THERMAX

Thermax Ltd.

NSE: THERMAX

BSE: 500411

Sector: Capital Goods

Industry Group: Electrical Equipment

Industry: Heavy Electrical Equipment

4,600.00-107.9 (-2.29%)

8 Jul, 12:00 AM

Overview

Analysis Statements Technicals Forecast Peers Resources News

Stock Scores

Quality Score

62.4 / 100

Value Score

15.1 / 100

Price Momentum Score

92.7 / 100

QVM Score

60.5 / 100

Key Metrics

Market Cap

51811.60

P/E (TTM)

71.91

P/B

9.34

P/S (TTM)

4.84

EV/EBITDA

48.24

CAPE (5Y)

93.79

ROE (TTM)

13.74

ROCE (TTM)

11.81

ROA (TTM)

5.69

Avg 3Y ROE

14.27

Earnings 3Y CAGR

16.95

Sales 3Y CAGR

9.75

Sales 5Y CAGR

17.42

Debt/Equity

0.42

Consensus TP

4087.50

Strong Buy %

15.00

Promoter Holding

61.98

Pledged %

0.00

Stock Analysis

Fundamental analysis overview of Thermax Ltd. covering key investment insights, growth drivers, risk factors, and potential red flags.

Views

Red Flags

Positive

Strong price momentum

Price Momentum score of 92.7 indicates that the stock has strong price momentum. Research has shown that stocks with higher momentum continue to outperform in the near term

What is Price Momentum score?

92.7 / 100

Analysts have been raising forward EPS estimates

Analyst EPS estimate (consensus) for forward EPS has increased by 3.48% in the last 3 months, indicating earnings momentum

What is Earnings upgrade (3M)?

Low Debt to Equity, not much change from last year

The company has low Debt to Equity of 0.42 as on 31 Mar 2026 and Debt to Equity increased marginally by 0.07 in the last 1 year

What is Debt to Equity?

Consistently pays dividend

The company has not missed dividend payments once in the last 5 financial years

What is Dividend streak?

Company is net cash

The company is net cash i.e., cash and cash equivalents exceed total debt indicating a healthy balance sheet

What is Net Debt ?

Negative

Expensive and at a premium to industry median P/E

PE TTM of 71.91 indicates that the stock is expensive on a standalone basis and is at a 103.6% premium to industry median P/E

What is P/E Ratio?

Median: 35.32

Value 71.91

6.34168.35

Low but stable operating margin

The company reported low operating margin of 8.06% for 12-month ended 31 Mar 2026 and operating margin improved marginally by 5 bps from 1 year ago

What is Operating profit margin?

Low revenue growth and lower than median growth of industry

The company delivered moderate revenue growth of 2.94% for 12-month ended 31 Mar 2026 and the growth was 21.3 percentage points lower than median growth of industry

What is Sales growth (1Y)?

Median: 24.24

Value 2.94

-46.31954.87

Moderate EPS growth but lower than median growth of industry

The company delivered moderate EPS growth of 13.55% for 12-month ended 31 Mar 2026 but the growth was 22.76 percentage points lower than median growth of industry

What is EPS growth (1Y)?

Low dividend yield

The company has a low dividend yield of 0.3%

What is Dividend yield?

Neutral

Moderate and stable ROE

The company reported moderate ROE of 13.74% for 12-month ended 31 Mar 2026 and ROE improved marginally by 20 bps from 1 year ago

What is ROE (FY)?

Company's earnings are of moderate quality

Earnings quality score of 47.1 indicates that the company's earnings are of moderate quality. Earnings quality is measured using combination of earnings persistence, probability of manipulation and earnings to cash conversion

What is Earnings quality score?

47.1 / 100

Financial Snapshot

See detailed analysis

Multi-year trends for Thermax Ltd. covering revenue, net profit, ROE, and EBITDA for a quick view of financial health over time.

Net Revenue FY

Profit After Tax FY

ROE FY

EBITDA FY

Thermax Ltd. Shareholding Pattern

Quarterly breakdown of Thermax Ltd. ownership including promoter, FII, DII, mutual fund, and public holdings as disclosed to NSE/BSE.

