MarketFriction

Thermax Ltd

NSE THERMAX · BSE 500411 · Heavy Electrical Equipment
₹3,360.60 -0.93%
NSE close2026-10-01
52 week range2,742.70 - 5,277.80
Market cap₹39,214 Cr.
P/E71.2
Nifty 500Midcap 150Nifty Energy Price band 20% Delivery 64.6%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales2,3022,3242,7642,1842,6162,5293,0462,1582,4742,6353,4282,303
Expenses2,0982,1372,4912,0442,3382,3402,7471,9332,3022,3803,0542,234
Operating Profit20418727314127818830022517225537469
OPM %9%8%10%6%11%7%10%10%7%10%11%3.0%
Other Income66185558460327866851215668
Interest202728272929313032344235
Depreciation333650364235454951535460
Profit before tax21730925116126615630121117428933442
Tax %27%23%25%32%26%27%32%28%31%29%27%48%
Net Profit15923718810919811420615111920524422
EPS in Rs13.2420.0015.979.7216.549.7317.2712.7910.0417.1420.502.12
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales5,1454,4834,4655,9735,7314,7916,1288,0909,32310,38710,77410,839
Expenses4,7124,0494,0885,5165,3314,4355,7157,4898,5269,4779,7369,970
Operating Profit4334343774574013564146017979101,038870
OPM %8%10%8%8%7%7%7%7%9%9%10%8%
Other Income118951156010554135156307250317331
Interest121013141521253888117139144
Depreciation72828292117115113117148159208218
Profit before tax4674383974103752754106038698841,008839
Tax %31%36%42%21%43%25%24%25%26%29%29%
Net Profit282216231325212207312451643627720591
EPS in Rs23.6918.7219.4827.3117.8317.3426.2137.7954.1553.2560.4749.80
Dividend Payout %24%30%29%24%37%38%32%25%21%25%3%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth8%18%10%5%
Compounded Profit Growth7%18%7%-18%
Stock Price CAGR15%20%2%4%
Return on Equity10%11%12%11%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital242323232323232323232323
Reserves2,1232,3942,5152,6922,9923,0053,2293,4703,8464,4174,9145,527
Borrowings6881951362342402303283688311,2771,7182,353
Other Liabilities3,2552,5542,3712,9803,5352,6932,9213,5984,1374,4244,7285,339
Total Liabilities6,0895,1665,0445,9296,7905,9516,5007,4588,83610,14111,38213,242
Fixed Assets1,4318278119731,3121,2831,2421,1951,2481,9062,8063,048
CWIP4360141103405624444345255631,442
Investments8221,0501,0831,4728298752341,4771,6261,7651,6991,784
Other Assets3,7933,2283,0093,3814,6093,7374,9994,7425,5285,9456,3156,969
Total Assets6,0895,1665,0445,9296,7905,9516,5007,4588,83610,14111,38213,242
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity311253335534-1153267693254602471,080542
Cash from Investing Activity80-127-99-507266-140-627-420-664-514-1,257-565
Cash from Financing Activity-351-112-126-20-65-23277-21349285123248
Net Cash Flow3913110785-47220-11514419-55224
Free Cash Flow282120216333-270278686241-190-471180-401
CFO/OP98%98%114%188%16%114%243%103%102%54%139%86%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days12295841028488948580837075
Inventory Days553946575654587660534560
Days Payable135126162161150114164153118107107135
Cash Conversion Cycle427-32-3-1028-11821299-1
Working Capital Days-20-12-7-40-4-7-50-44-39-24-36-40
ROCE %14%18%18%15%17%12%10%12%15%17%14%14%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters61.99%61.99%61.99%61.99%61.99%61.99%61.99%61.99%61.99%61.99%61.99%61.99%
FIIs12.54%12.01%12.24%15.15%15.38%15.49%15.86%16.02%13.44%12.36%11.25%11.46%
DIIs15.46%15.86%15.82%12.88%12.72%12.66%12.25%11.74%13.95%14.84%15.49%15.22%
Public4.54%4.66%4.48%4.50%4.45%4.39%4.43%4.77%5.16%5.35%5.82%5.88%
Others5.48%5.48%5.48%5.48%5.47%5.47%5.47%5.47%5.46%5.46%5.46%5.46%
No. of Shareholders35,61639,54740,81948,96651,87650,75553,68762,98671,20877,45589,96491,857

