Thermax Ltd.

₹2,870.4

39.4 (1.4%)

THERMAX Share Price

Electrical Equipment

As on January 28, 2026

SectorCapital Goods

IndustryElectrical Equipment

Basic IndustryHeavy Electrical Equipment

Market Cap₹ 32,650 Cr

P/E Ratio50.96

Dividend Yield0.24 %

Trendline Performance

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T&C*

Technicals

Indicators	Value	Signal
5-DMA	2,891.94	Bearish
10-DMA	2,922.51	Bearish
20-DMA	2,980.61	Bearish
50-DMA	2,932.52	Bearish
100-DMA	3,079.42	Bearish
200-DMA	3,264.51	Bearish

Historical Performance

1 Year

-21%

3 Years

50.6%

5 Years

198.5%

10 Years

243.4%

Shareholding Pattern

Values Analysis

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Profit & Loss

Below figures are in Rs. Crores

Particulars	Mar-2025	Mar-2024	Mar-2023	Mar-2022	Mar-2021
Net Sales	1,03,887	93,235	80,898	61,283	47,912
Total Expenditure	94,809	85,277	74,922	57,240	44,361
Other Income	2,522	2,342	1,602	1,441	1,077
Operating Profit	11,600	10,300	7,577	5,484	4,629
Interest	1,168	876	376	252	206
Depreciation	1,585	1,481	1,169	1,132	1,146
Profit Before Tax	8,845	8,690	6,031	4,101	2,752
Consolidated Net Profit	6,345	6,453	4,503	3,123	2,066
Adjusted EPS	56	57	40	28	18

Compounded Sales Growth

10 Years:14.4

5 Years:12.6

3 Years:11.1

TTM:2.2

Compounded Profit Growth

10 Years:24.8

5 Years:24.5

3 Years:15.2

TTM:-0.3

Stock Price CAGR

10 Years:13.1

5 Years:23.7

3 Years:14.6

TTM:-23.7

Return on Equity

10 Years:25.1

5 Years:18.3

3 Years:40

last year:56.3

Quarterly Results

Below figures are in Rs. Crores

Particulars	Sep-2024	Dec-2024	Mar-2025	Jul-2025	Sep-2025
Sales	1,70,754	1,35,936	1,28,552	1,22,189	1,05,161
Expenses	63,042	56,557	52,457	45,459	34,856
Operating Profit	1,07,712	79,379	76,096	76,730	70,304
OPM %	63%	58%	59%	63%	67%
Other Income	33,912	31,759	27,333	24,879	18,947
Interest	77,780	58,584	59,248	62,137	53,713
Depreciation	2,345	1,681	1,385	1,277	1,221
Profit Before Tax	61,498	50,873	42,796	38,195	34,318
Tax %	25%	25%	26%	29%	35%
Net Profit	46,149	38,151	31,857	27,296	22,446
EPS in Rs	83	69	58	50	42

Balance Sheet

Below figures are in Rs. Crores

Particulars	Mar-2025	Mar-2024	Mar-2023	Mar-2022	Mar-2021
Share Capital	225	225	225	225	225
Total Reserves	49,084	44,113	38,430	34,700	32,289
Long-Term Borrowings	---	---	---	---	---
Total Non-Current Liabilities	13,060	8,793	4,506	803	238
Other Current Liabilities	29,894	24,329	23,199	17,919	14,295
Short Term Borrowings	4,837	4,132	3,633	2,762	2,829
Total Liabilities	1,18,836	1,00,445	87,300	73,309	63,458
Capital Work in Progress	5,608	5,193	4,338	443	211
Long Term Loans & Advances	5,264	5,384	5,556	4,754	3,734
Currents Investments	15,679	13,635	13,929	7,665	1,152
Short Term Loans and Advances	12,919	11,218	9,277	7,273	6,482
Total Current Assets	73,129	64,481	60,723	47,378	44,665
Total Assets	1,18,836	1,00,445	87,300	73,309	63,458
Adjusted Book Value	438	394	343	310	289

Positive

(80 to 100)

Neutral

(60 to 79)

Negative

(0 to 59)

The stock has a high PE of 50.96, indicating expensive valuation or elevated growth expectations.
Over the last three years, the stock delivered a moderate 3-year price CAGR of 14.7%, reflecting average market performance.
The stock carries a low beta of 0.7, suggesting lower volatility than the broader market.
In the last financial year, the company reported an EBITDA of ₹11600 million, reflecting positive operating performance.
In the previous financial year, the company generated revenue of ₹103887 million, indicating a large and established business.

Investment Calculator

Investment Amount:

₹

Investment Amount: ₹ 1000000

Current Value: ₹ 763211.4

No. of Shares: 266 (Approx)

Performance:-23.7%

P/L: ₹-236788.6

NIFTY Performance: 9.4%

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