NSE THERMAX · BSE 500411 · Misc. Capital Goods · NIFTY 500

Thermax Share Price

Market closed · NSE price as of Tue 29 Sep
₹3,291.00 ▼ −₹95.15 · 2.81%
Day range · 29 Sep
₹3,272.00Low₹3,376.25High
52-week range
₹2,740.85Low · 8 Dec 2025₹5,270.55High · 29 Jun 2026

Thermax Overview

Where the price stands, how it has moved and how it sits against its averages.

Thermax shares last traded at ₹3,291.00 on the NSE, down 2.81% on the day. That is 37.6% below the 52-week high of ₹5,270.55 and 20.1% above the 52-week low of ₹2,740.85. The stock trades at 66.29× earnings, above the sector average of 28.59. Its market value is ₹39,335 Cr.

NSE closing prices — daily for the last year, weekly before that — ending at the latest price (Tue 29 Sep). Hover, tap or use the arrow keys to read a day.

Price returns

1 Day▼ −2.81%
1 Week▼ −5.22%
This month▼ −15.65%
3 Months▼ −35.79%
6 Months▲ +2.94%
This year▲ +8.88%
1 Year▲ +5.09%

Share price growth a year (CAGR): 3 years ▲ +1.9% · 5 years ▲ +18.7% · 10 years ▲ +14.4%

Against the market: 1 Month ▼ −8.22% · 3 Months ▼ −30.26% · 6 Months ▲ +2.79% · This year ▲ +31.35% · 1 Year ▲ +17.17%

Shading grows with the size of the move. We ask our data provider for a newer price every 15 minutes while the market is open (9:15 AM–3:30 PM IST); next check from Fri 16 Oct, 9:15 AM. Its quotes are not real-time — the time at the top shows how current the price is.

Moving averages — price is above 0 of 6

  1. 100-day average₹4,327.32 ▼ price 23.9% below
  2. 50-day average₹3,982.84 ▼ price 17.4% below
  3. 300-day average₹3,746.48 ▼ price 12.2% below
  4. 20-day average₹3,634.34 ▼ price 9.4% below
  5. 10-day average₹3,526.82 ▼ price 6.7% below
  6. 5-day average₹3,473.72 ▼ price 5.3% below
  7. Today's price₹3,291.00

Each average is the mean closing price over that many trading days; averages above the current price sit higher on the ladder.

Thermax Financial Results

Revenue and net profit in ₹ crore, with the full statements underneath.

Revenue₹ crore
10,694
Net profit₹ crore · losses below zero
721

Year by year

Fiscal yearRevenueGrowthNet profitNet marginEPSDividend
FY 2026 ₹10,694 Cr ▲ +3.1% ₹721 Cr 6.7% ₹63.94 ₹14.00
FY 2025 ₹10,369 Cr ▲ +11.2% ₹634 Cr 6.1% ₹56.31 ₹14.00
FY 2024 ₹9,323 Cr ▲ +15.2% ₹645 Cr 6.9% ₹57.28 ₹12.00
FY 2023 ₹8,090 Cr ▲ +32.0% ₹450 Cr 5.6% ₹39.98 ₹10.00
FY 2022 ₹6,128 Cr ▲ +27.9% ₹312 Cr 5.1% ₹27.73 ₹9.00
FY 2021 ₹4,791 Cr ▼ −16.4% ₹207 Cr 4.3% ₹18.34 ₹7.00
FY 2020 ₹5,731 Cr — ₹212 Cr 3.7% ₹24.38 ₹7.00

Balance sheet — FY26

Owes (liabilities)Shareholders' equity
58%
42%
  • Total assets₹13,282 Cr
  • Total liabilities₹7,732 Cr
  • Shareholders' equity₹5,550 Cr
  • Total debt₹2,353 Cr
  • Cash & investments₹2,438 Cr
  • Current ratio1.22×
  • Revenue growth, 5 yr17.42% a year
  • EPS growth, 5 yr28.37% a year
  • Operating margin (TTM)6.72%
  • Net margin (TTM)5.45%

Cash flow — FY26

Operating activities
▲ ₹542 Cr
Investing activities
▼ −₹587 Cr
Financing activities
▲ ₹248 Cr
Free cash flow
▼ −₹411 Cr
Net change in cash
▲ ₹224 Cr

Right of the line = cash coming in, left = cash going out. Free cash flow = cash from operations minus capital spending.

