Thermax Ltd.

BSE: THERMAX500411ISIN INE152A01029

Industrials
Heavy Electrical Equipment
BSE 500

BSE listing

Share price

₹3,550.45-17.90 (-0.50%)

as of 18 Sep 2026

52W high: ₹5,277.00
52W low: ₹2,744.20
Off 52W high: -32.72%
1M return: -11.78%
3M return: -24.57%
6M return: +10.06%
1Y return: +6.62%
20D avg volume: 13,897
50 DMA: ₹4,094.95
200 DMA: ₹3,747.77

Key ratios Consolidated

Market cap: ₹42,306 Cr
Current price: ₹3,550.45
52W high / low: ₹5,277.00 / ₹2,744.20
Face value: ₹2.00
P/E: 71.63
P/B: —
EPS (TTM): ₹49.57
Book value / share: —
ROE: —
ROCE: 15.40%
Operating margin: —
Net margin: —
Debt / equity: 0.41
Net debt: ₹1,614 Cr
Interest cover: 8.26
Dividend yield: 0.56%
Dividend / share (TTM): ₹20.00
Payout: 40.35%
Cash conversion cycle: 36.1 days

Financials

Metric	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24
Income statement
	2,303	3,428	2,635	2,474	2,150	3,085	2,508	2,612	2,184	2,764	2,324	2,302
	68.19	53.71	62.73	85.41	65.63	76.85	31.51	59.77	84.09	55.25	58.40	65.86
	2,329	3,150	2,467	2,386	2,004	2,862	2,382	2,405	2,107	2,568	2,199	2,151
	1,228	1,748	1,311	1,336	1,022	1,661	1,342	1,396	1,154	1,532	1,287	1,244
	43.88	54.87	39.77	47.81	42.22	58.41	53.79	43.59	37.40	53.98	36.69	43.11
	371.46	391.46	360.22	340.50	329.02	332.02	322.68	322.90	291.34	316.24	292.00	284.28
	35.15	42.35	34.24	32.17	30.20	31.25	28.66	29.39	27.48	27.81	26.61	19.80
	59.52	54.01	53.28	51.47	48.88	45.34	35.07	42.07	36.03	49.88	35.84	32.96
	642.13	850.72	649.11	651.55	535.70	708.43	596.63	570.27	523.14	600.67	556.92	533.04
	42.14	331.66	230.03	173.80	211.65	299.93	156.77	266.28	161.73	250.71	183.37	217.72
	0.00	2.46	58.75	0.00	0.00	0.00	0.00	0.00	0.00	0.00	126.12	0.00
	42.14	334.12	288.78	173.80	211.65	299.93	156.77	266.28	161.73	250.71	309.49	217.72
	20.35	89.73	83.66	54.27	60.02	95.09	42.54	68.25	51.89	63.28	72.10	58.87
	21.79	244.40	205.01	119.40	151.45	205.55	113.73	198.00	109.42	187.58	237.06	158.60
	2.24	21.68	18.12	10.62	13.53	18.27	10.29	17.49	10.28	16.90	21.17	14.00
Key metrics
	136.81	430.48	376.30	257.44	290.73	376.52	220.50	337.74	225.24	328.40	371.94	270.48
	5.90%	12.60%	14.30%	10.40%	13.50%	12.20%	8.80%	12.90%	10.30%	11.90%	16.00%	11.70%
	0.90%	7.10%	7.80%	4.80%	7.00%	6.70%	4.50%	7.60%	5.00%	6.80%	10.20%	6.90%
