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Thermax
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Thermax

2,845.70
-23.40
(-0.82%)
Market Cap
₹33,908.30 Cr
PE Ratio
59.94
Volume
76,988.00
Day High - Low
₹2,868.90 - ₹2,802.20
52W High-Low
₹4,989.00 - ₹2,840.00
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Key Fundamentals
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Market Cap
33,908.30 Cr
EPS
56.33
PB Ratio
7.00
Book Value
424.12
EBITDA
1,160.00
Dividend Yield
0.47 %
Industry
Capital Goods
Sector
Electrical Equipment
ROE Growth %
-
Debt to Equity
0.32
Analyst Rating and Forecast
- By Refinitiv from21 analysts
HOLD
Analysts have suggested that investors can hold this stock
Buy
Buy+38.10 %
+38.10 %
Hold
Hold+42.86 %
+42.86 %
Sell
Sell+19.05 %
+19.05 %
Forecast For
Actual

Company News

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positive
Thermax Subsidiary Secures Rs. 580 Crore Utility Boiler Order from Dangote Industries NigeriaNov 26, 2025
Thermax Babcock Wilcox Energy Solutions Limited (TBWES), a wholly owned subsidiary of Thermax, secured an order worth more than Rs. 580 crore from Dangote Industries for utility boilers and associated systems for their refinery and petrochemical complex in Nigeria. The order includes four units of 400 TPH high-pressure utility boilers with a 22-month delivery period, continuing Thermax's long-standing partnership with the West African conglomerate that began in 2017.
positive
Thermax Secures Major Order Worth Rs 5.8 BillionNov 26, 2025
Thermax has secured a significant order valued at Rs 5.8 billion, marking a substantial business win for the company. This large order represents a notable addition to the company's order book and demonstrates strong demand for its services.
neutral
Thermax Limited Receives 2.35 Crore Equity Shares from Subsidiary TCSPLNov 21, 2025
Thermax Chemical Solutions Private Limited (TCSPL), a wholly owned subsidiary of Thermax Limited, has allotted 2,35,00,000 equity shares of Rs. 10 each on rights basis to its parent company. The share allotment is part of additional equity investment for further investment in Fortmax Chemicals India Private Limited, a subsidiary of TCSPL.
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Peer Comparison Compare Peers on Screener

Competitors
LTP
Market Cap (₹ Cr.)
P/E Ratio
Revenue (₹ Cr.)
YoY Revenue Growth %
Net Profit (₹ Cr.)
YoY Profit Growth %
RSI
Siemens
3,325.90
#1 1,18,442.10
54.37
12,193.00
-47.36
1,606
-41.60
61.07
Siemens Energy
3,098.20
1,10,333.30
121.45
2,656.00
-44.41
409
146.64
40.37
ABB
5,173.50
1,09,630.80
61.72
9,569.53
-23.70
1,267
-7.15
52.98
CG Power & Industrial Solutions
661.35
1,04,141.50
106.84
10,070.80
23.53
973
29.51
27.06
Bharat Heavy Electricals
277.75
96,714.30
178.28
#1 28,804.80
17.86
534
253.01
52.79
Hitachi Energy
19,305.00
86,046.90
139.20
6,442.10
22.78
384
405.54
38.95
Waaree Energies
2,871.40
82,490.50
33.31
14,846.10
27.62
1,928
133.75
23.88
Suzlon Energy
51.74
70,927.90
#1 24.33
10,993.10
67.39
#1 2,072
#1 537.79
33.23
GE Vernova T&D
2,768.80
70,894.20
85.35
4,354.90
36.50
608
107.12
38.94
Premier Energies
900.20
40,578.70
37.83
6,652.10
#1 109.76
937
71.64
26.29
Growth Rate
Revenue Growth
11.35 %
Net Income Growth
-2.57 %
Cash Flow Change
321.67 %
ROE
-12.49 %
ROCE
-11.24 %
EBITDA Margin (Avg.)
1.11 %

