Thermax Limited

Capital Goods · Electrical Equipment

NSE: THERMAX BSE: 500411
₹3392.20
▲ 101.20 (3.08%)
Sept. 30, 2026 · NSE · nse_bhavcopy
Quality
58/100
Moderate
Valuation
—/100
Expensive
Momentum
27/100
Bearish

QVM read Mixed signals Quality Moderate, Valuation Expensive, Momentum Bearish

Tradinity's own scoring, not a copy of any third party's -- see the Key Metrics section for the real ratios behind each number.

About

Thermax Ltd is an Indian multinational engineering conglomerate, involved in clean air, clean energy and clean water, headquartered in Pune.

Source: Wikipedia

Key Metrics

Market Capitalization
₹40,420 Cr
PE (TTM)
69.2
Industry median 33.8 (82 companies)
Price to Book
7.2
PEG (TTM)
Data unavailable (needs 8 quarters of EPS).
Institutions holding %
26.68%
FII + DII, latest filed period
Piotroski Score
6
Relative return vs Nifty50, qtr %
-48.9
Relative return vs Sector, qtr %
-21.2
Free Cash Flow
₹-411 Cr
as of March 31, 2026
Industry median ₹-2 Cr (102 companies)
EPS Growth (YoY)
-138.97%
as of June 30, 2026
Industry median 14.68% (91 companies)
Net Profit Growth (TTM)
-15.83%
as of June 30, 2026
Industry median 15.68% (84 companies)
Operating Revenue Growth (TTM)
10.84%
as of June 30, 2026
Industry median 18.02% (84 companies)
Profit Growth (YoY)
-105.09%
as of March 31, 2026
Industry median 20.65% (88 companies)
Revenue Growth (YoY)
10.17%
as of June 30, 2026
Industry median 23.99% (87 companies)
Current Ratio
1.22
as of March 31, 2026
Industry median 1.82 (100 companies)
Debt to Equity
0.41
as of March 31, 2026
Industry median 0.16 (96 companies)
Interest Coverage
19.04
as of June 30, 2026
Industry median 8.46 (94 companies)
Net Margin
-0.63%
as of March 31, 2026
Industry median 9.17% (94 companies)
Operating Margin (EBIT)
-1.42%
as of June 30, 2026
Industry median 13.90% (96 companies)
Operating Margin (TTM)
7.85%
as of June 30, 2026
Industry median 13.57% (94 companies)
Return on Assets
5.42%
as of March 31, 2026
Industry median 6.48% (88 companies)
Return on Capital Employed
15.38%
as of March 31, 2026
Industry median 16.91% (90 companies)
Return on Equity
12.91%
as of March 31, 2026
Industry median 12.09% (88 companies)

Investment checklist

Tradinity's own yes/no questions with the rule stated beside each. “Items without enough data are left out, never counted as a No, and the totals count only answered questions. A summary of numbers on this page, not advice.

Financials

3 of 7 met
  • Yes Revenue is higher than a year earlier in each of the last 4 quarters
  • No Quality score is Strong (70 or more)
  • No Piotroski F-score is 7 or more (score 6)
  • Yes Debt to equity is below 0.5 (0.41)
  • No Return on equity is 15% or more (12.9%)
  • No Net cash flow for the latest year is positive
  • Yes Cash from operations is higher than the year before

Ownership

3 of 3 met
  • Yes FII/FPI or DII holding rose in the latest quarter
  • Yes Promoter holding rose or was unchanged in the latest quarter
  • Yes Promoter pledge is 5% of their holding or less and not rising (0.0% pledged)

Peer comparison

1 of 3 met
  • Yes 1-year return beats the industry median
  • No Revenue growth beats the industry median
  • No Profit growth beats the industry median

Value and momentum

1 of 6 met
  • Yes Price sits in the Buy zone of its own historical PE range (Buy Zone)
  • No Valuation score is Undervalued (70 or more)
  • No Momentum score is Bullish (70 or more)
  • No Price is above the 5, 10 and 20 day averages
  • No Price is above the 50, 100 and 200 day averages
  • No Latest candle has a bullish shape (hammer, dragonfly doji, white marubozu)

Price

Download CSV

PE/EPS use each quarter's real filed EPS only from 45 days after quarter-end (no look-ahead) against the raw close of the day. Price-to-book isn't a mode here: the feed has no dated share count, so there's no real history to chart.

RSI (14) (same adjusted close series as the price chart above)

MACD (12, 26, 9) (same adjusted close series as the price chart above)

Relative Returns (vs NIFTY 50)

Prices adjusted for splits and bonuses. * = a corporate action affecting this date could not be parsed and is not reflected.

