Thermax share price
NSE: THERMAXBSE: 500411Electrical EquipmentMid Cap
Last close ₹3,096.00down ₹65.30 (2.07%)BSE ₹3,095.60
Share price at the NSE close on 23 Oct 2026. Previous close ₹3,161.30.
52-week range of traded prices to 23 Oct 2026
₹2,742.70Low, 8 Dec 2025₹5,277.80High, 29 Jun 2026
- Next results date: the board meets on 5 Nov 2026 to consider: financial results.
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies.
- ₹36,891 Cr212th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. The filing of 30 Jul 2026
- 62.2
- P/E without one-offsPrice to earnings without one-off items. Market cap divided by core profit: the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, less one-off items (exceptional items and the result of businesses sold or closed). Shown where the one-off items move that profit by more than a tenth. The last twelve months' profit includes ₹61 crore of one-off items, the largest of them in the quarter to Dec 2025.
- 69.3
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. The filing of 7 May 2026
- 6.6
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.65%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it. The filing of 30 Jul 2026
- 11.3%
- ROE without one-offsReturn on equity without one-off items. Core profit, the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders less one-off items (exceptional items and the result of businesses sold or closed), as a percentage of the same net worth as the return on equity. Shown where the one-off items move that profit by more than a tenth. The last twelve months' profit includes ₹61 crore of one-off items, the largest of them in the quarter to Dec 2025.
- 10.1%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet. The filing of 30 Jul 2026
- 8.3%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026. The filing of 7 May 2026
- 0.41
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 1,76,73957.6% delivered
Results
Consolidated; ₹ crore, the charts by years to March, the table by quarter.Quarterly results
Quarter to Jun 2026, against the quarter beforeFiled 30 Jul
- RevenueRevenue. The pill is the change in revenue against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹2,303 Crdown 32.83%
- Net profitNet profit. The pill is the change in net profit against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹22 Crdown 91.08%
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax.
- 0.9%
Revenue by year
Peak revenue ₹10,694 Cr, year to Mar 2026
Net profit by year, a loss in red
| ₹ crore | Sep 2024Filed 13 Nov | Dec 2024Filed 4 Feb | Mar 2025Filed 10 Jun | Jun 2025Filed 31 Jul | Sep 2025Filed 11 Nov | Dec 2025Filed 2 Feb | Mar 2026Filed 7 May | Jun 2026Filed 30 Jul |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,612 | 2,508 | 3,085 | 2,150 | 2,474 | 2,635 | 3,428 | 2,303 |
| Net profit | 198 | 114 | 206 | 151 | 119 | 205 | 244 | 22 |
| Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. | 7.6% | 4.5% | 6.7% | 7.0% | 4.8% | 7.8% | 7.1% | 0.9% |
Consolidated. The last eight quarters. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.
Business segments
Share of revenue, year to Mar 2026, consolidated.Segment revenue and profit
- Industrial ProductsIndustrial Products, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹5,096 Crup 12.52%46.6%
- Industrial InfraIndustrial Infra, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹4,348 Crdown 7.77%39.8%
- ChemicalChemical, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹758 Crdown 0.69%6.9%
- Green SolutionsGreen Solutions, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹732 Crup 6.14%6.7%
The pill is the change in revenue on the year before; the share is of all the businesses together.
Valuation
Today, against the company's own history.PE ratio and valuation history
Price to earningsPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit.
At or below today's level on 66% of 2,240 trading days over the last 10 years.
LowestHighest
Its median64.1Industry median31.1
Price to bookPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet.
At or below today's level on 42% of 1,967 trading days since Nov 2018.
LowestHighest
Its median7.0Industry median5.4
EV to EBITDAEnterprise value to EBITDA. Market cap plus borrowings less cash and bank balances, divided by operating profit before depreciation (revenue less operating expenses, without other income and one-off items) over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly): what the whole business costs against the profit its operations make. Lease liabilities are not counted: the results filings do not state them.43.7
At or below today's level on 43% of 1,967 trading days since Nov 2018.
LowestHighest
Its median45.8Industry median23.6
Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price. When a year's dividend goes ex later than the year before's, the yield reads zero for the days between; a run of under 60 such trading days is left out of the yield's medians and percentiles. The ex-date is the day from which a buyer of the share no longer gets the dividend.
At or below today's level on 82% of 2,480 trading days over the last 10 years.
LowestHighest
Its median0.42%Industry median0.36%
Where the return came from
Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.
| Over | Return a year | Earnings growth | Change in P/E | Dividend yield |
|---|---|---|---|---|
| 1 year | −10.2% | +13.5% | −21.4% | 0.6% |
| 3 years | +12.9% | +16.9% | −3.8% | 0.4% |
| 5 years | +19.8% | +28.4% | −7.0% | 0.4% |
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add. Earnings growth over 5 years includes one-off items (exceptional items and the result of businesses sold or closed) of more than a tenth of the profit of the year to Mar 2021.
