| 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 |
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 | 2,671 | 2,539 | 3,163 | 2,216 |
| 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 | 2,334 | 2,319 | 2,785 | 1,925 |
| 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 |
| 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 % |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
Thermax
Thermax
3,237.20
+3.90
(0.12%)
There are new updates from the company22 hours ago
View
Market Cap
38,573.28 Cr
EPS
56.33
PE Ratio
57.44
Dividend Yield
0.43 %
Industry
Capital Goods52 Week High
5,719.00
52 Week Low
2,950.05
PB Ratio
7.81
Debt to Equity
0.32
Sector
Electrical Equipment
Investment Returns
In Long Term
In Short Term
1 Year
0.00%
2 Years
0.00%
3 Years
0.00%
4 Years
0.00%
5 Years
0.00%
Analyst Rating
- By Refinitiv from20 analysts
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 |
|---|---|---|---|---|---|---|---|---|
3,197.20 | #1 1,13,858.85 | 65.18 | 12,193.00 | 15.54 | 1,606 | -26.76 | 57.57 | |
5,141.50 | 1,08,952.69 | 60.36 | 12,541.70 | 16.69 | 1,875 | 25.39 | 36.11 | |
677.55 | 1,03,602.74 | 105.86 | 10,070.80 | 23.53 | 973 | 10.66 | 53.79 | |
3,223.40 | 92,602.87 | 40.74 | 14,444.50 | 69.56 | #1 1,969 | 92.70 | 57.61 | |
20,090.00 | 89,545.88 | 176.53 | 6,442.10 | 22.78 | 384 | #1 1,165.38 | 50.57 | |
58.16 | 79,651.30 | #1 38.86 | 10,851.30 | 9.64 | 1,432 | 7.28 | 34.57 | |
218.48 | 76,076.12 | 265.84 | #1 28,804.80 | 17.86 | 534 | -115.47 | 34.01 | |
2,734.00 | 70,003.12 | 93.38 | 4,354.90 | 13.66 | 608 | 116.51 | 55.32 | |
1,022.70 | 46,100.69 | 44.67 | 6,518.75 | #1 116.74 | 876 | 55.30 | 48.83 | |
3,237.20 | #10 38,573.28 | #4 57.44 | #6 10,640.90 | #9 11.35 | #7 627 | #5 38.39 | 34.29 |
Forecast
Actual
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
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 |
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 |
| 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 % |
| 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 % |
| 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 % |
| 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 % |
| 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 % |
| 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 % |
| 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 |
Dividend History
Dividends per share (FY)
Dividend yield (FY) %
Dividends per share (FY)
Dividend yield (FY) %
| 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 | 0.43 |
Corporate Action
| Record Date | Corporate Action | Information | Announcement Day | LTP at Annoucement | LTP at Record Day |
|---|---|---|---|---|---|
| 23 Jul 2021 |  Dividend | ₹ 7.00 /share | 22 Jul 2021 | 1,408.95 | 1,425.35 |
| 22 Jul 2022 | Dividend | ₹ 9.00 /share | 21 Jul 2022 | 2,139.45 | 2,185.45 |
| 21 Jul 2023 | Dividend | ₹ 10.00 /share | 21 Jul 2023 | 2,429.80 | 2,432.60 |
| 05 Jul 2024 | Dividend | ₹ 12.00 /share | 05 Jul 2024 | 4,486.45 | 5,289.00 |
| 01 Aug 2024 |  Annual General Meeting | NA | 01 Aug 2024 | 5,619.25 | 5,071.80 |
| 13 Nov 2024 |  Quarterly Result Announcement | NA | 13 Nov 2024 | 5,149.35 | 5,111.70 |
| 04 Feb 2025 | Quarterly Result Announcement | NA | 04 Feb 2025 | 3,900.10 | 3,576.05 |
| 09 May 2025 | Quarterly Result Announcement | NA | 09 May 2025 | 3,366.40 | 3,156.10 |
| 04 Jul 2025 | Dividend | ₹ 14.00 /share | 04 Jul 2025 | 3,156.10 | 3,483.90 |
| 31 Jul 2025 | Quarterly Result Announcement | NA | 31 Jul 2025 | 3,446.20 | 3,836.10 |
| 31 Jul 2025 | Annual General Meeting | NA | 31 Jul 2025 | 3,461.00 | 3,836.10 |
Announcements
Announcement under Regulation 30 (LODR)-Updates on Acquisition
22 hours ago
22 hours agoAnnouncement under Regulation 30 (LODR)-Acquisition7 days ago
7 days agoAnnouncement Under Regulation 30 Of SEBI (LODR) Regulations 2015 - Technical Tie Up8 days ago
8 days agoInvestor Education And Protection Fund Authority 100 Days Campaign - "Saksham Niveshak"10 days ago
10 days agoAnnouncement under Regulation 30 (LODR)-Earnings Call TranscriptAug 05, 2025
Aug 05, 2025Announcement Under Reg 30 Of SEBI (LODR) Regulations 2015Aug 01, 2025
Aug 01, 2025Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/sAug 01, 2025
Aug 01, 2025Announcement under Regulation 30 (LODR)-Change in DirectorateAug 01, 2025
Aug 01, 2025Shareholder Meeting / Postal Ballot-Scrutinizers ReportAug 01, 2025
