NSE: THERMAX
Thermax Ltd Share Price
Company information and financial fundamentals for Thermax Ltd, alongside its latest NSE share price.
About Thermax Ltd
Thermax Limited offers solutions to energy, environment and chemical sectors. The Company’s portfolio includes boilers and heaters, absorption chillers/ heat pumps, power plants, solar equipment, air pollution control equipment/system, water and waste recycle plant, ion exchange resins and performance chemicals and related services. [1]
Classification: Industrials › Capital Goods › Electrical Equipment › Heavy Electrical Equipment · NSE symbol: THERMAX
Company fundamentals
Figures are as reported by the company and compiled by screener.in (fetched 2026-11-03); they may lag the latest filing. Educational information, not investment advice.
Quarterly results (₹ crore)
| Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,764 | 2,184 | 2,616 | 2,529 | 3,046 | 2,158 | 2,474 | 2,635 | 3,428 | 2,303 |
| Expenses | 2,491 | 2,044 | 2,338 | 2,340 | 2,747 | 1,933 | 2,302 | 2,380 | 3,054 | 2,234 |
| Operating Profit | 273 | 141 | 278 | 188 | 300 | 225 | 172 | 255 | 374 | 69 |
| OPM % | 10% | 6% | 11% | 7% | 10% | 10% | 7% | 10% | 11% | 3.0% |
| Other Income | 55 | 84 | 60 | 32 | 78 | 66 | 85 | 121 | 56 | 68 |
| Interest | 28 | 27 | 29 | 29 | 31 | 30 | 32 | 34 | 42 | 35 |
| Depreciation | 50 | 36 | 42 | 35 | 45 | 49 | 51 | 53 | 54 | 60 |
| Profit before tax | 251 | 161 | 266 | 156 | 301 | 211 | 174 | 289 | 334 | 42 |
| Tax % | 25% | 32% | 26% | 27% | 32% | 28% | 31% | 29% | 27% | 48% |
| Net Profit | 188 | 109 | 198 | 114 | 206 | 151 | 119 | 205 | 244 | 22 |
| EPS in Rs | 15.97 | 9.72 | 16.54 | 9.73 | 17.27 | 12.79 | 10.04 | 17.14 | 20.50 | 2.12 |
| Raw PDF | — | — | — | — | — | — | — | — | — | — |
Profit and loss, yearly (₹ crore)
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,465 | 5,973 | 5,731 | 4,791 | 6,128 | 8,090 | 9,323 | 10,387 | 10,774 | 10,839 |
| Expenses | 4,088 | 5,516 | 5,331 | 4,435 | 5,715 | 7,489 | 8,526 | 9,477 | 9,736 | 9,970 |
| Operating Profit | 377 | 457 | 401 | 356 | 414 | 601 | 797 | 910 | 1,038 | 870 |
| OPM % | 8% | 8% | 7% | 7% | 7% | 7% | 9% | 9% | 10% | 8% |
| Other Income | 115 | 60 | 105 | 54 | 135 | 156 | 307 | 250 | 317 | 331 |
| Interest | 13 | 14 | 15 | 21 | 25 | 38 | 88 | 117 | 139 | 144 |
| Depreciation | 82 | 92 | 117 | 115 | 113 | 117 | 148 | 159 | 208 | 218 |
| Profit before tax | 397 | 410 | 375 | 275 | 410 | 603 | 869 | 884 | 1,008 | 839 |
| Tax % | 42% | 21% | 43% | 25% | 24% | 25% | 26% | 29% | 29% | — |
| Net Profit | 231 | 325 | 212 | 207 | 312 | 451 | 643 | 627 | 720 | 591 |
| EPS in Rs | 19.48 | 27.31 | 17.83 | 17.34 | 26.21 | 37.79 | 54.15 | 53.25 | 60.47 | 49.80 |
| Dividend Payout % | 29% | 24% | 37% | 38% | 32% | 25% | 21% | 25% | 3% | — |
Compounded growth
Balance sheet (₹ crore)
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 |
| Reserves | 2,515 | 2,692 | 2,992 | 3,005 | 3,229 | 3,470 | 3,846 | 4,417 | 4,914 | 5,527 |
| Borrowings | 136 | 234 | 240 | 230 | 328 | 368 | 831 | 1,277 | 1,718 | 2,353 |
| Other Liabilities | 2,371 | 2,980 | 3,535 | 2,693 | 2,921 | 3,598 | 4,137 | 4,424 | 4,728 | 5,339 |
| Total Liabilities | 5,044 | 5,929 | 6,790 | 5,951 | 6,500 | 7,458 | 8,836 | 10,141 | 11,382 | 13,242 |
| Fixed Assets | 811 | 973 | 1,312 | 1,283 | 1,242 | 1,195 | 1,248 | 1,906 | 2,806 | 3,048 |
| CWIP | 141 | 103 | 40 | 56 | 24 | 44 | 434 | 525 | 563 | 1,442 |
| Investments | 1,083 | 1,472 | 829 | 875 | 234 | 1,477 | 1,626 | 1,765 | 1,699 | 1,784 |
