Thermax Ltd Share Price
As on 19 November 2025 at 02:57 IST
Thermax Q1 FY26 Results:
Net profit for the period increased by 38.5% to ₹151.5 crores in Q1 FY26, from ₹109.4 crores in Q1 FY25. Total income for the quarter decreased by 2.3% year-on-year to ₹2,215.8 crores, from ₹2,268.5 crores.
About Thermax Ltd
Thermax Ltd. is a prominent Indian engineering company providing sustainable solutions in energy and environment. The company was initiated in the year 1966 by A.S. Bhathena. It has decades of experience in the engineering industry. The headquarters of the company is located in Pune, Maharashtra, India. Thermax's main products include boilers, heat recovery steam generators and water treatment plants. Also, it offers air pollution control equipment and absorption chillers. Thermax Ltd. falls under the engineering sector. The company is known for its comprehensive range of products and strong market presence. +
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LOGINOver 1 Month
-4.21%
Over 6 Months
-14.23%
Over 1 Year
-38%
Over 3 Years
39.48%
Thermax Ltd Summary
Close ₹3,012.90
Open ₹3,018
High ₹3,054.90
Low ₹3,000
Volume 99,620
Net Turnover (in Cr) ₹30.08
52Wk High ₹5,165.70
52Wk Low ₹2,950.05
52Wk High / Low
2,950.05
5,165.70
Thermax Ltd Fundamentals
Key Financial Data
Market Cap (in Cr) ₹35,900.60
EPS (TTM) 48.72
Book Value (BV) 340.86
Div. Yield 0.46 %
P/E (TTM) 55.22
Price/Book Value 8.84
Delivery % 48.53 %
Face Value 2
Key Ratios
PE Ratio 76.09
PB Ratio 10.97
EV to Sales 6.96
PEG Ratio 2.47
ROA 13.83
ROE 13.43
Debt-Equity 0.05
Net Profit Margin 8.06
Operating Profit Margin 11.70
Thermax Ltd Financials
Profit and Loss
| Particulars (in ₹ Cr.) | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Total Revenue | 10,640.91 | 9,556.03 | 8,249.99 | 6,255.34 | 4,898.99 |
| Total Expenses | 9,756.20 | 8,761.74 | 7,646.70 | 5,845.37 | 4,571.27 |
| Profit Before Tax | 884.47 | 868.96 | 603.06 | 410.10 | 275.19 |
| Profit After Tax | 626.70 | 643.19 | 450.70 | 312.31 | 206.58 |
| Operating Profit After Depreciation | 1,001.49 | 881.88 | 640.88 | 435.14 | 348.36 |
Balance Sheet
| Particulars (in ₹ Cr.) | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Fixed Assets | 2,807.63 | 1,911.56 | 1,248.17 | 1,194.74 | 1,245.14 |
| Total Non Current Assets | 4,725.14 | 3,704.93 | 2,766.35 | 2,723.32 | 2,040.41 |
| Total Current Assets | 7,312.88 | 6,448.08 | 6,072.26 | 4,737.79 | 4,466.46 |
| Total Assets | 12,038.02 | 10,153.01 | 8,838.61 | 7,461.11 | 6,506.87 |
| Total Shareholder's Fund | 4,936.89 | 4,439.80 | 3,868.07 | 3,492.49 | 3,251.39 |
Cash Flow
| Particulars (in ₹ Cr.) | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Net Cash From Operating Activities | 1,042.79 | 247.30 | 459.56 | 324.71 | 769.48 |
| Net Cash Used In Investing Activities | -1,220.12 | -513.68 | -663.81 | -419.50 | -626.91 |
| Net Cash Used In Financing Activities | 123.55 | 285.40 | 348.54 | -20.58 | 77.24 |
Profit and Loss
| Particulars (in ₹ Cr.) | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Total Revenue | 6,456.60 | 6,015.42 | 5,277.50 | 4,139.95 | 3,271.88 |
| Total Expenses | 5,837.19 | 5,437.44 | 4,853.21 | 3,869.89 | 2,985.93 |
| Profit Before Tax | 713.14 | 580.06 | 431.49 | 256.06 | 182.92 |
| Profit After Tax | 572.14 | 437.44 | 329.26 | 200.79 | 141.02 |
