THERMAX Latest Share Price (THERMAX)
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THERMAX rose 1.0% on light volume, outperforming Nifty's -0.3% move.
With a market cap of ₹43,852.5 Cr., it trades at a P/E of 73.90. Track live valuations, technical indicators, and peers comparison below. Check delivery conviction and recent filings to build your view.
How good is this company?
Overall performance across 5 key dimensions.
THERMAX flags & news
Key strengths, potential risks, and recent updates.
Green Flags
- ●Earnings GrowthEPS (TTM) grew by a solid 18.7% YoY
- ●High Capital EfficiencyROCE of 15.0% indicating pricing power
- ●High Promoter HoldingPromoters hold 62.0% skin-in-the-game
- ●Virtually Debt-FreeVery low Debt-to-Equity of 0.03x
- ●Zero Pledge RiskNo recent active promoter pledging found
Red Flags
- ●Sales ContractionQuarterly sales dropped 43.4% YoY
- ●Expensive ValuationTrading at a high P/E ratio of 84.2x
- ●Rising Receivables vs SalesReceivables grew 20.6% outpacing sales growth of 11.4%
Latest THERMAX News
What changed recently?
Recent events, corporate actions, and announcements.
THERMAX valuation: P/E, P/B and sector benchmarks.
Twelve years of multiples investors have paid for THERMAX, framed against the sector median so the premium or discount is obvious at a glance.
THERMAX trades at a P/E of 73.90× and P/B of 7.90×.
Market-priced ratios use the latest available quote; accounting metrics use the latest reported filing. Compare values with matched peers and the company's own history.
Valuation
Profitability
Growth
Financial Health
THERMAX technical analysis: indicators, pivots and CPR.
Latest RSI, MACD and moving-average signals plus the latest pivot and Central Pivot Range levels for THERMAX — derived from the latest tape, not yesterday's close.
THERMAX last traded at ₹3,682 with an intraday range of ₹3,589.5–₹3,702.1 — latest indicator, pivot and CPR signals below.
Pivot points
Standard pivot — most widely referenced.
Pivot levels · Classic
Last: ₹3682.00| Level | Price (₹) | Distance | % Δ |
|---|---|---|---|
| R4 | 3951.43 | +269.43 | +7.32% |
| R3 | 3838.83 | +156.83 | +4.26% |
| R2 | 3770.47 | +88.47 | +2.40% |
| R1 | 3726.23 | +44.23 | +1.20% |
| PIVOT | 3657.87 | -24.13 | -0.66% |
| CURRENT | 3682.00 | — | — |
| S1 | 3613.63 | -68.37 | -1.86% |
| S2 | 3545.27 | -136.73 | -3.71% |
| S3 | 3501.03 | -180.97 | -4.91% |
| S4 | 3388.43 | -293.57 | -7.97% |
THERMAX is trading Above CPR, indicating Bullishness
CPR is Wider, suggesting unlikely for trending moves
Day's range: ₹3589.5–₹3623.1
Trading Inside opening range
THERMAX financials: P&L, balance sheet, cash flow, ratios.
Reported annual and quarterly results for THERMAX — consolidated or standalone — with margins, YoY growth and key ratios inline.
THERMAX reports its full P&L, balance sheet, cash flow and ratios on this page — current market capitalisation of ₹43,852.5 Cr. and reported EPS of ₹-1.52.
