ETPrime

Thermax Share Price

  • 2,746.30-573.40 (-17.28%)
  • Volume: 28,96,150
  • Closed
  • Last Updated On: 06 Nov, 2026, 03:58 PM IST
High: "5325.00",Open: "4157.11",Low: "3000.00",
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Thermax Share Price
  • 2,746.30-573.40 (-17.28%)
  • Volume: 28,96,150
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Stock Recommendations

  • Potential
    Upside*

  • 1 Year
    Target

HOLD

Mean Recos by
19 Analysts

2

3

6

4

4

Strong Sell

Sell

Hold

Buy

Strong Buy

Unlock Potential Upside
Stock Reports Plus

/10

Stock Score

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Earnings
Fundamentals
Relative Valuation
Risk
Price Momentum
No Rating (NR)
Negative
Neutral
Positive
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* Investments in securities are subject to market risks. These are indicative and should not be interpreted as investment advice or guaranteed returns.

Key Metrics

PE Ratio
(x)		55.63
EPS - TTM
(₹)		49.37
MCap
(₹ Cr.)		32,723.89
Sectoral MCap Rank
8
PB Ratio
(x)		7.09
Div Yield
(%)		0.73
Face Value
(₹)		2.00
Beta

Beta

1 Month2.11
3 Months1.25
6 Months1.01
1 Year0.66
3 Years0.72

2.11
VWAP
(₹)		2,764.41
52W H/L
(₹)
5,277.80 / 2,666.60

Thermax share price insights

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  • Meeting Agenda: Quarterly Results. Please add to watchlist to track closely.

  • Company has spent 1.3% of its operating revenues towards interest expenses and 13.29% towards employee cost in the year ending Mar 31, 2026. (Source: Consolidated Financials)

  • Company has used Rs 587.06 cr for investing activities which is an YoY decrease of 52.68%. (Source: Consolidated Financials)

  • Thermax Ltd. share price moved down by -17.28% from its previous close of Rs 3,319.70. Thermax Ltd. stock last traded price is 2,746.30

    Share PriceValue
    Today/Current/Last2,746.30
    Previous Day3,319.703,322.50

InsightsThermax

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    Thermax Share Price Returns

    1 Day-17.28%
    1 Week-11.76%
    1 Month-14.99%
    3 Months-32.36%
    1 Year-13.93%
    3 Years-4.61%
    5 Years98.72%

    ET Stock ScreenersTop Score Companies

    Check whether Thermax belongs to analysts' top-rated companies list?

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    News & Analysis

    View all Thermax Share News & Announcements

    Share Recommendations

    Recent Recos

    HOLD

    Current

    Mean Recos by 19 Analysts

    Strong
    Sell    SellHoldBuyStrong
    Buy
    • Target₹4237
    • OrganizationPrabhudas Lilladher
    • REDUCE
    • Target₹3045
    • OrganizationICICI Securities
    • ADD

    Analyst Trends

    RatingsCurrent1 Week Ago1 Month Ago3 Months Ago
    Strong Buy4433
    Buy4333
    Hold6778
    Sell3332
    Strong Sell2233
    # Analysts19191919
    View all Stock Recommendations

