What is Thermax Ltd's PE ratio?

Thermax Ltd trades at a P/E ratio of 97.20.

What is Thermax Ltd's market cap?

Thermax Ltd's market capitalisation is ₹53,787 Cr.

When are Thermax Ltd's next results?

Thermax Ltd's next earnings date is 30 Jul '26.

What is Thermax Ltd's ROE?

Thermax Ltd's return on equity (ROE) is 10.6%.

What sector is Thermax Ltd in?

Thermax Ltd (THERMAX) is classified in the Industrials sector (Heavy Electrical Equipment).

Industrials · Heavy Electrical Equipment

Thermax Ltd (THERMAX)

₹4,514.00

Mkt cap

₹53,787 Cr

P/E ratio

97.20

P/B

9.69

Div yield

0.31%

ROE

10.60%

ROCE

13.90%

EPS (TTM)

₹46.44

Book value

₹466

52W range

2,774–5,160

Sector

Industrials

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 500411www.thermaxglobal.com

Health check

Cautious

ValuationExpensive

ProfitabilityAverage

GrowthModerate

TechnicalsNeutral

52-week range

−12.51% from high

₹4,514

₹2,774+62.74% from low₹5,160

Current

₹4,514.00

Prev close

₹4,537.00

Day

−0.51%

Price performance

−0.51%

−4.17%

−6.52%

+12.67%

+54.51%

+16.16%

YTD

+49.18%

Financials

F

Revenue, profit & margin

P/E ratio

97.2×

THERMAX is 190% above the sector median of 33.6×

THERMAX97.2×

Sector median33.6×

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	2,311	1,933	2,302	2,324	2,764	2,184	2,616	2,529	3,046	2,158	2,474	2,635	3,428
Expenses	2,111	1,801	2,098	2,137	2,491	2,044	2,338	2,340	2,747	1,933	2,302	2,380	3,054
Operating Profit	200	132	204	187	273	141	278	188	300	225	172	255	374
OPM %	9%	7%	9%	8%	10%	6%	11%	7%	10%	10%	7%	10%	11%
Other Income	58	2	66	185	55	84	60	32	78	66	85	121	56
Interest	14	13	20	27	28	27	29	29	31	30	32	34	42
Depreciation	29	29	33	36	50	36	42	35	45	49	51	53	54
Profit before tax	214	91	217	309	251	161	266	156	301	211	174	289	334
Tax %	27%	34%	27%	23%	25%	32%	26%	27%	32%	28%	31%	29%	27%
Net Profit	156	60	159	237	188	109	198	114	206	151	119	205	244
EPS in Rs	13.09	4.94	13.24	20.00	15.97	9.72	16.54	9.73	17.27	12.79	10.04	17.14	20.50
Raw PDF

Earnings

EResults dates & reactions

Next results

30 Jul '26scheduled

Fresh quarters land in the Financials table above, tagged NSE until screener catches up.

Avg earnings-day move +0.47% · closed higher next day 27 of last 60

	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25	Q4FY25	Q1FY26†	Q2FY26	Q3FY26	Q4FY26
Broadcast	1 Aug '23◦	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◦
Earnings day	+3.41%	−1.56%	−2.33%	+0.60%	−3.78%	+1.95%	−0.94%	+1.86%	−4.10%	−3.36%	+4.25%	+11.84%
+1 day	+0.54%	−2.12%	+1.98%	+2.48%	−12.29%	−0.99%	−6.45%	+2.52%	−10.19%	−4.53%	+4.25%	+8.67%
+5 days	+1.69%	−1.36%	+5.28%	+8.77%	−15.90%	−9.36%	−11.48%	+8.45%	−16.94%	−7.76%	+4.61%	+7.61%
+15 days	+10.04%	−14.35%	+10.72%	+23.50%	−14.37%	−5.43%	−10.49%	+6.47%	−16.98%	−8.78%	+11.26%	+19.38%
+30 days	+9.47%	+1.42%	+18.68%	+11.65%	−3.40%	−17.69%	−1.34%	+7.37%	−15.78%	−5.28%	+15.89%	+16.30%
Filing	XBRL	XBRL	XBRL	XBRL	XBRL	XBRL	XBRL	PDF	XBRL	XBRL	XBRL	XBRL

Corporate actions

CLast 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

Sas of Jun 2026

61.99%Promoter

Promoters61.99%

FIIs11.46%0.21

DIIs15.22%0.27

Public5.88%0.06

Ownership trend

Peers

P8 companies

Valuation 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	₹7,375.50	102.60	1,56,293	0.53%	1,784	−25.23%	3,184	+5.78%	29.93%
B H E L	₹417.30	59.74	1,45,307	0.34%	377	+182.70%	7,698	+40.29%	9.14%
Hitachi Energy	₹31,070.00	134.73	1,38,486	0.03%	330	+79.71%	2,754	+46.21%	29.02%
CG Power & Ind	₹867.70	107.38	1,36,664	0.15%	308	+16.26%	3,281	+13.99%	26.71%
Siemens	₹3,689.80	46.84	1,31,401	0.49%	370	−9.59%	4,618	+14.60%	21.44%
Siemens Ener.Ind	₹3,240.20	85.58	1,15,390	0.12%	375	+52.21%	2,394	+27.38%	67.75%
GE Vernova T&D	₹4,157.40	83.21	1,06,450	0.24%	352	+86.32%	1,637	+42.04%	76.43%
Thermax	₹4,514.00	97.21	53,787	0.31%	244	+17.86%	3,428	+12.53%	13.94%
Median: 44 Co.	₹548.45	33.55	5,677	0.06%	46	+16.19%	546	+23.41%	23.41%

Filings

D

Annual reports15

Financial Year 2026bse Financial Year 2025bse Financial Year 2024bse Financial Year 2023bse Financial Year 2022bse Financial Year 2021bse Financial Year 2020bse Financial Year 2019bse Financial Year 2018bse Financial Year 2017bse Financial Year 2016bse Financial Year 2015bse Financial Year 2014bse Financial Year 2013bse Financial Year 2012bse

Credit ratings6

Rating update 23 Jancrisil Rating update 19 Jancrisil Rating update 12 Jancare Rating update 28 Oct 2025crisil Rating update 20 Dec 2024crisil Rating update 29 Sep 2023crisil

Announcements5

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 21 Jul - Thermax to hold Q1FY27 earnings call on 31 July 2026 at 11:00 a.m. IST.Board Meeting Intimation for Approval Of Un-Audited Financial Statements For The Quarter Ended June 30, 2026 14 Jul - Board meeting on July 30, 2026 to consider Q1 FY27 unaudited financial results.Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 9 Jul - Thermax Limited has submitted before the Exchanges the certificate under Regulation 74(5) of the SEBI (DP) Regulations, 2018 for the quarter ended June 30, 2026.Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Jul - Thermax Limited has informeds about the newspaper advertisement titled "Notice of the 45th Annual General Meeting and E-Voting information".Annual General Meeting Of Thermax Limited Scheduled To Be Held On July 30, 2026. 3 Jul