What is Thermax Ltd's PE ratio?

Thermax Ltd trades at a P/E ratio of 78.80.

What is Thermax Ltd's market cap?

Thermax Ltd's market capitalisation is ₹43,344 Cr.

When did Thermax Ltd last report results?

Thermax Ltd last reported Q1FY27 results on 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)

₹3,622.00

Mkt cap

₹43,344 Cr

P/E ratio

78.80

P/B

7.77

Div yield

0.38%

ROE

10.60%

ROCE

13.90%

EPS (TTM)

₹45.96

Book value

₹466

52W range

2,774–5,160

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

TechnicalsNeutral

52-week range

−29.80% from high

₹3,622

₹2,774+30.58% from low₹5,160

Current

₹3,622.00

Prev close

₹3,650.00

Day

−0.77%

Price performance

−0.77%

−7.17%

−10.79%

−23.58%

+20.11%

+12.81%

YTD

+19.70%

Financials

Revenue, profit & margin

P/E ratio

78.8×

THERMAX is 126% above the sector median of 34.9×

THERMAX78.8×

Sector median34.9×

	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
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 & reactions

No upcoming results date on calendar.

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%	—
Filing	XBRL	XBRL	XBRL	XBRL	XBRL	XBRL	PDF	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

Results analysis

Shareholding

as of Jun 2026

61.99%Promoter

Promoters61.99%

FIIs11.46%0.21

DIIs15.22%0.27

Public5.88%0.06

Ownership trend

Peers

8 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
ABB	₹7,410.00	101.88	1,57,024	0.53%	362	+8.03%	3,559	+21.03%	29.93%
BHEL	₹431.10	61.71	1,50,112	0.32%	377	+182.70%	7,698	+40.29%	9.14%
SIEMENS	₹3,977.00	94.21	1,41,629	0.45%	2,143	−18.59%	4,714	+14.75%	21.44%
POWERINDIA	₹31,650.00	118.43	1,41,072	0.03%	294	+123.52%	2,494	+68.62%	29.36%
CGPOWER	₹891.00	110.30	1,40,373	0.15%	308	+16.26%	3,281	+13.99%	26.71%
ENRIN	₹3,115.70	72.69	1,10,956	0.13%	441	+67.83%	2,486	+39.28%	67.75%
GVT&D	₹4,306.30	81.66	1,10,263	0.23%	363	+24.65%	1,836	+38.04%	77.44%
THERMAX	₹3,637.60	78.76	43,344	0.38%	22	−83.44%	2,303	+6.73%	13.94%
Median: 45 Co.	₹446.75	34.94	5,005	0.08%	39	+11.95%	455	+18.92%	23.52%

Filings

Annual reports15

Annual Report 2026bse Annual Report 2025bse Annual Report 2024bse Annual Report 2023bse Annual Report 2022bse Annual Report 2021bse Annual Report 2020bse Annual Report 2019bse Annual Report 2018bse Annual Report 2017bse Annual Report 2016bse Annual Report 2015bse Annual Report 2014bse Annual Report 2013bse Annual Report 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

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 5 Sep Announcement under Regulation 30 (LODR)-Earnings Call Transcript 6 Aug - Thermax Limited has submitted before the Exchanges transcript of the earnings call held on Friday, July 31, 2026.Announcement under Regulation 30 (LODR)-Change in Directorate 31 Jul - Shareholders approved Dr. Ravi Shankar Gopinath’s reappointment as Independent Director for five years from November 10, 2026.Shareholder Meeting / Postal Ballot-Scrutinizer''s Report 31 Jul Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 31 Jul - Audio recording of Thermax’s July 31, 2026 investor conference call posted on website.