    Financials

    • Insights

      • Employee & Interest Expense

        Company has spent 1.3% of its operating revenues towards interest expenses and 13.29% towards employee cost in the year ending Mar 31, 2026. (Source: Consolidated Financials)
      Quarterly | AnnualSep 2026Jun 2026Mar 2026Dec 2025Sep 2025
      Total Income2,837.662,370.923,481.752,697.412,559.31
      Total Income Growth (%)19.69-31.9029.085.4015.50
      Total Expenses2,631.882,293.633,105.282,374.392,353.34
      Total Expenses Growth (%)14.75-26.1430.780.8919.22
      EBIT205.7877.29376.47323.02205.97
      EBIT Growth (%)166.24-79.4716.5556.83-14.84
      Profit after Tax (PAT)114.5425.24244.28204.18119.66
      PAT Growth (%)353.80-89.6719.6470.63-21.47
      EBIT Margin (%)7.253.2610.8111.988.05
      Net Profit Margin (%)4.041.067.027.574.68
      Basic EPS (₹)10.172.2421.6818.1210.62
      Quarterly | AnnualSep 2026Jun 2026Mar 2026Dec 2025Sep 2025
      Total Income1,937.961,338.222,258.811,637.711,682.65
      Total Income Growth (%)44.82-40.7637.92-2.6738.20
      Total Expenses1,637.991,356.711,998.801,401.731,424.23
      Total Expenses Growth (%)20.73-32.1242.60-1.5823.61
      EBIT299.97-18.49260.01235.98258.42
      EBIT Growth (%)--107.1110.18-8.68295.62
      Profit after Tax (PAT)262.50-18.10201.04175.48225.92
      PAT Growth (%)--109.0014.57-22.33386.16
      EBIT Margin (%)15.48-1.3811.5114.4115.36
      Net Profit Margin (%)13.55-1.358.9010.7113.43
      Basic EPS (₹)22.03-1.5216.8714.7318.96
      Quarterly | Annual FY 2026 FY 2025 FY 2024 FY 2023 FY 2022
      Total Revenue10,961.6310,640.919,556.038,249.996,255.34
      Total Revenue Growth (%)3.0111.3515.8331.8927.69
      Total Expenses10,014.499,756.208,761.747,646.705,845.37
      Total Expenses Growth (%)2.6511.3514.5830.8227.87
      Profit after Tax (PAT)720.50634.47645.28450.29312.31
      PAT Growth (%)13.56-1.6843.3044.1851.18
      Operating Profit Margin (%)10.159.649.457.927.10
      Net Profit Margin (%)6.736.106.925.565.09
      Basic EPS (₹)63.9556.3357.3039.9827.73
      Quarterly | Annual FY 2026 FY 2025 FY 2024 FY 2023 FY 2022
      Total Revenue6,802.826,456.606,015.425,277.504,139.95
      Total Revenue Growth (%)5.367.3313.9827.4826.53
      Total Expenses6,095.805,837.195,437.444,853.213,869.89
      Total Expenses Growth (%)4.437.3512.0425.4129.60
      Profit after Tax (PAT)648.91572.14437.44329.26200.79
      PAT Growth (%)13.4230.7932.8663.9842.38
      Operating Profit Margin (%)11.2210.4010.338.637.05
      Net Profit Margin (%)9.959.147.516.405.00
      Basic EPS (₹)54.4648.0236.7127.6316.85

      All figures in Rs Cr, unless mentioned otherwise

      View Details
    • Annual FY 2026 FY 2025 FY 2024 FY 2023 FY 2022
      Total Assets13,282.1112,038.0210,153.018,838.617,461.11
      Total Assets Growth (%)10.3318.5714.8718.4614.67
      Total Liabilities7,702.927,095.445,713.214,968.393,968.62
      Total Liabilities Growth (%)8.5624.1914.9925.1921.91
      Total Equity5,579.194,942.584,439.803,870.223,492.49
      Total Equity Growth (%)12.8811.3214.7210.827.42
      Current Ratio (x)1.221.301.361.381.26
      Total Debt to Equity (x)0.410.340.280.210.10
      Contingent Liabilities1,011.30728.361,086.66956.05529.58
      Annual FY 2026 FY 2025 FY 2024 FY 2023 FY 2022
      Total Assets7,558.207,245.756,747.376,151.315,425.47
      Total Assets Growth (%)4.317.399.6913.387.81
      Total Liabilities3,131.113,277.993,210.672,933.552,424.47
      Total Liabilities Growth (%)-4.482.109.4521.0012.60
      Total Equity4,427.093,967.763,536.703,217.763,001.00
      Total Equity Growth (%)11.5812.199.917.224.22
      Current Ratio (x)1.261.381.291.361.17
      Total Debt to Equity (x)0.030.020.090.070.06
      Contingent Liabilities728.121,278.621,650.903,028.222,580.18

      All figures in Rs Cr, unless mentioned otherwise

      View Details

    • Insights

      • Cash from Operations vs PAT

        Operating cash flow of Rs 541.55 cr is 0.75 times compared to the reported net profit of Rs 720.5 cr. (Source: Consolidated Financials)

      • Decrease in Cash from Investing

        Company has used Rs 587.06 cr for investing activities which is an YoY decrease of 52.68%. (Source: Consolidated Financials)
      Annual FY 2026 FY 2025 FY 2024 FY 2023 FY 2022
      Net Cash flow from Operating Activities541.551,042.79247.30459.56324.71
      Net Cash used in Investing Activities-587.06-1,240.55-509.21-679.68-421.58
      Net Cash flow from Financing Activities247.63123.55285.40348.54-20.58
      Net Cash Flow224.36-53.7819.02144.29-115.37
      Closing Cash & Cash Equivalent636.20412.97466.75447.73303.44
      Closing Cash & Cash Equivalent Growth (%)54.05-11.524.2547.55-27.55
      Total Debt/ CFO (x)4.221.625.081.761.09
      Annual FY 2026 FY 2025 FY 2024 FY 2023 FY 2022
      Net Cash flow from Operating Activities416.48374.1790.79418.6893.87
      Net Cash used in Investing Activities-287.39-125.94103.39-337.63-100.17
      Net Cash flow from Financing Activities-146.00-393.67-51.38-81.49-52.64
      Net Cash Flow-16.91-145.44142.80-0.44-58.94
      Closing Cash & Cash Equivalent100.14118.18263.62120.82121.26
      Closing Cash & Cash Equivalent Growth (%)-15.26-55.17118.19-0.36-32.71
      Total Debt/ CFO (x)0.300.233.390.531.92

