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NSE Close — 25 Sep 2026
₹3,447.2
Change
+41.1 (1.21%)
Open
₹3,402.0
Prev. Close
₹3,406.1
Day High
₹3,460.7
Day Low
₹3,376.0
Volume Analysis
Traded
71,452
Delivered
35,236
Delivery %
49.31%
End-of-day NSE price via the official Bhavcopy — updated once daily after market close, not a live tick.
Strengths, Weaknesses, Opportunities & Threats
Strengths (0)
No signal for this stock
Weaknesses (0)
No signal for this stock
Opportunities (1)
- •Strong 3-year EPS growth (17.0%)
Threats (1)
- •FII holding has been falling
Rule-based signals from the fundamentals below — not investment advice.
Pivot Levels
| Type | R3 | R2 | R1 | Pivot | S1 | S2 | S3 |
|---|---|---|---|---|---|---|---|
| Classic | ₹3,564.64 | ₹3,512.67 | ₹3,479.94 | ₹3,427.97 | ₹3,395.24 | ₹3,343.27 | ₹3,310.54 |
| Fibonacci | ₹3,512.67 | ₹3,480.31 | ₹3,460.33 | ₹3,427.97 | ₹3,395.61 | ₹3,375.63 | ₹3,343.27 |
| Camarilla | ₹3,470.49 | ₹3,462.73 | ₹3,454.96 | ₹3,427.97 | ₹3,439.44 | ₹3,431.67 | ₹3,423.91 |
Support/resistance levels for today, calculated from the previous trading day's high/low/close.
Absolute Returns
YTD
+12.53%
1 Week
-3.66%
1 Month
-12.6%
3 Months
-33.19%
6 Months
+3.04%
1 Year
+7.8%
2Y/3Y/5Y not shown yet — price history tracking only goes back to mid-2025 so far.
Stock Vitals
Computed from the latest available annual financials.
Graham Number
₹796.26
Current price is above the Graham Number — Benjamin Graham's estimate of fair value based on earnings and book value.
DuPont ROE Breakdown
10.55%
Net margin 5.45% × asset turnover 0.81x × equity multiplier 2.39x
Company Overview
Sector
Capital Goods
Market Cap
₹41,076 Cr
P/E (TTM)
74.6
ROE
10.6%
Book Value
₹466.0
Face Value
₹2.0
Source: Screener.in (Consolidated figures) — data as of 27 Sep 2026. Not investment advice.
TopFund Analysis
Thermax Ltd lands in the middle of the pack on TopFund's composite fundamentals check within the Capital Goods sector, at 56/100. The strongest factor is Financial Strength (93/100), while Valuation (5/100) is the weakest area to weigh before deciding. FII holding has been falling.
TopFund Score — Fundamentals Quality
56/100 — AverageData confidence: 79/100 (Moderate Confidence) — based on how complete and how fresh the underlying data is.
As of 27 Sep 2026 · How we calculate this →
Financial Strength
Growth
Valuation
Cash Flow
Corporate Governance
Momentum
Institutional Ownership
Business Quality
Risk & Volatility
Liquidity
From Screener.in
- −Stock is trading at 7.40 times its book value
- −Company has a low return on equity of 11.5% over last 3 years.
- −Earnings include an other income of Rs.331 Cr.
Not investment advice — an automated read of public fundamentals data, for research context only.
Corporate Actions
Thermax’s subsidiary TECC incorporated Thermax Botswana Proprietary Limited in Botswana on September 14, 2026.
Thermax Limited has submitted before the Exchanges transcript of the earnings call held on Friday, July 31, 2026.
Shareholders approved Dr. Ravi Shankar Gopinath’s reappointment as Independent Director for five years from November 10, 2026.
Source: BSE regulatory filings, via Screener.in.
