Thermax Limited Share Price & Analysis
₹4,841▲ +2.77%Updated 21 Jul 2026, 05:01 pm IST
LTP
₹4,841
+2.77%
Open
₹—
High
₹4,880
Low
₹4,710
Close
₹4,841
52W High
₹5,278
52W Low
₹2,743
Volume
326K
Lot Size
1
Sector
Capital Goods
Market Cap
₹56K Cr
Face Value
₹2
Large CapNIFTY 500
Price Chart
Fundamentals
P/E
100
Sector P/E
52.7
P/B
10.09
EPS
₹63.91
ROE
10.6%
ROCE
13.9%
D/E Ratio
0.42
Div Yield
0.3%
Book Value
₹466
+
Strengths
- ✓Low debt relative to equity (D/E 0.4x)
−
Concerns
- ✗Premium to sector peers (P/E 100x vs industry 52.7x)
- ✗High premium to book value (P/B 10.1x)
Peer Comparison
| Company | CMP | Mkt Cap | P/E | P/B | ROE % | ROCE % | D/E |
|---|---|---|---|---|---|---|---|
| HAL Hindustan Aeronautics Limited | ₹4,568 | ₹3.0L Cr | 33 | 7.44 | 24 | 32 | 0 |
| BEL Bharat Electronics Limited | ₹407 | ₹3.0L Cr | 49.4 | 12.41 | 27.6 | 36.5 | 0 |
| ABB ABB India Limited | ₹7,530 | ₹1.6L Cr | 104 | 20.35 | 22.4 | 29.9 | 0.01 |
| TMCV Tata Motors Limited | ₹412 +0.59% | ₹1.5L Cr | 38.6 | 10.71 | 34 | 35.9 | 0.44 |
| CUMMINSIND Cummins India Limited | ₹5,590 | ₹1.5L Cr | 62.3 | 18.27 | 30.2 | 39.5 | 0 |
| BHEL Bharat Heavy Electricals Limited | ₹417 | ₹1.5L Cr | 60.4 | 5.55 | 6.23 | 9.14 | 0.45 |
| CGPOWER CG Power and Industrial Solutions Limited | ₹912 | ₹1.4L Cr | 118 | 18.02 | 20.5 | 26.7 | 0.02 |
Showing 7 peers in the same sector · Sorted by market cap
Shareholding Pattern
THERMAX · as of Mar 2026
Promoters61.99%
FII15.86%▲0.37
DII12.25%▼0.41
Public4.43%▲0.04
Others5.47%
| Category | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Promoters | 61.99% | 61.99% | 61.99% | 61.99% | 61.99% | 61.99% |
| FII | 12.01% | 12.24% | 15.15% | 15.38% | 15.49% | 15.86% |
| DII | 15.86% | 15.82% | 12.88% | 12.72% | 12.66% | 12.25% |
| Public | 4.66% | 4.48% | 4.50% | 4.45% | 4.39% | 4.43% |
| Others | 5.48% | 5.48% | 5.48% | 5.47% | 5.47% | 5.47% |
Corporate Events
To consider and approve the financial results for the period ended Jun 30, 2026
Results29 Jul 2026
Dividend - Rs 14 Per Share/Special Dividend - Rs 6 Per Share
Dividend2 Jul 2026
Dividend - Rs 14 Per Share
Dividend3 Jul 2025
Dividend - Rs 12 Per Share
Dividend4 Jul 2024
Dividend - Rs 10 Per Share
Dividend20 Jul 2023
Latest News
All news →Thermax publishes mandatory newspaper notice