	—	5.00%	—	3.10%	—	5.20%	—	—	—	—	—	—
	7.10%	11.10%	5.10%	-5.30%	-1.60%	11.60%	7.90%	13.40%	—	—	—	—
	-85.60%	18.90%	80.30%	-39.70%	38.40%	9.60%	-52.00%	24.80%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Income statement
	10,839	10,694	10,389	9,323	8,090	6,128	4,791	5,731	5,973	4,486
	270.04	267.48	252.22	232.57	160.18	127.01	107.74	100.00	149.88	116.39
	10,332	10,014	9,756	8,762	7,647	5,845	4,571	5,457	5,622	4,180
	5,622	5,424	5,554	5,092	4,443	3,506	2,467	2,996	3,240	2,301
	186.33	184.67	193.19	162.99	152.73	121.55	83.36	104.12	115.09	75.43
	1,464	1,421	1,269	1,148	954.17	812.93	758.76	799.02	767.45	696.57
	143.91	138.96	116.78	87.59	37.59	25.17	20.64	15.02	14.32	12.85
	218.28	207.64	158.51	148.08	116.86	113.24	114.57	116.63	92.02	82.44
	2,794	2,687	2,398	2,158	1,913	1,409	1,139	1,440	1,412	1,018
	777.63	947.13	884.71	794.29	603.29	409.97	327.72	374.53	500.98	422.04
	61.21	61.21	0.00	75.49	0.00	0.00	-52.53	0.00	-89.54	0.00
	838.84	1,008	884.71	869.78	603.29	409.97	275.19	374.53	411.44	422.04
	248.01	287.68	257.77	225.77	152.36	97.79	68.61	162.08	84.94	165.75
	590.60	720.26	626.70	643.19	450.70	312.31	206.58	212.45	325.43	231.10
	52.66	63.95	56.33	57.30	39.98	27.73	18.34	18.87	28.90	—
Key metrics
	1,201	1,355	1,160	1,105	757.74	548.38	410.40	506.18	517.78	517.33
	11.08%	12.70%	11.20%	11.90%	9.40%	8.90%	8.60%	8.80%	8.70%	11.50%
	5.45%	6.70%	6.00%	6.90%	5.60%	5.10%	4.30%	3.70%	5.40%	5.20%
	—	15.40%	15.60%	—	—	—	—	—	—	—
	—	2.90%	11.40%	15.20%	32.00%	27.90%	-16.40%	-4.00%	33.20%	—
	—	14.90%	-2.60%	42.70%	44.30%	51.20%	-2.80%	-34.70%	40.80%	—
	—	-410.86	140.12	—	—	—	—	—	—	—
	—	0.75	1.66	—	—	—	—	—	—	—
	—	0.41	0.34	—	—	—	—	—	—	—
	—	1,614	1,276	—	—	—	—	—	—	—
	—	36.1	50.6	—	—	—	—	—	—	—
Balance sheet
	—	13,282	12,038	—	—	—	—	—	—	—
	—	7,109	7,313	—	—	—	—	—	—	—
	—	674.45	417.68	—	—	—	—	—	—	—
	—	2,205	2,418	—	—	—	—	—	—	—
	—	909.50	720.30	—	—	—	—	—	—	—
	—	1,358	636.39	—	—	—	—	—	—	—
	—	2,868	2,615	—	—	—	—	—	—	—
	—	2,057	1,697	—	—	—	—	—	—	—
	—	5,820	5,635	—	—	—	—	—	—	—
	—	2,288	1,693	—	—	—	—	—	—	—
	—	672.18	531.79	—	—	—	—	—	—	—
	—	1,616	1,162	—	—	—	—	—	—	—
	—	5,579	4,943	—	—	—	—	—	—	—
Cash flow
	—	541.54	1,043	—	—	—	—	—	—	—
	—	-587.06	-1,241	—	—	—	—	—	—	—
	—	247.64	123.55	—	—	—	—	—	—	—
	—	952.40	902.67	—	—	—	—	—	—	—