Fundamentals

Market Cap₹ 39,214 Cr.
Current Price₹ 3,291
Stock P/E71.2
Book Value₹ 466
ROCE13.9 %
ROE10.6 %
Dividend Yield0.43 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)5%
Compounded Profit Growth (TTM)-18%
Consolidated figures.
Valuation
Market capRs 37,847 Cr
Enterprise valueRs 39,009 Cr
P/E (TTM)63.78x
Price to book6.82x
Price to sales3.49x
EV / EBITDA32.49x
EV / EBIT39.70x
EV / sales3.60x
Price to cash flow69.89x
Earnings yield1.57%
Dividend yield0.06%
P/E, 3-year average63.00x
P/B, 3-year average8.53x
P/E, 5-year average63.25x
P/B, 5-year average7.70x
Profitability
Operating margin (excl. other income)9.63%
Operating margin (incl. other income)12.57%
EBITDA margin11.08%
Pre-tax margin7.74%
Net profit margin5.47%
Net margin, latest quarter1.10%
ROE13.74%
ROCE15.76%
ROA5.85%
ROE, 3-year average14.27%
ROCE, 3-year average16.77%
ROA, 3-year average6.18%
ROE, 5-year average12.86%
ROCE, 5-year average15.40%
ROA, 5-year average5.71%
ROIC (approx.)10.46%
Tax rate28.54%
Other income / net worth5.71%
Growth
Sales growth (latest year)3.73%
Profit growth (latest year)13.56%
Sales CAGR, 3 years10.02%
Sales CAGR, 5 years17.59%
Profit CAGR, 3 years16.96%
Profit CAGR, 5 years28.38%
Sales growth QoQ-32.83%
Profit growth QoQ-89.67%
Sales growth YoY (latest quarter)6.73%
Profit growth YoY (latest quarter)-83.44%
Per share
EPS (TTM)Rs 52.69
EPS (latest year)Rs 63.98
EPS (latest quarter)Rs 2.24
EPS, 3-year averageRs 59.20
EPS, 5-year averageRs 49.07
Book value per shareRs 492.80
Sales per shareRs 962.46
Cash flow per shareRs 48.09
Free cash flow per shareRs -35.61
Dividend per share (latest year)Rs 2.00
Dividend per share, 3-year averageRs 9.33
Dividend per share, 5-year averageRs 9.40
Dividends
Dividend payout3.13%
Dividend payout, 3-year average16.31%
Dividend payout, 5-year average21.28%
Efficiency
Asset turnover0.81x
Fixed asset turnover3.54x
Inventory turnover8.08x
Inventory days45 days
Debtor days75 days
Debtors turnover4.89x
Creditor days135 days
Cash conversion cycle-1 days
Working capital days-40 days
Leverage
Total debtRs 2,353 Cr
Cash and bankRs 1,191 Cr
Net debtRs 1,162 Cr
Debt to equity0.42x
Net debt / EBITDA0.97x
Interest coverage6.83x
Current ratio (filing 2026-03-31)1.22x
Quick ratio (filing 2026-03-31)1.07x
Trade payables (filing 2026-03-31)Rs 2,057 Cr
Owners' fund to total sources41.91%
Debt to assets17.77%
Cash flow
Cash from Operating Activity (latest year)Rs 542 Cr
Cash from Investing Activity (latest year)Rs -565 Cr
Cash from Financing Activity (latest year)Rs 248 Cr
Net Cash Flow (latest year)Rs 224 Cr
Free cash flow (latest year)Rs -401 Cr
FCFE (approx.: FCF + change in debt)Rs 234 Cr
