THERMAX · NSE
Thermax Limited
₹3,551.9
-0.49% (-₹17.6)
Prev. close
₹3,569.5
Volume
2,38,396
Delivery %
58.7%
As of
18 Sept 2026
Price history
No analyst calls on this stock in the last 90 days yet.
Explore by date range →Analyst opinions
Fundamentals
About Thermax Limited
Thermax Limited provides energy, environmental, and chemical solutions in India and internationally. It operates in Industrial Products, Industrial Infra, Green Solutions, and Chemical segments. The Industrial Products segment offers manufacturing, installation, sales and services related to boilers and heating equipment, absorption chillers/heat pumps, air pollution control equipment/ systems, water & waste recycling, including associated services and engineering, procurement and construction. The Industrial Infra segment provides engineering, procurement, and construction (EPC) of power plants, infra projects, and flue gas desulphurisation projects, along with associated services and manufacturing, installation, sales and services related to boiler and heater plants. The Green solutions segment builds, owns and operates BOO models, energy management solutions, oil and gas-fired, green hydrogen projects and renewable energy (Solar/Wind). The Chemical segment offers manufacturing, installation, sales and services related to ion exchange resins, performance chemicals, construction chemicals, water treatment chemicals, oil field chemicals, paper and construction chemicals, and related services. It also operates cogeneration, waste heat recovery power, captive power, and independent power plants, as well as offers operation and maintenance services. In addition, the company offers steam boilers; waste heat recovery units; fired heaters and process furnaces; thermic fluid, hot air, and hot water heaters; and waste heat recovery. It serves automobiles, cement, chemicals and fertilizers, commercial/construction, dairy, distillery, paper and pulp, pharmaceuticals, plywood, power generation, food, refineries and petrochemicals, soft beverages, metals, sugar, textiles, and tyre industries. Thermax Limited was incorporated in 1966 and is headquartered in Pune, India. Thermax Limited is a subsidiary of RDA Holdings Private Limited.
Details
Sector
Industrials
Industry
Conglomerates
CEO
Mr. Ashish Bhandari
Headquarters
Pune
Employees
3,962
Website
thermaxglobal.comExchange
View on NSE ↗Key stats
Market cap
₹40,011.68 Cr
P/E ratio (TTM)
67.7
Dividend yield
0.39%
EPS (TTM)
₹52.47
Beta (1Y · daily vs NIFTY 50)
0.55
Beta (5Y · monthly vs NIFTY 50)
0.45
Shares float
3.25 Cr
EPS · quarter ended Jun 2026
₹2.24
Upcoming earnings
11 Nov 2026
Financial Performance
01 · Financials
FY21 growth needs FY20 filings, which the data source doesn't provide.
02 · Earnings Per Share (EPS)
03 · Dividend Profile
Growth compares completed fiscal-year dividend totals on the company's own calendar: April–March (Indian FY), taken from its reported period-ends. Payout ledger: NSE corporate actions.
04 · Operating Efficiency (Growth Rates)
Balance-sheet-based · pre-FY23 not filed in verifiable form
05 · Capital Structure & Asset Utilization
Pre-FY23 not filed in verifiable form
Asset turnover needs a prior year of assets — omitted for the earliest available year.
06 · Asset Base Composition
Pre-FY23 not filed in verifiable form
07 · Debt Level & Coverage
Pre-FY23 not filed in verifiable form
08 · Profit & Loss
Annual
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| ₹4,791.25 Cr | ₹6,128.33 Cr | ₹8,089.81 Cr | ₹9,323.46 Cr | ₹10,388.69 Cr | ₹10,694.15 Cr | |
| EBITDA | ₹410.40 Cr | ₹548.38 Cr | ₹757.74 Cr | ₹1,105.45 Cr | ₹1,160.00 Cr | ₹1,354.94 Cr |
| ₹206.58 Cr | ₹312.31 Cr | ₹450.29 Cr | ₹645.28 Cr | ₹634.47 Cr | ₹720.50 Cr | |
| Diluted EPS | ₹18.34 | ₹27.73 | ₹39.98 | ₹57.28 | ₹56.31 | ₹63.94 |
09 · Balance Sheet
Annual
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| — | — | ₹8,838.61 Cr | ₹10,153.01 Cr | ₹11,412.09 Cr | ₹13,282.11 Cr | |
| — | — | ₹851.33 Cr | ₹1,295.54 Cr | ₹1,733.77 Cr | ₹2,371.95 Cr | |
| Stockholders' equity | — | — | ₹3,868.07 Cr | ₹4,439.80 Cr | ₹4,936.89 Cr | ₹5,549.97 Cr |
Total assets, Current assets, Inventory, Trade receivables, Cash & equivalents, Non-current assets, Fixed assets, CWIP, Others, Total debt, Long-term debt, Current (short-term) debt, Stockholders' equity have filed figures for only some of the years shown — no further verified source covers the rest, so those years are left blank rather than estimated.
Annual only — the data source doesn’t publish quarterly balance-sheet detail for most NSE-listed companies.