Metric	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24
Income statement
	1,303	2,226	1,599	1,505	1,183	1,972	1,453	1,519	1,311	1,738	1,480	1,444
	35.27	32.96	38.70	178.05	34.85	55.65	40.87	37.48	68.53	51.85	34.70	57.79
	1,363	2,009	1,496	1,429	1,156	1,784	1,370	1,420	1,263	1,629	1,383	1,326
	718.62	1,193	852.50	816.93	572.46	1,054	762.07	798.34	690.96	971.37	801.48	756.24
	42.78	53.60	39.40	47.10	42.18	55.02	53.68	43.34	37.32	53.68	36.64	42.37
	221.26	213.61	215.33	205.37	202.00	191.47	200.10	196.98	175.76	191.37	175.85	166.67
	5.89	7.97	8.49	5.01	3.40	8.64	8.49	8.30	5.97	6.75	6.16	5.61
	26.04	20.38	27.02	25.63	24.16	20.36	18.93	20.31	18.79	19.48	17.98	17.75
	397.69	497.85	375.25	372.13	333.87	413.82	344.05	364.39	329.35	379.96	351.57	338.76
	-24.38	249.58	142.11	253.41	61.92	243.47	123.89	135.87	116.18	160.57	131.57	175.80
	0.00	2.46	85.38	0.00	0.00	93.73	—	—	—	—	126.12	-73.41
	-24.38	252.04	227.49	253.41	61.92	337.20	123.89	135.87	116.18	160.57	257.69	102.39
	-6.28	51.00	52.01	27.49	15.45	62.15	20.71	27.94	30.20	32.02	57.07	38.00
	-18.10	201.04	175.48	225.92	46.47	275.05	103.18	107.93	85.98	128.55	200.62	64.39
	-1.52	16.87	14.73	18.96	3.90	23.09	8.66	9.06	7.22	10.79	16.84	5.41
Key metrics
	7.55	280.39	263.00	284.05	89.48	366.20	151.31	164.48	140.94	186.80	281.83	125.75
	0.60%	12.60%	16.40%	18.90%	7.60%	18.60%	10.40%	10.80%	10.80%	10.80%	19.00%	8.70%
	-1.40%	9.00%	11.00%	15.00%	3.90%	14.00%	7.10%	7.10%	6.60%	7.40%	13.60%	4.50%
	—	5.80%	—	6.20%	—	8.50%	—	—	—	—	—	—
	10.20%	12.90%	10.10%	-0.90%	-9.80%	13.50%	-1.80%	5.20%	—	—	—	—
	-138.90%	-26.90%	70.10%	109.30%	-46.00%	114.00%	-48.60%	67.60%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Income statement
	6,632	6,518	6,254	5,822	5,141	4,015	3,131	3,215	3,541	3,889
	284.98	284.56	202.53	193.49	136.34	124.56	140.40	104.40	122.80	103.98
	6,297	6,096	5,837	5,437	4,853	3,870	2,986	3,069	3,346	3,590
	3,581	3,440	3,306	3,116	2,848	2,342	1,632	1,760	—	—
	182.88	182.28	189.36	161.49	143.29	108.84	80.20	99.53	—	—
	855.57	837.55	764.31	683.61	563.65	477.81	453.79	430.94	—	—
	27.36	24.87	31.40	23.84	19.58	13.33	8.57	5.23	5.26	8.04
	99.07	97.19	78.39	72.74	73.15	67.19	63.99	62.61	50.13	64.20
	1,643	1,579	1,452	1,369	1,218	907.24	739.13	723.55	691.02	895.12
	620.72	707.02	619.41	577.98	424.29	270.06	285.95	250.04	318.13	403.11
	87.84	87.84	93.73	2.08	7.20	-14.00	-103.03	-14.89	-47.85	-25.00
	708.56	794.86	713.14	580.06	431.49	256.06	182.92	235.15	270.28	378.11
	124.22	145.95	141.00	142.62	102.23	55.27	41.90	73.76	109.26	139.86
	584.34	648.91	572.14	437.44	329.26	200.79	141.02	213.99	275.24	238.25
	49.04	54.46	48.02	36.71	27.63	16.85	11.83	13.54	13.51	—
Key metrics
	834.99	916.92	822.93	676.64	524.22	336.58	255.48	302.99	325.67	450.35
	12.59%	14.10%	13.20%	11.60%	10.20%	8.40%	8.20%	9.40%	9.20%	11.60%
	8.81%	10.00%	9.10%	7.50%	6.40%	5.00%	4.50%	6.70%	7.80%	6.10%
	—	18.30%	18.30%	—	—	—	—	—	—	—
	—	4.20%	7.40%	13.20%	28.00%	28.20%	-2.60%	-9.20%	-8.90%	—
	—	13.40%	30.80%	32.90%	64.00%	42.40%	-34.10%	-22.30%	15.50%	—
	—	272.48	104.33	—	—	—	—	—	—	—
	—	0.64	0.65	—	—	—	—	—	—	—
	—	0.03	0.02	—	—	—	—	—	—	—
	—	25.02	-33.67	—	—	—	—	—	—	—
	—	32.8	54.3	—	—	—	—	—	—	—
Balance sheet
	—	7,558	7,246	—	—	—	—	—	—	—
	—	3,867	4,458	—	—	—	—	—	—	—
	—	100.14	118.18	—	—	—	—	—	—	—
	—	1,524	1,652	—	—	—	—	—	—	—
	—	481.55	383.05	—	—	—	—	—	—	—
	—	815.58	—	—	—	—	—	—	—	—
	—	994.60	953.71	—	—	—	—	—	—	—
	—	1,421	1,105	—	—	—	—	—	—	—
	—	3,070	3,170	—	—	—	—	—	—	—
	—	125.16	84.51	—	—	—	—	—	—	—
	—	100.16	59.33	—	—	—	—	—	—	—
	—	25.00	25.18	—	—	—	—	—	—	—
	—	4,427	3,968	—	—	—	—	—	—	—
Cash flow
	—	416.48	374.17	—	—	—	—	—	—	—
	—	-287.39	-125.94	—	—	—	—	—	—	—
	—	-146.00	-393.67	—	—	—	—	—	—	—
	—	144.00	269.84	—	—	—	—	—	—	—