| Operating Profit After Depreciation | 650.81 | 601.82 | 443.87 | 283.39 | 294.52 |
Balance Sheet
| Particulars (in ₹ Cr.) | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Fixed Assets | 977.89 | 753.89 | 713.80 | 746.10 | 773.78 |
| Total Non Current Assets | 2,879.03 | 2,701.93 | 2,247.60 | 2,708.08 | 1,948.10 |
| Total Current Assets | 4,366.72 | 4,045.44 | 3,903.71 | 2,717.39 | 3,084.37 |
| Total Assets | 7,245.75 | 6,747.37 | 6,151.31 | 5,425.47 | 5,032.47 |
| Total Shareholder's Fund | 3,967.76 | 3,536.70 | 3,217.76 | 3,001 | 2,879.38 |
Cash Flow
| Particulars (in ₹ Cr.) | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Net Cash From Operating Activities | 374.17 | 90.79 | 418.68 | 93.87 | 409.01 |
| Net Cash Used In Investing Activities | -125.94 | 103.39 | -337.63 | -100.17 | -375.16 |
| Net Cash Used In Financing Activities | -393.67 | -51.38 | -81.49 | -52.64 | 62.92 |
| Particulars (in ₹ Cr.) | 2025-09 | 2025-06 | 2025-03 | 2024-12 | 2024-09 |
|---|---|---|---|---|---|
| Total Revenue | 2,473.90 | 2,157.53 | 3,084.93 | 2,507.76 | 2,615.69 |
| Total Expenses | 2,302 | 1,932.61 | 2,785.26 | 2,319.27 | 2,337.75 |
| Profit Before Tax | 173.67 | 211.47 | 300.64 | 156.27 | 266.25 |
| Profit After Tax | 119.40 | 151.45 | 205.55 | 113.73 | 198 |
| Operating Profit after Depreciation | 257.31 | 290.55 | 377.23 | 220 | 337.71 |
| Particulars (in ₹ Cr.) | 2025-09 | 2025-06 | 2025-03 | 2024-12 | 2024-09 |
|---|---|---|---|---|---|
| Total Revenue | 1,504.60 | 1,188.80 | 1,971.65 | 1,452.71 | 1,523.10 |
| Total Expenses | 1,398.60 | 1,134.17 | 1,754.83 | 1,342.27 | 1,396.10 |
| Profit Before Tax | 253.41 | 61.92 | 337.20 | 123.89 | 135.87 |
| Profit After Tax | 225.92 | 46.47 | 275.05 | 103.18 | 107.93 |
| Operating Profit after Depreciation | 284.05 | 89.48 | 272.47 | 151.31 | 164.48 |
Thermax Ltd Technicals
Support and Resistance
S3 S2 S1 Pivot R1 R2 R3
S1 2,990.30
S2 2,967.70
S3 2,935.40
Pivot 3,022.60
R1 3,045.20
R2 3,077.50
R3 3,100.10
Moving Average
20 SMA 3,182.88
50 SMA 3,221.37
100 SMA 3,351.33
200 SMA 3,378.88
Thermax Ltd Corporate Actions
Thermax Ltd
₹14.0/Share
Announcement Date 04 Jul 2025
Record Date 04 Jul 2025
Div Yield 700%
Thermax Ltd Peer Comparison
| Company | Price | Market Cap (in Cr) |
|---|---|---|
| CG Power & Industrial Solutions Ltd | ₹750 | ₹1,18,107.81 |
| Siemens Ltd | ₹3,234.60 | ₹1,15,190.74 |
| ABB India Ltd | ₹5,042.45 | ₹1,06,853.74 |
| Bharat Heavy Electricals Ltd | ₹285.60 | ₹99,447.73 |
| Hitachi Energy India Ltd | ₹21,486.45 | ₹95,770.19 |
Thermax Ltd Top Mutal Funds Invested
| Fund Name | AUM |
|---|---|
| SBI Energy Opportunities Fund | 3.75% |
| Aditya Birla SL Midcap Fund | 2.53% |
| SBI Innovative Opportunities Fund | 2.25% |
| SBI Focused Fund | 1.81% |
| SBI Large Cap Fund | 1.71% |
Thermax Ltd News
Thermax announces board meeting date
On 11 November 2025
28 Oct 2025, 11:26 am
Thermax Ltd Spikes 4.68%, BSE Capital Goods index Rises 1.05%
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
10 Sep 2025, 09:30 am
Thermax Ltd spurts 1.91%
Thermax Ltd is quoting at Rs 3271.8, up 1.91% on the day as on 12:49 IST on the NSE. The stock is down 25.34% in last one year as compared to a 2.12% drop in NIFTY and a 20.23% drop in the Nifty Energy index.
