Thermax
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Thermax

4,546.50
+63.50
(1.42%)
Market Cap
54,174.41 Cr
PE Ratio
74.19
Volume
4,48,975.00
Day High - Low
4,730.00 - 4,486.00
52W High-Low
4,880.00 - 2,742.70
ann
Company has added their latest Transcript1 day ago
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Key Fundamentals
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Market Cap
54,174.41 Cr
EPS
63.95
PE Ratio
74.19
PB Ratio
9.63
Book Value
465.88
EBITDA
1,025.90
Dividend Yield
0.42 %
Return on Equity
12.68
Debt to Equity
0.32
Analyst Rating and Forecast
- By Refinitiv from20 analysts
HOLD
Analysts have suggested that investors can hold this stock
Buy
Buy+25.00 %
+25.00 %
Hold
Hold+45.00 %
+45.00 %
Sell
Sell+30.00 %
+30.00 %
Forecast For
Actual

Company News

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neutral
Thermax Limited has released the transcript of its Q4 FY2025-26 analyst and investor conference call, held on May 8, 2026, now available on the company website.
neutral
Thermax Limited announced the demise of Dr. S.B. (Ravi) Pandit, Non-Executive Independent Director, on May 8, 2026. He served on the Board since 2017.
positive
Thermax Q4 FY26 consolidated PAT rose 18% YoY to Rs. 244.40 crore; revenue up 13% to Rs. 3,428.04 crore. FY26 PAT grew 15% to Rs. 720.26 crore. Board declared Rs. 20/share dividend.
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Competitors
LTP
Market Cap (₹ Cr.)
P/E Ratio
Revenue (₹ Cr.)
YoY Revenue Growth %
Net Profit (₹ Cr.)
YoY Profit Growth %
RSI
31,745.00
#1 1,41,494.97
170.97
6,442.10
22.78
384
90.25
55.55
403.85
1,40,623.13
85.15
#1 33,782.20
17.28
2,135
155.80
76.91
6,305.00
1,33,608.23
45.05
13,555.10
8.08
1,669
#1 275.83
34.13
847.05
1,33,403.40
109.52
12,418.00
23.31
1,157
32.52
62.40
3,532.20
1,25,788.88
71.96
23,165.00
15.54
2,718
-54.80
44.78
4,351.40
1,11,416.09
102.68
4,354.90
36.50
608
103.78
52.49
3,112.60
1,10,846.07
92.10
7,932.00
#1 198.64
1,100
35.05
52.73
3,085.30
88,745.85
23.14
26,536.80
78.75
#1 3,858
74.76
41.16
53.10
72,824.70
#1 21.73
10,993.10
67.39
2,072
14.83
55.37
4,546.50
#10 54,174.41
#5 74.19
#7 10,694.20
#10 0.50
#8 740
#8 18.87
69.04
Growth Rate
Revenue Growth
0.50 %
Net Income Growth
18.06 %
Cash Flow Change
321.67 %
ROE
-12.49 %
ROCE
-11.24 %
EBITDA Margin (Avg.)
-14.59 %

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
Dec 2025
Mar 2026
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
2,560
3,124
2,223
2,559
2,756
3,484
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
2,340
2,747
1,933
2,302
2,380
3,054
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
376
431
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 %
7 %
10 %
10 %
7 %
10 %
11 %
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
53
54
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
34
42
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
289
334
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
84
90
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
205
244
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
18.12
21.68

Balance Sheet

Balance Sheet
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
Total Assets
6,089
5,181
5,061
5,945
6,800
5,956
6,507
7,461
8,839
10,153
12,038
13,282
Fixed Assets
1,431
827
811
973
1,312
1,283
1,242
1,195
1,248
1,906
2,806
4,409
Current Assets
4,185
3,610
3,297
4,102
4,737
3,977
4,467
4,738
6,072
6,448
7,313
7,109
Capital Work in Progress
43
60
141
103
40
56
24
44
434
525
563
1,392
Investments
822
1,050
1,083
1,472
829
875
235
1,477
1,626
1,765
1,699
910
Other Assets
3,793
3,244
3,025
3,397
4,619
3,742
5,006
4,746
5,531
5,957
6,971
0
Total Equity & Liabilities
6,089
5,181
5,061
5,945
6,800
5,956
6,507
7,461
8,839
10,153
12,038
13,282
Current Liabilities
3,274
2,615
2,365
3,079
3,654
2,787
3,071
3,758
4,409
4,725
5,635
5,820
Non Current Liabilities
591
150
156
152
132
141
185
211
559
988
1,460
1,883
Total Equity
2,224
2,416
2,539
2,715
3,014
3,028
3,251
3,493
3,870
4,440
4,943
5,550
Reserve & Surplus
2,123
2,394
2,515
2,692
2,992
3,005
3,229
3,470
3,846
4,417
4,914
5,527
Share Capital
24
23
23
23
23
23
23
23
23
23
23
23