| Metric | Mar 2025 | Mar 2026 |
|---|---|---|
| Revenue from Operations | 10,389 | 10,694 ▲ 2.9% |
| Sales Growth YoY %Derived | 11.43% | 2.94% |
| Other Income | 252 | 267 ▲ 6.1% |
| Total Income | 10,641 | 10,962 ▲ 3.0% |
| 5,814 | 5,560 ▼ 4.4% | |
| Gross ProfitDerived | 4,575 | 5,135 ▲ 12.2% |
| Gross Margin %Derived | 44.04% | 48.01% |
| 3,667 | 4,108 ▲ 12.0% | |
| EBITDA (Operating Profit)Derived | 908 | 1,026 ▲ 13.1% |
| OPM %Derived | 8.74% | 9.60% |
| 275 | 408 ▲ 48.1% | |
| Profit Before Tax (PBT) | 885 | 1,008 ▲ 14.0% |
| 258 | 288 ▲ 11.6% | |
| Effective Tax %Derived | 29.14% | 28.53% |
| Total Profit for Period | 627 | 720 ▲ 14.9% |
| Less: Non-controlling Interests | -8 | -0 ▲ 96.9% |
| Net Profit (Owner's PAT)Derived | 634 | 721 ▲ 13.6% |
| Net Profit Margin %Derived | 6.11% | 6.74% |
| PAT Growth YoY %Derived | -1.68% | 13.56% |
| Earnings Per Share (EPS ₹) | 53.25 | 60.47 ▲ 13.6% |
| Diluted Shares Outstanding (Cr) | 12 | 12 ▲ 0.0% |
| Share of Profit from Associates/JVs | -0 | -0 ▼ 66.7% |
| Other Comprehensive Income (Net of Tax) | -2 | -19 ▼ 706.9% |
| Total Expenses (incl. D&A & Interest) | 9,756 | 9,953 ▲ 2.0% |
| Material Cost % of RevenueDerived | 53.46% | 50.72% |
| Employee Cost % of RevenueDerived | 12.21% | 13.29% |
| Other Cost % of RevenueDerived | 23.09% | 25.13% |
| Interest Coverage (x)Derived | 6.42x | 5.89x |
| Period | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Trend |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from Operations | 4,486 | 5,973 ▲ 33.2% | 5,731 ▼ 4.0% | 4,791 ▼ 16.4% | 6,128 ▲ 27.9% | 8,090 ▲ 32.0% | 9,323 ▲ 15.2% | 10,389 ▲ 11.4% | 10,694 ▲ 2.9% | |
| Sales Growth YoY %Derived | — | 33.16% | -4.05% | -16.40% | 27.91% | 32.01% | 15.25% | 11.43% | 2.94% | |
| Other Income | 116 | 150 ▲ 28.8% | 100 ▼ 33.3% | 108 ▲ 7.7% | 127 ▲ 17.9% | 160 ▲ 26.1% | 233 ▲ 45.2% | 252 ▲ 8.4% | 267 ▲ 6.1% | |
| Total Income | 4,602 | 6,123 ▲ 33.1% | 5,831 ▼ 4.8% | 4,899 ▼ 16.0% | 6,255 ▲ 27.7% | 8,250 ▲ 31.9% | 9,556 ▲ 15.8% | 10,641 ▲ 11.4% | 10,962 ▲ 3.0% | |
2,349 | 3,337 ▲ 42.0% | 3,086 ▼ 7.5% | 2,539 ▼ 17.7% | 3,485 ▲ 37.3% | 4,625 ▲ 32.7% | 5,220 ▲ 12.9% | 5,814 ▲ 11.4% | 5,560 ▼ 4.4% | ||
| Gross ProfitDerived | 2,136 | 2,637 ▲ 23.4% | 2,646 ▲ 0.3% | 2,253 ▼ 14.9% | 2,643 ▲ 17.3% | 3,465 ▲ 31.1% | 4,104 ▲ 18.4% | 4,575 ▲ 11.5% | 5,135 ▲ 12.2% | |
| Gross Margin %Derived | 47.63% | 44.14% | 46.16% | 47.02% | 43.13% | 42.83% | 44.02% | 44.04% | 48.01% | |
1,735 | 2,179 ▲ 25.6% | 2,239 ▲ 2.8% | 1,897 ▼ 15.3% | 2,222 ▲ 17.1% | 2,868 ▲ 29.1% | 3,307 ▲ 15.3% | 3,667 ▲ 10.9% | 4,108 ▲ 12.0% | ||
| EBITDA (Operating Profit)Derived | 401 | 457 ▲ 14.1% | 406 ▼ 11.2% | 355 ▼ 12.6% | 421 ▲ 18.6% | 598 ▲ 41.8% | 797 ▲ 33.4% | 908 ▲ 13.8% | 1,026 ▲ 13.1% | |