02 Sep 2025, 01:05 pm
Thermax acquires 23.03% stake in Thermax Bioenergy Solutions
20 Aug 2025, 07:16 pm
Thermax Ltd Surges 1.75%
Thermax Ltd has lost 3.66% over last one month compared to 5.52% fall in BSE Capital Goods index and 2.36% drop in the SENSEX
14 Aug 2025, 09:30 am
Thermax Ltd Stock Analysis
- Annual revenue for Thermax Ltd increased by 7.33% to ₹6,456.60 crore in FY 2025 from ₹6,015.42 crore in FY 2024.
- Annual Net Profit for Thermax Ltd increased by 30.79% to ₹572.14 crore in FY 2025 from ₹437.44 crore in FY 2024.
- Promoter Shareholding in Thermax Ltd remains unchanged by 0.00% in the most recent quarter, from 61.98% in June 2025 to 61.98% in September 2025.
- Thermax Ltd delivered a 1-year return of -38% compared to the Nifty 50, which provided a return of 10.91% as of the last trading session.
- Thermax Ltd share price moved down by 0.63% from its previous close of INR ₹3,012.90. The latest Thermax Ltd share price is INR ₹2,994.
- Thermax Ltd share price today has been at a low of 2,975 and a high of 3,013.70. Over the past 52 weeks, the Thermax Ltd share price has seen a low of 2,950.05 and a high of 5,165.70.
About Thermax Ltd
Thermax Ltd. is a prominent Indian engineering company. It provides sustainable solutions for energy and the environment. The company operates in the engineering sector. They specifically focus on energy, environment, and chemical solutions. Thermax Ltd. was founded in 1966 and has decades of experience in the industry.
The headquarters of Thermax Ltd. is located in Pune, Maharashtra, India. The company was founded by A.S. Bhathena and is currently promoted by RDA Holdings Private Limited. Its key promoters include Meher Pudumjee (Chairperson) and Ashish Bhandari (Managing Director & CEO). The other managerial promoters of the company include:
Thermax Ltd. is a significant player in the engineering sector. The company is recognized for its innovative solutions and commitment to sustainability. The promoter shareholding in Thermax Ltd. stands at 61.98%, indicating strong promoter commitment to the business. RDA Holdings Private Ltd holds the major 53.99% stake in the company.
The registered office of Thermax Ltd. is located at D-13, MIDC, Industrial Area, Pune - 411019, Maharashtra, India. Its registrar & transfer agent is TSR Darashaw Consultants Pvt. Ltd. The company's registrar is located in Selenium Tower B, Plot No. 31-32, Gachibowli, Financial District, Nanakramguda, Seri, Hyderabad - 500032, Telangana.
Thermax Ltd. is a well-established engineering company in India. The company is known for its comprehensive range of products and strong market presence. Its commitment to customer satisfaction, innovation, and sustainability has strengthened its position as a reliable name in the engineering sector.