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

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
Dec 2025
Mar 2026
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 %
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 %
12.36 %
11.24 %
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 %
14.84 %
15.49 %
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 %
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 %
4.52 %
4.90 %
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 %
6.30 %
6.39 %
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
77,455
89,964

Dividend History

Annual Cash Flows 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Dividend Per Share (₹) 6 6 7 7 7 9 10 12 14 0.00
Dividend Yield (%) 0.53 0.62 0.95 0.52 0.36 0.4 0.24 0.33 0.43 0.00

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 ANNUAL GENERAL MEETING Annual General Meeting
NA
31 Jul 2025 3,461.00 3,836.10
31 Jul 2025 QUARTERLY RESULT ANNOUNCEMENT Quarterly Result Announcement
NA
31 Jul 2025 3,446.20 3,836.10
11 Nov 2025 QUARTERLY RESULT ANNOUNCEMENT Quarterly Result Announcement
NA
11 Nov 2025 3,314.20 3,138.75
02 Feb 2026 QUARTERLY RESULT ANNOUNCEMENT Quarterly Result Announcement
NA
02 Feb 2026 3,070.60 2,886.20
07 May 2026 QUARTERLY RESULT ANNOUNCEMENT Quarterly Result Announcement
NA
07 May 2026 4,085.00 4,076.90

Announcements

Announcement under Regulation 30 (LODR)-Earnings Call Transcript1 day ago
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS5 days ago
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome5 days ago
Announcement under Regulation 30 (LODR)-Newspaper Publication5 days ago
Announcement under Regulation 30 (LODR)-Demise5 days ago
Announcement under Regulation 30 (LODR)-Investor Presentation6 days ago
Announcement under Regulation 30 (LODR)-Change in Directorate6 days ago
Announcement under Regulation 30 (LODR)-Change in Management6 days ago
Corporate Action-Board to consider Dividend6 days ago
Intimation Of Record Date For Final Dividend Subject To The Approval Of The Shareholders6 days ago
Results Of Thermax Limited For Quarter And Year Ended March 31 20266 days ago
Board Meeting Outcome for Outcome Of The Board Meeting6 days ago
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation9 days ago
Board Meeting Intimation for Approval Of Audited Financial Results For The Quarter And Year Ended March 31 2026Apr 16, 2026
Announcement under Regulation 30 (LODR)-Newspaper PublicationApr 14, 2026
Announcement under Regulation 30 (LODR)-Updates on AcquisitionApr 09, 2026
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018Apr 08, 2026
Announcement Under Regulation 30 Of SEBI (LODR) Regulations 2015Apr 02, 2026
Announcement Under Regulation 30 Of The SEBI (LODR) Regulations 2015Mar 31, 2026
Announcement under Regulation 30 (LODR)-Press Release / Media ReleaseMar 28, 2026
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_OrderMar 27, 2026
Closure of Trading WindowMar 27, 2026
Announcement under Regulation 30 (LODR)-RestructuringMar 16, 2026
Announcement under Regulation 30 (LODR)-AcquisitionFeb 27, 2026
Announcement under Regulation 30 (LODR)-Newspaper PublicationFeb 27, 2026
Announcement under Regulation 30 (LODR)-Earnings Call TranscriptFeb 09, 2026
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - OutcomeFeb 05, 2026
Announcement under Regulation 30 (LODR)-Scheme of ArrangementFeb 04, 2026
Announcement under Regulation 30 (LODR)-Newspaper PublicationFeb 03, 2026
Announcement under Regulation 30 (LODR)-Investor PresentationFeb 02, 2026
Announcement Under Regulation 30 - Outcome Of Board Meeting Held On February 2 2026.Feb 02, 2026
Financial Results Of Thermax Limited For Quarter And Nine Months Ended December 31 2025Feb 02, 2026
Board Meeting Outcome for Outcome Of The Board Meeting Held On February 2 2026Feb 02, 2026
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationJan 31, 2026
Announcement under Regulation 30 (LODR)-Press Release / Media ReleaseJan 30, 2026
Announcement Under Regulation 30 Of SEBI (LODR) Regulations 2015Jan 28, 2026
Announcement under Regulation 30 (LODR)-Credit RatingJan 20, 2026
Announcement under Regulation 30 (LODR)-Change in ManagementJan 16, 2026
Announcement under Regulation 30 (LODR)-Credit RatingJan 13, 2026
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018Jan 08, 2026
Board Meeting Intimation for Un-Audited Standalone And Consolidated Financial Statements For The Quarter And Nine Months Ended December 31 2025Jan 06, 2026
Announcement Under Regulation 30 Of SEBI (LODR) Regulations 2015 - Sale Of SubsidiaryJan 03, 2026
Announcement Under Regulation 30 Of SEBI (LODR) Regulations. 2015Jan 01, 2026
Closure of Trading WindowDec 26, 2025
Announcement Under Regulation 30 Of SEBI (LODR) Regulations 2015 - IncorporationDec 16, 2025
Announcement Under Regulation 30 Of The SEBI (LODR) Regulations 2015Dec 10, 2025
Announcement Under Regulation 30 Of SEBI (LODR) Regulations 2015Dec 09, 2025
Announcement under Regulation 30 (LODR)-Press Release / Media ReleaseDec 08, 2025
Announcement under Regulation 30 (LODR)-Press Release / Media ReleaseNov 26, 2025
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_OrderNov 26, 2025

