Thermax announces board meeting date
Thermax will hold a meeting of the Board of Directors of the Company on 11 November 2025.Powered by Capital Market - Live
2 months agoCapital Market - Live
Spotlight
Thermax Ltd Spikes 4.68%, BSE Capital Goods index Rises 1.05%
Thermax Ltd rose 4.68% today to trade at Rs 3466.3. The BSE Capital Goods index is up 1.05% to quote at 67812.06. The index is up 1.26 % over last one month. Among the other constituents of the index, Apar Industries Ltd increased 2.27% and Carborundum Universal Ltd added 1.86% on the day. The BSE Capital Goods index went down 5.23 % over last one year compared to the 0.59% fall in benchmark SENSEX. Thermax Ltd has added 5.54% over last one month compared to 1.26% gain in BSE Capital Goods index and 1.04% rise in the SENSEX. On the BSE, 1917 shares were traded in the counter so far compared with average daily volumes of 10297 shares in the past one month. The stock hit a record high of Rs 5721.2 on 28 Oct 2024. The stock hit a 52-week low of Rs 2930.05 on 07 Apr 2025.Powered by Capital Market - Live
4 months agoCapital Market - Live
Spotlight
Thermax Ltd spurts 1.91%
Thermax Ltd is up for a third straight session in a row. The stock is quoting at Rs 3271.8, up 1.91% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.48% on the day, quoting at 24743.45. The Sensex is at 80701.78, up 0.42%. Thermax Ltd has dropped around 7.55% in last one month. Meanwhile, Nifty Energy index of which Thermax Ltd is a constituent, has dropped around 0.68% in last one month and is currently quoting at 34155.3, up 1.55% on the day. The volume in the stock stood at 55931 shares today, compared to the daily average of 4.35 lakh shares in last one month.The PE of the stock is 82.52 based on TTM earnings ending June 25.Powered by Capital Market - Live
4 months agoCapital Market - Live
Corporate
Thermax acquires 23.03% stake in Thermax Bioenergy Solutions
Thermax has completed the acquisition of 23.03% of shareholding in Thermax Bioenergy Solutions. Accordingly, Thermax Bioenergy Solutions has become wholly owned subsidiary of the company. Powered by Capital Market - Live
4 months agoCapital Market - Live
Over the last 5 years, revenue has grown at a yearly rate of 12.78%, vs industry avg of 13.79%
Over the last 5 years, market share decreased from 9.25% to 8.02%
Over the last 5 years, net income has grown at a yearly rate of 24.46%, vs industry avg of 23.9%