      All figures in Rs Cr, unless mentioned otherwise

      View Details
    • Annual FY 2026 FY 2025 FY 2024 FY 2023 FY 2022
      Return on Equity (%)12.9812.8514.5311.648.94
      Return on Capital Employed (%)14.5515.6416.2414.4611.75
      Return on Assets (%)5.425.276.355.094.18
      Interest Coverage Ratio (x)9.319.9311.7620.1621.79
      Asset Turnover Ratio (x)0.840.940.980.990.67
      Price to Earnings (x)51.5564.9473.5357.4770.42
      Price to Book (x)6.688.3410.646.676.26
      EV/EBITDA (x)29.5235.9546.1433.6138.80
      EBITDA Margin (%)12.0911.1611.049.368.94
      Annual FY 2026 FY 2025 FY 2024 FY 2023 FY 2022
      Return on Equity (%)14.6514.4112.3610.236.69
      Return on Capital Employed (%)16.3015.9616.6613.539.12
      Return on Assets (%)8.587.896.485.353.70
      Interest Coverage Ratio (x)33.3423.2228.3026.4126.30
      Asset Turnover Ratio (x)0.880.890.900.890.77
      Price to Earnings (x)60.6176.34114.9483.33116.28
      Price to Book (x)8.8610.9714.138.487.71
      EV/EBITDA (x)47.2259.6674.0552.4165.28
      EBITDA Margin (%)12.7111.6511.5810.058.73

    Thermax

    • Income (P&L)
    • Cash Flow

      • Employee & Interest Expense

        Company has spent 1.3% of its operating revenues towards interest expenses and 13.29% towards employee cost in the year ending Mar 31, 2026. (Source: Consolidated Financials)

      • Cash from Operations vs PAT

        Operating cash flow of Rs 541.55 cr is 0.75 times compared to the reported net profit of Rs 720.5 cr. (Source: Consolidated Financials)

      • Decrease in Cash from Investing

        Company has used Rs 587.06 cr for investing activities which is an YoY decrease of 52.68%. (Source: Consolidated Financials)

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    Share Price Forecast

    • Get multiple analysts’ prediction on Thermax

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      • Upcoming predictions for Revenue
      • Details about company earnings
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    • Get multiple analysts’ prediction on Thermax

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      • High, low, medium predictions for Price
      • Upcoming predictions for Revenue
      • Details about company earnings
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      • High, low, medium predictions for Price
      • Upcoming predictions for Revenue
      • Details about company earnings
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    Technicals

    • Bullish / Bearish signals for Thermax basis selected technical indicators and moving average crossovers.

      MACD Crossover

      Bearish signal on daily chart

      Appeared on: 6 Nov 2026

      Region: Negative

      Last 4 Sell Signals:5 Oct 2026
      Date10 days Gain/Loss %
      5 Oct 2026-3.19%
      24 Sep 2026-4.02%
      2 Sep 2026-4.58%
      3 Jul 2026-1.63%

      Average price decline of -3.63% within 10 days of Bearish signal in last 10 years

      5 Day EMA Crossover

      Bearish signal on daily chart

      Appeared on: 6 Nov 2026

      5D EMA: 3072.80

      Last 4 Sell Signals:30 Oct 2026
      Date7 days Gain/Loss %
      30 Oct 2026-1.64%
      27 Oct 2026-0.90%
      19 Oct 2026-6.56%
      15 Oct 2026-0.86%

      Average price decline of -3.00% within 7 days of Bearish signal in last 5 years

      Show More
    • 43%
      Positive Movement since
      1st Jan 2005 on basis
      57%
      Negative Movement since
      1st Jan 2005 on basis
      Exclude

    • Pivot Levels

      R1R2R3PIVOTS1S2S3
      Classic2974.333202.373584.272820.472592.432438.572056.67

      Average True Range

      5 DAYS14 DAYS28 DAYS
      ATR223.08150.15137.18

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        • Ratio Performance

          NAMEP/E (x)P/B (x)ROE %ROCE %ROA %Rev CAGR [3Yr]OPMNPMBasic EPSCurrent RatioTotal Debt/ Equity (x)Total Debt/ CFO (x)
          Thermax55.635.8712.9814.555.429.8310.156.7363.951.220.414.22
          ABB India48.0418.3221.2828.4612.2315.5517.0412.6378.732.050.000.00
          Siemens38.719.1519.8821.2912.918.4012.7211.0877.342.570.000.00
          Siemens Energy India Ltd.67.2322.8325.1029.2211.520.0019.3614.0530.891.970.000.00
          Honeywell47.055.9611.7615.958.4210.6615.6011.21593.813.520.000.00
          Add More
          Annual Ratios (%)