Cash from ops / profit, 5 years0.96x
Sales to cash flow19.89x
Statement figures
Net sales (TTM)Rs 10,839 Cr
Net sales (latest year)Rs 10,774 Cr
Sales (latest quarter)Rs 2,303 Cr
Operating profit excl. other income (latest year)Rs 1,038 Cr
Operating profit (latest quarter)Rs 69 Cr
Other income (TTM)Rs 331 Cr
EBITDA (TTM)Rs 1,201 Cr
PBDT (TTM)Rs 1,057 Cr
Profit before tax (TTM)Rs 839 Cr
Tax (latest year)Rs 288 Cr
Net profit (TTM)Rs 593 Cr
Net profit (latest year)Rs 720 Cr
Net profit (latest quarter)Rs 25 Cr
Depreciation (TTM)Rs 218 Cr
Depreciation (latest quarter)Rs 60 Cr
Interest (TTM)Rs 144 Cr
Cost of goods sold (latest year)Rs 7,345 Cr
Total expenditure (latest year)Rs 9,736 Cr
Total income (latest year)Rs 11,091 Cr
Share capitalRs 23 Cr
ReservesRs 5,527 Cr
Shareholders' fundsRs 5,550 Cr
Total assetsRs 13,242 Cr
Net blockRs 3,048 Cr
Capital work in progressRs 1,442 Cr
InvestmentsRs 1,784 Cr
ReceivablesRs 2,205 Cr
InventoryRs 910 Cr
Other liabilitiesRs 5,339 Cr
Shares outstanding (crore)11.26
Ownership
Promoter holding61.99% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 63.8 is at the 51th percentile of its own 9.4-year range (median 62.5, low 24.6, high 135.2).
P/B 6.82 is at the 58th percentile (median 6.28).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodTHERMAXNifty 50Difference
1 week-1.3%-2.8% +1.4 pts
1 month-14.1%-6.8% -7.3 pts
3 months-27.1%-7.6% -19.4 pts
6 months+3.1%+0.4% +2.7 pts
1 year+3.9%-9.9% +13.9 pts
2 years-35.8%-13.6% -22.2 pts
3 years+8.0%+14.2% -6.1 pts
5 years+150.4%+27.9% +122.5 pts
141 mutual fund schemes hold about ₹7,362 Cr. Over three months 37 bought more and 28 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
SBI Large Cap Fundd1.66%914 -1%
SBI Focused Fund1.75%897 -4%
Kotak Flexi Cap Fund1.50%849 +3%
Kotak Flexi Cap Fund1.50%844 +3%
SBI Energy Opportunities Fund4.14%345 +8%
HSBC Midcap Fund1.88%323 -7%
Sundaram Mid Cap Fund1.77%264 +46%
Sundaram Mid Cap Fund1.77%257 +46%
SBI Midcap Fund0.79%193 -16%
SBI Midcap Fund0.79%191 -16%
Aditya Birla SL Midcap Fund2.43%169 +7%
Aditya Birla SL Midcap Fund2.43%163 +7%
Bajaj Finserv Flexi Cap Fund1.87%153 +3%
Sundaram Large and Mid Cap Fund1.99%144 +100%
ICICI Pru Multi Cap Fund0.56%109 -4%
ICICI Pru Multi Cap Fund0.56%105 -4%
ICICI Pru Large & Mid Cap Fund0.31%104 +100%
Aditya Birla SL Multi Asset Allocation Fund1.31%100 -5%
Edelweiss Mid Cap Fund0.45%90 -7%
Canara Rob Mid Cap Fund1.49%78 -4%
SBI Innovative Opportunities Fund1.42%74 -51%
SBI ESG Exclusionary Strategy Fund1.34%72 +4%
Tata Mid Cap Fund0.89%55 -3%
HSBC Large & Mid Cap Fund0.81%48 -7%
Bajaj Finserv Large & Mid Cap Fund1.88%46 +7%