*Thermax publishes mandatory newspaper notice.* This is a routine corporate disclosure filed with the exchange. Such notices are typically related to board meetings, financial results, or shareholder communications. No immediate financial or operational implications are indicated. 📊 *STOCKS:* THERMAX | 🏢 *SECTOR:* CapitalMarkets | #LOWIMPACT #Filing
NSE Filing25 Jun
NCLT approves Thermax-Buildtech merger as fair
*NCLT approves Thermax-Buildtech merger as fair.* The National Company Law Tribunal has approved the merger of Buildtech Products India with Thermax, ruling the scheme of arrangement as fair and reasonable. This clears a key regulatory hurdle for the integration. The move is expected to streamline operations and enhance shareholder value. 📊 *STOCKS:* THERMAX, BUILTECH | 🏢 *SECTOR:* CapitalMarkets | #MEDIUMIMPACT #Merger
LiveLawBiz3 Jun
Thermax gets NCLT nod to merge Buildtech Products
*Thermax gets NCLT nod to merge Buildtech Products* Thermax has received approval from the NCLT to merge Buildtech Products India into itself. The move is expected to streamline operations and eliminate minority stakes. Buildtech Products is a **100% subsidiary**, and the merger will enhance operational efficiency. 📊 *STOCKS:* THERMAX | 🏢 *SECTOR:* CapitalMarkets | #MEDIUMIMPACT #merger
scanx.trade3 Jun
Financials
Quarterly Results
| Metric | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | ₹3.4K Cr ▲30.1% | ₹2.6K Cr ▲6.5% | ₹2.5K Cr ▲14.6% | ₹2.2K Cr ▼29.2% | ₹3.0K Cr ▲20.4% | ₹2.5K Cr ▼3.3% | ₹2.6K Cr ▲19.8% | ₹2.2K Cr |
| Op. Profit | ₹374 Cr ▲46.7% | ₹255 Cr ▲48.3% | ₹172 Cr ▼23.6% | ₹225 Cr ▼25.0% | ₹300 Cr ▲59.6% | ₹188 Cr ▼32.4% | ₹278 Cr ▲97.2% | ₹141 Cr |
| OPM | 11.0% ▲10.0% | 10.0% ▲42.9% | 7.0% ▼30.0% | 10.0% ▲0.0% | 10.0% ▲42.9% | 7.0% ▼36.4% | 11.0% ▲83.3% | 6.0% |
| Net Profit | ₹244 Cr ▲19.0% | ₹205 Cr ▲72.3% | ₹119 Cr ▼21.2% | ₹151 Cr ▼26.7% | ₹206 Cr ▲80.7% | ₹114 Cr ▼42.4% | ₹198 Cr ▲81.7% | ₹109 Cr |
| EPS (₹) | 20.5 ▲19.6% | 17.14 ▲70.7% | 10.04 ▼21.5% | 12.79 ▼25.9% | 17.27 ▲77.5% | 9.73 ▼41.2% | 16.54 ▲70.2% | 9.72 |
Values in ₹ Cr · Source: Screener.in
Annual Profit & Loss
| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹10.8K Cr ▲3.7% | ₹10.4K Cr ▲11.4% | ₹9.3K Cr ▲15.2% | ₹8.1K Cr ▲32.0% | ₹6.1K Cr ▲27.9% | ₹4.8K Cr ▼16.4% | ₹5.7K Cr ▼4.1% | ₹6.0K Cr ▲33.8% | ₹4.5K Cr ▼0.4% | ₹4.5K Cr |
