Capital Goods · NIFTY 500

Thermax Limited

NSETHERMAX BSE500411 ISININE152A01029 SeriesEQ Listed on NSE · BSE

₹2,722.40 -3.00 (-0.11%) Updated 12 Nov, 6:16 pm IST

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Price, daily close-16.06% in a year

Today

Open: ₹2,750.00
Prev close: ₹2,725.40
Day high: ₹2,781.00
Day low: ₹2,701.80
Volume: 3.82 L
Value traded: ₹104.41 Cr
Upper circuit: ₹3,270.40
Lower circuit: ₹2,180.40
52W high: ₹5,277.80
52W low: ₹2,666.60
1 month: -12.49%
6 months: -39.58%

52W low52W high

Ratios

Key numbers

Worked out from the latest filings (Consolidated) and today's price. TTM = last four quarters.

Market cap₹30,668 Cr

P/E (TTM)52.15

P/B5.59

Book value / share₹486.85

EPS (TTM)₹52.20

ROE10.7%

Dividend yield0.73%

Dividend (12m)₹20.00 / share

Net margin (TTM)5.3%

Operating margin7.0%

Debt / equity0.52

Current ratio1.32

EV / EBITDA34.53

Sales growth (YoY qtr)+11.40%

Profit growth (YoY qtr)-4.28%

Sales CAGR 3Y+9.75%

Profit CAGR 3Y+16.96%

Shares11.27 Cr

Quarterly results

Results for each quarter

Last 12 quarters, consolidated, ₹ crore. Hover a bar to see the number.

Revenue and net profit

2,324238

Dec 23

2,764190

Mar 24

2,184116

Jun 24

2,612197

Sep 24

2,508116

Dec 24

3,085206

Mar 25

2,150152

Jun 25

2,474120

Sep 25

2,635204

Dec 25

3,428244

Mar 26

2,30325.2

Jun 26

2,756115

Sep 26

Revenue · QoQ (vs last quarter)

—+19%-21%+20%-4.0%+23%-30%+15%+6.5%+30%-33%+20%

Revenue · YoY (vs a year ago)

————+7.9%+12%-1.6%-5.3%+5.1%+11%+7.1%+11%

Net profit · QoQ (vs last quarter)

—-20%-39%+70%-41%+78%-26%-21%+71%+20%-90%+354%

Net profit · YoY (vs a year ago)

————-51%+8.1%+32%-39%+76%+19%-83%-4.3%

RevenueNet profitLine = trend

21.17

Dec 23

16.88

Mar 24

10.28

Jun 24

17.49

Sep 24

10.29

Dec 24

18.26

Mar 25

13.52

Jun 25

10.62

Sep 25

18.12

Dec 25

21.68

Mar 26

2.24

Jun 26

10.16

Sep 26

EPS (₹) · YoY (vs a year ago)

————-51%+8.2%+32%-39%+76%+19%-83%-4.3%

EPS (₹)Line = trend

₹ Cr	Dec 23	Mar 24	Jun 24	Sep 24	Dec 24	Mar 25	Jun 25	Sep 25	Dec 25	Mar 26	Jun 26	Sep 26
Revenue	2,324	2,764	2,184	2,612	2,508	3,085	2,150	2,474	2,635	3,428	2,303	2,756
Other income	58.4	55.3	84.1	59.8	31.5	76.9	65.6	85.4	62.7	53.7	68.2	81.8
Total income	2,383	2,819	2,269	2,671	2,539	3,162	2,216	2,559	2,697	3,482	2,371	2,838
Raw material	1,287	1,532	1,154	1,396	1,342	1,661	1,022	1,336	1,311	1,748	1,228	1,548
Purchases	36.7	54.0	37.4	43.6	53.8	58.4	42.2	47.8	39.8	54.9	43.9	64.5
Employee cost	292	316	291	323	323	332	329	341	360	391	371	405
Other expenses	557	601	523	570	597	708	536	652	649	851	642	662
Total expenses	2,199	2,568	2,107	2,405	2,383	2,862	2,004	2,386	2,467	3,150	2,329	2,669
Operating profit	314	273	141	278	189	300	225	172	314	377	68.6	194
OPM %	13.5%	9.9%	6.5%	10.6%	7.5%	9.7%	10.5%	7.0%	11.9%	11.0%	3.0%	7.0%
Finance cost	26.6	27.8	27.5	29.4	28.7	31.3	30.2	32.2	34.2	42.4	35.2	36.9
Depreciation	35.8	49.9	36.0	42.1	35.1	45.3	48.9	51.5	53.3	54.0	59.5	70.2
Exceptional items	126	—	—	—	—	—	—	—	58.8	2.5	—	—
Profit before tax	309	251	162	266	157	300	212	174	289	334	42.1	169
Tax	72.1	63.3	51.9	68.3	42.5	95.1	60.0	54.3	83.7	89.7	20.4	55.8
Net profit	237	188	109	198	114	206	151	119	205	244	21.8	113
Profit to shareholders	238	190	116	197	116	206	152	120	204	244	25.2	115
EPS (₹)	21.17	16.88	10.28	17.49	10.29	18.26	13.52	10.62	18.12	21.68	2.24	10.16

Profit & loss

Results for each year

8 financial years (April to March), consolidated, ₹ crore.

