Thermax Limited Share Price & Analysis
Price Chart
Fundamentals
Strengths
- Low debt relative to equity (D/E 0.4x)
Concerns
- Premium to sector peers (P/E 78.8x vs industry 48.4x)
- 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 | ₹4,856 | ₹3.2L Cr | 34.8 | 7.91 | 24 | 32 | 0 |
| BEL Bharat Electronics Limited | ₹405 | ₹3.0L Cr | 48.2 | 12.36 | 27.4 | 36.4 | 0 |
| TMCV Tata Motors Limited | ₹475 −0.03% | ₹1.7L Cr | 22.7 | 10.71 | 34 | 35.9 | 0.44 |
| ABB ABB India Limited | ₹7,410 | ₹1.6L Cr | 102 | 16.8 | 22.4 | 29.9 | 0.02 |
| BHEL Bharat Heavy Electricals Limited | ₹431 | ₹1.5L Cr | 61.7 | 5.74 | 6.23 | 9.14 | 0.45 |
| SIEMENS Siemens Limited | ₹3,977 | ₹1.4L Cr | 94.2 | 10.22 | 19.2 | 21.4 | 0.01 |
| CGPOWER CG Power and Industrial Solutions Limited | ₹891 | ₹1.4L Cr | 110 | 17.61 | 20.5 | 26.7 | 0.02 |
Showing 7 peers in the same sector · Sorted by market cap
Shareholding Pattern
THERMAX · as of Mar 2026
| 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
Dividend - Rs 14 Per Share/Special Dividend - Rs 6 Per Share
Dividend - Rs 14 Per Share
Dividend - Rs 12 Per Share
Dividend - Rs 10 Per Share
Latest News
All newsThermax publishes mandatory newspaper notice
*Thermax publishes mandatory newspaper notice*. The company has released a copy of its newspaper publication as part of regulatory compliance. No financial figures or strategic updates were disclosed. Such filings are routine and informational in nature. 📊 *STOCKS:* THERMAX | 🏢 *SECTOR:* CapitalMarkets | #LOWIMPACT #CorporateFiling
Thermax shares may react to investor presentation.
*Thermax shares may react to investor presentation.* The company shared an investor presentation via a corporate filing on NSE, likely outlining strategic initiatives and financial performance. While no major announcements were made, institutional investors may review updated guidance or capex plans. Traders should monitor for any volume surge or sentiment shift. 📊 *STOCKS:* $THERMAX | 🏢 *SECTOR:* CapitalMarkets | #LOWIMPACT #InvestorPresentation
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
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
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
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