Thermax Ltd (THERMAX)
₹3,112.20
Mkt cap
₹37,084 Cr
P/E ratio
67.40
P/B
6.68
Div yield
0.45%
ROE
10.60%
ROCE
13.90%
EPS (TTM)
₹46.18
Book value
₹466
52W range
2,743–5,278
Sector
Industrials
Price history
Previous close
Thermax Limited offers solutions to energy, environment and chemical sectors. The Company’s portfolio includes boilers and heaters, absorption chillers/ heat pumps, power plants, solar equipment, air pollution control equipment/system, water and waste recycle plant, ion exchange resins and performance chemicals and related services. [1]
NSE THERMAXBSE 500411
Health check
Cautious
ValuationExpensive
ProfitabilityAverage
GrowthModerate
TechnicalsBearish
52-week range
−41.03% from high₹3,112
₹2,743+13.47% from low₹5,278
Current
₹3,112.20
Prev close
₹3,193.10
Day
−2.53%
Price performance
1D
−2.13%
1W
+0.94%
1M
−5.04%
3M
−26.50%
6M
−21.68%
1Y
−1.97%
YTD
+2.85%
Financials
Revenue, profit & margin
P/E ratio
67.4×
THERMAX is 123% above the sector median of 30.2×
THERMAX67.4×
Sector median30.2×
| 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 | Trend | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,933 | 2,302 | 2,324 | 2,764 | 2,184 | 2,616 | 2,529 | 3,046 | 2,158 | 2,474 | 2,635 | 3,428 | 2,303 | |
| Expenses | 1,801 | 2,098 | 2,137 | 2,491 | 2,044 | 2,338 | 2,340 | 2,747 | 1,933 | 2,302 | 2,380 | 3,054 | 2,234 | |
| Operating Profit | 132 | 204 | 187 | 273 | 141 | 278 | 188 | 300 | 225 | 172 | 255 | 374 | 69 | |
| OPM % | 7% | 9% | 8% | 10% | 6% | 11% | 7% | 10% | 10% | 7% | 10% | 11% | 3.0% | |
| Other Income | 2 | 66 | 185 | 55 | 84 | 60 | 32 | 78 | 66 | 85 | 121 | 56 | 68 | |
| 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 | 91 | 217 | 309 | 251 | 161 | 266 | 156 | 301 | 211 | 174 | 289 | 334 | 42 | |
| Tax % | 34% | 27% | 23% | 25% | 32% | 26% | 27% | 32% | 28% | 31% | 29% | 27% | 48% | |
| Net Profit | 60 | 159 | 237 | 188 | 109 | 198 | 114 | 206 | 151 | 119 | 205 | 244 | 22 | |
| EPS in Rs | 4.94 | 13.24 | 20.00 | 15.97 | 9.72 | 16.54 | 9.73 | 17.27 | 12.79 | 10.04 | 17.14 | 20.50 | 2.12 | |
| Raw PDF |
Earnings
Results dates & reactionsNext results
5 Nov '26
Fresh quarters land in the Financials table above, tagged NSE until screener catches up.