| Expenses | ₹9.7K Cr ▲2.7% | ₹9.5K Cr ▲11.2% | ₹8.5K Cr ▲13.8% | ₹7.5K Cr ▲31.0% | ₹5.7K Cr ▲28.9% | ₹4.4K Cr ▼16.8% | ₹5.3K Cr ▼3.4% | ₹5.5K Cr ▲34.9% | ₹4.1K Cr ▲1.0% | ₹4.0K Cr |
| Op. Profit | ₹1.0K Cr ▲14.1% | ₹910 Cr ▲14.2% | ₹797 Cr ▲32.6% | ₹601 Cr ▲45.2% | ₹414 Cr ▲16.3% | ₹356 Cr ▼11.2% | ₹401 Cr ▼12.3% | ₹457 Cr ▲21.2% | ₹377 Cr ▼13.1% | ₹434 Cr |
| OPM | 10.0% ▲11.1% | 9.0% ▲0.0% | 9.0% ▲28.6% | 7.0% ▲0.0% | 7.0% ▲0.0% | 7.0% ▲0.0% | 7.0% ▼12.5% | 8.0% ▲0.0% | 8.0% ▼20.0% | 10.0% |
| Other Income | ₹317 Cr ▲26.8% | ₹250 Cr ▼18.6% | ₹307 Cr ▲96.8% | ₹156 Cr ▲15.6% | ₹135 Cr ▲150.0% | ₹54 Cr ▼48.6% | ₹105 Cr ▲75.0% | ₹60 Cr ▼47.8% | ₹115 Cr ▲21.1% | ₹95 Cr |
| Interest | ₹139 Cr ▲18.8% | ₹117 Cr ▲33.0% | ₹88 Cr ▲131.6% | ₹38 Cr ▲52.0% | ₹25 Cr ▲19.0% | ₹21 Cr ▲40.0% | ₹15 Cr ▲7.1% | ₹14 Cr ▲7.7% | ₹13 Cr ▲30.0% | ₹10 Cr |
| Depreciation | ₹208 Cr ▲30.8% | ₹159 Cr ▲7.4% | ₹148 Cr ▲26.5% | ₹117 Cr ▲3.5% | ₹113 Cr ▼1.7% | ₹115 Cr ▼1.7% | ₹117 Cr ▲27.2% | ₹92 Cr ▲12.2% | ₹82 Cr ▲0.0% | ₹82 Cr |
| PBT | ₹1.0K Cr ▲14.0% | ₹884 Cr ▲1.7% | ₹869 Cr ▲44.1% | ₹603 Cr ▲47.1% | ₹410 Cr ▲49.1% | ₹275 Cr ▼26.7% | ₹375 Cr ▼8.5% | ₹410 Cr ▲3.3% | ₹397 Cr ▼9.4% | ₹438 Cr |
| Tax % | 29.0% ▲0.0% | 29.0% ▲11.5% | 26.0% ▲4.0% | 25.0% ▲4.2% | 24.0% ▼4.0% | 25.0% ▼41.9% | 43.0% ▲104.8% | 21.0% ▼50.0% | 42.0% ▲16.7% | 36.0% |
| Net Profit | ₹720 Cr ▲14.8% | ₹627 Cr ▼2.5% | ₹643 Cr ▲42.6% | ₹451 Cr ▲44.6% | ₹312 Cr ▲50.7% | ₹207 Cr ▼2.4% | ₹212 Cr ▼34.8% | ₹325 Cr ▲40.7% | ₹231 Cr ▲6.9% | ₹216 Cr |
| EPS (₹) | 60.47 ▲13.6% | 53.25 ▼1.7% | 54.15 ▲43.3% | 37.79 ▲44.2% | 26.21 ▲51.2% | 17.34 ▼2.7% | 17.83 ▼34.7% | 27.31 ▲40.2% | 19.48 ▲4.1% | 18.72 |
| Div Payout | 3.0% ▼88.0% | 25.0% ▲19.0% | 21.0% ▼16.0% | 25.0% ▼21.9% | 32.0% ▼15.8% | 38.0% ▲2.7% | 37.0% ▲54.2% | 24.0% ▼17.2% | 29.0% ▼3.3% | 30.0% |
Values in ₹ Cr · Source: Screener.in
Balance Sheet
| Item | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Liabilities | ||||||||||
| Equity Capital | ₹23 Cr ▲0.0% | ₹23 Cr ▲0.0% | ₹23 Cr ▲0.0% | ₹23 Cr ▲0.0% | ₹23 Cr ▲0.0% | ₹23 Cr ▲0.0% | ₹23 Cr ▲0.0% | ₹23 Cr ▲0.0% | ₹23 Cr ▲0.0% | ₹23 Cr |
| Reserves | ₹5.5K Cr ▲12.5% | ₹4.9K Cr ▲11.3% | ₹4.4K Cr ▲14.8% | ₹3.8K Cr ▲10.8% | ₹3.5K Cr ▲7.5% | ₹3.2K Cr ▲7.5% | ₹3.0K Cr ▲0.4% | ₹3.0K Cr ▲11.1% | ₹2.7K Cr ▲7.0% | ₹2.5K Cr |
| Borrowings | ₹2.4K Cr ▲37.0% | ₹1.7K Cr ▲34.5% | ₹1.3K Cr ▲53.7% | ₹831 Cr ▲125.8% | ₹368 Cr ▲12.2% | ₹328 Cr ▲42.6% | ₹230 Cr ▼4.2% | ₹240 Cr ▲2.6% | ₹234 Cr ▲72.1% | ₹136 Cr |