Full financial statements, FY20–FY26
₹ croreFY20FY21FY22FY23FY24FY25FY26
Total revenue5,731.314,791.256,128.338,089.819,323.4610,369.2610,694.15
Cost of revenue3,170.712,608.333,588.084,725.855,332.965,910.255,694.58
Gross profit2,560.602,182.922,540.253,363.963,990.504,459.014,999.57
Operating expenses5,446.184,602.275,827.827,605.258,722.989,616.519,801.90
Operating income285.13188.98300.51484.56600.48752.75892.25
Depreciation116.63114.57113.24116.86135.27158.51207.64
Profit before tax374.53275.19410.10603.06868.96884.471,007.94
Tax99.9768.6197.79152.36225.77257.77287.68
Net profit212.45206.58312.31450.29645.28634.47720.50
EPS (₹)24.3818.3427.7339.9857.2856.3163.94
Dividend per share (₹)7.007.009.0010.0012.0014.0014.00

Thermax vs Peers

Side by side with other misc. capital goods companies. The small bars compare each column.

CompanyPriceChangeMarket capP/EP/BROE (5 yr)Net marginDiv. yield
Thermax This stock ₹3,291.00 ▼ −2.81% ₹39,335 Cr 66.29 7.07 13.07% 5.45% 0.43%
Bharat Heavy Electricals ₹413.40 ▲ +0.34% ₹1,43,948 Cr 92.39 5.62 2.79% 6.76% 0.33%
Suzlon Energy ₹39.50 ▼ −0.45% ₹54,295 Cr 22.83 7.54 80.16% 18.97% —
Voltas ₹1,095.00 ▼ −2.87% ₹36,232 Cr 112.53 6.97 7.28% 3.51% 0.30%
AIA Engineering ₹3,843.05 ▲ +0.15% ₹35,863 Cr 34.07 5.40 17.05% 28.71% 0.34%
Blue Star ₹1,560.00 ▼ −0.95% ₹32,076 Cr 62.06 10.11 20.65% 4.25% 0.50%

Peer prices and ratios as last reported by the data provider. Company names link to their own pages.

Shareholding Pattern

Who owns Thermax shares, quarter by quarter (latest on top).

PromoterFIIMFOther
Jun '26
62.0%
11.5%
12.9%
13.7%
Mar '26
Dec '25
Sep '25
HolderSep '25Dec '25Mar '26Jun '26Change
Promoter61.98%61.98%61.98%61.98% 0.00 pts
FII13.44%12.36%11.25%11.46% ▲ +0.21 pts
MF12.56%13.26%13.75%12.86% ▼ −0.89 pts
Other12.02%12.40%13.02%13.70% ▲ +0.68 pts

Thermax Key Metrics

Each ratio placed against a benchmark — the sector average, the company's own 5-year average, or a common rule of thumb.

ThermaxBenchmarkRule-of-thumb bands

Valuation The price against earnings, book value and sales

P/E (TTM)Price ÷ yearly earnings per share
66.29
▲ 132% above the sector average of 28.59
P/E, 12-month rangeLow 47.66 · high 97.88
37%
Today's P/E sits 37% of the way from its low to its high
P/BPrice ÷ book value per share
7.07
P/SMarket cap ÷ last 12 months' revenue
3.63
P/CFPrice ÷ cash flow per share
47.16
PEGP/E ÷ earnings growth rate
3.79

Profitability Of every ₹100 of sales, how much is kept?

Gross marginKept after the cost of goods
47.30%
▲ above its 5-yr average of 43.39%
Operating marginKept after running costs
6.72%
▼ below its 5-yr average of 6.79%
Pre-tax marginKept before tax
7.74%
▼ below its 5-yr average of 8.46%
Net marginKept as profit
5.45%
▼ below its 5-yr average of 6.17%

Returns & efficiency How well does it use its money?

