THERMAX

BSE: 500411 28 Sep 2025

Industrials

₹ 3317.6

Thermax Ltd. specializes in Heavy Electrical Equipment within the Industrials sector.

THERMAX

BSE: 500411 28 Sep 2025

Industrials

₹ 3317.6

Thermax Ltd. specializes in Heavy Electrical Equipment within the Industrials sector.

Book Value

414.0

Dividend Yield

0.44%

Debt to Equity

0.35

Stock P/E

56.8

Market Cap

38,103 Cr

THERMAX - Share Price & Details

Market Cap

₹38,103

High /Low

5,721 / 2,930

Stock P/E

56.8

Book Value

₹414.0

Dividend Yield

0.44

ROCE

16.2

ROE

₹13.6

Face Value

2.0

PEG Ratio

2.06

EVEBITDA

₹31.6

Debt

1,718

CMP / FCF

-220.0

Debt to equity

₹0.35

NP Ann

627

High price all time

5,840

Piotroski score

₹5.0

Graham Number

725.0

No. Eq. Shares

11.9

Net CF

₹-53.8

Net profit

669

Price to book value

7.72

Interest Coverage

₹8.82

Low price all time

113.0

Industry PE

48.0

Reserves

₹4,914

Free Cash Flow

₹143

Broker Recommendations

Date	Author	Type	Reco Price	Target Price	Potential	Source	PDF Link
02 Aug 2025	Prabhudas Lilladher	Hold	₹3,776.8	₹3,633	2.6%	moneycontrol	View
22 May 2025	ICICI Securities	Sell	₹3,404.75	₹-	—	moneycontrol	View
13 May 2025	Prabhudas Lilladher	Buy	₹3,300.8	₹3,629	9.2%	moneycontrol	View
07 Feb 2025	Prabhudas Lilladher	Buy	₹3,388.3	₹3,857	21.2%	moneycontrol	View
14 Nov 2024	Sharekhan	Hold	₹4,999	₹5,481	14.3%	moneycontrol	View
04 Sep 2024	Geojit Financial Services	Sell	₹4,331.6	₹3,968	-17.2%	moneycontrol	View
05 Aug 2024	Prabhudas Lilladher	Sell	₹4,533.55	₹4,237	-12.1%	moneycontrol	View
04 Aug 2024	ICICI Securities	Hold	₹4,989.75	₹4,774	-0.4%	moneycontrol	View
27 Jul 2024	Motilal Oswal	Hold	₹5,062.55	₹4,710	-2.3%	moneycontrol	View
20 Jun 2024	Sharekhan	Hold	₹5,135.15	₹5,200	7.8%	moneycontrol	View
14 May 2024	ICICI Securities	Hold	₹4,692.45	₹4,406	-8.6%	moneycontrol	View
13 May 2024	Motilal Oswal	Hold	₹4,608.05	₹4,180	-13.3%	moneycontrol	View
13 May 2024	Prabhudas Lilladher	Sell	₹4,608.05	₹3,923	-18.6%	moneycontrol	View
09 Feb 2024	Asit C. Mehta	Buy	₹3,350.35	₹4,096	-15%	moneycontrol	View

Price Chart

Volume Chart

Peer Comparison

Stock	Total Income	Net Profit	Net Sales	EPS	Market Cap (in Cr)	P/E
Pet Plastics Ltd.,	NA	NA	NA	NA	0
ISMT Limited	NA	NA	NA	NA	0	NA
THERMAX LTD.	12175.1	464.7	11826.6	3.9	38,103	56.8
ASTRAL LIMITED	13703.0	792.0	13612.0	3.02	36905	76.2
APAR INDUSTRIES LTD.	49079.3	2578.6	48810.9	64.13	33583	38.1

Peer Comparison Chart

About THERMAX

Thermax Ltd., with Security Code 500411, is a leading player in the Heavy Electrical Equipment industry, categorized under the Industrials sector, offering Equity instruments.