Compounded growth

Standalone

Sales CAGR 3Y: +8.23%
Sales CAGR 5Y: +15.79%
Sales CAGR 10Y: —
Profit CAGR 3Y: +25.38%
Profit CAGR 5Y: +35.70%
Profit CAGR 10Y: —
Sales YoY (TTM): +8.27%
Profit YoY (TTM): +9.71%

Consolidated

Sales CAGR 3Y: +9.75%
Sales CAGR 5Y: +17.42%
Sales CAGR 10Y: —
Profit CAGR 3Y: +16.91%
Profit CAGR 5Y: +28.37%
Profit CAGR 10Y: —
Sales YoY (TTM): +4.68%
Profit YoY (TTM): -11.68%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Jun 2026

Promoter holding: 61.99%

Holder	Type	Holding	Previous	Change
RDA HOLDINGS PRIVATE LTD	Promoter	53.99%	—	—
ARA TRUSTEESHIP COMPANY PRIVATE LIMITED	Promoter	7.99%	—	—
SBI NIFTY MIDCAP 150 MOMENTUM 50 ETF	Public	6.03%	—	—
NALANDA INDIA EQUITY FUND LIMITED	Public	5.13%	—	—
JASMEET BHATIA	Public	2.41%	—	—
KOTAK MAHINDRA TRUSTEE CO LTD A/C KOTAK NIFTY MIDC	Public	1.84%	—	—
SBI LIFE INSURANCE CO. LTD	Public	1.09%	—	—
PHEROZ N PUDUMJEE	Promoter	0.01%	—	—
JAMSDHED A. BHATENA	Promoter Group	0.00%	—	—
LAZARA CAPITAL ADVISORS PRIVATE LIMITED	Promoter Group	0.00%	—	—
SHAKTI SUSTAINABLE ENERGY FOUNDATION	Promoter Group	0.00%	—	—
LAZARA INVESTMENT SERVICES LLP	Promoter Group	0.00%	—	—
SOCOMP SOLUTIONS PRIVATE LIMITED	Promoter Group	0.00%	—	—
MEHER PUDUMJEE	Promoter	0.00%	—	—
ZAHAAN PHEROZ PUDUMJEE	Promoter Group	0.00%	—	—

Public shareholders are disclosed individually only above 1%.