Return on equityProfit on shareholders' money
13.74%
▲ above its 5-yr average of 13.07%
Return on assetsProfit on everything it owns
5.83%
▲ above its 5-yr average of 5.76%
Return on investmentProfit on long-term capital
10.42%
▼ below its 5-yr average of 10.84%
Return on capital employedProfit before interest and tax on equity + debt
13.85%

Growth Is the business getting bigger?

Revenue — last 12 months
+4.9%
▲ growing
Revenue — 3 yr, a year
+9.8%
▲ growing
Revenue — 5 yr, a year
+17.4%
▲ growing
Net profit — 3 yr, a year
+17.0%
▲ growing
Net profit — 5 yr, a year
+28.4%
▲ growing (off the scale)
EPS — last 12 months
−11.6%
▼ shrinking
EPS — 3 yr, a year
+17.0%
▲ growing
EPS — 5 yr, a year
+28.4%
▲ growing (off the scale)
Dividend — 3 yr, a year
+11.9%
▲ growing
Book value — 5 yr, a year
+11.3%
▲ growing

Financial strength Can it pay its bills and debts?

Debt to equityBorrowings for every ₹1 of shareholders' money
0.42×
✓ Low debt
Current ratioShort-term assets for every ₹1 due within a year
1.22×
• Adequate
Quick ratioLike the current ratio, without inventory
1.12×
✓ Comfortable
Interest coverOperating profit ÷ interest to pay
5.01×
✓ Strong
Payout ratioShare of profit paid as dividend
21.90%
• Keeps most

Per share What each share stands for

EPS (TTM)
₹52.65
Book value
₹465.60
Cash flow
₹71.78
Dividend
₹14.00
Revenue
₹961.87

The share price is 7.07× the book value behind each share.

Benchmarks: sector averages and 5-year averages come from the data provider; the debt and liquidity bands are common rules of thumb, not investment advice.

All 108 metrics from the data provider

Valuation

P/E excluding extraordinary items, most recent fiscal year52.95
Current Dividend Yield - Common Stock Primary Issue, LTM0.41
Price to Book - most recent fiscal year7.27
P/E Basic excluding extraordinary items - TTM97.85
P/E including extraordinary items - TTM64.31
P/E excluding extraordinary items low, trailing 12 months47.66
Price to Tangible Book - most fiscal year7.17
Dividend Yield - 5 Year Average0.39
Price to sales - most recent fiscal year3.57
Dividend Yield - indicated annual dividend divided by closing price0.41
Price to Cash Flow per share - trailing 12 month47.16
Peg Ratio3.79
P/E Normalized, most recent fiscal year53.31
P/E excluding extraordinary items high, trailing 12 months97.88
P/E excluding extraordinary items, most recent fiscal year quarter64.31
Price to sales - trailing 12 month3.52
Net Debt, LFY−856.00

Per share

Dividend Per Share - 5 year average11.80
Cash Flow per share - trailing 12 month71.78
Cash Flow per share - most recent fiscal year82.35
EPS including extraordinary items - trailing 12 month52.65
EPS including extraordinary items - most recent fiscal year63.94
EBITD per share - trailing 12 month83.48
Revenue/share - trailing 12 month961.87
EPS excluding extraordinary items - trailing 12 month52.65
EPS Basic excluding extraordinary items - most recent fiscal year63.95
EPS Basic excluding extraordinary items - trailing 12 month52.66
Book value per share - most recent fiscal year465.77
Dividend per share - most recent fiscal year14.00
Revenue/share - most recent fiscal year949.10
EPS Normalized - most recent fiscal year63.52
Book value (tangible) per share - most recent fiscal year446.50
Dividends per share - trailing 12 month14.00
EPS excluding extraordinary items - most recent fiscal year63.94
Cash per share - most recent fiscal year204.62

Margins

Operating margin - trailing 12 month6.72
Gross Margin - 5 year average43.39
Operating margin - 1st historical fiscal year8.34
Operating Margin - 5 year average6.79
Net Profit Margin % - 1st historical fiscal year6.74
Gross Margin - 1st historical fiscal year46.75
Net Profit Margin % - trailing 12 month5.45
Net Profit Margin - 5 year average6.17
Pretax Margin - 5 year average8.46
Pretax margin - 1st historical fiscal year9.43
Pretax margin - trailing 12 month7.74
Free Operating Cash Flow/Revenue, 5 Year Average−3.12
Gross Margin - trailing 12 month47.30