Sales, operating profit and net profit

4,486401232

FY18

5,731406212

FY20

4,791303207

FY21

6,128421312

FY22

8,090598450

FY23

9,323873645

FY24

10,389908634

FY25

10,6941,087721

FY26

Revenue · YoY (vs a year ago)

——-16%+28%+32%+15%+11%+2.9%

Net profit · YoY (vs a year ago)

——-2.8%+51%+44%+43%-1.7%+14%

RevenueOperating profitNet profitLine = trend

₹ Cr	FY18	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	4,486	5,731	4,791	6,128	8,090	9,323	10,389	10,694
Other income	116	100	108	127	160	233	252	267
Total expenses	4,180	5,457	4,571	5,845	7,647	8,762	9,756	10,015
Employee cost	697	799	759	813	954	1,148	1,269	1,421
Operating profit	401	406	303	421	598	873	908	1,087
OPM %	8.9%	7.1%	6.3%	6.9%	7.4%	9.4%	8.7%	10.2%
Finance cost	12.9	15.0	20.6	25.2	37.6	87.6	117	139
Depreciation	82.4	117	115	113	117	148	159	208
Profit before tax	422	375	275	410	603	870	885	1,008
Tax	166	162	68.6	97.8	152	226	258	288
Tax rate %	39.3%	43.3%	24.9%	23.9%	25.3%	26.0%	29.1%	28.5%
Net profit	231	212	207	312	451	643	627	720
Profit to shareholders	232	212	207	312	450	645	634	721
Net margin %	5.2%	3.7%	4.3%	5.1%	5.6%	6.9%	6.1%	6.7%
EPS (₹)	20.61	18.87	18.34	27.73	39.98	57.28	56.31	63.94

Balance sheet

Assets and debt

At each year end (and the latest half year), ₹ crore.

Equity, debt and assets

3,868811453

Mar 23

4,4401,256487

Mar 24

4,9371,693418

Mar 25

5,5502,288674

Mar 26

5,4842,842603

Sep 26

Shareholders' equity · YoY (vs a year ago)

—+15%+11%+12%—

Shareholders' equityBorrowingsCashLine = trend

₹ Cr	Mar 23	Mar 24	Mar 25	Mar 26	Sep 26
Shareholders' equity	3,868	4,440	4,937	5,550	5,484
Long-term borrowings	423	789	1,162	1,616	2,082
Short-term borrowings	388	466	532	672	760
Total borrowings	811	1,256	1,693	2,288	2,842
Current liabilities	4,409	4,725	5,635	5,820	6,038
Fixed assets (PPE)	1,216	1,874	2,615	2,868	2,826
Inventories	756	765	720	910	1,205
Trade receivables	1,762	2,116	2,418	2,205	1,775
Cash & equivalents	453	487	418	674	603
Current assets	6,072	6,448	7,313	7,109	7,953
Total assets	8,839	10,153	12,038	13,282	13,941
Debt / equity	0.21	0.28	0.34	0.41	0.52

Cash flow

Cash coming in and going out

For each financial year, ₹ crore. Free cash flow = cash from operations minus spending on fixed assets.

Operating, investing and financing cash

325-422-20.6

FY22

460-680349

FY23

247-509285

FY24

1,043-1,241124

FY25

542-587248

FY26

Operations · YoY (vs a year ago)

—+42%-46%+322%-48%

OperationsInvestingFinancingLine = trend

₹ Cr	FY22	FY23	FY24	FY25	FY26
Cash from operations	325	460	247	1,043	542
Cash from investing	-422	-680	-509	-1,241	-587
Cash from financing	-20.6	349	285	124	248
Spent on fixed assets	-83.8	-650	-844	-903	-952
Free cash flow	241	-190	-597	140	-411
Net cash flow	-117	128	23.5	-74.2	202

Shareholding

Who holds the shares

Promoter and public holding at each quarter end, as filed with NSE.