Filings & corporate actions

Recent announcements

Thermax Limited has informed the Exchanges about incorporation of wholly owned step-down subsidiary.15 Sep 2026 · Company Update / Acquisition
The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for SBI Mutual Fund5 Sep 2026 · Insider Trading / SAST / Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011
Thermax Limited has submitted before the Exchanges transcript of the earnings call held on Friday, July 31, 2026.6 Aug 2026 · Company Update / Earnings Call Transcript
Thermax Limited has informed the Exchanges that the shareholders at their 45th AGM held on July 30, 2026 have approved the re-appointment of Dr. Ravi Shankar Gopinath (DIN: 00803847) as ....31 Jul 2026 · Company Update / Change in Directorate
Thermax Limited has informed the Exchanges about the voting results and scrutinizer''s report for 45th Annual General Meeting.31 Jul 2026 · AGM/EGM / AGM
Thermax Limited has submitted before the Exchanges the audio recording for investors call held on Friday, July 31, 2026.31 Jul 2026 · Company Update / Analyst / Investor Meet
Thermax Limited has informed the Exchanges about the newspaper publication of financial results for the quarter ended June 30, 2026.31 Jul 2026 · Company Update / Newspaper Publication
Thermax Limited has submitted revised investor presentation for Q1FY2731 Jul 2026 · Company Update / Investor Presentation
Thermax Limited has submitted the Investor Presentation for Q1FY27.30 Jul 2026 · Company Update / Investor Presentation
Thermax Limited has submitted the summary of AGM Proceedings held on July 30, 2026.30 Jul 2026 · AGM/EGM / AGM
Thermax Limited has informed the Exchanges that the Board of Directors at their meeting held on July 30, 2026 have approved the proposed Scheme of Arrangement and Amalgamation between Thermax ....30 Jul 2026 · Company Update / Scheme of Arrangement
Thermax Limited has informed the Exchanges that the Board of Directors at their meeting held on July 30, 2026 have approved the proposed Scheme of Arrangement and Amalgamation between Thermax ....30 Jul 2026 · Company Update / Scheme of Arrangement
Thermax Limited has informed the Exchanges about the financial results for quarter ended June 30, 202630 Jul 2026 · Result / Financial Results
Thermax Limited has informed the Exchanges about the outcome of Board Meeting held on July 30, 202630 Jul 2026 · Board Meeting / Outcome of Board Meeting
Thermax Limited has informed the Exchanges about the schedule of Analyst / Investors call scheduled for Q1 FY 2026-27.21 Jul 2026 · Company Update / Analyst / Investor Meet
Thermax Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 30/07/2026 ,inter alia, to consider and approve Thermax Limited has informed the Exchanges ....14 Jul 2026 · Board Meeting / Board Meeting
Thermax Limited has submitted before the Exchanges the certificate under Regulation 74(5) of the SEBI (DP) Regulations, 2018 for the quarter ended June 30, 2026.9 Jul 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Thermax Limited has informed the Exchanges about the newspaper advertisement titled "Notice of the 45th Annual General Meeting and E-Voting information".4 Jul 2026 · Company Update / Newspaper Publication
Thermax Limited has submitted before the Exchanges the Business Responsibility and Sustainability Report for FY 2025-26.3 Jul 2026 · Others / Business Responsibility and Sustainability Reporting (BRSR)
Thermax Limited has informed the Exchanges about the 45th Annual General Meeting of the Company to be held on July 30, 2026.3 Jul 2026 · AGM/EGM / AGM
Thermax Limited has submitted the Notice for 45th Annual General Meeting of the Company and Annual Report for FY 2025-26. The AGM is scheduled to be held on July 30, 2026 at 4.30 p.m. IST ....3 Jul 2026 · Others / Reg. 34 (1) Annual Report
