Thermax Ltd.
₹3,138.1
-92.3 (-2.9%)
THERMAX Share Price
As on October 8, 2026
SectorCapital Goods
IndustryElectrical Equipment
Basic IndustryHeavy Electrical Equipment
Market Cap₹ 38,514.3 Cr
P/E Ratio50.51
Dividend Yield0.31 %
Trendline Performance
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Company Information
Market Insights
Open3,230.4
High3,230.4
NSE SymbolTHERMAX
Close3,138.1
Low3,125.1
BSE Symbol500411
Previous Years High/Low
1 Year High5,277.8
3 Year High5,839.95
5 Year High5,839.95
1 Year Low2,742.7
3 Year Low2,500.25
5 Year Low1,302
Technicals
| Indicators | Value | Signal |
|---|---|---|
| 5-DMA | 3,236.48 | Bearish |
| 10-DMA | 3,310.49 | Bearish |
| 20-DMA | 3,440.19 | Bearish |
| 50-DMA | 3,769.97 | Bearish |
| 100-DMA | 4,236.03 | Bearish |
| 200-DMA | 3,780.14 | Bearish |
Historical Performance
1 Year
-0.6%
3 Years
3.6%
5 Years
123.9%
10 Years
251.3%
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:13.4
5 Years:17.5
3 Years:2.3
TTM:-1.4
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 |
0%
Positive
(80 to 100)
Neutral
(60 to 79)
Negative
(0 to 59)
- The stock has a high PE of 50.51, indicating expensive valuation or elevated growth expectations.
- Over the last three years, the stock delivered a weak 3-year price CAGR of 3.3%, indicating poor shareholder returns.
- 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: ₹ 1000000
Current Value: ₹ 986048.7
No. of Shares: 314 (Approx)
Performance:-1.4%
-13951.3
NIFTY Performance: -11.7%
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