# Thermax (NSE: THERMAX) share price, financials and shareholding

Source: https://app.pivotnow.in/stock/THERMAX · Pivot · prices to 22 Oct 2026

Thermax (NSE: THERMAX) closed at ₹3,169.00 on 22 Oct 2026. With a market capitalisation of ₹52,971 Cr, it ranks 177th by market cap among the 3,928 NSE companies Pivot tracks (a mid-cap company by SEBI's rank bands). It belongs to the Infrastructure sector; its industry is Conglomerates.

Its return on equity was 13.0% in FY26. Its 52-week range is ₹2,742.70 (8 Dec 2025) to ₹5,277.80 (29 Jun 2026); the last close is 40.0% 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

| Metric | Value |
| --- | --- |
| Last close | ₹3,169.00 |
| Market cap | ₹52,971 Cr |
| ROE | 13.0% (FY26) |
| ROCE | 14.6% (FY26) |
| Debt to equity | 0.41 |
| 52-week high | ₹5,277.80 (29 Jun 2026) |
| 52-week low | ₹2,742.70 (8 Dec 2025) |

## Quarterly results (₹ crore, consolidated)

| Quarter | Revenue | Revenue YoY | Net profit | Net profit YoY | EPS (₹) |
| --- | --- | --- | --- | --- | --- |
| Q1 FY27 | ₹2,303 Cr | +7.1% | ₹22 Cr | −85.6% | ₹2.24 |
| Q4 FY26 | ₹3,428 Cr | +11.1% | ₹244 Cr | +19.3% | ₹21.68 |
| Q3 FY26 | ₹2,635 Cr | +5.1% | ₹205 Cr | +79.6% | ₹18.12 |
| Q2 FY26 | ₹2,474 Cr | −5.3% | ₹120 Cr | −39.6% | ₹10.62 |
| Q1 FY26 | ₹2,150 Cr | −1.6% | ₹152 Cr | +38.0% | ₹13.53 |
| Q4 FY25 | ₹3,085 Cr | +11.6% | ₹205 Cr | +9.3% | ₹18.27 |
| Q3 FY25 | ₹2,508 Cr | +7.9% | ₹114 Cr | −51.9% | ₹10.29 |
| Q2 FY25 | ₹2,612 Cr | +13.4% | ₹198 Cr | +24.7% | ₹17.49 |

## Annual results (₹ crore)

| Fiscal year | Revenue | Net profit |
| --- | --- | --- |
| FY26 | ₹10,694 Cr | ₹721 Cr |
| FY25 | ₹10,389 Cr | ₹627 Cr |
| FY24 | ₹9,323 Cr | ₹644 Cr |
| FY23 | ₹8,090 Cr | ₹451 Cr |
| FY22 | ₹6,128 Cr | ₹312 Cr |
| FY21 | ₹4,791 Cr | ₹207 Cr |

## Shareholding (30 Jun 2026)

- Promoters: 61.98%
- Foreign institutions: 11.46%
- Domestic institutions: 15.22%
- Non-institutions: 5.88%

## Peers

| Company | Price | Market cap | P/E | ROE |
| --- | --- | --- | --- | --- |
| [Adani Ports and Special Economic Zone](https://app.pivotnow.in/stock/ADANIPORTS) | — | ₹4,22,845 Cr | — | — |
| [Bharat Heavy Electricals](https://app.pivotnow.in/stock/BHEL) | — | ₹1,44,279 Cr | — | — |
| [GMR AIRPORTS](https://app.pivotnow.in/stock/GMRAIRPORT) | — | ₹1,14,913 Cr | — | — |
| [NBCC (India)](https://app.pivotnow.in/stock/NBCC) | — | ₹30,091 Cr | — | — |
| [IRB Infrastructure Developers](https://app.pivotnow.in/stock/IRB) | — | ₹25,895 Cr | — | — |
| [Cemindia Projects](https://app.pivotnow.in/stock/CEMPRO) | — | ₹21,507 Cr | — | — |

## Questions and answers

### What is the share price of Thermax today?

Thermax (NSE: THERMAX) last closed at ₹3,169.00 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 ₹52,971 Cr (₹52,971 Cr) at the — close, ranking 177th among the NSE companies Pivot tracks.

### 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.

### 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 Adani Ports and Special Economic Zone, Bharat Heavy Electricals, GMR AIRPORTS, NBCC (India), IRB Infrastructure Developers and Cemindia Projects.

### 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.

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Sources: NSE end-of-day bars (Pivot's market data store); Company filings via Moneycontrol; Exchange shareholding-pattern filings. This is analysis, not financial advice. Pivot is not a broker or a SEBI-registered investment adviser.