Thermax

Engineering - Industrial Equipments
₹3312.20
+1.72%
Prev close ₹3256.30
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Thermax Share Price Chart

Thermax last traded at ₹3,312.20 (2026-10-13). Over the past month the stock moved -9.1%, three months the stock moved -25.3%, year the stock moved +0.1%. Its closing range over 52 weeks is ₹2,845.70 – ₹4,677.50, with the latest close 29.2% below the high.

Closing prices up to 2026-10-13.

About Thermax

Thermax Limited offers solutions to energy, environment and chemical sectors. The Company’s portfolio includes boilers and heaters, absorption chillers/ heat pumps, power plants, solar equipment, air pollution control equipment/system, water and waste recycle plant, ion exchange resins and performance chemicals and related services. [1]

Business Segments:[1][2][3] a) Industrial Products (45% in FY26 vs 42% in FY25): The company manufactures small-capacity boilers and heating equipment, absorption chillers, heat pumps, air pollution control systems, and water and waste recycling solutions. It also offers associated services such as engineering, procurement and construction (EPC) and specialised technical services. b) Industrial Infra (41% in FY26 vs 44% in FY25): The company undertakes EPC projects for power plants, high-capacity boilers and heaters, infrastructure projects, Bio -CNG projects, and Flue Gas Desulphurisation (FGD) systems, along with providing associated services. c) Green Solutions (7% in FY26 vs 7% in FY25): The company provides energy management solutions through the Build, Own and Operate (BOO) model, along with renewable energy solutions including solar and wind power projects. d) Chemicals (7% in FY26 vs 7% in FY25): The company offers a portfolio of speciality chemicals, including ion exchange resins, performance chemicals, water treatment chemicals, oil field chemicals, paper chemicals, and construction chemicals, along with related services.

Fundamentals

Market Cap₹41133.95 Cr
52W High₹5277
52W Low₹2744.20
P/E Ratio69.32
P/B Ratio7.39
EPS₹49.80
Dividend Yield0.58%
ROE (3yr)12%
Sales Growth (3yr)10%
Profit Growth (3yr)7%

Quarterly Results

In the latest quarter (Jun 2026), Thermax reported sales of ₹2,303.00 crore (+6.7%) and net profit of ₹22.00 crore (-85.4%), compared with the same quarter last year.

Thermax quarterly results (₹ crore)
PeriodSalesOperating profitOPM %Net profitEPS (₹)
Jun 20262,30369.003.0022.002.12
Mar 20263,428374.0011.00244.0020.50
Dec 20252,635255.0010.00205.0017.14
Sep 20252,474172.007.00119.0010.04
Jun 20252,158225.0010.00151.0012.79
Mar 20253,046300.0010.00206.0017.27
Dec 20242,529188.007.00114.009.73
Sep 20242,616278.0011.00198.0016.54
Year-on-year change vs the same quarter last year
Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales growth+13.6%+8.8%+10.2%-1.2%-5.4%+4.2%+12.5%+6.7%
Operating profit growth+36.3%+0.5%+9.9%+59.6%-38.1%+35.6%+24.7%-69.3%
Net profit growth+24.5%-51.9%+9.6%+38.5%-39.9%+79.8%+18.4%-85.4%
EPS growth+24.9%-51.3%+8.1%+31.6%-39.3%+76.2%+18.7%-83.4%
OPM %11.0%7.0%10.0%10.0%7.0%10.0%11.0%3.0%

Colour scale: below -5% -5% to 0% 0% to 5% 5% to 20% 20% and above. A dash means the earlier figure was zero or negative, so a percentage is not meaningful.

Annual Financials

In the latest year (Mar 2026), Thermax reported sales of ₹10,694.00 crore (+2.9%) and net profit of ₹720.00 crore (+14.8%), compared with the previous year.

Thermax annual profit & loss (₹ crore)
PeriodSalesOperating profitOPM %Net profitEPS (₹)
Mar 202610,6941,02610.00720.0060.47
Mar 202510,389910.009.00627.0053.25
Mar 20249,323797.009.00643.0054.15
Mar 20238,090601.007.00451.0037.79
Mar 20226,128414.007.00312.0026.21
Mar 20214,791356.007.00207.0017.34
Mar 20205,731401.007.00212.0017.83
Mar 20195,973457.008.00325.0027.31
Year-on-year change vs the previous year
Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales growth+33.8%-4.1%-16.4%+27.9%+32.0%+15.2%+11.4%+2.9%
Operating profit growth+21.2%-12.3%-11.2%+16.3%+45.2%+32.6%+14.2%+12.7%
Net profit growth+40.7%-34.8%-2.4%+50.7%+44.6%+42.6%-2.5%+14.8%
EPS growth+40.2%-34.7%-2.7%+51.2%+44.2%+43.3%-1.7%+13.6%
OPM %8.0%7.0%7.0%7.0%7.0%9.0%9.0%10.0%

Colour scale: below -5% -5% to 0% 0% to 5% 5% to 20% 20% and above. A dash means the earlier figure was zero or negative, so a percentage is not meaningful.

Shareholding

Promoter Holding61.98%

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Frequently Asked Questions

What is Thermax's current stock price?

Thermax shares were last quoted at ₹3,312.20 (+1.7% on the day). Use the Refresh price button on this page for the latest available price. Prices are for information only.

What is the P/E ratio of Thermax?

Thermax has a price-to-earnings (P/E) ratio of 69.32 and a price-to-book (P/B) ratio of 7.39. The industry P/E is 38.58.

What is the 52-week high and low of Thermax?

The 52-week high of Thermax is ₹5,277.00 and the 52-week low is ₹2,744.20.

What is the market cap of Thermax?

The market capitalisation of Thermax is about ₹41,133.95 crore.

How did Thermax perform in its latest quarterly results?

In the latest quarter (Jun 2026), Thermax reported sales of ₹2,303.00 crore (+6.7%) and net profit of ₹22.00 crore (-85.4%), compared with the same quarter last year.

Is Thermax a good stock to buy?

This page is for information and is not investment advice. As per the data shown here, Thermax has a 3-year ROE of 12.00%, 3-year profit growth of 7.00%. Review the fundamentals, quarterly results and AI analysis on StockSpin, and consult a SEBI-registered adviser before investing.

What is the promoter holding in Thermax?

Promoters hold about 61.98% of Thermax.

Which sector does Thermax belong to?

Thermax belongs to the Engineering - Industrial Equipments sector.

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