Growth

EPS Change %, TTM over TTM−11.59
Revenue growth rate, 5 year17.42
EPS growth rate, 5 year28.37
Revenue Change % - most recent quarter 1 year ago7.09
Growth rate% - dividend, 3 year11.87
Growth rate% - EPS, 3 year16.95
Revenue/share (5 yr growth)17.41
Tangible Book Value, Total Equity, 5 Year CAGR10.59
Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year Interim CAGR16.97
Capital Spending growth rate, 5 year62.77
Revenue Change %, TTM over TTM4.86
Growth rate% - Revenue, 3 year9.75
Book value per share growth rate, 5 year11.29
EPS Change % - most recent quarter 1 year ago−83.43
Net Profit Margin growth rate, 5 year9.33
Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR24.11
Total Debt, 5 Year CAGR48.31

Financial strength

Free Cash Flow - most recent fiscal year−5,685.40
LT debt/equity - most recent fiscal year0.30
Quick ratio - most recent fiscal year1.12
Payout ratio - trailing 12 month40.16
Current ratio - most recent fiscal year1.22
Total debt/total equity - most recent fiscal year0.42
Net Interest coverage - trailing 12 month5.01
Payout ratio - most recent fiscal year33.08

Returns & efficiency

Return on average equity - 5 year average13.07
Net Income/employee - trailing 12 month10,12,689.00
Revenue/employee - most recent fiscal year2,24,29,010.00
Return on investment - most recent fiscal year10.42
Return on average assets - most recent fiscal year5.83
Receivables turnover - most recent fiscal year3.92
Inventory turnover - most recent fiscal year10.82
Revenue/employee - trailing 12 month1,85,85,990.00
Return on average assets - 5 year average5.76
Net Income/employee - most recent fiscal year15,10,612.00
Asset turnover - most recent fiscal year0.87
Return on average equity - most recent fiscal year13.74
Return on investment - 5 year average10.84

Price & volume

Market Cap39,406.34
52 week Low Date8 Dec 2025
Price - 1 Day % Change−1.78
Relative (S&P500) price percent change - 13 week−30.26
Avg trading volume last 10 days0.15
Price - 13 week price percent change−33.85
Price - 52 week price percent change6.02
Avg Trading Volume Last 3 months5.07
Price - 5 Day % Change−5.37
Price % Change Month To Date−13.22
Relative (S&P500) price percent change - 04 week−8.22
52 week High Date29 Jun 2026
Price - 26 week price percent change3.97
PDATE28 Sep 2026
Price - YTD price percent change12.16
Relative (S&P500) price percent change - 52 week17.17
NPRICE3,386.00
Relative (S&P500) price percent change - 26 week2.79
52 week Low2,739.35
52 week High5,271.36
Beta0.49
Relative (S&P500) price percent change - Year to Date31.35

Dividends & Corporate Events

Payouts to shareholders, splits and bonus issues, and company meetings — newest first.

Dividend per share₹ per share, by fiscal year
₹14.00
₹14.00
  • Dividend yield0.43%
  • Payout ratio21.90%
  • 5-year average dividend₹11.80 a share
  • Latest dividend₹14.00 per share · 3 Jul 2026

Corporate calendar

  • MeetingAnnual General Meeting
  • BoardQuarterly Results
  • Dividend₹14.00 per share · 700% · Final dividend
  • Dividend₹6.00 per share · 300% · Special special dividend
  • BoardAudited Results & Final Dividend
  • BoardQuarterly Results
  • BoardQuarterly Results
  • BoardOthers
Show 13 older events
  • MeetingAnnual General Meeting
  • BoardQuarterly Results
  • Dividend₹14.00 per share · 700% · Final dividend
  • BoardAudited Results & Final Dividend
  • MeetingPostal Ballot
  • BoardQuarterly Results
  • MeetingAnnual General Meeting
  • Dividend₹12.00 per share · 600% · Final dividend
  • MeetingPostal Ballot
  • MeetingAnnual General Meeting
  • Dividend₹10.00 per share · 500% · Final dividend
  • Dividend₹9.00 per share · 450% · Final dividend
  • Dividend₹7.00 per share · 350% · Final dividend