Company Updates

Latest News

navratri 2025 anil singhvi thermax sip investment

(23 Sep 2025)

This Navratri, market expert Anil Singhvi has added Thermax Ltd to his "Navratna SIP" list. Thermax is a leading engineering and energy...

From green energy to red flags: Why Thermax's stock is still under pressure | Stock Market News

(16 Sep 2025)

Thermax Ltd recently invested ₹115 crore in its wholly owned renewable energy arm, First Energy Private Ltd (FEPL), which helps customers...

Execution woes cloud Thermax; investors await margin turnaround | Stock Market News

(15 Sep 2025)

Despite rising order inflows and upbeat management commentary, execution delays and legacy low-margin projects threaten to weigh on...

Board of Thermax approves financial support for First Energy

(14 Sep 2025)

The Board of Thermax at its meeting held on 04 February 2025 has approved support by way of Corporate Guarantee / Letter of Comfort to First Energy (F...

Thermax Ltd Spikes 4.68%, BSE Capital Goods index Rises 1.05%

(10 Sep 2025)

Thermax Ltd has added 5.54% over last one month compared to 1.26% gain in BSE Capital Goods index and 1.04% rise in the SENSEX.

JPMorgan initiates Thermax stock with Overweight rating on decarbonization focus

(10 Sep 2025)

Investing.com - JPMorgan has initiated coverage on Thermax Ltd (NSE:TMX) with an Overweight rating and a price target of INR3,869.00,...

Quarterly Table

Standalone Consolidated

Metrics	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025
Sales	1,490.0	1,160.6	1,443.9	1,479.8	1,737.6	1,311.0	1,518.8	1,452.7	1,971.7	1,182.7
Expenses	1,344.3	1,076.9	1,302.5	1,358.8	1,602.7	1,238.5	1,391.8	1,342.3	1,754.8	1,128.0
Operating Profit	145.7	83.7	141.4	121.0	135.0	72.4	127.0	110.4	216.9	54.6
OPM %	9.78%	7.22%	9.79%	8.18%	7.77%	5.52%	8.36%	7.6%	11%	4.62%
Other Income	53.2	-1.5	-15.6	160.8	51.9	68.5	37.5	40.9	149.4	34.9
Interest	6.8	5.3	5.6	6.2	6.8	6.0	8.3	8.5	8.6	3.4
Depreciation	18.2	17.5	17.8	18.0	19.5	18.8	20.3	18.9	20.4	24.2
Profit before tax	166.7	110.0	175.8	131.6	160.6	116.2	135.9	123.9	243.5	61.9
Tax %	-29.7%	-26.1%	-37.1%	-22.1%	-19.9%	-26%	20.6%	-16.7%	-18.4%	25%
Net Profit	122.2	43.9	64.4	200.6	128.6	86.0	107.9	103.2	275.1	46.5
EPS in Rs	10.25	3.68	5.41	16.84	10.79	7.22	9.06	8.66	0	3.9

Metrics	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
Sales	2,049.3	2,310.8	1,933.0	2,302.5	2,324.4	2,763.7	2,184.4	2,611.6	2,507.8	3,084.9
Expenses	1,888.4	2,110.9	1,801.2	2,098.1	2,137.3	2,490.5	2,043.7	2,333.7	2,319.3	2,785.2
Operating Profit	160.8	199.9	131.8	204.4	187.1	273.2	140.7	277.9	188.5	299.7
OPM %	7.85%	8.65%	6.82%	8.88%	8.05%	9.88%	6.44%	10.64%	7.52%	9.72%
Other Income	42.3	57.5	2.4	65.9	184.5	55.3	84.1	59.8	31.5	76.9
Interest	9.1	13.9	13.4	19.8	26.6	27.8	27.5	29.4	28.7	31.3
Depreciation	29.1	29.4	29.4	33.0	35.8	49.9	36.0	42.1	35.1	45.3
Profit before tax	165.0	214.0	142.1	217.5	183.0	250.7	161.3	266.3	156.3	300.0
Tax %	-23.3%	-27.2%	-34.3%	-27%	-23.3%	-25.2%	32.1%	-25.6%	27.1%	-31.7%
Net Profit	126.4	156.2	60.0	158.6	237.1	187.6	109.4	198.0	113.7	205.6
EPS in Rs	11.2	13.85	5.23	14	21.17	16.88	10.28	17.49	10.29	0