| Other Assets | 3,009 | 3,381 | 4,609 | 3,737 | 4,999 | 4,742 | 5,528 | 5,945 | 6,315 | 6,969 |
| Total Assets | 5,044 | 5,929 | 6,790 | 5,951 | 6,500 | 7,458 | 8,836 | 10,141 | 11,382 | 13,242 |
Cash flows (₹ crore)
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 335 | 534 | -115 | 326 | 769 | 325 | 460 | 247 | 1,080 | 542 |
| Cash from Investing Activity | -99 | -507 | 266 | -140 | -627 | -420 | -664 | -514 | -1,257 | -565 |
| Cash from Financing Activity | -126 | -20 | -65 | -232 | 77 | -21 | 349 | 285 | 123 | 248 |
| Net Cash Flow | 110 | 7 | 85 | -47 | 220 | -115 | 144 | 19 | -55 | 224 |
| Free Cash Flow | 216 | 333 | -270 | 278 | 686 | 241 | -190 | -471 | 180 | -401 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 114% | 188% | 16% | 114% | 243% | 103% | 102% | 54% | 139% | 86% |
Efficiency ratios
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 84 | 102 | 84 | 88 | 94 | 85 | 80 | 83 | 70 | 75 |
| Inventory Days | 46 | 57 | 56 | 54 | 58 | 76 | 60 | 53 | 45 | 60 |
| Days Payable | 162 | 161 | 150 | 114 | 164 | 153 | 118 | 107 | 107 | 135 |
| Cash Conversion Cycle | -32 | -3 | -10 | 28 | -11 | 8 | 21 | 29 | 9 | -1 |
| Working Capital Days | -7 | -40 | -4 | -7 | -50 | -44 | -39 | -24 | -36 | -40 |
| ROCE % | 18% | 15% | 17% | 12% | 10% | 12% | 15% | 17% | 14% | 14% |
Shareholding pattern (%)
| Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoters | 61.99% | 61.99% | 61.99% | 61.99% | 61.99% | 61.99% | 61.99% | 61.99% | 61.99% | 61.99% |
| FIIs | 15.15% | 15.38% | 15.49% | 15.86% | 16.02% | 13.44% | 12.36% | 11.25% | 11.46% | 11.30% |
| DIIs | 12.88% | 12.72% | 12.66% | 12.25% | 11.74% | 13.95% | 14.84% | 15.49% | 15.22% | 14.94% |
| Public | 4.50% | 4.45% | 4.39% | 4.43% | 4.77% | 5.16% | 5.35% | 5.82% | 5.88% | 6.32% |
| Others | 5.48% | 5.47% | 5.47% | 5.47% | 5.47% | 5.46% | 5.46% | 5.46% | 5.46% | 5.45% |
| No. of Shareholders | 48,966 | 51,876 | 50,755 | 53,687 | 62,986 | 71,208 | 77,455 | 89,964 | 91,857 | 87,995 |
Exchange disclosures
Next results date
Thermax Ltd has a board meeting for financial results listed on 2026-11-05. Companies can reschedule; check the company's own announcement. Results calendar
Shown as filed with NSE. A filing shows that something happened, not why, and says nothing about what to do.
Wondering what to do with Thermax Ltd?
This page shares company information and reported fundamentals. It does not tell you whether to buy, hold or sell. For a view that takes your own holding and goal into account, ask Samjho Bhai, our portfolio review tool.
Ask Samjho Bhai about THERMAX →How this page works · New to company fundamentals? Start learning.
Key terms: Nifty 50 · Price-to-earnings ratio · Earnings per share · Dividend yield · Market capitalisation
Frequently asked questions
What is the NSE symbol for Thermax Ltd?
Thermax Ltd trades on the NSE under the symbol THERMAX.
Where is Thermax Ltd listed?
Thermax Ltd is listed on the National Stock Exchange of India (NSE) under the symbol THERMAX. It is not part of the NIFTY 50 or NIFTY 500 lists this site tracks.
Should I buy Thermax Ltd shares?
Market Dekho does not give buy, sell or hold recommendations and is not a SEBI-registered Research Analyst or Investment Adviser. To review a holding against your own goal and risk, you can use Samjho Bhai, or speak to a SEBI-registered adviser.
Prices are delayed and sourced from a public market-data provider; they may contain errors. This page is educational information, not investment advice.