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Thermax Ltd.

Capital GoodsEngineering - Industrial Equipments

www.thermaxglobal.com BSE: 500411NSE: THERMAX

₹3,095.60BSE2.03%

23 Oct, 4:01 PM

₹3,095.60

₹36.89K Cr

62.16

6.63

13.76%

₹3,132.20

₹3,027.40

₹5,277.00

₹2,744.20

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Thermax Ltd. (THERMAX) share price closed at ₹3,095.60 on the BSE on Friday, October 23, 2026, down by 2.03% from its of ₹3,159.90. In that session THERMAX reached a of 3,132.20 and of 3,027.40. The for the session was 3,071.03. The stands at 3,592.97 and is at 3,794.40. Looking at , the stock ended the session moving sideways.

Stock Overview

Symbol

THERMAX

₹3,131.00

₹3,159.90

₹3,071.03

₹3,592.97

Price 13.84% below

₹3,794.40

Price 18.42% below

65.08% of range

₹3,027.40₹3,132.20

13.87% of range

₹2,744.20₹5,277.00

Price Performance

Peer Comparison

Name
BHEL BHEL	387.00	46.81	1,34,755.85	0.36	820.94	118.98%	9,300.35	23.81%	9.24
INDOMIM INDOMIM	1,100.00	101.95	54,392.90	0.62	240.12	31.64%	1,218.74	9.39%	24.48
Thermax Ltd. THERMAX	3,095.60	62.16	36,886.02	0.65	21.79	-85.61%	2,302.73	6.73%	15.85
ZETWERK ZETWERK	138.30		23,431.54	0.00					-8.63
JYOTICNC JYOTICNC	892.80	62.91	20,304.33	0.00	57.14	-19.99%	508.47	23.97%	21.34
INOXINDIA INOXINDIA	1,872.25	66.43	17,022.96	0.11	58.07	-4.98%	370.79	9.18%	33.54
AZAD AZAD	2,484.60	115.46	16,045.98	0.00	35.16	19.46%	172.60	25.90%	12.04
TRIVENITURB TRITURBINE	445.50	42.04	14,162.47	0.96	51.10	-20.65%	442.70	19.23%	35.95

Quarterly Results

consolidated figures in ₹ Crores · Quarterly

Particulars	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	2,184.41	2,615.69	2,528.72	3,046.40	2,157.53	2,473.90	2,634.68	3,428.04	2,302.73
Expenses	2,043.26	2,337.72	2,339.73	2,746.73	1,932.43	2,301.87	2,379.86	3,053.73	2,234.11
	141.15	277.97	188.99	299.67	225.10	172.03	254.82	374.31	68.62
	6.46%	10.63%	7.47%	9.84%	10.43%	6.95%	9.67%	10.92%	2.98%
	84.09	59.77	31.51	76.85	65.63	85.41	121.48	56.17	68.19
Interest	27.48	29.39	28.66	31.25	30.20	32.17	34.24	42.35	35.15
	36.03	42.07	35.07	45.34	48.88	51.47	53.28	54.01	59.52
	161.31	266.25	156.27	300.64	211.47	173.67	288.67	334.13	42.14
	32.17%	25.63%	27.22%	31.63%	28.38%	31.25%	28.98%	26.85%	48.29%
	115.81	197.03	115.90	205.73	152.38	119.66	204.18	244.28	25.24
	10.29	17.49	10.29	18.26	13.53	10.62	18.13	21.68	2.24

Profit & Loss

consolidated figures in ₹ Crores · Annual

Particulars	FY 2021-22 (Mar)	FY 2022-23 (Mar)	FY 2023-24 (Mar)	FY 2024-25 (Mar)	FY 2025-26 (Mar)
No of Months	12.00	12.00	12.00	12.00	12.00
INCOME :
	6,128.33	8,089.81	9,323.46	10,369.26	10,694.15
	6,128.33	8,089.81	9,323.46	10,369.26	10,694.15
EXPENDITURE :
Increase/Decrease in Stock	-142.52	29.25	-34.99	66.64	-49.08
Raw Material Consumed	3,627.56	4,595.43	5,254.55	5,727.43	5,608.69
Power & Fuel Cost	52.31	61.96	57.28	57.16	68.13
Employee Cost	812.93	955.30	1,148.29	1,268.94	1,421.20
Other Manufacturing Expenses	848.77	1,197.76	1,365.94	1,506.17	1,717.68
General and Administration Expenses	215.82	278.47	326.82	343.13	391.20
Selling and Distribution Expenses	247.30	273.70	291.03	327.23	359.75
Miscellaneous Expenses	61.84	100.38	118.78	164.78	150.32
	5,724.01	7,492.25	8,527.70	9,461.48	9,667.89
Operating Profit (Excl OI)	404.32	597.56	795.76	907.78	1,026.26
	144.06	160.18	234.20	252.22	267.48
	548.38	757.74	1,029.96	1,160.00	1,293.74
Interest	25.17	37.59	87.59	116.78	138.96
PBDT	523.21	720.15	942.37	1,043.22	1,154.78
	113.24	116.86	148.08	158.51	207.64
Profit Before Taxation & Exceptional Items	409.97	603.29	794.29	884.71	947.14
Exceptional Income / Expenses			75.49		61.21
	410.10	603.06	868.96	884.47	1,007.94
Provision for Tax	97.79	152.36	225.77	257.77	287.68
	312.31	450.70	643.19	626.70	720.26
Extra items				0.00	0.00
Minority Interest		-0.41	2.09	7.77	0.24
Consolidated Net Profit	312.31	450.29	645.28	634.47	720.50
Profit Balance B/F	2,542.22	2,779.32	3,141.57	3,710.64	4,144.60
Appropriations	2,854.53	3,229.61	3,786.85	4,345.11	4,865.10
Equity Dividend %	450.00%	500.00%	600.00%	700.00%	1,000.00%
	27.74	39.99	57.31	56.32	63.96
Adjusted EPS	27.74	39.99	57.31	56.32	63.96