| Other Liabilities | ₹5.3K Cr ▲12.9% | ₹4.7K Cr ▲6.9% | ₹4.4K Cr ▲6.9% | ₹4.1K Cr ▲15.0% | ₹3.6K Cr ▲23.2% | ₹2.9K Cr ▲8.5% | ₹2.7K Cr ▼23.8% | ₹3.5K Cr ▲18.6% | ₹3.0K Cr ▲25.7% | ₹2.4K Cr |
| Total Liabilities | ₹13.2K Cr ▲16.3% | ₹11.4K Cr ▲12.2% | ₹10.1K Cr ▲14.8% | ₹8.8K Cr ▲18.5% | ₹7.5K Cr ▲14.7% | ₹6.5K Cr ▲9.2% | ₹6.0K Cr ▼12.4% | ₹6.8K Cr ▲14.5% | ₹5.9K Cr ▲17.5% | ₹5.0K Cr |
| Assets | ||||||||||
| Fixed Assets | ₹3.0K Cr ▲8.6% | ₹2.8K Cr ▲47.2% | ₹1.9K Cr ▲52.7% | ₹1.2K Cr ▲4.4% | ₹1.2K Cr ▼3.8% | ₹1.2K Cr ▼3.2% | ₹1.3K Cr ▼2.2% | ₹1.3K Cr ▲34.8% | ₹973 Cr ▲20.0% | ₹811 Cr |
| CWIP | ₹1.4K Cr ▲156.1% | ₹563 Cr ▲7.2% | ₹525 Cr ▲21.0% | ₹434 Cr ▲886.4% | ₹44 Cr ▲83.3% | ₹24 Cr ▼57.1% | ₹56 Cr ▲40.0% | ₹40 Cr ▼61.2% | ₹103 Cr ▼27.0% | ₹141 Cr |
| Investments | ₹1.8K Cr ▲5.0% | ₹1.7K Cr ▼3.7% | ₹1.8K Cr ▲8.5% | ₹1.6K Cr ▲10.1% | ₹1.5K Cr ▲531.2% | ₹234 Cr ▼73.3% | ₹875 Cr ▲5.5% | ₹829 Cr ▼43.7% | ₹1.5K Cr ▲35.9% | ₹1.1K Cr |
| Other Assets | ₹7.0K Cr ▲10.4% | ₹6.3K Cr ▲6.2% | ₹5.9K Cr ▲7.5% | ₹5.5K Cr ▲16.6% | ₹4.7K Cr ▼5.1% | ₹5.0K Cr ▲33.8% | ₹3.7K Cr ▼18.9% | ₹4.6K Cr ▲36.3% | ₹3.4K Cr ▲12.4% | ₹3.0K Cr |
| Total Assets | ₹13.2K Cr ▲16.3% | ₹11.4K Cr ▲12.2% | ₹10.1K Cr ▲14.8% | ₹8.8K Cr ▲18.5% | ₹7.5K Cr ▲14.7% | ₹6.5K Cr ▲9.2% | ₹6.0K Cr ▼12.4% | ₹6.8K Cr ▲14.5% | ₹5.9K Cr ▲17.5% | ₹5.0K Cr |
Values in ₹ Cr · Source: Screener.in
Cash Flow Statement
| Item | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating CF | ₹542 Cr ▼49.8% | ₹1.1K Cr ▲337.2% | ₹247 Cr ▼46.3% | ₹460 Cr ▲41.5% | ₹325 Cr ▼57.7% | ₹769 Cr ▲135.9% | ₹326 Cr ▲383.5% | ₹-115 Cr ▼121.5% | ₹534 Cr ▲59.4% | ₹335 Cr |
| Investing CF | ₹-565 Cr ▲55.1% | ₹-1.3K Cr ▼144.6% | ₹-514 Cr ▲22.6% | ₹-664 Cr ▼58.1% | ₹-420 Cr ▲33.0% | ₹-627 Cr ▼347.9% | ₹-140 Cr ▼152.6% | ₹266 Cr ▲152.5% | ₹-507 Cr ▼412.1% | ₹-99 Cr |
| Financing CF | ₹248 Cr ▲101.6% | ₹123 Cr ▼56.8% | ₹285 Cr ▼18.3% | ₹349 Cr ▲1761.9% | ₹-21 Cr ▼127.3% | ₹77 Cr ▲133.2% | ₹-232 Cr ▼256.9% | ₹-65 Cr ▼225.0% | ₹-20 Cr ▲84.1% | ₹-126 Cr |
| Net Cash Flow | ₹224 Cr ▲507.3% | ₹-55 Cr ▼389.5% | ₹19 Cr ▼86.8% | ₹144 Cr ▲225.2% | ₹-115 Cr ▼152.3% | ₹220 Cr ▲568.1% | ₹-47 Cr ▼155.3% | ₹85 Cr ▲1114.3% | ₹7 Cr ▼93.6% | ₹110 Cr |
| Free Cash Flow | ₹-401 Cr ▼322.8% | ₹180 Cr ▲138.2% | ₹-471 Cr ▼147.9% | ₹-190 Cr ▼178.8% | ₹241 Cr ▼64.9% | ₹686 Cr ▲146.8% | ₹278 Cr ▲203.0% | ₹-270 Cr ▼181.1% | ₹333 Cr ▲54.2% | ₹216 Cr |