| OPM %Derived | 8.94% | 7.66% | 7.09% | 7.41% | 6.88% | 7.39% | 8.55% | 8.74% | 9.60% | |
95 | 17 ▼ 82.4% | 132 ▲ 683.6% | 83 ▼ 37.2% | 138 ▲ 67.4% | 154 ▲ 11.6% | 311 ▲ 101.5% | 275 ▼ 11.5% | 408 ▲ 48.1% | ||
| Profit Before Tax (PBT) | 422 | 411 ▼ 2.5% | 375 ▼ 9.0% | 275 ▼ 26.5% | 410 ▲ 49.0% | 603 ▲ 47.2% | 870 ▲ 44.2% | 885 ▲ 1.7% | 1,008 ▲ 14.0% | |
166 | 85 ▼ 48.8% | 162 ▲ 90.8% | 69 ▼ 57.7% | 98 ▲ 42.5% | 152 ▲ 55.8% | 226 ▲ 48.2% | 258 ▲ 14.2% | 288 ▲ 11.6% | ||
| Effective Tax %Derived | 39.27% | 20.64% | 43.28% | 24.93% | 23.85% | 25.25% | 25.96% | 29.14% | 28.53% | |
| Total Profit for Period | 231 | 325 ▲ 40.8% | 212 ▼ 34.7% | 207 ▼ 2.8% | 312 ▲ 51.2% | 451 ▲ 44.3% | 643 ▲ 42.7% | 627 ▼ 2.6% | 720 ▲ 14.9% | |
| Less: Non-controlling Interests | -1 | — ▲ 100.0% | — | — | — | 0 | -2 ▼ 608.5% | -8 ▼ 271.8% | -0 ▲ 96.9% | |
| Net Profit (Owner's PAT)Derived | 232 | 325 ▲ 40.2% | 212 ▼ 34.7% | 207 ▼ 2.8% | 312 ▲ 51.2% | 450 ▲ 44.2% | 645 ▲ 43.3% | 634 ▼ 1.7% | 721 ▲ 13.6% | |
| Net Profit Margin %Derived | 5.17% | 5.45% | 3.71% | 4.31% | 5.10% | 5.57% | 6.92% | 6.11% | 6.74% | |
| PAT Growth YoY %Derived | — | 40.21% | -34.72% | -2.76% | 51.18% | 44.18% | 43.30% | -1.68% | 13.56% | |
| Earnings Per Share (EPS ₹) | 19.48 | 27.31 ▲ 40.2% | 17.83 ▼ 34.7% | 17.34 ▼ 2.7% | 26.21 ▲ 51.2% | 37.79 ▲ 44.2% | 54.15 ▲ 43.3% | 53.25 ▼ 1.7% | 60.47 ▲ 13.6% | |
| Diluted Shares Outstanding (Cr) | 12 | 12 ▲ 0.0% | 12 ▲ 0.0% | 12 ▲ 0.0% | 12 ▲ 0.0% | 12 ▲ 0.0% | 12 ▲ 0.0% | 12 ▲ 0.0% | 12 ▲ 0.0% | |
| Share of Profit from Associates/JVs | -25 | -1 ▲ 95.8% | — ▲ 100.0% | — | 0 | -0 ▼ 276.9% | -1 ▼ 256.5% | -0 ▲ 70.7% | -0 ▼ 66.7% | |
| Other Comprehensive Income (Net of Tax) | 27 | -22 ▼ 180.4% | -9 ▲ 59.6% | 17 ▲ 292.6% | 8 ▼ 54.9% | 0 ▼ 97.5% | -9 ▼ 4768.4% | -2 ▲ 73.7% | -19 ▼ 706.9% | |
| Total Expenses (incl. D&A & Interest) | 4,180 | 5,712 ▲ 36.6% | 5,457 ▼ 4.5% | 4,624 ▼ 15.3% | 5,845 ▲ 26.4% | 7,647 ▲ 30.8% | 8,686 ▲ 13.6% | 9,756 ▲ 12.3% | 9,953 ▲ 2.0% | |
| Material Cost % of RevenueDerived | 51.30% | 54.24% | 52.28% | 51.50% | 57.21% | 54.92% | 54.61% | 53.46% | 50.72% | |
| Employee Cost % of RevenueDerived | 15.53% | 12.85% | 13.94% | 15.84% | 13.27% | 11.79% | 12.32% | 12.21% | 13.29% | |
| Other Cost % of RevenueDerived | 23.16% | 23.63% | 25.13% | 23.77% | 22.99% | 23.65% | 23.15% | 23.09% | 25.13% | |
| Interest Coverage (x)Derived | 24.79x | 25.52x | 19.28x | 11.66x | 12.24x | 12.79x | 7.41x | 6.42x | 5.89x |
THERMAX segment analysis : revenue and profit mix.
Disclosed business segments at THERMAX with their share of revenue and profit, switchable between consolidated and standalone reporting.
THERMAX discloses revenue and profit across multiple business segments — toggle between consolidated and standalone views to see the mix.