Balance Sheet

consolidated figures in ₹ Crores

Particulars	FY 2021-22 (Mar)	FY 2022-23 (Mar)	FY 2023-24 (Mar)	FY 2024-25 (Mar)	FY 2025-26 (Mar)
	22.52	22.52	22.52	22.53	22.53
Share Warrants & Outstandings		2.52	5.97	5.97	8.24
Total Reserves	3,469.97	3,843.03	4,411.31	4,908.39	5,519.20
Reserve excluding Revaluation Reserve	3,469.97	3,843.03	4,411.31	4,908.39	5,519.20
	3,492.49	3,868.07	4,439.80	4,936.89	5,549.97
Minority Interest		2.15		5.69	29.22
Secured Loans	61.42	422.52	789.48	1,136.37	1,590.83
Unsecured Loans				25.18	25.00
Deferred Tax Assets / Liabilities	-127.12	-105.71	-96.27	-124.34	-134.55
Other Long Term Liabilities	65.99	64.62	95.52	174.01	178.87
Long Term Trade Payables	47.64	30.75	48.15	54.37
Long Term Provisions	32.41	38.40	42.43	40.38	47.71
Total Non-Current Liabilities	80.34	450.58	879.31	1,305.97	1,707.86
Trade Payables	1,459.76	1,497.86	1,532.89	1,692.88	2,057.38
Other Current Liabilities	1,791.87	2,319.87	2,432.90	2,367.27	2,801.43
Short Term Borrowings	276.25	363.31	413.19	483.71	604.63
Short Term Provisions	230.19	228.15	346.37	465.30	356.92
Total Current Liabilities	3,758.07	4,409.19	4,725.35	5,009.16	5,820.36
Total Liabilities	7,330.90	8,729.99	10,044.46	11,257.71	13,107.41
Gross Block	2,351.78	2,469.47	3,228.38	4,268.47	4,703.33
Less: Accumulated Depreciation	1,157.04	1,221.30	1,322.26	1,462.58	1,655.75
Net Block	1,194.74	1,248.17	1,906.12	2,805.89	3,047.58
Capital Work in Progress	44.32	433.77	519.35	560.84	1,391.83
Non Current Investments	709.99	233.21	401.63	130.72	506.78
Long Term Investment	709.99	233.21	401.63	130.72	506.78
Long Term Loans & Advances	475.37	555.56	538.40	367.81	373.71
Other Non Current Assets	168.69	179.12	225.44	694.66	628.71
Total Non-Current Assets	2,593.11	2,649.83	3,596.38	4,561.66	5,998.61
Currents Investments	766.54	1,392.87	1,363.46	1,567.92	1,276.74
Inventories	727.01	755.63	764.90	716.55	909.50
Sundry Debtors	1,423.72	1,762.06	2,116.43	2,003.01	2,204.84
Cash and Bank	953.50	1,131.58	975.32	1,147.04	1,190.66
Other Current Assets	139.75	102.41	106.22	160.76	183.05
Short Term Loans and Advances	727.27	927.71	1,121.75	1,091.67	1,344.01
Total Current Assets	4,737.79	6,072.26	6,448.08	6,686.95	7,108.80
Net Current Assets (Including Current Investments)	979.72	1,663.07	1,722.73	1,677.79	1,288.44
Total Assets	7,330.90	8,729.99	10,044.46	11,257.71	13,107.41
Contingent Liabilities	490.96	491.52	406.67	456.55	371.71
Total Debt	355.42	810.54	1,255.95	1,693.34	2,288.01
	310.17	343.30	393.77	437.72	491.94
Adjusted Book Value	310.17	343.30	393.77	437.72	491.94