Technological and Industrial Impact With a substantial market capitalization, Thermax Ltd. has positioned itself as a critical enabler of industrial infrastructure and technological advancement in India. The company's comprehensive product portfolio, including heat recovery steam generators, spanning boilers, water treatment plants, air pollution control equipment, and absorption chillers, demonstrates its multifaceted technological capabilities. Thermax has become an indispensable partner for industries seeking efficient and sustainable technological interventions. This is because they offer integrated solutions for process heating, power generation, and waste management.
The company's strategic approach goes beyond traditional manufacturing. They focus on developing intelligent, eco-friendly solutions that address complex industrial challenges. Its expertise in chemical solutions, including ion exchange resins and performance chemicals, further underscores its technological versatility. This comprehensive approach has enabled Thermax to serve diverse sectors, from manufacturing and power generation to infrastructure and environmental management.
Sustainability and Innovation Leadership Thermax Ltd. has emerged as a pioneering force in sustainable engineering. This consistently demonstrates a commitment to environmental stewardship and technological innovation. The company's solutions are strategically designed to reduce carbon footprint, optimize resource utilization, and promote eco-friendly industrial practices. By integrating cutting-edge technologies with sustainable design principles, Thermax has positioned itself as a thought leader in the global push towards greener industrial solutions.
The leadership's vision, embodied by key members like Meher Pudumjee and Ashish Bhandari, has been instrumental in driving the company's innovative trajectory. With a promoter shareholding of 61.98%, the company maintains a strong alignment between strategic vision and operational execution. The leadership team's diverse expertise, including technological, financial, and human resource dimensions, has created a holistic approach to corporate growth and innovation.
Global and Digital Transformation Thermax Ltd. has been at the forefront of digital transformation in the engineering sector. Under the leadership of the company’s board directors, it has embraced digital technologies to enhance operational efficiency and create intelligent engineering solutions. The integration of advanced digital technologies has enabled Thermax to develop smart maintenance solutions that optimize industrial performance.
The company's international presence extends beyond India. Its strategic partnerships and projects have been in multiple countries across Asia, Africa, and the Middle East. This global footprint demonstrates Thermax's ability to adapt its technological expertise to diverse industrial environments and emerging market challenges.
National and Global Contribution Thermax Ltd. has played a significant role in India's industrial ecosystem. The company has not only contributed to technological advancement but has also created high-value employment opportunities. Also, it has supported the nation's technological self-reliance. Its solutions have been critical in addressing India's complex challenges in energy efficiency, environmental management, and industrial infrastructure development.
The company's journey reflects the potential of Indian engineering to develop sophisticated, environmentally responsible solutions that can address global challenges. As industries worldwide increasingly prioritize sustainability and efficiency, Thermax Ltd. stands to play a pivotal role in shaping the future of industrial technology and environmental management.
The headquarters of Thermax Ltd. is located in Pune, Maharashtra, India. The company was founded by A.S. Bhathena and is currently promoted by RDA Holdings Private Limited. Its key promoters include Meher Pudumjee (Chairperson) and Ashish Bhandari (Managing Director & CEO). The other managerial promoters of the company include:
- Pheroz Pudumjee
- Harsh Mariwala
- Jairam Varadaraj
Thermax Ltd. is a significant player in the engineering sector. The company is recognized for its innovative solutions and commitment to sustainability. The promoter shareholding in Thermax Ltd. stands at 61.98%, indicating strong promoter commitment to the business. RDA Holdings Private Ltd holds the major 53.99% stake in the company.
The registered office of Thermax Ltd. is located at D-13, MIDC, Industrial Area, Pune - 411019, Maharashtra, India. Its registrar & transfer agent is TSR Darashaw Consultants Pvt. Ltd. The company's registrar is located in Selenium Tower B, Plot No. 31-32, Gachibowli, Financial District, Nanakramguda, Seri, Hyderabad - 500032, Telangana.
Thermax Ltd. is a well-established engineering company in India. The company is known for its comprehensive range of products and strong market presence. Its commitment to customer satisfaction, innovation, and sustainability has strengthened its position as a reliable name in the engineering sector.