Aug 01, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - OutcomeAug 01, 2025
Aug 01, 2025Announcement under Regulation 30 (LODR)-Newspaper PublicationAug 01, 2025
Aug 01, 2025Shareholder Meeting / Postal Ballot-Outcome of AGMJul 31, 2025
Jul 31, 2025Announcement under Regulation 30 (LODR)-Investor PresentationJul 31, 2025
Jul 31, 2025Results Of Thermax Limited For The Quarter Ended June 30 2025.Jul 31, 2025
Jul 31, 2025Board Meeting Outcome for Outcome Of The Board MeetingJul 31, 2025
Jul 31, 2025Announcement under Regulation 30 (LODR)-Change in ManagementJul 30, 2025
Jul 30, 2025Announcement under Regulation 30 (LODR)-AcquisitionJul 24, 2025
Jul 24, 2025Announcement under Regulation 30 (LODR)-AcquisitionJul 23, 2025
Jul 23, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationJul 18, 2025
Jul 18, 2025Corrigendum To The Annual Report FY 2024-25Jul 15, 2025
Jul 15, 2025Announcement under Regulation 30 (LODR)-Newspaper PublicationJul 11, 2025
Jul 11, 2025Announcement under Regulation 30 (LODR)-RestructuringJul 08, 2025
Jul 08, 2025Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018Jul 08, 2025
Jul 08, 2025Board Meeting Intimation for Un-Audited Standalone And Consolidated Financial Results For The Quarter Ended June 30 2025.Jul 08, 2025
Jul 08, 2025Announcement under Regulation 30 (LODR)-Newspaper PublicationJul 06, 2025
Jul 06, 2025Business Responsibility and Sustainability Reporting (BRSR)Jul 05, 2025
Jul 05, 202544Th Annual General Meeting Of Thermax Limited Scheduled To Be Held On July 31 2025Jul 05, 2025
Jul 05, 2025Reg. 34 (1) Annual Report.Jul 05, 2025
Jul 05, 2025Closure of Trading WindowJun 27, 2025
Jun 27, 2025Appointment of Company Secretary and Compliance OfficerJun 27, 2025
Jun 27, 2025Board Meeting Outcome for Outcome Of The Board MeetingJun 27, 2025
Jun 27, 2025Announcement under Regulation 30 (LODR)-RestructuringJun 21, 2025
Jun 21, 2025Disclosures under Reg. 29(2) of SEBI (SAST) Regulations 2011Jun 13, 2025
Jun 13, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationMay 29, 2025
May 29, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationMay 29, 2025
May 29, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationMay 26, 2025
May 26, 2025Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPSMay 20, 2025
May 20, 2025Announcement under Regulation 30 (LODR)-Newspaper PublicationMay 20, 2025
May 20, 2025Announcement under Regulation 30 (LODR)-Earnings Call TranscriptMay 16, 2025
May 16, 2025Compliances-Reg.24(A)-Annual Secretarial ComplianceMay 14, 2025
May 14, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - OutcomeMay 12, 2025
May 12, 2025Announcement under Regulation 30 (LODR)-Newspaper PublicationMay 10, 2025
May 10, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationMay 09, 2025
May 09, 2025Announcement Under Regulation 30 Of SEBI (LODR) Regulations 2015May 09, 2025
May 09, 2025Announcement under Regulation 30 (LODR)-Investor PresentationMay 09, 2025
May 09, 2025Announcement under Regulation 30 (LODR)-Change in DirectorateMay 09, 2025
May 09, 2025Announcement under Regulation 30 (LODR)-Change in ManagementMay 09, 2025
May 09, 2025Announcement Under Regulation 30May 09, 2025
May 09, 2025Intimation Of Record DateMay 09, 2025
May 09, 2025Corporate Action-Board approves DividendMay 09, 2025
May 09, 2025Technical Indicators
RSI(14)
Neutral 33.94
ATR(14)
Less Volatile 113.16
STOCH(9,6)
Neutral 22.20
STOCH RSI(14)
Oversold 3.44
MACD(12,26)
Bearish -32.79
ADX(14)
Strong Trend 25.09
UO(9)
Bearish 47.12
ROC(12)
Downtrend But Slowing Down -8.64
WillR(14)
Oversold -88.15
Mutual Fund Holdings
Kotak Midcap Fund Direct-Growth 
Edelweiss Mid Cap Direct Plan-Growth 
Aditya Birla Sun Life Infrastructure Direct Fund-Growth 
LIC MF ELSS Tax Saver Direct - Growth 
ICICI Prudential Energy Opportunities Fund Direct-Growth 
Invesco India Infrastructure Fund Direct-Growth 
Baroda BNP Paribas Midcap Fund Direct-Growth 
Mahindra Manulife Value Fund Direct-Growth 
Motilal Oswal Nifty Midcap 150 Index Fund Direct - Growth 
Nippon India Nifty Midcap 150 Index Fund Direct - Growth 
Quantum Ethical Fund Direct - Growth 
Zerodha Nifty Large Midcap 250 Index Fund Direct - Growth 
SBI Nifty Midcap 150 Index Fund Direct - Growth 
HDFC NIFTY Midcap 150 Index Fund Direct - Growth 
Navi Nifty Midcap 150 Index Fund Direct - Growth 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
Chairperson NameMeher P Pudumjee
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