Price range

Day return
3.1%
Low 3276.0000 · High 3424.5000
1W return
-2.1%
Low 3269.1000 · High 3470.0000
1M return
-13.1%
Low 3269.1000 · High 3971.6000
52W return
7.2%
Low 2742.7000 · High 5277.8000
Lifetime High ₹5666.4500 (July 8, 2024)
Lifetime Low ₹38.7500 (Sept. 21, 2001)

Full price history and technicals →

EMA & SMA

Bullish1
Bearish5
5D
3391.5
10D
3448.2
20D
3562.9
50D
3840.3
100D
3942.4
200D
3770.3

Delivery and volume

Day avg. delivery
64.5%
Week avg. delivery
70.3%
Month avg. delivery
61.1%

Week = 5 sessions, Month = 22 sessions ending the latest trading day — the same combined NSE+BSE delivery data as the table below, just summed.

Resistance and support

3364.23
Pivot
First resistance3452.47
Second resistance3512.73
Third resistance3600.97
First support3303.97
Second support3215.73
Third support3155.47
Day RSI32.5
Day MFI39.9
Day MACD-158.30
Day MACD signal-156.97

Beta

1M1.04
3M0.55
1Y0.51
3Y0.74

Price change analysis

↓ -13.1%
Over 1 Month
LowHigh
3269.103971.60
↓ -33.8%
Over 3 Months
LowHigh
3269.105094.00
↑ 1.4%
Over 6 Months
LowHigh
3192.705277.80
↑ 7.2%
Over 1 Year
LowHigh
2742.705277.80
Legend Positive indicator Neutral indicator Negative indicator

Buy/Sell Zone

View Buy/Sell Zone →
Current PE 69.2 (own history: 49.8–132.9)
Buy Zone
Revenue (June 30, 2026)
₹1,303 Cr
Net profit (June 30, 2026)
₹-18 Cr
Basic EPS (June 30, 2026)
₹-1.5200

Ranks #11 of 95 in Electrical Equipment by market cap -- full peer table on the Financials page.

Shareholding pattern / Ownership

Shareholding summary

Jun 2026
  • Promoter61.98%
  • Mutual funds12.86%
  • FII/FPI11.46%
  • Other DII2.36%
  • Public5.88%

Largest holders

NameCategoryShares %Shares
RDA HOLDINGS PRIVATE LTDPromoter53.9900%64328500
ARA TRUSTEESHIP COMPANY PRIVATE LIMITEDPromoter7.9900%9520805
SBI NIFTY MIDCAP 150 MOMENTUM 50 ETFPublic6.0300%7183731
NALANDA INDIA EQUITY FUND LIMITEDPublic5.1300%6118073
JASMEET BHATIAPublic2.4100%2866136

As of June 30, 2026. Only holders the filing discloses individually.

Historical promoter holding

Promoters holdings were unchanged at 61.98% in Jun 2026 qtr

Historical fii holding

FII/FPI holdings increased from 11.24% to 11.46% in Jun 2026 qtr

Historical mutual fund holding

Mutual funds holdings decreased from 13.75% to 12.86% in Jun 2026 qtr

29 mutual fund schemes also hold this stock.

All shareholding details →

Insider trading, SAST & pledges

All 8 insider trades, 8 SAST, 0 pledge events →

Latest insider trades

FiledPersonCategoryTypeQuantityValue
23 Sep 2022 Binaifer Gagrat Employee / designated person Sell 0 ₹0
23 Sep 2022 Binaifer Gagrat Employee / designated person Sell 0 ₹0
23 Sep 2022 Binaifer Gagrat Employee / designated person Sell 0 ₹0
23 Sep 2022 Binaifer Gagrat Employee / designated person Sell 0 ₹0
13 Sep 2022 Binaifer Gagrat Employee / designated person Sell 0 ₹0
13 Sep 2022 Binaifer Gagrat Employee / designated person Sell 0 ₹0
22 Aug 2022 Indu Jacob Employee / designated person Sell 0 ₹0
11 Jul 2019 Binaifer Gagrat Employee / designated person Buy 0 ₹0

All insider and SAST disclosures →

DateClientDealActionQuantityPriceExchange
7 Jun 2024 SBI MUTUAL FUND Bulk Buy 1,374,359 5100.0000 BSE
7 Jun 2024 NALANDA INDIA EQUITY FUND LIMITED Bulk Sell 1,500,000 5100.2600 BSE
25 Jan 2024 MARSHALL WACE INVESTMENT STRATEGIESGTOPS FUND Block Buy 1,137 3028.7500 BSE
25 Jan 2024 MARSHALLWACEINVESTMENTSTRATEGIESMARKETNEUTRALTOPSFUND Block Buy 37,638 3028.7500 BSE
25 Jan 2024 BNP PARIBAS ARBITRAGE Block Sell 38,775 3028.7500 BSE
25 Jan 2024 SOCIETE GENERALE Block Buy 131,540 3028.7500 BSE
25 Oct 2022 ISHARES MSCI INDIA SMALL-CAP ETF Block Buy 16,709 2112.9000 BSE
25 Oct 2022 ISHARES INDIA SC MAURITIUS COMPANY Block Sell 16,709 2112.9000 BSE
25 Oct 2022 ISHARES CORE MSCI EMERGING MARKETS ETF Block Buy 123,725 2112.9000 BSE
25 Oct 2022 ISHARES CORE EMERGING MARKETS MAURITIUS CO Block Sell 123,725 2112.9000 BSE