Red flags

F-score 4 of 8
lookRegulator order or action Regulator order or action 2026-04-02: Thermax Limited has informed the Exchange about Action(s) taken or orders passed
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2022-09-19Binaifer GagratEmployees/Designated Employesell500Rs 0.13 CrMarket Sale
2022-09-16Binaifer GagratEmployees/Designated Employesell100Rs 0.03 CrMarket Sale
2022-09-15Binaifer GagratEmployees/Designated Employesell100Rs 0.03 CrMarket Sale
2022-09-15Binaifer GagratEmployees/Designated Employesell100Rs 0.03 CrMarket Sale
2022-09-08Binaifer GagratEmployees/Designated Employesell334Rs 0.08 CrMarket Sale
2022-08-25Binaifer GagratEmployees/Designated Employesell200Rs 0.05 CrMarket Sale
2022-08-16Indu JacobEmployees/Designated Employesell1,289Rs 0.27 CrMarket Sale
2019-06-26Binaifer GagratEmployees/Designated Employeother35,512Rs 3.78 CrGift
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹2,303 Cr +6.7% vs Jun 2025. Net profit ₹22 Cr -85.4%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-07-03Dividend - Rs 14 Per Share/Special Dividend - Rs 6 Per Share
2025-07-04Dividend - Rs 14 Per Share
2024-07-05Dividend - Rs 12 Per Share
2023-07-21Dividend - Rs 10 Per Share
2022-07-21Dividend - Rs 9 Per Share
2021-07-22 Dividend - Rs 7 Per Share
2020-03-20 Interim Dividend - Rs 7 Per Share
2019-07-25 Annual General Meeting/Dividend Rs 7 Per Share
2018-07-26 Annual General Meeting/ Dividend- Rs 6 Per Share
2017-07-27 Annual General Meeing/Ividend - Rs 6 Per Share
2016-07-28 Annual General Meeting/ Dividend -Rs 6/- Per Share
2015-07-16Annual General Meeting/Dividend Rs 7/- Per Share
2014-07-10Annual General Meeting / Dividend - Rs 6/- Per Share
2013-07-11Annual General Meeting / Dividend - Rs 7/- Per Equity Share
2012-07-12Annual General Meeting/ Dividend Rs 7 Per Share
2011-07-07Annual General Meeting And Dividend Rs.9/- Per Share
2010-07-08Annual General Meeting And Dividend Rs.5/- Per Share
2009-07-09Agm/Div-Rs.5/- Per Share
2008-07-10Agm/Dividend - 400%
2007-07-12Agm/Final Dividend-130%
2007-03-20Int Div-Rs.3.40 Per Sh Purpose Revised
2006-07-06Agm/Dividend-170%
DateTypeWhat it says
2026-09-30AcquisitionAcquisition
2026-09-15AcquisitionIncorporation of wholly owned step-down subsidiary
2026-08-06Concall / analyst meetTranscript
2026-07-31AppointmentAppointment of Mr Ravi Shankar Gopinath as Non- Executive Independent Director of the company w.e.f. November 10, 2026.
2026-07-31Shareholder meetingVoting results.
2026-07-31Concall / analyst meetLink of Recording
2026-07-31Investor PresentationInvestor Presentation
2026-07-30Investor PresentationInvestor Presentation
2026-07-30Shareholder meetingProceedings of Annual General Meeting held on July 30, 2026
2026-07-30Scheme of ArrangementScheme of Arrangement
2026-07-30DemergerDemerger
2026-07-30Amalgamation/MergerAmalgamation/Merger
2026-07-30Board meeting outcomeThermax Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-21Concall / analyst meetSchedule of meet
2026-07-03General UpdatesThermax Limited has submitted the BRSR for the FY 2025-26
2026-07-03Shareholder meetingNotice of Annual General Meeting to be held on July 30, 2026
2026-06-30CessationCessation of Mr Kirtiraj Jilkar, Senior Management Personnel of the company w.e.f. Jun 30, 2026.
2026-06-25General UpdatesIncorporation of wholly owned step down subsidiary
2026-06-03General UpdatesOrder passed by the Honble National Company Law Tribunal, Mumbai Bench approving the Scheme of Merger by Absorption of Buildtech Products India Privat...
2026-05-25Concall / analyst meetSchedule of meet
2026-05-21Reply to Clarification- FinaThe Exchange had sought clarification from Thermax Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI (Listing Obliga...
2026-05-20UpdatesAnnual Secretarial Compliance Report for FY 2025-26.
2026-05-19Clarification - Financial ReThe Exchange has sought clarification from Thermax Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI (Listing Obliga...
2026-05-12Concall / analyst meetTranscript
2026-05-08ESOP grantOptions to purchase securities
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2019-12-20NCLATThermax Ltd. VS Viswa Infrastures & Services Pvt Ltd & Anr.
2019-05-13NCLATThermax Ltd. VS Viswa Infrastures & Services Pvt Ltd & Anr.
2019-04-29NCLATThermax Ltd. VS Viswa Infrastures & Services Pvt Ltd & Anr.
2019-03-25NCLATThermax Ltd. VS Viswa Infrastures & Services Pvt Ltd & Anr.
2019-02-22NCLATThermax Ltd. VS Viswa Infrastures & Services Pvt Ltd & Anr.
2019-02-21NCLATThermax Ltd. VS Viswa Infrastures & Services Pvt Ltd & Anr.
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Scrip PE is greater than 50 (4 trailing quarters)

Quick answers

What is the market cap of Thermax Ltd?

Thermax Ltd (THERMAX) has a market capitalisation of Rs 39,214 Cr. at the 2026-10-01 close.

What is the P/E ratio of Thermax Ltd?

Thermax Ltd trades at a P/E of 71.2 on trailing twelve-month profit, at the 2026-10-01 close.

What were Thermax Ltd's latest quarterly results?

In the Jun 2026 quarter, Thermax Ltd sales was Rs 2,303 Cr (+6.7% vs Jun 2025) and net profit was Rs 22 Cr.

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

The 52-week high is Rs 5,277.80 and the 52-week low is Rs 2,742.70.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03