Cash Flow

consolidated figures in ₹ Crores

Particulars	FY 2021-22 (Mar)	FY 2022-23 (Mar)	FY 2023-24 (Mar)	FY 2024-25 (Mar)	FY 2025-26 (Mar)
No of Months	12.00	12.00	12.00	12.00	12.00
	409.97	603.29	869.78	884.47	1,007.94
Adjustment	18.28	70.31	39.80	249.33	111.55
Changes In working Capital	-0.54	-62.80	-475.95	131.72	-228.45
Cash Flow after changes in Working Capital	427.71	610.80	433.63	1,265.52	891.04
Cash Flow from Operating Activities	324.71	459.56	247.30	1,079.79	541.55
Cash Flow from Investing Activities	-421.58	-679.68	-509.21	-1,271.99	-587.06
Cash Flow from Financing Activitie	-20.58	348.54	285.40	122.52	247.63
Net Cash Inflow / Outflow	-117.45	128.42	23.49	-69.68	202.12
Opening Cash & Cash Equivalents	418.81	303.44	447.73	466.75	411.84
Cash & Cash Equivalent of Subsidiaries under liquidations				10.35
Effect of Foreign Exchange Fluctuations	2.08	15.87	-4.47	4.42	22.24
Closing Cash & Cash Equivalent	303.44	447.73	466.75	411.84	636.20

Ratios

Valuation

62.16

6.63

33.32

3.40

49.80

467.02

Profitability

13.76

15.85

5.91

9.60

6.74

Leverage & Liquidity

0.41

1.22

8.25

Returns

0.65

0.88

Shareholding Pattern

Numbers in percentages

Particulars	Jun '24	Sep '24	Dec '24	Mar '25	Jun '25	Sep '25	Dec '25	Mar '26	Jun '26	Sep '26
	61.98	61.98	61.98	61.98	61.98	61.98	61.98	61.98	61.98	61.98
	28.02	28.10	28.15	28.11	27.77	27.39	27.20	26.73	26.68	26.25
	10.00	9.92	9.87	9.91	10.25	10.62	10.82	11.29	11.34	11.77
	38.02	38.02	38.02	38.02	38.02	38.02	38.02	38.02	38.02	38.02
No. of Shareholders	48,966	51,876	50,755	53,687	62,986	71,208	77,455	89,964	91,857	87,995

Mutual Funds Invested(146)

Based on each fund's latest monthly portfolio · Sep 2026

A total of 70 active funds hold 11.91% in Thermax Ltd., contributing to ₹4.81K Cr of holdings

Fund				As of
SB SBI Large Cap Fund - Growth - Direct PlanLarge Cap Fund	794.94	1.52	23,43,447	Sep '26
KO Kotak Flexi Cap Fund - Growth - Direct PlanFlexi Cap Fund	737.80	1.39	21,75,000	Sep '26
SB SBI Focused Fund - Growth - Direct PlanEquity - Focused Fund	677.10	1.35	19,96,057	Sep '26
SU Sundaram Mid Cap Fund - Growth - Direct PlanMid Cap Fund	305.30	2.20	9,00,000	Sep '26
SB SBI Energy Opportunities Fund - Growth - Direct PlanEnergy & Power	299.69	3.76	8,83,474	Sep '26
HS HSBC Midcap Fund - Growth - Direct PlanMid Cap Fund	280.45	1.67	8,26,746	Sep '26
AB Aditya Birla Sun Life Midcap Fund - Growth - Direct PlanMid Cap Fund	147.29	2.25	4,34,194	Sep '26
SU Sundaram Large and Mid Cap Fund - Growth - Direct PlanLarge & Mid Cap	130.34	1.83	3,84,230	Sep '26
BF Bajaj Finserv Flexi Cap Fund - Growth - Direct PlanFlexi Cap Fund	127.17	1.49	3,74,903	Sep '26
IP ICICI Prudential Multi Cap Fund - Growth - Direct PlanMulti Cap Fund	94.86	0.51	2,79,644	Sep '26

Corporate Actions

Showing: All

Date	Type	Details
2026-10-12	Board Meeting	Quarterly Results
2026-07-14	Board Meeting	Quarterly Results
2026-07-03	AGM

Insider Trading

Date	Person	Category	Transaction Type	Shares	Value (₹)

No insider trading data available.

Sector Overview

Capital GoodsEngineering - Industrial Equipments

Thermax Ltd. operates in the Capital Goods sector under the Engineering - Industrial Equipments industry. This sector is one of the key drivers of the Indian economy and is closely tracked by the relevant Nifty sectoral index.

Company Profile

Corporate information and contact details

Key Management

9 members across the board and senior leadership

Sangeet Hunjan

Company Secretary & Compliance Officer

—

Meher Pudumjee

Chairperson

₹64.70 L

Mar '26

Pheroz Pudumjee

Non Executive Director

₹39.40 L

Mar '26

Ashish Bhandari

Managing Director & CEO

₹14.62 Cr

Mar '26

Harsh Mariwala