Quarterly Results
Last several quarters
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,933 | 2,302 | 2,324 | 2,764 | 2,184 | 2,616 | 2,529 | 3,046 | 2,158 | 2,474 | 2,635 | 3,428 | 2,303 |
| Expenses + | 1,801 | 2,098 | 2,137 | 2,491 | 2,044 | 2,338 | 2,340 | 2,747 | 1,933 | 2,302 | 2,380 | 3,054 | 2,234 |
| Operating Profit | 132 | 204 | 187 | 273 | 141 | 278 | 188 | 300 | 225 | 172 | 255 | 374 | 69 |
| OPM % | 7.0% | 9.0% | 8.0% | 10.0% | 6.0% | 11.0% | 7.0% | 10.0% | 10.0% | 7.0% | 10.0% | 11.0% | 3.0% |
| Other Income + | 2 | 66 | 185 | 55 | 84 | 60 | 32 | 78 | 66 | 85 | 121 | 56 | 68 |
| Interest | 13 | 20 | 27 | 28 | 27 | 29 | 29 | 31 | 30 | 32 | 34 | 42 | 35 |
| Depreciation | 29 | 33 | 36 | 50 | 36 | 42 | 35 | 45 | 49 | 51 | 53 | 54 | 60 |
| Profit before tax | 91 | 217 | 309 | 251 | 161 | 266 | 156 | 301 | 211 | 174 | 289 | 334 | 42 |
| Tax % | 34.0% | 27.0% | 23.0% | 25.0% | 32.0% | 26.0% | 27.0% | 32.0% | 28.0% | 31.0% | 29.0% | 27.0% | 48.0% |
| Net Profit + | 60 | 159 | 237 | 188 | 109 | 198 | 114 | 206 | 151 | 119 | 205 | 244 | 22 |
| EPS in Rs | 5 | 13 | 20 | 16 | 10 | 17 | 10 | 17 | 13 | 10 | 17 | 21 | 2 |
| Raw PDF | — | — | — | — | — | — | — | — | — | — | — | — | — |
Source: Screener.in — figures in ₹ Crores unless marked %.
Profit & Loss (Yearly)
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 5,304 | 5,145 | 4,483 | 4,465 | 5,973 | 5,731 | 4,791 | 6,128 | 8,090 | 9,323 | 10,387 | 10,774 | 10,839 |
| Expenses + | 4,842 | 4,712 | 4,049 | 4,088 | 5,516 | 5,331 | 4,435 | 5,715 | 7,489 | 8,526 | 9,477 | 9,736 | 9,970 |
| Operating Profit | 462 | 433 | 434 | 377 | 457 | 401 | 356 | 414 | 601 | 797 | 910 | 1,038 | 870 |
| OPM % | 9.0% | 8.0% | 10.0% | 8.0% | 8.0% | 7.0% | 7.0% | 7.0% | 7.0% | 9.0% | 9.0% | 10.0% | 8.0% |
| Other Income + | 73 | 118 | 95 | 115 | 60 | 105 | 54 | 135 | 156 | 307 | 250 | 317 | 331 |
| Interest | 82 | 12 | 10 | 13 | 14 | 15 | 21 | 25 | 38 | 88 | 117 | 139 | 144 |
| Depreciation | 134 | 72 | 82 | 82 | 92 | 117 | 115 | 113 | 117 | 148 | 159 | 208 | 218 |
| Profit before tax | 319 | 467 | 438 | 397 | 410 | 375 | 275 | 410 | 603 | 869 | 884 | 1,008 | 839 |
| Tax % | 54.0% | 31.0% | 36.0% | 42.0% | 21.0% | 43.0% | 25.0% | 24.0% | 25.0% | 26.0% | 29.0% | 29.0% | — |
| Net Profit + | 148 | 282 | 216 | 231 | 325 | 212 | 207 | 312 | 451 | 643 | 627 | 720 | 591 |
| EPS in Rs | 18 | 24 | 19 | 19 | 27 | 18 | 17 | 26 | 38 | 54 | 53 | 60 | 50 |
| Dividend Payout % | 40.0% | 24.0% | 30.0% | 29.0% | 24.0% | 37.0% | 38.0% | 32.0% | 25.0% | 21.0% | 25.0% | 3.0% | — |
Source: Screener.in — figures in ₹ Crores unless marked %.
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reserves | 2,123 | 2,394 | 2,515 | 2,692 | 2,992 | 3,005 | 3,229 | 3,470 | 3,846 | 4,417 | 4,914 | 5,527 |
| Borrowings + | 688 | 195 | 136 | 234 | 240 | 230 | 328 | 368 | 831 | 1,277 | 1,718 | 2,353 |
| Other Liabilities + | 3,255 | 2,554 | 2,371 | 2,980 | 3,535 | 2,693 | 2,921 | 3,598 | 4,137 | 4,424 | 4,728 | 5,339 |
| Total Liabilities | 6,089 | 5,166 | 5,044 | 5,929 | 6,790 | 5,951 | 6,500 | 7,458 | 8,836 | 10,141 | 11,382 | 13,242 |
| Fixed Assets + | 1,431 | 827 | 811 | 973 | 1,312 | 1,283 | 1,242 | 1,195 | 1,248 | 1,906 | 2,806 | 3,048 |
| CWIP | 43 | 60 | 141 | 103 | 40 | 56 | 24 | 44 | 434 | 525 | 563 | 1,442 |
| Investments | 822 | 1,050 | 1,083 | 1,472 | 829 | 875 | 234 | 1,477 | 1,626 | 1,765 | 1,699 | 1,784 |
| Other Assets + | 3,793 | 3,228 | 3,009 | 3,381 | 4,609 | 3,737 | 4,999 | 4,742 | 5,528 | 5,945 | 6,315 | 6,969 |
| Total Assets | 6,089 | 5,166 | 5,044 | 5,929 | 6,790 | 5,951 | 6,500 | 7,458 | 8,836 | 10,141 | 11,382 | 13,242 |
| Equity Capital | 24 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 |
Source: Screener.in — figures in ₹ Crores unless marked %.