Quarterly Financial Results

Quarterly Financials
Jun 2015
Sept 2015
Dec 2015
Mar 2016
Jun 2016
Sept 2016
Dec 2016
Mar 2017
Jun 2017
Sept 2017
Dec 2017
Mar 2018
Jun 2018
Sept 2018
Dec 2018
Mar 2019
Jun 2019
Sept 2019
Dec 2019
Mar 2020
Jun 2020
Sept 2020
Dec 2020
Mar 2021
Jun 2021
Sept 2021
Dec 2021
Mar 2022
Jun 2022
Sept 2022
Dec 2022
Mar 2023
Jun 2023
Sept 2023
Dec 2023
Mar 2024
Jun 2024
Sept 2024
Dec 2024
Mar 2025
Jun 2025
Sept 2025
Revenue
1,248
1,277
1,202
1,541
1,002
1,106
969
1,520
896
1,057
1,141
1,488
1,067
1,463
1,468
2,126
1,414
1,628
1,436
1,354
686
1,164
1,439
1,610
1,078
1,506
1,644
2,028
1,675
2,115
2,092
2,369
1,986
2,368
2,509
2,819
2,269
2,676
2,539
3,163
2,223
2,559
Expenses
1,129
1,155
1,071
1,362
899
978
857
1,335
800
938
1,022
1,322
966
1,318
1,418
1,905
1,293
1,476
1,297
1,259
676
1,087
1,291
1,435
989
1,359
1,502
1,857
1,559
1,935
1,888
2,111
1,852
2,098
2,137
2,491
2,044
2,338
2,319
2,785
1,933
2,302
EBITDA
120
122
131
179
104
128
113
185
96
119
119
166
101
145
50
220
121
152
139
94
10
78
148
176
88
147
142
171
117
180
203
258
134
270
372
329
225
338
220
377
291
257
Operating Profit %
8 %
8 %
9 %
9 %
8 %
9 %
9 %
10 %
8 %
9 %
9 %
8 %
7 %
8 %
1 %
8 %
7 %
8 %
8 %
5 %
-2 %
5 %
8 %
9 %
6 %
7 %
7 %
7 %
6 %
7 %
8 %
9 %
4 %
9 %
8 %
10 %
6 %
11 %
8 %
10 %
10 %
7 %
Depreciation
18
18
19
17
19
20
20
23
19
19
21
24
21
24
23
25
26
28
32
31
28
29
29
29
27
27
29
30
29
30
29
29
29
33
36
50
36
42
35
45
49
52
Interest
3
4
3
3
3
2
2
3
2
5
3
4
3
4
4
4
4
4
2
5
4
5
6
6
5
5
5
10
7
8
9
14
13
20
27
28
28
29
29
31
30
32
Profit Before Tax
105
114
88
160
81
106
91
160
76
95
96
138
76
118
24
192
90
120
105
59
-23
44
113
140
56
114
108
132
81
142
165
214
92
218
309
251
161
266
156
301
212
174
Tax
51
55
34
46
32
27
38
124
36
38
38
63
27
43
-51
65
27
95
21
20
-7
13
30
33
14
26
29
29
22
33
39
58
32
59
72
63
52
68
43
95
60
54
Net Profit
55
59
54
114
49
78
54
35
40
57
59
76
49
75
75
127
63
26
85
39
-15
31
83
107
42
88
79
103
59
109
126
156
60
159
237
188
109
198
114
206
151
119
EPS in ₹
4.85
5.25
4.82
10.14
4.35
6.98
4.86
3.88
3.61
5.08
5.20
6.72
4.35
6.62
6.66
11.27
5.57
2.29
7.54
3.47
-1.36
2.78
7.39
9.53
3.77
7.80
7.06
9.10
5.23
9.70
11.20
13.85
5.23
14.00
21.17
16.90
10.28
17.49
10.29
18.27
13.53
10.62
Above figures are in Rs. Crores

Balance Sheet

Balance Sheet
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total Assets
6,089
5,181
5,061
5,945
6,800
5,956
6,507
7,461
8,839
10,153
12,038
Fixed Assets
1,431
827
811
973
1,312
1,283
1,242
1,195
1,248
1,906
2,806
Current Assets
4,185
3,610
3,297
4,102
4,737
3,977
4,467
4,738
6,072
6,448
7,313
Capital Work in Progress
43
60
141
103
40
56
24
44
434
525
563
Investments
822
1,050
1,083
1,472
829
875
235
1,477
1,626
1,765
1,699
Other Assets
3,793
3,244
3,025
3,397
4,619
3,742
5,006
4,746
5,531
5,957
6,971
Total Liabilities
6,089
5,181
5,061
5,945
6,800
5,956
6,507
7,461
8,839
10,153
12,038
Current Liabilities
3,274
2,615
2,365
3,079
3,654
2,787
3,071
3,758
4,409
4,725
5,635
Non Current Liabilities
591
150
156
152
132
141
185
211
559
988
1,460
Total Equity
2,224
2,416
2,539
2,715
3,014
3,028
3,251
3,493
3,870
4,440
4,943
Reserve & Surplus
2,123
2,394
2,515
2,692
2,992
3,005
3,229
3,470
3,846
4,417
4,914
Share Capital
24
23
23
23
23
23
23
23
23
23
23
Above figures are in Rs. Crores