Segment-wise Financial Analysis
The Bull, Bear, and Flip case for THERMAX.
Our AI distills the core fundamental drivers supporting THERMAX, the risks that threaten it, and the quantitative conditions that could weaken the thesis.
THERMAX's investment case rests on 0 positive markers and 1 flagged concerns drawn from the latest reported filings.
What you're getting.
No strengths or opportunities on record.
Key Risks.
SWOT generation temporarily unavailable due to model error. The security token included in the request is invalid.
Flip Conditions.
Valuation risk. a P/E above 96 would leave less room for earnings disappointment.
Reassess if quarterly profit growth turns negative for two consecutive quarters. The bull case relies on compounding earnings.
Return-quality risk. ROE below 10% would indicate weaker capital compounding.
Income thesis breaks if the dividend is cut or yield falls below 0.08%.
THERMAX peer comparison — same-sector benchmarks.
Same-sector listed peers ranked on P/E, market cap, dividend yield and growth — THERMAX is highlighted for quick read-across.
Quick Compare
Peer Comparison
| Company Name |
|---|
THERMAX chart patterns: breakouts, tops and bottoms.
Auto-detected classical chart patterns for THERMAX — Double Top/Bottom, Head & Shoulders, Triple Bottom and more — with break levels, targets and quality scores across Intraday, Daily and Weekly timeframes.
THERMAX delivery volume — last 20 sessions of conviction.
Daily traded volume and delivery percentage for THERMAX over 20 sessions — the gap between intraday flipping and genuine accumulation.
Latest session delivery in THERMAX stood at 45.7% of traded volume, against a 20-day average of 51.9%.
THERMAX announcements: results, concalls, ratings, M&A.
Filings THERMAX sent to the exchanges, sequenced as they hit the tape — concall transcripts, results, credit ratings and presentations.
THERMAX files concall transcripts, results, credit ratings and corporate-action notices on the NSE and BSE exchange portals — latest 169 documents below.
Analysts/Institutional Investor Meet/Con. Call Updates
Thermax Limited has informed the Exchange about Transcript
Appointment
Thermax Limited has informed the Exchange regarding Appointment of Mr Ravi Shankar Gopinath as Non- Executive Independent Director of the company…
Shareholders meeting
Thermax Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on July 30, 2026. Further, the company has…
Analysts/Institutional Investor Meet/Con. Call Updates
Thermax Limited has informed the Exchange about Link of Recording
Copy of Newspaper Publication
Thermax Limited has informed the Exchange about Copy of Newspaper Publication
Investor decks & rating reports.
THERMAX dividend history, splits and bonus issues.
Every dividend, stock split and bonus issue THERMAX has declared, sequenced by announce and record date.
THERMAX corporate-action history below covers all declared dividends, stock splits and bonus issues recorded with NSE and BSE.
About THERMAX: business, sector, key facts.
What THERMAX does, where it operates, the people running it, and the numbers that describe the entity behind the ticker.
THERMAX operates in the Heavy Electrical Equipment industry under the Capital Goods sector, listed as NSE: THERMAX, BSE: 500411.
Thermax Limited is a multinational company headquartered in Pune, India, specializing in energy, environmental, and chemical solutions. The company's diverse portfolio caters to a wide range of industries, contributing to its substantial market presence both domestically and internationally. Its business model is structured around four key segments: Industrial Products, Industrial Infra, Green Solutions, and Chemicals, each offering a distinct array of products and services.
The Industrial Products segment focuses on providing advanced thermal solutions. This includes a comprehensive range of chillers (vapor absorption, hybrid, triple effect, heat pump), heat exchangers (evaporative condensers, air-cooled, etc.), industrial refrigeration systems, and renewable energy solutions. Their offerings aim to improve energy efficiency and reduce operational costs for their diverse clientele.
The Industrial Infra segment centers on the design, engineering, and installation of large-scale industrial systems. This involves the provision of various types of boilers (biomass, waste-to-energy, oil/gas fired, etc.), waste heat recovery units, fired heaters, process furnaces, and other related equipment critical for numerous industrial processes. This segment plays a key role in providing complete energy solutions for industrial clients.
Thermax's Green Solutions segment is dedicated to environmentally friendly technologies. This area focuses on air pollution control systems and water and waste management solutions, aligning with growing global sustainability concerns. These services are crucial for industries striving to minimize their environmental impact and comply with stringent regulations.