All bulk and block deals →

Last 12 months ₹14.00 per share
Dividend yield 0.41%
Ex-dateSubjectPer share (₹)Record date
3 Jul 2026 Dividend - Rs 14 Per Share/Special Dividend - Rs 6 Per Share 14.0000 3 Jul 2026
4 Jul 2025 Dividend - Rs 14 Per Share 14.0000 4 Jul 2025
5 Jul 2024 Dividend - Rs 12 Per Share 12.0000 5 Jul 2024
21 Jul 2023 Dividend - Rs 10 Per Share 10.0000 21 Jul 2023
21 Jul 2022 Dividend - Rs 9 Per Share 9.0000 22 Jul 2022
22 Jul 2021 Dividend - Rs 7 Per Share 7.0000 23 Jul 2021
20 Mar 2020 Interim Dividend - Rs 7 Per Share 7.0000 23 Mar 2020
25 Jul 2019 Annual General Meeting/Dividend Rs 7 Per Share 7.0000 27 Jul 2019
26 Jul 2018 Annual General Meeting/ Dividend- Rs 6 Per Share 6.0000 —
28 Jul 2016 Annual General Meeting/ Dividend -Rs 6/- Per Share 6.0000 —

Corporate Actions

Full history (23 events) →

Bonuses, splits, buybacks and other events. Dividends are listed separately above.

Ex-dateTypeSubject
27 Jul 2017OTHER Annual General Meeing/Ividend - Rs 6 Per Share
9 Jul 2009AGMAgm/Div-Rs.5/- Per Share
20 Mar 2007OTHERInt Div-Rs.3.40 Per Sh Purpose Revised

All corporate actions →

Quarterly results, AGMs, buybacks and other board-approved business.

DatePurposeResults
30 Jul 2026 Financial Results Yes
7 May 2026 Financial Results/Dividend Yes
2 Feb 2026 Financial Results Yes
11 Nov 2025 Financial Results Yes
31 Jul 2025 Financial Results Yes

Corporate Announcements

All 806 announcements, with search →

Exchange disclosures (NSE and BSE), most recent first.

DateCategoryAnnouncement
30 Sep 2026 Company Update Thermax Ltd - 500411 - Announcement under Regulation 30 (LODR)-Acquisition
30 Sep 2026 Acquisition Thermax Limited has informed the Exchange about Acquisition
25 Sep 2026 Trading Window Thermax Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
25 Sep 2026 Insider Trading / SAST Thermax Ltd - 500411 - Closure of Trading Window
15 Sep 2026 Company Update Thermax Ltd - 500411 - Announcement under Regulation 30 (LODR)-Acquisition
15 Sep 2026 Acquisition Thermax Limited has informed the Exchange about incorporation of wholly owned step-down subsidiary
5 Sep 2026 Insider Trading / SAST Thermax Ltd - 500411 - Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011
6 Aug 2026 Analysts/Institutional Investor Meet/Con. Call Updates Thermax Limited has informed the Exchange about Transcript
31 Jul 2026 Appointment Thermax Limited has informed the Exchange regarding Appointment of Mr Ravi Shankar Gopinath as Non- Executive Independent Director of the company w.e.f. November 10, 2026.
31 Jul 2026 Shareholders meeting Thermax Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on July 30, 2026. Further, the company has informed the Exchange regarding voting results.

All announcements →

SWOT

Tradinity's own rule-based read of the real ratios elsewhere on this page -- not a copy of any third party's, and never a forward-looking prediction.

Strengths

  • Comfortable interest coverage (19.0x)

Weaknesses

  • Thin net profit margin (-0.6%)
  • Declining profit YoY (-105.1%)

Opportunities

Data unavailable.

Threats

  • PE above 35 (69.2) -- priced for continued strong execution

Single-stock futures available for this stock -- OI buildup, PCR, Max Pain and Greeks are all on the full F&O page.

Part of: NIFTY 500, NIFTY 500, NIFTY ENERGY, NIFTY ENERGY, NIFTY MIDCAP 150, NIFTY MIDCAP 150

Frequently asked questions about Thermax Limited

Where is the share price?

The price at the top of this page is the last traded price from exchange data; during market hours it refreshes on its own. The Chart & Technicals section has the full price history.

Where are the financial results?

The Financials page has quarterly and annual results, ratios, cash flow and the balance sheet, on a standalone or consolidated basis.

Who owns the company?

The Ownership section shows the latest shareholding pattern from exchange filings, with promoter, FII, DII and public holdings by quarter.

Does Tradinity give buy or sell advice?

No. The scores and checklist on this page are rule-based summaries of published figures, not recommendations. Tradinity is not a registered investment adviser.