Cash Flow

Cash Flow
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Net Cash Flow
39
13
110
7
85
-47
220
-115
144
19
-54
Investing Activities
80
-127
-99
-507
266
-140
-627
-420
-664
-514
-1,220
Operating Activities
311
253
335
534
-115
326
770
325
460
247
1,043
Financing Activities
-351
-112
-126
-20
-65
-232
77
-21
349
285
124
Above figures are in Rs. Crores

Share Holding

% Holding
Mar 2021
Jun 2021
Sept 2021
Dec 2021
Mar 2022
Jun 2022
Sept 2022
Dec 2022
Mar 2023
Jun 2023
Sept 2023
Dec 2023
Mar 2024
Jun 2024
Sept 2024
Dec 2024
Mar 2025
Jun 2025
Sept 2025
Promoter
61.98 %
61.98 %
61.98 %
61.98 %
61.98 %
61.98 %
61.98 %
61.98 %
61.98 %
61.98 %
61.98 %
61.98 %
61.98 %
61.98 %
61.98 %
61.98 %
61.98 %
61.98 %
61.98 %
FIIs
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
12.24 %
15.15 %
15.38 %
15.49 %
15.86 %
16.02 %
13.44 %
DIIs
12.80 %
12.77 %
12.00 %
12.72 %
13.17 %
13.21 %
15.27 %
15.34 %
15.63 %
15.46 %
15.46 %
15.71 %
15.82 %
12.88 %
12.72 %
12.66 %
12.25 %
11.75 %
13.95 %
Government
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
Public / Retail
4.61 %
4.52 %
4.38 %
4.37 %
4.22 %
4.08 %
4.01 %
4.09 %
3.84 %
3.91 %
3.74 %
3.83 %
3.71 %
3.78 %
3.73 %
3.67 %
3.71 %
4.00 %
4.26 %
Others
20.61 %
20.73 %
21.65 %
20.93 %
20.63 %
20.72 %
18.73 %
18.59 %
18.54 %
18.64 %
18.82 %
18.48 %
6.25 %
6.21 %
6.19 %
6.20 %
6.19 %
6.26 %
6.37 %
No of Share Holders
31,546
32,515
32,015
34,088
34,440
36,255
37,910
39,943
36,103
39,815
35,616
39,547
40,819
48,966
51,876
50,755
53,687
62,986
71,208

Dividend History

Annual Cash Flows 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Dividend Per Share (₹) 0.00 6 6 7 7 7 9 10 12 14
Dividend Yield (%) 0.00 0.53 0.62 0.95 0.52 0.36 0.4 0.24 0.33 0.49

Corporate Action

Record Date Corporate Action Information Announcement Day LTP at Annoucement LTP at Record Day
23 Jul 2021 DIVIDEND Dividend
₹ 7.00 /share
 22 Jul 2021 1,408.95 1,425.35
22 Jul 2022 DIVIDEND Dividend
₹ 9.00 /share
 21 Jul 2022 2,139.45 2,185.45
21 Jul 2023 DIVIDEND Dividend
₹ 10.00 /share
 21 Jul 2023 2,429.80 2,432.60
05 Jul 2024 DIVIDEND Dividend
₹ 12.00 /share
 05 Jul 2024 4,486.45 5,289.00
01 Aug 2024 ANNUAL GENERAL MEETING Annual General Meeting
NA
 01 Aug 2024 5,619.25 5,071.80
13 Nov 2024 QUARTERLY RESULT ANNOUNCEMENT Quarterly Result Announcement
NA
 13 Nov 2024 5,149.35 5,111.70
04 Feb 2025 QUARTERLY RESULT ANNOUNCEMENT Quarterly Result Announcement
NA
 04 Feb 2025 3,900.10 3,576.05
09 May 2025 QUARTERLY RESULT ANNOUNCEMENT Quarterly Result Announcement
NA
 09 May 2025 3,366.40 3,156.10
04 Jul 2025 DIVIDEND Dividend
₹ 14.00 /share
 04 Jul 2025 3,156.10 3,483.90
31 Jul 2025 QUARTERLY RESULT ANNOUNCEMENT Quarterly Result Announcement
NA
 31 Jul 2025 3,446.20 3,836.10
31 Jul 2025 ANNUAL GENERAL MEETING Annual General Meeting
NA
 31 Jul 2025 3,461.00 3,836.10
11 Nov 2025 QUARTERLY RESULT ANNOUNCEMENT Quarterly Result Announcement
NA
 11 Nov 2025 3,314.20 3,138.75