Influence of the Company
Thermax Ltd. emerges as a transformative force in India's engineering landscape. Their history represents a remarkable journey of innovation, technological excellence, and sustainable development. Established in 1966, the company has evolved from a promising engineering enterprise to a formidable player in the energy and environmental solutions sector. Their evolution consistently pushes the boundaries of technological innovation and sustainable engineering.Technological and Industrial Impact With a substantial market capitalization, Thermax Ltd. has positioned itself as a critical enabler of industrial infrastructure and technological advancement in India. The company's comprehensive product portfolio, including heat recovery steam generators, spanning boilers, water treatment plants, air pollution control equipment, and absorption chillers, demonstrates its multifaceted technological capabilities. Thermax has become an indispensable partner for industries seeking efficient and sustainable technological interventions. This is because they offer integrated solutions for process heating, power generation, and waste management.
The company's strategic approach goes beyond traditional manufacturing. They focus on developing intelligent, eco-friendly solutions that address complex industrial challenges. Its expertise in chemical solutions, including ion exchange resins and performance chemicals, further underscores its technological versatility. This comprehensive approach has enabled Thermax to serve diverse sectors, from manufacturing and power generation to infrastructure and environmental management.
Sustainability and Innovation Leadership Thermax Ltd. has emerged as a pioneering force in sustainable engineering. This consistently demonstrates a commitment to environmental stewardship and technological innovation. The company's solutions are strategically designed to reduce carbon footprint, optimize resource utilization, and promote eco-friendly industrial practices. By integrating cutting-edge technologies with sustainable design principles, Thermax has positioned itself as a thought leader in the global push towards greener industrial solutions.
The leadership's vision, embodied by key members like Meher Pudumjee and Ashish Bhandari, has been instrumental in driving the company's innovative trajectory. With a promoter shareholding of 61.98%, the company maintains a strong alignment between strategic vision and operational execution. The leadership team's diverse expertise, including technological, financial, and human resource dimensions, has created a holistic approach to corporate growth and innovation.
Global and Digital Transformation Thermax Ltd. has been at the forefront of digital transformation in the engineering sector. Under the leadership of the company’s board directors, it has embraced digital technologies to enhance operational efficiency and create intelligent engineering solutions. The integration of advanced digital technologies has enabled Thermax to develop smart maintenance solutions that optimize industrial performance.
The company's international presence extends beyond India. Its strategic partnerships and projects have been in multiple countries across Asia, Africa, and the Middle East. This global footprint demonstrates Thermax's ability to adapt its technological expertise to diverse industrial environments and emerging market challenges.
National and Global Contribution Thermax Ltd. has played a significant role in India's industrial ecosystem. The company has not only contributed to technological advancement but has also created high-value employment opportunities. Also, it has supported the nation's technological self-reliance. Its solutions have been critical in addressing India's complex challenges in energy efficiency, environmental management, and industrial infrastructure development.
The company's journey reflects the potential of Indian engineering to develop sophisticated, environmentally responsible solutions that can address global challenges. As industries worldwide increasingly prioritize sustainability and efficiency, Thermax Ltd. stands to play a pivotal role in shaping the future of industrial technology and environmental management.
FAQ’s
What is the share price of Thermax Ltd today?
Thermax Ltd share price as on 18 Nov 2025 is ₹ 2994.0
What is the Market Cap of Thermax Ltd?
The market cap of Thermax Ltd stock is ₹35,900.60 Cr.
What is the PE Ratio of Thermax Ltd?
The Price to Earnings (P/E) Ratio of Thermax Ltd is 76.09
What is the PB Ratio of Thermax Ltd?
The Price to Book (P/B) Ratio of Thermax Ltd is 10.97
What is the 52 week high of Thermax Ltd Share Price?
The 52 week high of Thermax Ltd share price stands at ₹5,165.70
What is the 52 week low of Thermax Ltd Share Price?
The 52 week low of Thermax Ltd share price stands at ₹2,950.05
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