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- Thermax
Thermax share price
NSE: THERMAXInfrastructureConglomerates
Thermax at a glance
Thermax (NSE: THERMAX) closed at ₹3,155.10 on 22 Oct 2026, up 0.00% on the day. With a market capitalisation of ₹37,595 Cr, it ranks 235th by market cap among the 4,183 NSE companies Pivot tracks (a mid-cap company by SEBI's rank bands). It belongs to the Infrastructure sector; its industry is Conglomerates.
At its last close the stock traded at 49.2× trailing earnings, against a return on equity of 13.0% in FY26. Over the past year the share price has risen 1.6%. Its 52-week range is ₹2,742.70 (8 Dec 2025) to ₹5,277.80 (29 Jun 2026); the last close is 40.2% below the high. In Q1 FY27, the quarter ended 30 Jun 2026, revenue was ₹2,303 Cr (+7.1% year on year) and net profit ₹22 Cr (−85.6%), on a consolidated basis. Promoters held 61.98% of the company as of 30 Jun 2026.
Key numbers
- Market cap
- ₹37,595 CrRank 235 on NSE
- P/E (trailing)
- 49.2×
- Price to book
- 6.68×FY26
- EPS (TTM)
- ₹52.66to Q1 FY27
- ROE
- 13.0%FY26
- ROCE
- 14.6%FY26
- Debt to equity
- 0.41FY26
- Net profit margin
- 6.7%FY26
- Book value / share
- ₹492.67FY26
- Dividend payout
- 21.9%FY26
- 52-week high
- ₹5,277.8029 Jun 2026
- 52-week low
- ₹2,742.708 Dec 2025
- 1-year return
- +1.6%
- RSI (14-day)
- 33.3
Returns to 22 Oct 2026
| Period | 1 day | 1 week | 1 month | 3 months | 1 year |
|---|---|---|---|---|---|
| Price change | 0.00% | −4.4% | −11.6% | −32.8% | +1.6% |
Thermax quarterly results
| Quarter | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,612 Cr | ₹2,508 Cr | ₹3,085 Cr | ₹2,150 Cr | ₹2,474 Cr | ₹2,635 Cr | ₹3,428 Cr | ₹2,303 Cr |
| Revenue YoY | +13.4% | +7.9% | +11.6% | −1.6% | −5.3% | +5.1% | +11.1% | +7.1% |
| Net profit | ₹198 Cr | ₹114 Cr | ₹205 Cr | ₹152 Cr | ₹120 Cr | ₹205 Cr | ₹244 Cr | ₹22 Cr |
| Net profit YoY | +24.7% | −51.9% | +9.3% | +38.0% | −39.6% | +79.6% | +19.3% | −85.6% |
| Net margin | 7.6% | 4.6% | 6.6% | 7.1% | 4.8% | 7.8% | 7.1% | 0.9% |
| EPS | ₹17.49 | ₹10.29 | ₹18.27 | ₹13.53 | ₹10.62 | ₹18.12 | ₹21.68 | ₹2.24 |
Thermax financials
| Item | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Revenue | ₹4,791 Cr | ₹6,128 Cr | ₹8,090 Cr | ₹9,323 Cr | ₹10,389 Cr | ₹10,694 Cr |
| Operating profit | ₹328 Cr | ₹410 Cr | ₹603 Cr | ₹794 Cr | ₹885 Cr | ₹947 Cr |
| Net profit | ₹207 Cr | ₹312 Cr | ₹451 Cr | ₹644 Cr | ₹627 Cr | ₹721 Cr |
| EPS (₹) | ₹18.00 | ₹28.00 | ₹40.00 | ₹57.00 | ₹56.00 | ₹64.00 |
| Cash from operations | ₹769 Cr | ₹325 Cr | ₹460 Cr | ₹247 Cr | ₹1,043 Cr | ₹542 Cr |
| Total debt | ₹22 Cr | ₹61 Cr | ₹423 Cr | ₹789 Cr | ₹1,162 Cr | ₹1,616 Cr |
| Shareholders' equity | ₹3,251 Cr | ₹3,492 Cr | ₹3,868 Cr | ₹4,440 Cr | ₹4,937 Cr | ₹5,550 Cr |
Thermax shareholding pattern
| Holder | 31 Mar 2025 | 30 Jun 2025 | 30 Sep 2025 | 31 Dec 2025 | 31 Mar 2026 | 30 Jun 2026 |
|---|---|---|---|---|---|---|
| Promoters | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% |
| Foreign institutions | 15.86% | 16.02% | 13.44% | 12.36% | 11.24% | 11.46% |
| Domestic institutions | 12.25% | 11.75% | 13.95% | 14.84% | 15.49% | 15.22% |
| Non-institutions | 4.44% | 4.79% | 5.16% | 5.36% | 5.82% | 5.88% |
Thermax vs peers
The listed Infrastructure companies nearest to Thermax by market capitalisation.