Announcements

Announcement under Regulation 30 (LODR)-Press Release / Media ReleaseNov 26, 2025
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_OrderNov 26, 2025
Announcement under Regulation 30 (LODR)-Updates on AcquisitionNov 21, 2025
Announcement under Regulation 30 (LODR)-Earnings Call TranscriptNov 17, 2025
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - OutcomeNov 12, 2025
Announcement under Regulation 30 (LODR)-Newspaper PublicationNov 12, 2025
Announcement under Regulation 30 (LODR)-Investor PresentationNov 11, 2025
Financial Results Of Thermax Limited For Quarter And Half Year Ended September 30 2025.Nov 11, 2025
Board Meeting Outcome for Outcome Of The Board Meeting Held On Tuesday November 11 2025Nov 11, 2025
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationNov 05, 2025
Announcement under Regulation 30 (LODR)-RestructuringOct 28, 2025
Board Meeting Intimation for Un-Audited Standalone And Consolidated Financial Statements For The Quarter And Half Year Ended September 30 2025.Oct 28, 2025
Announcement under Regulation 30 (LODR)-Scheme of ArrangementOct 17, 2025
Announcement under Regulation 30 (LODR)-AcquisitionOct 17, 2025
Board Meeting Outcome for Outcome Of Board Meeting Held On October 17 2025Oct 17, 2025
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018Oct 08, 2025
Closure of Trading WindowSep 26, 2025
Announcement under Regulation 30 (LODR)-RestructuringSep 16, 2025
Announcement under Regulation 30 (LODR)-AcquisitionSep 09, 2025
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationSep 08, 2025
Disclosures under Reg. 29(2) of SEBI (SAST) Regulations 2011Sep 01, 2025
Announcement under Regulation 30 (LODR)-Updates on AcquisitionAug 20, 2025
Announcement under Regulation 30 (LODR)-AcquisitionAug 13, 2025
Announcement Under Regulation 30 Of SEBI (LODR) Regulations 2015 - Technical Tie UpAug 12, 2025
Investor Education And Protection Fund Authority 100 Days Campaign - "Saksham Niveshak"Aug 11, 2025
Announcement under Regulation 30 (LODR)-Earnings Call TranscriptAug 05, 2025
Announcement Under Reg 30 Of SEBI (LODR) Regulations 2015Aug 01, 2025
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/sAug 01, 2025
Announcement under Regulation 30 (LODR)-Change in DirectorateAug 01, 2025
Shareholder Meeting / Postal Ballot-Scrutinizers ReportAug 01, 2025
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - OutcomeAug 01, 2025
Announcement under Regulation 30 (LODR)-Newspaper PublicationAug 01, 2025
Shareholder Meeting / Postal Ballot-Outcome of AGMJul 31, 2025
Announcement under Regulation 30 (LODR)-Investor PresentationJul 31, 2025
Results Of Thermax Limited For The Quarter Ended June 30 2025.Jul 31, 2025
Board Meeting Outcome for Outcome Of The Board MeetingJul 31, 2025
Announcement under Regulation 30 (LODR)-Change in ManagementJul 30, 2025
Announcement under Regulation 30 (LODR)-AcquisitionJul 24, 2025
Announcement under Regulation 30 (LODR)-AcquisitionJul 23, 2025
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationJul 18, 2025
Corrigendum To The Annual Report FY 2024-25Jul 15, 2025
Announcement under Regulation 30 (LODR)-Newspaper PublicationJul 11, 2025
Announcement under Regulation 30 (LODR)-RestructuringJul 08, 2025
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018Jul 08, 2025
Board Meeting Intimation for Un-Audited Standalone And Consolidated Financial Results For The Quarter Ended June 30 2025.Jul 08, 2025
Announcement under Regulation 30 (LODR)-Newspaper PublicationJul 06, 2025
Business Responsibility and Sustainability Reporting (BRSR)Jul 05, 2025
44Th Annual General Meeting Of Thermax Limited Scheduled To Be Held On July 31 2025Jul 05, 2025
Reg. 34 (1) Annual Report.Jul 05, 2025
Closure of Trading WindowJun 27, 2025