Mutual funds holding it
144 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 77 of the 96 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future. 1 more fund filed its first portfolio on record, holding it.Mutual fund holdings
- Bought for the first timeBought for the first time. Funds that held it at the month's end and had not held it in any month on record before.
- 7
- Bought againBought again. Funds that held it at the month's end, had not held it the month before, and held it in an earlier month.
- 1
- AddedAdded. Funds that held more shares than at the end of the month before.
- 57
- CutCut. Funds that held fewer shares than at the end of the month before.
- 39
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 39
- Sold outSold out. Funds that held it at the end of the month before and hold none at this month's end.
- 13
| Fund | |||
|---|---|---|---|
 SBI Large Cap FundSBI Mutual Fund | 23,43,447 | 1.52% | ₹794.9 Cr |
 Kotak Flexi Cap FundKotak Mahindra Mutual Fund | 21,75,000 | 1.39% | ₹737.8 Cr |
| SBI Focused FundSBI Mutual Fund | 19,96,057 | 1.35% | ₹677.1 Cr |
 Sundaram Mid Cap FundSundaram Mutual Fund | 9,00,000 | 2.20% | ₹305.3 Cr |
| SBI Energy Opportunities FundSBI Mutual Fund | 8,83,474 | 3.76% | ₹299.7 Cr |
 HSBC Midcap FundHSBC Mutual Fund | 8,26,746 | 1.67% | ₹280.4 Cr |
 Aditya Birla Sun Life Midcap FundAditya Birla Sun Life Mutual Fund | 4,34,194 | 2.25% | ₹147.3 Cr |
| Sundaram Large and MidcapSundaram Mutual Fund | 3,84,230 | 1.83% | ₹130.3 Cr |
 Bajaj Finserv Flexi Cap FundBajaj Finserv Mutual Fund | 3,74,903 | 1.49% | ₹127.2 Cr |
 ICICI Prudential Multi Cap FundICICI Prudential Mutual Fund | 2,79,644 | 0.51% | ₹94.9 Cr |
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.
Peers and competitors
Heavy Electrical Equipment, 48 listed companies, priced on 23 Oct 2026. The table lists the 8 companies closest to Thermax in market cap.
Where the company sits among the companies nearest its size
| Company | |||||||||
|---|---|---|---|---|---|---|---|---|---|
 SiemensSIEMENS | 1,15,568 | 35.3 | 8.4 | 57.5 | −1.7% | +33.7% | 25.0% | 11.7% | 0.55% |
 GE Vernova T&D IndiaGVT&D | 94,737 | 72.6 | 35.2 | 53.1 | +43.9% | +70.6% | 58.5% | 63.5% | 0.27% |
 Siemens Energy IndiaENRIN | 94,489 | 63.5 | 19.6 | 45.1 | – | – | 34.3% | 39.2% | 0.15% |
 Suzlon EnergySUZLON | 51,411 | 16.4 | 5.4 | 16.7 | +45.2% | +50.2% | 40.4% | 27.4% | 0.00% |
 Schneider Electric InfrastructureSCHNEIDER | 26,639 | 145.0 | 34.4 | 79.7 | +9.6% | −29.5% | 27.5% | 24.7% | 0.00% |
 TD Power SystemsTDPOWERSYS | 20,558 | 74.8 | 19.2 | 53.3 | +54.3% | +45.3% | 28.5% | 32.8% | 0.16% |
 Azad EngineeringAZAD | 16,008 | 115.2 | 10.5 | 67.7 | +28.7% | +39.5% | 9.5% | 9.0% | 0.00% |
 Triveni TurbineTRITURBINE | 14,148 | 42.1 | 9.8 | 32.4 | +17.7% | −1.6% | 25.3% | 27.1% | 0.95% |
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.
Dividends
Per share, by the year it was paid for, and the latest payments.Dividend history and dates
Dividend per share, ₹, restated for later splits and bonuses
Dividend per share. The dividends declared for the year, each restated to today's share count by the splits and bonuses after its own ex-date, added up.Highest ₹20.00 a share, year to Mar 2026.
| Ex-date | Type | Per share |
|---|---|---|
| 3 Jul 2026 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. | ₹14.00 |
| 3 Jul 2026 | Special | ₹6.00 |
| 4 Jul 2025 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. | ₹14.00 |
| 5 Jul 2024 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. | ₹12.00 |
| 21 Jul 2023 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. | ₹10.00 |
| 21 Jul 2022 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. | ₹9.00 |
Latest payments, as declared, by ex-date.