| Company | Price | 1 day | 1 year | Market cap | P/E | ROE |
|---|---|---|---|---|---|---|
| BHELBharat Heavy Electricals | ₹409.85 | −0.56% | +76.5% | ₹1,42,712 Cr | 88.9 | 6.1% |
| GMRAIRPORTGMR AIRPORTS | ₹86.25 | −1.15% | −2.8% | ₹91,071 Cr | — | −7.1% |
| THERMAXThermax | ₹3,155.10 | 0.00% | +1.6% | ₹37,595 Cr | 49.2 | 13.0% |
| IRBIRB Infrastructure Developers | ₹16.82 | +0.12% | −20.2% | ₹20,315 Cr | 24 | 4.0% |
| CEMPROCemindia Projects | ₹1,156.20 | −1.01% | +50.9% | ₹19,862 Cr | 33.3 | 20.3% |
| NBCCNBCC (India) | ₹71.00 | −0.35% | −35.3% | ₹19,170 Cr | 26.6 | 21.8% |
| BEMLBEML | ₹1,861.90 | +0.20% | −14.3% | ₹15,508 Cr | 110 | 10.1% |
Ask anything about Thermax
Pivot answers on the live chart with evidence you can check, and tests strategies against THERMAX's own history. Try: “Why has THERMAX moved over the last three months?” · “Backtest a 50-day moving-average crossover on THERMAX over five years” · “Compare THERMAX with BHEL on margins and valuation”
Frequently asked questions about Thermax
What is the share price of Thermax today?
Thermax (NSE: THERMAX) last closed at ₹3,155.10 on 22 Oct 2026. Its 52-week high is ₹5,277.80 and its 52-week low is ₹2,742.70.
What is the market cap of Thermax?
Thermax's market capitalisation is ₹37,595 Cr (₹37,595 Cr) at the 22 Oct 2026 close, ranking 235th among the NSE companies Pivot tracks.
What is the P/E ratio of Thermax?
Thermax trades at a trailing P/E of 49.2. The median P/E of the 5 closest Infrastructure peers by market cap is 33.3.
What is the ROE and ROCE of Thermax?
Return on equity was 13.0% in FY26 and return on capital employed was 14.6% in FY26 (consolidated figures).
Is Thermax a debt-free company?
No. Thermax's debt-to-equity ratio was 0.41 in FY26, with total debt of ₹1,616 Cr.
What were Thermax's latest quarterly results?
For Q1 FY27 (quarter ended 30 Jun 2026), Thermax reported revenue of ₹2,303 Cr, +7.1% year on year, and net profit of ₹22 Cr, −85.6% year on year.
How has Thermax stock performed over the last year?
Thermax's share price has risen 1.6% over the past year, −32.8% over three months and −11.6% over one month, to the 22 Oct 2026 close.
What is the shareholding pattern of Thermax?
As of 30 Jun 2026: promoters 61.98%, foreign institutions 11.46%, domestic institutions 15.22%, non-institutions 5.88%.
Who are Thermax's competitors?
The listed Infrastructure companies closest to Thermax by market cap are Bharat Heavy Electricals, GMR AIRPORTS, IRB Infrastructure Developers, Cemindia Projects, NBCC (India) and BEML.
Is Thermax a good stock to buy?
Pivot does not give buy or sell recommendations. This page sets out Thermax's price history, valuation, profitability, quarterly results and ownership so you can judge it yourself, and Pivot's chart lets you test a strategy on THERMAX against its own history before risking money. This is analysis, not financial advice.
Sources and method
Prices: NSE daily closes to 22 Oct 2026 (returns and ratios at the 22 Oct 2026 close). Fundamentals: company filings via Moneycontrol, consolidated where available. Shareholding: exchange shareholding-pattern filings. The 52-week range uses intraday highs and lows; the chart marks closing prices. P/E is the last close over trailing twelve-month EPS. Market-cap rank is among the 4,183 NSE companies Pivot tracks; SEBI's bands call the top 100 large-cap and the next 150 mid-cap. Figures marked “—” are not available rather than zero. This is analysis, not financial advice.
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