Mutual Fund Holdings

Funding HouseCurrent Holding %1M Change1M Change %3M Change %Last 6M Trend
SBI Large Cap Direct Plan-Growth
0.00%
-2900000
-1.71%
-1.74%
SBI Focused Fund Direct Plan-Growth
0.00%
-2300000
-1.81%
-1.87%
Kotak Flexicap Fund Direct-Growth
0.00%
-2200000
-1.26%
-1.29%
SBI Mid Cap Direct Plan-Growth
0.00%
-1200000
-1.68%
-1.71%
SBI Energy Opportunities Fund Direct - Growth
0.00%
-1133474
-3.75%
-3.75%
Kotak Large & Midcap Fund Direct-Growth
0.00%
-700000
-0.76%
-0.78%
SBI ELSS Tax Saver Fund Direct-Growth
0.00%
-600000
-0.61%
-0.63%
Aditya Birla Sun Life Mid Cap Direct Fund-Growth
0.00%
-492065
-2.53%
-2.60%
SBI Innovative Opportunities Fund Direct-Growth
0.00%
-456000
-2.25%
-2.11%
ICICI Prudential Multicap Fund Direct Plan-Growth
0.00%
-279644
-0.56%
-0.57%
SBI ESG Exclusionary Strategy Fund Direct Plan-Growth
0.00%
-240435
-1.35%
-1.36%
ICICI Prudential Energy Opportunities Fund Direct-Growth
0.00%
-205057
-0.64%
-0.64%
ICICI Prudential Multi Asset Fund Direct-Growth
0.00%
-194360
-0.09%
-0.09%
Tata Mid Cap Direct Plan-Growth
0.00%
-191737
-1.17%
-1.21%
ICICI Prudential Infrastructure Direct-Growth
0.00%
-185854
-0.73%
-0.52%
Tata Large & Mid Cap Fund Direct Plan-Growth
0.00%
-180000
-0.66%
-0.67%
Aditya Birla Sun Life Multi Asset Allocation Fund Direct-Growth
0.00%
-151720
-0.98%
-0.95%
Edelweiss Small Cap Fund Direct - Growth
0.00%
-136604
-0.83%
-0.86%
ICICI Prudential Large & Mid Cap Fund Direct Plan-Growth
0.00%
-133391
-0.17%
-0.17%
SBI Retirement Benefit Fund - Aggressive Plan Direct - Growth
0.00%
-106000
-1.09%
-0.87%
SBI Flexicap Fund Direct-Growth
0.00%
-95195
-0.13%
-0.13%
Tata Infrastructure Direct Plan-Growth
0.00%
-90638
-1.37%
-1.34%
Aditya Birla Sun Life Infrastructure Direct Fund-Growth
0.00%
-83600
-2.31%
-2.33%
Canara Robeco Large and Mid Cap Fund Direct-Growth
0.00%
-76812
-0.09%
-0.10%
Tata Multicap Fund Direct - Growth
0.00%
-72000
-0.72%
-0.74%

Technical Indicators

RSI(14)
Neutral
31.18
ATR(14)
Volatile
64.34
STOCH(9,6)
Neutral
41.62
STOCH RSI(14)
Neutral
43.39
MACD(12,26)
Bearish
-0.84
ADX(14)
Strong Trend
30.38
UO(9)
Bearish
49.55
ROC(12)
Downtrend And Accelerating
-2.61
WillR(14)
Neutral
-79.43
Bearish
4
Neutral
4
Bullish
1

About Thermax

Thermax Group is an Indian company founded in 1966 and headquartered in Pune. It specializes in integrated solutions for heating, cooling, power generation, water treatment, air pollution control, and chemicals. The company operates globally with 34 international and 22 domestic offices, and 14 manufacturing facilities across India, Europe, and Southeast Asia. Thermax offers services including operations and maintenance, retrofitting, revamping, upgrading, and auditing. It has expanded into digital solutions for asset lifecycle management. The company is structured into four main segments: Industrial Products, Industrial Infra, Green Solutions, and Chemical. These segments cover a range of products and services including boilers, chillers, pollution control systems, water treatment, power plants, and specialty chemicals. Thermax has a focus on clean energy, air, and water solutions, and has recently expanded into renewable energy offerings including solar, wind, and bio-CNG projects.
Website
https://www.thermaxindia.com
Chairperson NameMeher P Pudumjee
raisewe are part of Raise Financial Services
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built with love

for indians who love to invest & trade

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About Scanx

We’re building Scanx - to help you express your trading & investing idea, to help you analyse the markets better.

Stock Markets are the true indicator of the growth of any country's economy. We are bullish on India, we are bullish on India's prospects to be one of largest economies of the world. We believe that Stock Markets provide an unique opportunity for all Indians to participate in the growth story of India. We are enabling the same for Indians.
As financial services are becoming more accessible, there is now a large set of Indians today who are financially aware and literate. They value time and seek high quality products & services. Most screening, trading, investing platforms available today are more or less similar to each other, and they have not evolved with time. While both traders & investors have gotten smart about how they make money and build wealth, as users they have continued to use the same products, features, and platforms that were available for years with little or no innovation. We plan to change that - a technology-led platform built for super traders and long term investors.

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