	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Total 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	61.98	61.98	61.98	61.98
Indian 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	61.98	61.98	61.98	61.98
Foreign Promoter	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Institutions	25.35	25.34	24.16	26.64	27.05	27.18	27.35	27.30	27.52	27.70	27.69	27.61	27.92	27.86	28.00	27.87	28.06	28.02	28.10	28.15	28.11	27.77	27.39	27.20	26.73
Mutual Funds / UTI	15.73	12.51	11.54	10.66	11.05	11.18	11.98	12.72	13.17	13.21	13.48	13.39	13.62	13.52	13.47	13.55	13.56	12.06	12.06	11.87	11.26	10.71	12.56	13.26	13.75
FI/Bank/Insurance	1.85	1.86	1.76	1.75	1.75	1.58	0.01	0.00	0.00	0.00	1.79	1.88	1.98	1.94	1.96	2.16	2.13	0.69	0.62	0.72	0.93	1.03	1.33	1.47	1.49
Govt	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
FII	7.77	10.97	10.87	12.18	12.45	12.73	12.35	12.28	11.84	11.93	12.35	12.27	12.29	12.36	12.54	12.01	12.24	15.15	15.38	15.49	15.86	16.02	13.44	12.36	11.25
Other Institutions	0.00	0.00	0.00	2.05	1.80	1.69	3.01	4.61	5.00	5.01	0.07	0.08	0.03	0.04	0.03	0.15	0.13	0.13	0.04	0.07	0.06	0.00	0.06	0.11	0.25
Non-Institution	12.67	12.68	13.86	11.38	10.97	10.84	10.67	10.72	10.50	10.32	10.33	10.40	10.09	10.16	10.02	10.14	9.96	10.00	9.92	9.87	9.91	10.25	10.62	10.82	11.29
Bodies Corporate	0.41	0.38	0.35	0.35	0.33	0.31	0.28	0.32	0.26	0.26	0.28	0.26	0.22	0.23	0.27	0.31	0.25	0.20	0.19	0.21	0.19	0.24	0.34	0.27	0.31
Others (incl. Retail) No. of shareholders	12.26 32,866	12.30 35,894	13.51 37,672	11.03 34,043	10.64 31,072	10.53 32,034	10.39 31,555	10.40 33,618	10.24 33,960	10.06 35,690	10.05 37,382	10.14 39,428	9.87 35,656	9.93 39,345	9.75 35,172	9.83 39,090	9.71 40,318	9.80 48,069	9.73 51,017	9.66 49,870	9.72 52,822	10.01 62,071	10.28 70,482	10.55 76,751	10.98 89,001

Holdings and Presence

Indices and prominent investors with a stake in this stock.

Index Presence

#	Index	Weight	Rank
1	SHI: Watertech	13.78%	4 / 8
2	SHI: Heavy Electrical Equipment	4.77%	8 / 20
3	Nifty Midcap 150	0.48%	86 / 149
4	NIFTY Large Midcap 250	0.25%	141 / 250
5	Nifty 500	0.1%	185 / 499
6	Nifty Total Market	0.1%	194 / 749

Bulk, Block and Insider Trades

Recent bulk deals, block deals, and insider trading activity in Thermax Ltd. shares as reported to NSE and BSE.

Name	Month	Transaction	Holding % pre transaction	Average price	Qty.	Transaction value
BINAIFER GAGRAT Designated Person	September-2022	Market Sale (Disposal) 23rd Sep 2022	0.11 %	₹ 2,642.00	500.00	₹ 13.21 lac
BINAIFER GAGRAT Designated Person	September-2022	Market Sale (Disposal) 23rd Sep 2022	0.11 %	₹ 2,570.00	100.00	₹ 2.57 lac
BINAIFER GAGRAT Designated Person	September-2022	Market Sale (Disposal) 23rd Sep 2022	0.11 %	₹ 2,560.00	100.00	₹ 2.56 lac
BINAIFER GAGRAT Designated Person	September-2022	Market Sale (Disposal) 23rd Sep 2022	0.11 %	₹ 2,560.00	100.00	₹ 2.56 lac
BINAIFER GAGRAT Designated Person	September-2022	Market Sale (Disposal) 13th Sep 2022	0.11 %	₹ 2,514.00	334.00	₹ 8.40 lac
BINAIFER GAGRAT Designated Person	September-2022	Market Sale (Disposal) 13th Sep 2022	0.11 %	₹ 2,430.00	200.00	₹ 4.86 lac
Indu Jacob Designated Person	August-2022	Market Sale (Disposal) 22nd Aug 2022	0.00 %	₹ 2,103.57	1.29 k	₹ 27.11 lac

Corporate Actions

History of Thermax Ltd. dividends, bonus issues, stock splits, rights issues, and other corporate events.