Avg earnings-day move +0.43% · closed higher next day 27 of last 61
| Q2FY24 | Q3FY24 | Q4FY24 | Q1FY25 | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26† | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Broadcast | 3 Nov '23◦ | 8 Feb '24 | 10 May '24◦ | 1 Aug '24◦ | 13 Nov '24◦ | 4 Feb '25 | 9 May '25◦ | 31 Jul '25◦ | 11 Nov '25◦ | 2 Feb '26◦ | 7 May '26◦ | 30 Jul '26◦ |
| Earnings day | −1.56% | −2.33% | +0.60% | −3.78% | +1.95% | −0.94% | +1.86% | −4.10% | −3.36% | +4.25% | +11.84% | +1.28% |
| +1 day | −2.12% | +1.98% | +2.48% | −12.29% | −0.99% | −6.45% | +2.52% | −10.19% | −4.53% | +4.25% | +8.67% | −3.04% |
| +5 days | −1.36% | +5.28% | +8.77% | −15.90% | −9.36% | −11.48% | +8.45% | −16.94% | −7.76% | +4.61% | +7.61% | −4.51% |
| +15 days | −14.35% | +10.72% | +23.50% | −14.37% | −5.43% | −10.49% | +6.47% | −16.98% | −8.78% | +11.26% | +19.38% | −6.67% |
| +30 days | +1.42% | +18.68% | +11.65% | −3.40% | −17.69% | −1.34% | +7.37% | −15.78% | −5.28% | +15.89% | +16.30% | −13.40% |
| Filing | XBRL | XBRL | XBRL | XBRL | XBRL | XBRL | XBRL | XBRL | XBRL | XBRL | XBRL |
Corporate actions
Last 6 months| Kind | Value | Ex-date | Record |
|---|---|---|---|
| dividend Dividend - Rs 14 Per Share/Special Dividend - Rs 6 Per Share | 14.00 | 3 Jul '26 | 3 Jul '26 |
Shareholding
as of Sep 202661.99%Promoter
Promoters61.99%
FIIs11.30%0.16
DIIs14.94%0.28
Public6.32%0.44
Ownership trend
Peers
8 companiesValuation vs quality
P/E × ROCE · bubble = market cap| Name | CMP | P/E | Mkt Cap | Div Yld | NP Qtr | Qtr Profit Var | Sales Qtr | Qtr Sales Var | ROCE |
|---|---|---|---|---|---|---|---|---|---|
| A B B | ₹6,413.00 | 88.17 | 1,35,897 | 0.61% | 362 | +8.03% | 3,559 | +21.03% | 29.93% |
| B H E L | ₹387.60 | 46.89 | 1,34,965 | 0.36% | 821 | +118.98% | 9,300 | +23.81% | 9.14% |
| CG Power & Ind | ₹804.00 | 90.61 | 1,26,668 | 0.16% | 409 | +43.71% | 3,802 | +30.07% | 26.71% |
| Hitachi Energy | ₹27,225.00 | 101.87 | 1,21,348 | 0.03% | 294 | +123.52% | 2,494 | +68.62% | 29.36% |
| Siemens | ₹3,303.00 | 78.25 | 1,17,627 | 0.54% | 2,143 | −18.59% | 4,714 | +14.75% | 21.44% |
| GE Vernova T&D | ₹4,020.00 | 69.45 | 1,02,932 | 0.25% | 431 | +44.05% | 2,027 | +31.75% | 77.44% |
| Siemens Ener.Ind | ₹2,803.30 | 65.40 | 99,831 | 0.14% | 441 | +67.83% | 2,486 | +39.28% | 67.75% |
| Thermax | ₹3,112.20 | 67.38 | 37,084 | 0.45% | 22 | −83.44% | 2,303 | +6.73% | 13.94% |
| Median: 48 Co. | ₹421.55 | 30.17 | 4,751 | 0.04% | 41 | +28.08% | 443 | +24.96% | 23.51% |
Filings
Annual reports15
Concall transcripts72
TranscriptJul 2026PPTJul 2026RECJul 2026PPTJul 2026RECJun 2026TranscriptMay 2026PPTMay 2026TranscriptFeb 2026PPTFeb 2026TranscriptNov 2025PPTNov 2025TranscriptAug 2025PPTAug 2025TranscriptMay 2025PPTMay 2025TranscriptFeb 2025PPTFeb 2025RECFeb 2025TranscriptNov 2024PPTNov 2024TranscriptAug 2024PPTAug 2024TranscriptMay 2024PPTMay 2024
Credit ratings6
Announcements5
Board Meeting Intimation for To Consider And Approve Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026 12 Oct - Board meets on November 5, 2026 to approve September 2026 quarter and half-year unaudited results.Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 12 Oct - Thermax Limited has submitted to the exchanges certificate under Reg 74(5) of the SEBI (DP) Regulations.Rumour verification - Regulation 30(11) 9 Oct - Thermax clarifies FEPL is evaluating strategic options for a growth partner; no material event disclosed.Announcement under Regulation 30 (LODR)-Acquisition 30 Sep - Thermax acquired remaining 49% of TSA Process Equipments for Rs 42 crore on September 30, 2026.Closure of Trading Window 25 Sep