Values in ₹ Cr · Source: Screener.in
Key Ratios History
| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 75d ▲7.1% | 70d ▼15.7% | 83d ▲3.8% | 80d ▼5.9% | 85d ▼9.6% | 94d ▲6.8% | 88d ▲4.8% | 84d ▼17.6% | 102d ▲21.4% | 84d |
| Inventory Days | 60d ▲33.3% | 45d ▼15.1% | 53d ▼11.7% | 60d ▼21.1% | 76d ▲31.0% | 58d ▲7.4% | 54d ▼3.6% | 56d ▼1.8% | 57d ▲23.9% | 46d |
| Days Payable | 135d ▲26.2% | 107d ▲0.0% | 107d ▼9.3% | 118d ▼22.9% | 153d ▼6.7% | 164d ▲43.9% | 114d ▼24.0% | 150d ▼6.8% | 161d ▼0.6% | 162d |
| Cash Conv. Cycle | -1d ▼111.1% | 9d ▼69.0% | 29d ▲38.1% | 21d ▲162.5% | 8d ▲172.7% | -11d ▼139.3% | 28d ▲380.0% | -10d ▼233.3% | -3d ▲90.6% | -32d |
| Working Capital Days | -40d ▼11.1% | -36d ▼50.0% | -24d ▲38.5% | -39d ▲11.4% | -44d ▲12.0% | -50d ▼614.3% | -7d ▼75.0% | -4d ▲90.0% | -40d ▼471.4% | -7d |
| ROCE | 14.0% ▲0.0% | 14.0% ▼17.6% | 17.0% ▲13.3% | 15.0% ▲25.0% | 12.0% ▲20.0% | 10.0% ▼16.7% | 12.0% ▼29.4% | 17.0% ▲13.3% | 15.0% ▼16.7% | 18.0% |
Source: Screener.in · Lower days = better efficiency
Related Analysis
Frequently Asked Questions
What is Thermax Limited share price today?▾
Thermax Limited (THERMAX) is currently trading at ₹4,841 on NSE, up 2.77% as of the last market session. Prices update daily after market close on MarketNetra.
Is Thermax Limited available in F&O (Futures & Options)?▾
Yes, Thermax Limited (THERMAX) is part of the NSE F&O segment with a lot size of 1 shares. Options are available with monthly expiry contracts. You can track the full option chain and OI analysis on MarketNetra.
What is Thermax Limited 52-week high and low?▾
Thermax Limited's 52-week high is ₹5,278 and the 52-week low is ₹2,743. The current price of ₹4,841 is 8.3% below the 52W high.
What is Thermax Limited P/E ratio?▾
Thermax Limited's current P/E ratio is 100. This indicates the market is paying ₹100 for every ₹1 of earnings. Compare this to the sector average to assess relative valuation.
How to trade Thermax Limited options?▾
Thermax Limited options are traded on NSE with monthly expiry contracts (lot size: 1 shares). To trade THERMAX options: select your expiry on the option chain page, identify key OI strikes, check the PCR and buildup type on OI analysis, and review FII/DII flows for institutional sentiment before taking a position.