The Chemicals segment offers a variety of specialty chemicals for various industrial applications. These include ion exchange resins, and chemicals for construction, water treatment, oil fields, and paper production. This segment leverages Thermax's chemical expertise to provide essential components and solutions for diverse industrial processes.
Beyond the four core segments, Thermax also offers operation and maintenance services for the systems and equipment it provides, ensuring long-term client support and optimized performance. Their diverse clientele spans various sectors, including automobiles, cement, chemicals and fertilizers, commercial/construction, food processing, power generation, and many more, showcasing their comprehensive reach across numerous industries.
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Questions investors ask about THERMAX (THERMAX).
Quick answers grounded in this page's data — price action, fundamentals, ratios and ownership.
01What is the current share price of THERMAX (THERMAX)?
The current share price of THERMAX (THERMAX) is ₹3,682.00. Today, the stock has gained by ₹36.60 (1%), trading in a range of ₹3,589.50 to ₹3,702.10. The stock opened at ₹3,611.00 with a trading volume of 84,569 shares.
02Is THERMAX stock a good investment for long-term?
THERMAX can be considered for long-term investment based on several factors. The company has a market capitalization of ₹43,852.5 Cr., P/E ratio of 73.9, ROE of 14.66%, and ROCE of 15.03%. The dividend yield stands at 0.16%. However, investment decisions should be based on your financial goals, risk appetite, and thorough research. It's recommended to consult with a SEBI-registered financial advisor before making investment decisions.
03What is the 52-week high and low price of THERMAX stock?
The 52-week high price of THERMAX (THERMAX) is ₹5,277.80, while the 52-week low is ₹2,742.70. Currently trading at ₹3,682.00, the stock is 34.25% above its 52-week low and 30.24% below its 52-week high. These levels help investors understand the stock's price volatility and trading range over the past year.
04Should I buy THERMAX stock at the current price?
Whether to buy THERMAX stock at ₹3,682.00 depends on multiple factors. The stock is currently trading with a P/E ratio of 73.9 and P/B ratio of 7.9. Today's performance shows a gain of 1%. Consider analyzing the company's fundamentals, technical indicators, industry trends, and your investment horizon. Compare these metrics with industry peers and consult a financial advisor for personalized advice.
05What is the dividend yield of THERMAX and when is the next dividend?
THERMAX offers a dividend yield of 0.16%, which means for every ₹100 invested at the current price of ₹3,682.00, you can expect to receive approximately ₹0.16 annually as dividends. The face value of the stock is ₹2.00. For information about the next dividend announcement and ex-dividend date, please check the company's official announcements or visit the BSE/NSE websites.
06What are the key financial ratios and metrics of THERMAX?
THERMAX's key financial metrics include: P/E Ratio: 73.9, P/B Ratio: 7.9, ROE: 14.66%, ROCE: 15.03%, Dividend Yield: 0.16%, EPS: ₹-1.52, Book Value: ₹468.22, and Debt-to-Equity: 0.03. The company's market cap stands at ₹43,852.5 Cr.. These metrics help evaluate the company's valuation, profitability, and financial health.
07How is THERMAX stock performing today in the market?
THERMAX stock opened at ₹3,611.00 and is currently trading at ₹3,682.00, showing a gain of ₹36.60 (1%). The intraday high is ₹3,702.10 and low is ₹3,589.50. The trading volume stands at 84,569 shares, indicating moderate market participation today.
08What is the P/E ratio of THERMAX and what does it indicate?
THERMAX has a Price-to-Earnings (P/E) ratio of 73.9, which means investors are willing to pay 73.90 for every ₹1 of earnings. With an EPS of ₹-1.52, this P/E ratio suggests the stock may be trading at a premium, possibly due to high growth expectations. Compare this with industry peers and historical P/E ratios for better context.
The data, ratios and commentary about THERMAX (THERMAX) on this page are published for educational and informational purposes only and are not investment, legal or tax advice. StockeZee is not a SEBI-registered investment adviser, research analyst or portfolio manager, and no content here should be construed as a recommendation to buy, hold or sell any security. Live and historical market data may be delayed, revised by the exchanges, or contain errors; figures sourced from third-party feeds and corporate disclosures may not always be current. Past performance is not indicative of future results, and equity investments carry the risk of capital loss. Before acting on anything you read here, please consult a SEBI-registered financial advisor and read all scheme-related documents carefully.