10 · Cash Flow Statement
Annual
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| ₹769.48 Cr | ₹324.71 Cr | ₹459.56 Cr | ₹247.30 Cr | ₹1,079.79 Cr | ₹541.54 Cr | |
| Investing cash flow | ₹-635.68 Cr | ₹-421.58 Cr | ₹-679.68 Cr | ₹-509.21 Cr | ₹-1,271.99 Cr | ₹-587.06 Cr |
| ₹77.24 Cr | ₹-20.58 Cr | ₹348.54 Cr | ₹285.40 Cr | ₹123.55 Cr | ₹247.64 Cr | |
| Capital expenditure | ₹-83.37 Cr | ₹-83.78 Cr | ₹-664.22 Cr | ₹-843.94 Cr | ₹-902.67 Cr | ₹-952.40 Cr |
| End cash position | ₹418.81 Cr | ₹303.44 Cr | ₹447.73 Cr | ₹466.75 Cr | ₹411.84 Cr | ₹636.20 Cr |
Debt issued, Debt repaid have filed figures for only some of the years shown — no further verified source covers the rest, so those years are left blank rather than estimated.
Annual only — the data source has no quarterly cash-flow-statement coverage.
11 · Shareholding Pattern
NSE, quarterly
| Line item | Sep 21–Jun 23(8Q) | Sep 23–Jun 24(4Q) | Sep 24 | Dec 24–Jun 25(3Q) | Sep 25–Jun 26(4Q) |
|---|---|---|---|---|---|
| Promoter | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% |
| Public | 32.53% | 32.53% | 32.54% | 32.55% | 32.56% |
| Employee trusts | 5.49% | 5.48% | 5.47% | 5.47% | 5.46% |
Source: NSE quarterly shareholding-pattern filings, collapsed to periods where the reported percentages held steady — a column spanning several quarters means no change was filed across them. No FII/DII sub-split available from this source — Public includes all non-promoter, non-employee-trust holders.
12 · Peer Comparison
Industrials
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
| Larsen & Toubro Limited | ₹5.24 L Cr | ₹3,836.2 | 31.6 | 4.79 | 14.7% | 1.15 | +11.8% | +4.1% |
| Adani Ports and Special Economic Zone Limited | ₹4.00 L Cr | ₹1,824 | 29.4 | 4.17 | 13.3% | 0.66 | +27.1% | +29.1% |
| Hindustan Aeronautics Limited | ₹3.20 L Cr | ₹4,800.3 | 34.3 | 7.80 | 22.2% | 0.00 | +5.6% | -1.2% |
| Bharat Electronics Limited | ₹2.82 L Cr | ₹395.45 | 46.0 | 11.75 | 25.3% | 0.00 | +15.9% | -4.1% |
| InterGlobe Aviation Limited | ₹1.87 L Cr | ₹4,920 | — | 26.87 | -34.3% | 11.15 | +6.6% | -13.9% |
| ABB India Limited | ₹1.51 L Cr | ₹7,270.5 | 95.5 | 19.28 | 21.3% | 0.01 | +8.1% | +33.7% |
| Bharat Heavy Electricals Limited | ₹1.43 L Cr | ₹429.2 | 58.8 | 5.47 | 6.1% | 0.31 | +18.3% | +83.2% |
| Hitachi Energy India Limited | ₹1.39 L Cr | ₹32,700 | 121.7 | 26.89 | 19.1% | 0.02 | +27.2% | +68.7% |
| Cummins India Limited | ₹1.39 L Cr | ₹5,099.5 | 57.8 | 16.42 | 27.9% | 0.00 | +16.9% | +24.3% |
| CG Power and Industrial Solutions Limited | ₹1.39 L Cr | ₹892 | 107.6 | 17.39 | 15.1% | 0.01 | +25.1% | +13.7% |
| Siemens Limited | ₹1.33 L Cr | ₹3,763.5 | 78.8 | 10.07 | 15.9% | 0.01 | +16.2% | +13.3% |
| Thermax Limited | ₹39,841.58 Cr | ₹3,569.5 | 67.1 | 7.18 | 13.0% | 0.43 | +3.6% | +7.8% |
Ranked by market cap within Industrials, same metrics as the Fundamentals screener. Click a column to sort.
Documents
Annual reports
Show all 30
Concall transcripts
Show all 12
Official documents linked from their sources — offer documents as filed with SEBI (sebi.gov.in), annual reports and earnings-call transcripts as published on BSE (bseindia.com) and NSE (nseindia.com). Links open the source's own hosting; nothing is re-hosted here.
Index membership
30 indices
NSE weights are a free-float market-cap-share estimate, not NSE’s own published (and sometimes capped) index weight. BSE weights are BSE’s own published index weight, not an estimate. Indices without weight data are listed without one, in alphabetical order after the weighted ones.
SBI Mutual Fund Reduces Thermax Stake to 5.59%
SBI Mutual Fund reduced its stake in Thermax Ltd to 5.59% by selling 7,776 shares. This transaction represents a net decrease of approximately 2% in the fund's overall holding. The change was reported via a regulatory filing as of September 3, 2026.