Shareholding Distribution

Shareholding Pattern

Compounded Data

Consolidated

Standalone

Compounded Sales Growth
10 Years:	3%
5 Years:	14%
3 Years:	16%
TTM:	7%

Compounded Profit Growth
10 Years:	5%
5 Years:	17%
3 Years:	35%
TTM:	15%

Stock Price CAGR
10 Years:	13%
5 Years:	39%
3 Years:	22%
1 Year:	-30%

Compounded Sales Growth
10 Years:	7%
5 Years:	13%
3 Years:	19%
TTM:	11%

Compounded Profit Growth
10 Years:	15%
5 Years:	25%
3 Years:	27%
TTM:	7%

Stock Price CAGR
10 Years:	13%
5 Years:	39%
3 Years:	22%
1 Year:	-30%

All Deals

Date	Stock	Party	Deal	Acq. Mode	Trans.	Quan.	Price	Value

Stock Mutual Funds Data

Company Updates

News Date ▲▼	Headline ▲▼	Issuer Entity ▲▼	Issuer Type ▲▼	Order Size ▲▼	Time Period ▲▼
Loading company updates…

Loading technicals…

Moving Averages

Latest Close: — • Records Used: — • Last Trading Date: —

Simple Moving Averages (SMA)

Period	SMA Value	Status

Exponential Moving Averages (EMA)

Period	EMA Value	Status

Oscillators

Key Oscillators

latest calculation

Indicator	Value

THERMAX

THERMAX

THERMAX - Share Price & Details

Broker Recommendations

Price Chart

Volume Chart

Peer Comparison

Peer Comparison Chart

About THERMAX

Company Updates

Latest News

navratri 2025 anil singhvi thermax sip investment

From green energy to red flags: Why Thermax's stock is still under pressure | Stock Market News

Execution woes cloud Thermax; investors await margin turnaround | Stock Market News

Board of Thermax approves financial support for First Energy

Thermax Ltd Spikes 4.68%, BSE Capital Goods index Rises 1.05%

JPMorgan initiates Thermax stock with Overweight rating on decarbonization focus

Thermax shares jump 2.04% after JP Morgan initiates coverage; Anil Singhvi suggests trading strategy

Thermax Ltd spurts 1.91%

The Worst Performing Mutual Funds: Mutual Fund

Thermax completes 23 pc stake purchase in TBSPL

Thermax Acquires 23% Stake in Thermax Bioenergy

thermax acquires 23 03 stake in thermax bioenergy solutions

Thermax and HydrogenPro to Develop Alkaline Water Electrolysis System

Thermax Ltd Surges 1.75%

Thermax ties up with HydrogenPro to indigenise alkaline water electrolysis solution

Thermax Partners with HydrogenPro to localise green hydrogen technology in India

Three key factors why Thermax's newest green hydrogen partnership is positive for the stock

Thermax ties up with Norway’s HydrogenPro to indigenise alkaline electrolysers for green hydrogen projects

Midcap stock in focus after partnering with HydrogenPro for alkaline electrolysers

Thermax Partners with HydrogenPro for Green Hydrogen

Thermax collaborates with HydrogenPro

HUL, Thermax, Gland Pharma, Capital India Home, Vodafone, CG Power, among others, will remain in focus on Wednesday (August 13, 2025)

HUL, Thermax, Gland Pharma, Capital India Home, Vodafone, CG Power among others will remain in focus on Wednesday (August 13, 2025)