Dividend₹ 14/share
Record date: 3rd Jul 2026Ex-date: 3rd Jul 2026
Announced on: 7th May 2026
Dividend₹ 6/share
Record date: 3rd Jul 2026Ex-date: 3rd Jul 2026
Announced on: 7th May 2026
Dividend₹ 14/share
Record date: 4th Jul 2025Ex-date: 4th Jul 2025
Announced on: 9th May 2025
Dividend₹ 12/share
Record date: 5th Jul 2024Ex-date: 5th Jul 2024
Announced on: 10th May 2024
Dividend₹ 10/share
Record date: 21st Jul 2023Ex-date: 21st Jul 2023
Announced on: 17th May 2023

Company Profile

Overview of Thermax Ltd. covering business description, industry classification, key management, financial ratios, and listed exchange details.

Thermax Limited is an India-based energy and environment solutions provider. The Companys segments include Industrial Products, Industrial Infra, Green Solutions and Chemical. Industrial Products segment includes air pollution control, cooling, heating, water and waste solutions, and specialized ser...

Key personnel

Mr. Rajendran Arunachalam

Group Chief Financial Officer, Executive Vice President

Mr. B. C. Mahesh

President and BU Head - Industrial Products

Mr. B. C. Rajesh

Executive Vice President and Chief Executive Officer - TBWES

Mr. Santanu Chaudhuri

Executive Vice President, Chief Technology Officer

Mr. Amit Sethi

Executive Vice President, Chief Digital and Information Officer

Mr. Kirtiraj Jilkar

Executive Vice President and BU Head - Projects and Energy Solutions

Mr. Dinesh Mandhana

Executive Vice President and BU Head - Chemical

Mr. Arun Unni

Executive Vice President and BU Head – New Energy and Strategy

View all

Incorporated on

30 Jun 1980

Last Annual

31 Mar 2026

Last Interim

31 Mar 2026

No. of Employees

5,832

IPO date

15 Feb 1995

Free Float

2,96,57,046

Website

https://www.thermaxglobal.com/

Phone no.

+912025542122

Address

THERMAX HOUSE, 14, MUMBAI-PUNE ROAD, WAKDEWADI,, , 411003, India

Frequently Asked Questions

What is the current share price of Thermax Ltd.?

The current share price of Thermax Ltd. is ₹ 4,600.00 as of 8 Jul 2026.

What is the market capitalisation of Thermax Ltd.?

The market capitalisation of Thermax Ltd. stands at ₹ 51,811.60 Cr.

What is the PE ratio of Thermax Ltd.?

The Price-to-Earnings (PE) ratio of Thermax Ltd. is 71.91 as of the latest trailing twelve months data.

What is the ROE and ROCE of Thermax Ltd.?

Thermax Ltd. has a Return on Equity (ROE) of 13.74% and a Return on Capital Employed (ROCE) of 11.81% as per the latest financial reports.

What is the 52-week high and low of Thermax Ltd.?

The 52-week high of Thermax Ltd. is - and the 52-week low is -.

What is the dividend yield of Thermax Ltd.?

The dividend yield of Thermax Ltd. is 0.30% based on the current market price.

What is the FII and DII holding in Thermax Ltd.?

Foreign Institutional Investors (FII) hold 11.25%, Domestic Institutional Investors (DII) hold 15.24% and retail/public investors hold 10.98% of Thermax Ltd. shares.

What sector does Thermax Ltd. belong to?

Thermax Ltd. operates in the Capital Goods sector. 25% of analysts have a Buy or Strong Buy rating on Thermax Ltd. with a consensus target price of ₹ 4,087.50, implying 11.14% downside from current levels.

What is the beta of Thermax Ltd.?

The beta of Thermax Ltd. is 0.43, indicating its price volatility relative to the broader market. Over the past 1 year, Thermax Ltd. has delivered an absolute return of 34.57%.

What is the RSI of Thermax Ltd.?

The 14-day Relative Strength Index (RSI) of Thermax Ltd. is 45.05, placing it in the neutral zone. An RSI above 70 is considered overbought and below 30 is considered oversold.

Thermax Ltd.

Stock Scores

Key Metrics

Share Price

Stock Analysis

Financial Snapshot

Thermax Ltd. Shareholding Pattern

Holdings and Presence

Bulk, Block and Insider Trades

Corporate Actions

Company Profile

Frequently Asked Questions

Company Profile

Stock Analysis

Holdings and Presence

Corporate Actions