Thermax Ltd.

₹3,682

36.6 (1%)

THERMAX Share Price

Electrical Equipment

As on September 11, 2026

SectorCapital Goods

IndustryElectrical Equipment

Basic IndustryHeavy Electrical Equipment

Market Cap₹ 41,396 Cr

P/E Ratio57.57

Dividend Yield0.27 %

Trendline Performance

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Technicals

Indicators	Value	Signal
5-DMA	3,643.52	Bullish
10-DMA	3,715.64	Bearish
20-DMA	3,863.22	Bearish
50-DMA	4,187.39	Bearish
100-DMA	4,380.26	Bearish
200-DMA	3,735.19	Bearish

Historical Performance

1 Year

10.1%

3 Years

21.3%

5 Years

162.7%

10 Years

332.8%

Shareholding Pattern

Values Analysis

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Profit & Loss

Below figures are in Rs. Crores

Particulars	Mar-2026	Mar-2025	Mar-2024	Mar-2023	Mar-2022
Net Sales	1,06,942	1,03,693	93,235	80,898	61,283
Total Expenditure	96,679	94,615	85,277	74,922	57,240
Other Income	2,675	2,522	2,342	1,602	1,441
Operating Profit	12,937	11,600	10,300	7,577	5,484
Interest	1,390	1,168	876	376	252
Depreciation	2,076	1,585	1,481	1,169	1,132
Profit Before Tax	10,079	8,845	8,690	6,031	4,101
Consolidated Net Profit	7,205	6,345	6,453	4,503	3,123
Adjusted EPS	64	56	57	40	28

Compounded Sales Growth

10 Years:15.8

5 Years:17.4

3 Years:5.7

TTM:0.6

Compounded Profit Growth

10 Years:20.6

5 Years:28.4

3 Years:9.9

TTM:2.6

Stock Price CAGR

10 Years:16.2

5 Years:20.8

3 Years:9.9

TTM:11.2

Return on Equity

10 Years:19.8

5 Years:27.7

3 Years:57.3

last year:64

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-2026	Mar-2025	Mar-2024	Mar-2023	Mar-2022
Share Capital	225	225	225	225	225
Total Reserves	55,192	49,084	44,113	38,430	34,700
Long-Term Borrowings	---	---	---	---	---
Total Non-Current Liabilities	17,079	13,060	8,793	4,506	803
Other Current Liabilities	28,014	23,673	24,329	23,199	17,919
Short Term Borrowings	6,046	4,837	4,132	3,633	2,762
Total Liabilities	1,31,074	1,12,577	1,00,445	87,300	73,309
Capital Work in Progress	13,918	5,608	5,193	4,338	443
Long Term Loans & Advances	3,737	3,678	5,384	5,556	4,754
Currents Investments	12,767	15,679	13,635	13,929	7,665
Short Term Loans and Advances	13,440	10,917	11,218	9,277	7,273
Total Current Assets	71,088	66,870	64,481	60,723	47,378
Total Assets	1,31,074	1,12,577	1,00,445	87,300	73,309
Adjusted Book Value	492	438	394	343	310

Positive

(80 to 100)

Neutral

(60 to 79)

Negative

(0 to 59)

The stock has a high PE of 57.57, indicating expensive valuation or elevated growth expectations.
Over the last three years, the stock delivered a moderate 3-year price CAGR of 9.9%, reflecting average market performance.
The stock carries a low beta of 0.5, suggesting lower volatility than the broader market.
In the last financial year, the company reported an EBITDA of ₹12937 million, reflecting positive operating performance.
In the previous financial year, the company generated revenue of ₹106942 million, indicating a large and established business.

Investment Calculator

Investment Amount:₹

Investment Amount: ₹ 1000000

Current Value: ₹ 1110742.4

No. of Shares: 302 (Approx)

Performance:11.1%

110742.4

NIFTY Performance: -6.8%

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