Thermax partners with Norwegian company HydrogenPro

Vishal Mega Mart, Waaree Energies, two others make it to MSCI India index; Details here

Thermax Ltd. - Negative Breakout: 8 stocks cross below their 200 DMAs

Thermax Ltd. Faces Continued Stock Decline Amid Mixed Performance Indicators

Tata Steel, Cholamandalam, PB Fintech, Mankind Pharma, Godrej Properties, Thermax, Symphony & More Q1 Review

Thermax Ltd (BOM:500411) Q1 2026 Earnings Call Highlights: Navigating Challenges with Strategic ... By GuruFocus

Thermax Q1 Net Profit Jumps 38.5% to ₹151.5 Crore

Thermax Ltd. Faces Potential Trend Reversal Amid Mixed Performance Signals

Thermax to hold AGM

Thermax Q1 results: Net profit, margins beat estimates, revenue slips

Inox Wind bags 51 MW order from Thermax Group company

Positive Breakout: These 7 stocks close cross above their 200 DMA

Thermax Ltd up for five straight sessions

Thermax Ltd. Shows Strong Performance Amid Broader Market Fluctuations

Thermax Ltd. Shows Strong Short-Term Performance Amid Broader Market Stability

Thermax Ltd soars 10.6%, up for third straight session

Volumes jump at Thermax Ltd counter

Thermax Ltd. Shows Strong Short-Term Gains Amid Broader Market Optimism

Industrial Dust Collectors Market Expansion Through 2032: |FLSmidth, Hamon, Camfil AB, Thermax Ltd.

Thermax Ltd. Faces Ongoing Volatility Amidst Broader Market Gains

Thermax Share Price Today - Thermax Stock Price Live NSE/BSE

Stocks in news: Tata Steel, Swiggy, Dr Reddy's, Cyient DLM, Thermax, Adani Power

Rs. 14 Dividend Bonanza: BSE 200 Stock Thermax Sets Record Date In July; Entry, Stop Loss & Target Here

Thermax Q4 Profit Rises 8% YoY to ₹205.7 Crore

Q4 Results: ABB India Profit Misses Estimates; Dr Reddys Profit Beats; Bank Of India Profit Up 80%

Thermax Q4 net, revenue rise but miss estimates; declares ₹14 dividend

Q4 Results Live: ABB India Profit Misses Estimates; Dr Reddys Profit Beats; Bank Of India Profit Up 80%

Dr Reddys, ABB, Swiggy, Thermax Q4 Results Today — Earnings Estimates

Thermax Ltd. Faces Short-Term Challenges Amid Broader Market Volatility

Dr Reddy's, ABB, Swiggy, Thermax Q4 Results Today — Earnings Estimates

Thermax schedules board meeting

Thermax’s big test: Can its energy transition bets revive investor confidence? | Company Business News

Can Thermax make investors happy again? | Company Business News

MSCI May rejig: Nykaa could enter India Standard Index with $210 million inflows, Thermax likely to exit

Thermax Ltd. Shows Resilience Amid Broader Market Challenges with Notable Stock Gains

Stock Market: Stock Market Live News

Thermax announces incorporation of wholly owned step-down subsidiary

Thermax Ltd. Faces Significant Volatility Amidst Declining Stock Performance and Market Challenges

Thermax Ltd. Faces Significant Stock Volatility Amid Broader Engineering Sector Decline

Thermax Ltd. Faces Significant Stock Volatility Amid Broader Engineering Sector Challenges

Thermax Ltd. Faces Significant Stock Volatility Amidst Declining Performance Metrics

Rs 2296 crore order book: Energy transmission company entered into share purchase agreement with Infinite Uptime Inc, USA

Thermax Ltd. Shows Signs of Recovery Amid Broader Market Gains

Thermax Partners with OCQ to Expand Chemical Business in India

Thermax forms JV with Brazil's OCQ, takes 51% stake to manufacture acrylic resins in India

Thermax Chemical Solutions forms JV with Brazil's OCQ