Latest announcements
Routine notices left out.Share news and announcements
Oct 2026
Sep 2026
30 Sep · Business
Jul 2026
Thermax share price by year
Each calendar year to 2025.Thermax share price history
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 3,022.60 | −25.2% | 4,153.55 | 2,773.80 |
| 2024 | 4,039.75 | +31.1% | 5,666.45 | 2,993.40 |
| 2023 | 3,081.50 | +56.6% | 3,161.90 | 1,900.85 |
| 2022 | 1,968.20 | +10.1% | 2,600.00 | 1,680.95 |
| 2021 | 1,786.90 | +96.8% | 1,845.85 | 904.80 |
| 2020 | 907.95 | −16.1% | 1,116.55 | 677.75 |
| 2019 | 1,082.60 | −3.4% | 1,158.00 | 941.50 |
| 2018 | 1,120.25 | −8.5% | 1,335.60 | 890.00 |
| 2017 | 1,223.75 | +64.6% | 1,227.00 | 737.60 |
| 2016 | 743.60 | −17.8% | 918.80 | 705.25 |
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before.
Recent sessions
The last 10 trading days to 23 Oct 2026, as traded on NSE.
| Date | Open | High | Low | Close | Average price | Volume | Delivery |
|---|---|---|---|---|---|---|---|
| 23 Oct 2026 | 3,150.00 | 3,150.00 | 3,022.60 | 3,096.00 | 3,071.03 | 1,76,739 | 57.6% |
| 22 Oct 2026 | 3,145.00 | 3,191.40 | 3,107.00 | 3,161.30 | 3,161.62 | 68,466 | 40.1% |
| 21 Oct 2026 | 3,232.00 | 3,234.90 | 3,119.80 | 3,145.00 | 3,158.66 | 1,64,913 | 53.2% |
| 19 Oct 2026 | 3,329.00 | 3,345.60 | 3,225.00 | 3,234.90 | 3,264.18 | 1,25,590 | 41.4% |
| 16 Oct 2026 | 3,302.00 | 3,361.00 | 3,245.50 | 3,326.80 | 3,317.21 | 2,88,481 | 68.9% |
| 15 Oct 2026 | 3,295.00 | 3,300.00 | 3,234.90 | 3,273.80 | 3,258.58 | 1,53,555 | 54.2% |
| 14 Oct 2026 | 3,290.00 | 3,338.40 | 3,241.00 | 3,313.30 | 3,310.98 | 1,51,702 | 58.5% |
| 13 Oct 2026 | 3,319.00 | 3,320.10 | 3,210.00 | 3,298.60 | 3,271.87 | 1,08,985 | 41.3% |
| 12 Oct 2026 | 3,273.60 | 3,341.80 | 3,230.80 | 3,308.50 | 3,292.46 | 1,47,340 | 46.3% |
| 9 Oct 2026 | 3,202.00 | 3,352.00 | 3,180.50 | 3,256.30 | 3,271.96 | 5,74,697 | 25.5% |
Prices in ₹ per share as traded, not adjusted.
About Thermax
Thermax is an engineering company headquartered in Pune. It supplies equipment and services for heating, cooling, power generation and air pollution control, and also works in water and wastewater treatment. It sells a range of chemicals as well. Its customers include industries such as cement, chemicals, food and beverages, pharmaceuticals, power and textiles.
The business is grouped into segments that include Industrial Products, Industrial Infra, Green Solutions and Chemicals. The Green Solutions segment comprises Thermax Onsite Energy Solutions Limited, First Energy Private Limited and the green hydrogen business. Under a Build-Own-Operate model, the first of these provides outsourced green utility solutions to customers, who pay for the service instead of buying the plant. The chemicals business includes construction chemicals and ion exchange resins. The group has subsidiaries, 29 of them in India.
Thermax runs manufacturing units in India, including sites at Paudh, Jhagadia, Dahej and Solapur. Its international manufacturing units are in Denmark, Poland, Germany and Indonesia.
The business has operated since 1966. It entered water treatment in 1975 to complement its boiler business, and its chemicals division grew from the acquisition of Tulsi Fine Chemicals. It acquired a European boiler maker, Danstoker, through its Denmark subsidiary. In 2025 it marked 30 years since its listing on the National Stock Exchange. It has since partnered with HydrogenPro to supply alkaline electrolysers for green hydrogen in India.
- Legal name
- Thermax Limited
- NSE symbol
- THERMAX
- BSE code
- 500411
- ISIN
- INE152A01029
- Industry
- Electrical Equipment
- Listed
- May 1995 on BSE, Aug 1995 on NSE
- Face value
- ₹2
- CIN
- L29299PN1980PLC022787
- Corporate identity number, the registrar of companies' code for it
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