Thermax Limited has informed the Stock Exchanges about resignation of Mr. Kirtiriaj Jilkar, Executive Vice President and BU Head - P&ES (Senior Management Personnel) with effect from close ....30 Jun 2026 · Company Update / Change in Management
Thermax Limited has informed the Exchanges about closure of trading window for the financial results of quarter ended June 30, 2026.26 Jun 2026 · Insider Trading / SAST / Closure of Trading Window
Thermax Limited has informed the exchanges about incorporation of wholly owned step down subsidiary of the Company25 Jun 2026 · Company Update / General
Thermax Limited has informed the Exchanges about the newspaper advertisement titled "45th Annual General Meeting (AGM) through Video Conferencing ("VC") / Other Audio-Visual Means ("OAVM"), ....25 Jun 2026 · Company Update / Newspaper Publication
Thermax Limited has informed the exchanges that the Hon''ble National Company Law Tribunal, Mumbai Bench has approved the Scheme of Merger by Absorption of Buildtech Products India Private ....3 Jun 2026 · Company Update / General
Thermax hereby informs the Exchanges about the Newspaper Publication for transfer of Equity Shares and Unpaid Dividend to IEPFA26 May 2026 · Company Update / Newspaper Publication
Thermax Limited has informed the exchanges about schedule of Analyst / Investor(s) Meet25 May 2026 · Company Update / Analyst / Investor Meet
Thermax Limited has informed the Exchanges about Annual Secretarial Compliance Report for FY 2025-2620 May 2026 · Company Update / Reg.24(A)-Annual Secretarial Compliance
Thermax Limited has informed the Exchanges about the transcript of analyst / investors call for Q4 FY 2025-26 held on Friday, May 8, 2026.12 May 2026 · Company Update / Earnings Call Transcript
Thermax Limited has informed the Exchange about grant of ESOPs.8 May 2026 · Company Update / Allotment of ESOP / ESPS
Thermax Limited has submitted the the audio recording of the analyst / investors call for Q4 FY 2025-26.8 May 2026 · Company Update / Analyst / Investor Meet
Thermax Limited has informed the Exchanges about the newspaper advertisement about financial results for quarter and year ended March 31, 2026.8 May 2026 · Company Update / Newspaper Publication
Thermax Limited has informed the exchanges about sad demise of Dr. S. B (Ravi) Pandit, Non-Executive Independent Director of the Company.8 May 2026 · Company Update / Demise
Thermax Limited has informed the Exchanges about the investors presentation for Q4 FY 2025-26.7 May 2026 · Company Update / Investor Presentation
Thermax Limited has informed the Exchanges about the re-appointment of Dr. Ravi Shankar Gopinath as Non-Executive Independent Director of the Company for a second consecutive term of five ....7 May 2026 · Company Update / Change in Directorate
Thermax Limited has informed the Exchanges about appointment of Chief Human Resources Officer and Senior Management Personnel of the Company7 May 2026 · Company Update / Change in Management
Thermax Limited has informed the Exchanges that the Board of Directors at their meeting held on May 7, 2026 has recommended the final dividend of Rs. 14/- per share and a special dividend ....7 May 2026 · Corp Action / Dividend/AGM
Thermax Limited has intimated the record date for final dividend of FY 2025-26.7 May 2026 · Corp. Action / Record Date
Thermax Limited has informed the Exchanges about the financial results for quarter and year ended March 31, 2026.7 May 2026 · Result / Financial Results

Corporate actions

Purpose	Ex date	Record date	Payment date
Special Dividend - Rs. - 6.0000	3 Jul 2026	3 Jul 2026	—
Final Dividend - Rs. - 14.0000	3 Jul 2026	3 Jul 2026	—
Final Dividend - Rs. - 14.0000	4 Jul 2025	4 Jul 2025	—
Dividend - Rs. - 12.0000	5 Jul 2024	5 Jul 2024	—

Board meetings

30 Jul 2026 Board Meeting - Financial Results