Holding over time

62.0%Dec 23

62.0%Mar 24

62.0%Jun 24

62.0%Sep 24

62.0%Dec 24

62.0%Mar 25

62.0%Jun 25

62.0%Sep 25

62.0%Dec 25

62.0%Mar 26

62.0%Jun 26

62.0%Sep 26

Promoter & groupPublic

Latest (30 Sep 2026)

62.0%promoter

Promoter & group: 61.98%
Public (FIIs, mutual funds, retail…): 32.57%
Employee trusts: 5.45%
Promoter change, last quarter: 0.00 pts

Dividends & news

Latest dividends and announcements

Dividends & corporate actions

Dividend - Rs 14 Per Share/Special Dividend - Rs 6 Per ShareEx 03-Jul-2026
Dividend - Rs 14 Per ShareEx 04-Jul-2025
Dividend - Rs 12 Per ShareEx 05-Jul-2024
Dividend - Rs 10 Per ShareEx 21-Jul-2023
Dividend - Rs 9 Per ShareEx 21-Jul-2022
Dividend - Rs 7 Per ShareEx 22-Jul-2021
Interim Dividend - Rs 7 Per ShareEx 20-Mar-2020
Annual General Meeting/Dividend Rs 7 Per ShareEx 25-Jul-2019

Board meetings

THERMAX LIMITED has informed the Exchange about Board Meeting to be held on 05-Nov-2026 to inter-alia consider and approve the Unaudited Financial re…05-Nov-2026
the financial results for the period ended September 30, 202605-Nov-2026
THERMAX LIMITED has informed the Exchange about Board Meeting to be held on 30-Jul-2026 to inter-alia consider and approve the Unaudited Financial re…30-Jul-2026
THERMAX LIMITED has informed the Exchange about Board Meeting to be held on 30-Jul-2026 to inter-alia consider and approve the Unaudited Financial re…30-Jul-2026
the financial results for the period ended Jun 30, 202630-Jul-2026

Filings with NSE

Analysts/Institutional Investor Meet/Con. Call Updates12 Nov
Cessation9 Nov
Retirement9 Nov
Copy of Newspaper Publication6 Nov
Analysts/Institutional Investor Meet/Con. Call Updates6 Nov
Investor Presentation5 Nov
Outcome of Board Meeting5 Nov

Latest news

Thermax Shares Sink 17%, Near 52-Week Low After Q2 Profit Misses Estimates 26%, JM Says 'Sell'NDTV Profit · 6 Nov, 10:48 am Thermax Share Price: H2 FY27 Recovery Bet vs Execution RiskUnivest · 12 Nov, 12:43 pm Thermax shares extend Friday's losses; JPMorgan upgrades on attractive risk-reward - CNBC TV18LinkedIn · 9 Nov, 12:09 pm Thermax shares fall 18% on missing Q2 estimatesMoneycontrol.com · 6 Nov, 1:06 pm Thermax shares extend Friday's losses; JPMorgan upgrades on attractive risk-rewardCNBC TV18 · 9 Nov, 9:55 am Thermax plunges 15%, nears 52-week low on weak Q2 operational performanceBusiness Standard · 6 Nov, 9:55 am Thermax (NSEI:THERMAX) Stock Forecast & Analyst PredictionsSimply Wall St · 9 Nov, 1:30 pm Thermax shares fall 20% to 52-week low on weak Q2, JM Financial maintains sellBusinessLine · 6 Nov, 3:18 pm

About

About Thermax Limited

Thermax Limited is listed on the NSE under the symbol THERMAX and belongs to the Capital Goods sector.

Company details

Company name: Thermax Limited
NSE symbol: THERMAX
BSE scrip code: 500411
ISIN: INE152A01029
Listed on: NSE, BSE
Series: EQ (normal equity)
Listed on NSE since: 30 Aug 1995
Face value: ₹2 per share
Market lot: 1 share
Shares issued: 11.27 crore
Index: NIFTY 500
Sector (NSE): Capital Goods
Industry: Industrial Machinery
Managing director / CEO: Ashish Bhandari
Chair: Meher Pudumjee
Headquarters: Pune, IN
Registered address: Thermax House 14, Mumbai-Pune Road, Wakdewadi, Pune 411003, Maharashtra, India
Founded: 1980
Employees: 30,512
Financial year: April to March
Results basis: Consolidated
Website: thermaxglobal.com

Peers

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Prices from NSE via Upstox. Financials from the company's results filed with NSE (XBRL); ratios are our own working. Profile from global-stock-logos (MIT). For information only, not a recommendation to buy or sell.

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Thermax Limited

Today

Ratios

Quarterly results

Revenue and net profit

Profit & loss

Sales, operating profit and net profit

Balance sheet

Equity, debt and assets

Cash flow

Operating, investing and financing cash

Shareholding

Holding over time

Latest (30 Sep 2026)

Dividends & news

Dividends & corporate actions

Board meetings

Filings with NSE

Latest news

About

Company details

Peers