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          • Triveni Turbine
          • SKF India (Industrial) Ltd.
          • ISGEC Heavy Eng
          • Affordable Robotic

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          Thermax

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            Shareholding Pattern

            • Loading...
              Showing Thermax Shareholding as on Sep 2026
              CategorySep 2026Jun 2026Mar 2026Dec 2025
              Promoters61.9861.9861.9861.98
              Pledge0.000.000.000.00
              FII11.3011.4611.2512.36
              DII14.9415.2115.4914.84
              Mutual Funds12.3312.8613.7513.26
              Others11.7811.3411.2810.81
            • Showing Shareholding as on Sep 2026
              CategoryNo. of SharesPercentage% Change QoQ
              Promoters7,38,55,30561.98 %0.00
              Pledge00.00 %0.00
              FII1,34,70,91011.30 %-0.16
              DII1,77,97,49214.94 %-0.27
              MF1,46,93,51712.33 %-0.52
              Others1,40,32,59311.78 %0.43

            MF Ownership

            MF Ownership details are not available.

            Top Searches:
            Thermax News Thermax Quarterly Results Thermax Dividend Thermax Q1 ResultsThermax Q2 ResultsThermax Q3 ResultsThermax Q4 Results

            Corporate Actions

            • Meeting DateAnnounced onPurposeDetails
              Nov 05, 2026Oct 09, 2026Board MeetingQuarterly Results
              Jul 30, 2026Jul 14, 2026Board MeetingQuarterly Results
              Jul 30, 2026Jul 03, 2026AGM-
              May 07, 2026Apr 16, 2026Board MeetingAudited Results & Final Dividend
              Feb 02, 2026Jan 06, 2026Board MeetingQuarterly Results
            • TypeDividendDividend per ShareEx-Dividend DateAnnounced on
              Special300%6.0Jul 03, 2026May 08, 2026
              Final700%14.0Jul 03, 2026May 07, 2026
              Final700%14.0Jul 04, 2025May 09, 2025
              Final600%12.0Jul 05, 2024May 10, 2024
              Final500%10.0Jul 21, 2023May 17, 2023
            • All TypesEx-DateRecord DateAnnounced onDetails
              SplitsMar 31, 2006Apr 10, 2006Jan 31, 2006Split: Old FV10.0| New FV:2.0
              BonusSep 08, 2003Sep 09, 2003May 29, 2003Bonus Ratio: 2 share(s) for every 1 shares held

            About Thermax

            Thermax Ltd., incorporated in the year 1980, is a Mid Cap company (having a market cap of Rs 32,723.89 Crore) operating in Engineering sector. Thermax Ltd. key Products/Revenue Segments include Sale of services, Scrap, Export Incentives, Commission for the year ending 31-Mar-2026. Show More

            • Executives

            • Auditors

            • MP

              Meher Pudumjee

              Chairperson
              AB

              Ashish Bhandari

              Managing Director & CEO
              BC

              B C Rajesh

              Executive Vice President & CEO
              PP

              Pheroz Pudumjee

              Non Executive Director
              Show More
            • Price Waterhouse Chartered Accountants LLP
              SRBC & Co LLP

            Industry

            Capital Goods - Diversified

            Key Indices Listed on

            Nifty 500, BSE 500, Nifty Energy, + 23 more

            Address

            D-13, MIDC, Industrial Area, R D Aga Road,Chinchwad,Pune, Maharashtra - 411019

            Contact

            cservice@thermaxglobal.com

            http://www.thermaxglobal.com

            More Details

            FAQs about Thermax share

            • 1. What is Thermax share price and what are the returns for Thermax share?
              As on 06 Nov, 2026, 03:59 PM IST Thermax share price is down by 17.28% basis the previous closing price of Rs 3,282.3. Thermax share price is Rs 2,746.30. Return Performance of Thermax Shares:
              • 1 Week: Thermax share price moved down by 11.76%
            • 2. What are the returns for Thermax share?
              Return Performance of Thermax Shares:
              • 1 Week: Thermax share price moved down by 11.76%
            • 3. What's the market capitalization of Thermax?
              Thermax share has a market capitalization of Rs 32,723.89 Cr. Within Engineering sector, it's market cap rank is 8.
            • 4. What has been highest price of Thermax share in last 52 weeks?
              52 Week high of Thermax share is Rs 5,277.80 while 52 week low is Rs 2,666.60
            • 5. What is the PE & PB ratio of Thermax?
              The PE ratio of Thermax stands at 66.66, while the PB ratio is 6.7.

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