About Thermax

Misc. Capital Goods

Thermax Limited is an India-based energy and environment solutions provider. The Company's segments include Industrial Products, Industrial Infra, Green Solutions and Chemical. Industrial Products segment includes air pollution control, cooling, heating, water and waste solutions, and specialized services. Industrial Infra segment includes boilers and fired heaters, projects and energy solutions, and specialized services. Green Solutions segment includes build-own-operate, energy management solutions, green hydrogen projects and renewable energy (solar/wind). Chemical segment includes construction chemicals, ion exchange resins, oil field chemicals and performance chemicals. Its Thermax EDGE Live is a digital solution that uses AI and machine learning to analyze data from all industrial equipment worldwide and help clients to optimize asset performance in terms of up time and efficiency. It serves various industries, including aviation, construction, biotechnology and chemicals.

Key people

  • Ashish BhandariChief Executive Officer, Managing Director, Executive Director
  • Rajendran ArunachalamGroup Chief Financial Officer, Executive Vice President
  • B. C. MaheshPresident and BU Head - Industrial Products
  • B. C. RajeshExecutive Vice President and Chief Executive Officer - TBWES
  • Santanu ChaudhuriExecutive Vice President, Chief Technology Officer
  • Amit SethiExecutive Vice President, Chief Digital and Information Officer

Company facts

  • NSE symbolTHERMAX
  • BSE code500411
  • ISININE152A01029
  • IndustryMisc. Capital Goods
  • IndexNIFTY 500
  • Market cap₹39,335 Cr
  • Revenue (FY26)₹10,694 Cr
  • Net profit (FY26)₹721 Cr

In the News

Recent headlines about Thermax — they open on Mint in a new tab.

Stock data comes from the exchange feed via our data provider. It is not real-time and can be delayed, so check the price with your broker before you trade. This page is for information and education only. It is not investment advice, research or a recommendation to buy, sell or hold any security. Investments in the securities market are subject to market risks; read all related documents carefully before investing. See all stocks →

Frequently Asked Questions

Thermax (NSE: THERMAX) last traded at ₹3,291.00 on the NSE, down 2.81% (₹95.15) on the day, as of 29 Sep 2026. The day's range was ₹3,272.00 – ₹3,376.25.

Thermax's 52-week high is ₹5,270.55 (29 Jun 2026) and its 52-week low is ₹2,740.85 (8 Dec 2025). At ₹3,291.00 the share is 37.6% below its high and 20.1% above its low.

Thermax's market capitalisation is ₹39,335 Cr (₹39,335 Cr). It is part of the NIFTY 500 index.

Thermax's P/E ratio (trailing 12 months) is 66.29. The sector average is 28.59, so investors pay 132% more for each rupee of its earnings than for the average company in its sector. Its earnings per share (TTM) are ₹52.65.

Thermax shares are up 5.09% over the last year, up 8.88% so far this year, up 2.94% over 6 months, down 35.79% over 3 months. Over the last year the stock did 17.17% better than the market.

In FY26 (year to Mar 2026), Thermax reported revenue of ₹10,694 Cr (up 3.13% on the year before) and a net profit of ₹721 Cr. Earnings per share were ₹63.94.

Yes. Thermax's latest dividend is ₹14.00 per share (700%, final dividend), with an ex-date of 3 Jul 2026. The dividend yield is 0.43%. It has paid 7 dividends in the records shown on this page.

As of Jun 2026: Promoter 61.98%, FII 11.46%, MF 12.86%, Other 13.70%.

Thermax's listed peers in Misc. Capital Goods include Bharat Heavy Electricals, Suzlon Energy, Voltas, AIA Engineering, Blue Star. By market capitalisation it ranks #3 of 6 in this group.

No. Thermax has debt — its debt-to-equity ratio is 0.42 and total debt was ₹2,353 Cr in FY26.