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 311 | 253 | 335 | 534 | -115 | 326 | 769 | 325 | 460 | 247 | 1,080 | 542 |
| Cash from Investing Activity + | 80 | -127 | -99 | -507 | 266 | -140 | -627 | -420 | -664 | -514 | -1,257 | -565 |
| Cash from Financing Activity + | -351 | -112 | -126 | -20 | -65 | -232 | 77 | -21 | 349 | 285 | 123 | 248 |
| Net Cash Flow | 39 | 13 | 110 | 7 | 85 | -47 | 220 | -115 | 144 | 19 | -55 | 224 |
| CFO/OP | 98 | 98 | 114 | 188 | 16 | 114 | 243 | 103 | 102 | 54 | 139 | 86 |
| Free Cash Flow | 282 | 120 | 216 | 333 | -270 | 278 | 686 | 241 | -190 | -471 | 180 | -401 |
Source: Screener.in — figures in ₹ Crores unless marked %.
Shareholding Pattern
Quarter-by-quarter — Promoters, FII, DII & public holding trend
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Others | 5.48% | 5.48% | 5.48% | 5.48% | 5.47% | 5.47% | 5.47% | 5.47% | 5.46% | 5.46% | 5.46% | 5.46% |
| Public | 4.54% | 4.66% | 4.48% | 4.5% | 4.45% | 4.39% | 4.43% | 4.77% | 5.16% | 5.35% | 5.82% | 5.88% |
| Promoters | 61.99% | 61.99% | 61.99% | 61.99% | 61.99% | 61.99% | 61.99% | 61.99% | 61.99% | 61.99% | 61.99% | 61.99% |
| FII | 12.54% | 12.01% | 12.24% | 15.15% | 15.38% | 15.49% | 15.86% | 16.02% | 13.44% | 12.36% | 11.25% | 11.46% |
| DII | 15.46% | 15.86% | 15.82% | 12.88% | 12.72% | 12.66% | 12.25% | 11.74% | 13.95% | 14.84% | 15.49% | 15.22% |
Source: Screener.in — quarterly shareholding disclosures.
Peers Comparison
Capital Goods — ranked by market cap
| Company | Market Cap (Cr) | P/E | P/B | ROE |
|---|---|---|---|---|
| Thermax Ltd (this stock) | 41,076 | 74.6 | 7.4 | 10.6% |
| Premier Energies Limited | 40,692 | 24.4 | 9.42 | 41.0% |
| Kei Industries Ltd. | 44,320 | 44.5 | 6.71 | 14.7% |
| Astral Limited | 37,434 | 63.2 | 9.23 | 13.8% |
| Aditya Infotech Limited | 44,955 | 94.2 | 23.9 | 25.4% |
| Supreme Industries Ltd | 45,095 | 43.7 | 7.3 | 15.8% |
| Aia Engineering Limited | 36,893 | 29.1 | 4.6 | 17.0% |
Which Mutual Funds Hold Thermax Ltd?
Frequently Asked Questions about Thermax Ltd
Thermax Ltd (THERMAX) closed at ₹3,447.2 on NSE on 25 September 2026, up 41.1 (1.21%) from the previous close.
Thermax Ltd trades on the NSE (National Stock Exchange of India) under the symbol THERMAX.
Thermax Ltd has a trailing twelve-month P/E (price-to-earnings) ratio of 74.6.
Thermax Ltd has a dividend yield of 0.41%.
Thermax Ltd's 52-week high is ₹5,278.0 and its 52-week low is ₹2,743.0.
Thermax Ltd has a market capitalisation of ₹41,076 crore.
Thermax Ltd has a TopFund Quality Score of 56/100 (Average), a composite of profitability, balance-sheet health, growth and valuation. This is an analytical score based on public data, not personalized investment advice — see the full breakdown below before deciding.
Community Sentiment
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