Mutual Fund Holdings

Funding HouseCurrent Holding %1M Change1M Change %3M Change %Last 6M Trend
Kotak Energy Opportunities Fund Direct-Growth
1.33%
-1000
0.05%
0.21%
Tata Nifty Midcap 150 Index Fund Direct-Growth
0.41%
217
0.04%
0.09%
Edelweiss Nifty LargeMidcap250 Plus 8-13 Yr G-Sec 70:30 Index Fund Direct-Growth
0.14%
149
0.14%
0.14%
JioBlackRock Nifty Midcap 150 Index Fund Direct-Growth
0.40%
-104
0.04%
0.08%
UTI Nifty500 Shariah Index Fund Direct-Growth
0.28%
57
0.04%
0.07%
JioBlackRock Sector Rotation Fund Direct-Growth
0.09%
51
0.02%
0.03%
Zerodha Nifty LargeMidcap250 Plus 8-13 Yr G-Sec 70:30 Index Fund Direct-Growth
0.14%
51
0.14%
0.14%
Zerodha Nifty MidSmallcap400 50:50 Index Fund Direct-Growth
0.18%
35
0.18%
0.18%
Kotak Nifty Midcap 150 Index Fund Direct-Growth
0.41%
31
0.05%
0.09%
DSP Nifty Midcap 150 Index Fund Direct-Growth
0.40%
13
0.04%
0.08%
Motilal Oswal BSE 1000 Index Fund Direct-Growth
0.08%
5
0.01%
0.02%
Groww Nifty Midcap 150 Index Fund Direct-Growth
0.40%
5
0.04%
0.08%
Navi Nifty MidSmallcap 400 Index Fund Direct-Growth
0.27%
3
0.03%
0.06%
DSP Nifty 500 Index Fund Direct-Growth
0.08%
1
0.01%
0.02%
Kotak Manufacture in India Fund Direct-Growth
0.00%
0
0.00%
0.00%
ICICI Prudential Large & Mid Cap Fund Direct Plan-Growth
0.00%
0
0.00%
0.00%
LIC MF Manufacturing Fund Direct-Growth
0.98%
0
0.00%
-0.29%
Baroda BNP Paribas Nifty Midcap 150 Index Fund Direct-Growth
0.41%
0
0.00%
0.05%
Canara Robeco Infrastructure Direct-Growth
0.79%
0
0.00%
0.07%
Canara Robeco Large and Mid Cap Fund Direct-Growth
0.00%
0
0.00%
-0.05%
Canara Robeco Mid Cap Fund Direct-Growth
1.83%
0
0.00%
0.15%
Bandhan Nifty Midcap 150 Index Fund Direct-Growth
0.44%
0
0.00%
0.08%
Bandhan Midcap Fund Direct-Growth
0.00%
0
0.00%
0.00%
Edelweiss Mid Cap Direct Plan-Growth
0.00%
0
0.00%
0.00%
Edelweiss NIFTY Large Mid Cap 250 Index Fund Direct-Growth
0.21%
0
0.00%
0.03%

Technical Indicators

RSI(14)
Neutral
67.62
ATR(14)
Less Volatile
194.68
STOCH(9,6)
Neutral
67.50
STOCH RSI(14)
Neutral
54.15
MACD(12,26)
Bullish
21.39
ADX(14)
Strong Trend
49.92
UO(9)
Bearish
52.43
ROC(12)
Uptrend And Accelerating
10.43
WillR(14)
Neutral
-41.46

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...more
Chairperson NameMeher P Pudumjee