THERMAX
Thermax Limited (THERMAX) Stock Analysis
Thermax Limited is an Indian energy and environment solutions company offering boilers, chillers, water, and waste-management systems. It serves power, chemicals, food, and commercial buildings with engineering products and services globally. Thermax focuses on efficiency, decarbonisation, and circular resource use. It is listed on the NSE and BSE.
Industrials › Conglomerates
₹3,256.30
-3.10% 1W | -2.70% 52W
Market Cap
36.7k CR
P/E Ratio
61.8
52W High
₹5277.8
52W Low
₹2742.7
Div. Yield
0.45%
Beta
0.3
50 DMA
₹3738.2
200 DMA
₹3818.5
Profit Margin
5.5%
Inst. Own.
18.7%
✅ BOUNCE FROM SUPPORT
✅ BOUNCE FROM SUPPORT
Fundamentals
Profit & Loss
| Metric | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,933 | 2,302 | 2,324 | 2,764 | 2,184 | 2,616 | 2,529 | 3,046 | 2,158 | 2,474 | 2,635 | 3,428 | 2,303 |
| Expenses | 1,801 | 2,098 | 2,137 | 2,491 | 2,044 | 2,338 | 2,340 | 2,747 | 1,933 | 2,302 | 2,380 | 3,054 | 2,234 |
| Operating Profit | 132 | 204 | 187 | 273 | 141 | 278 | 188 | 300 | 225 | 172 | 255 | 374 | 69 |
| OPM % | 7% | 9% | 8% | 10% | 6% | 11% | 7% | 10% | 10% | 7% | 10% | 11% | 3.0% |
| Other Income | 2 | 66 | 185 | 55 | 84 | 60 | 32 | 78 | 66 | 85 | 121 | 56 | 68 |
| Interest | 13 | 20 | 27 | 28 | 27 | 29 | 29 | 31 | 30 | 32 | 34 | 42 | 35 |
| Depreciation | 29 | 33 | 36 | 50 | 36 | 42 | 35 | 45 | 49 | 51 | 53 | 54 | 60 |
| Profit before tax | 91 | 217 | 309 | 251 | 161 | 266 | 156 | 301 | 211 | 174 | 289 | 334 | 42 |
| Tax % | 34% | 27% | 23% | 25% | 32% | 26% | 27% | 32% | 28% | 31% | 29% | 27% | 48% |
| Net Profit | 60 | 159 | 237 | 188 | 109 | 198 | 114 | 206 | 151 | 119 | 205 | 244 | 22 |
| EPS in Rs | 4.94 | 13.24 | 20.00 | 15.97 | 9.72 | 16.54 | 9.73 | 17.27 | 12.79 | 10.04 | 17.14 | 20.50 | 2.12 |
| Metric | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 5,304 | 5,145 | 4,483 | 4,465 | 5,973 | 5,731 | 4,791 | 6,128 | 8,090 | 9,323 | 10,387 | 10,774 | 10,839 |
| Expenses | 4,842 | 4,712 | 4,049 | 4,088 | 5,516 | 5,331 | 4,435 | 5,715 | 7,489 | 8,526 | 9,477 | 9,736 | 9,970 |
| Operating Profit | 462 | 433 | 434 | 377 | 457 | 401 | 356 | 414 | 601 | 797 | 910 | 1,038 | 870 |
| OPM % | 9% | 8% | 10% | 8% | 8% | 7% | 7% | 7% | 7% | 9% | 9% | 10% | 8% |
| Other Income | 73 | 118 | 95 | 115 | 60 | 105 | 54 | 135 | 156 | 307 | 250 | 317 | 331 |
| Interest | 82 | 12 | 10 | 13 | 14 | 15 | 21 | 25 | 38 | 88 | 117 | 139 | 144 |
| Depreciation | 134 | 72 | 82 | 82 | 92 | 117 | 115 | 113 | 117 | 148 | 159 | 208 | 218 |
| Profit before tax | 319 | 467 | 438 | 397 | 410 | 375 | 275 | 410 | 603 | 869 | 884 | 1,008 | 839 |
| Tax % | 54% | 31% | 36% | 42% | 21% | 43% | 25% | 24% | 25% | 26% | 29% | 29% | |
| Net Profit | 148 | 282 | 216 | 231 | 325 | 212 | 207 | 312 | 451 | 643 | 627 | 720 | 591 |
| EPS in Rs | 17.60 | 23.69 | 18.72 | 19.48 | 27.31 | 17.83 | 17.34 | 26.21 | 37.79 | 54.15 | 53.25 | 60.47 | 49.80 |
| Dividend Payout % | 40% | 24% | 30% | 29% | 24% | 37% | 38% | 32% | 25% | 21% | 25% | 3% |
Growth — CAGR
| Metric | 3Y | 5Y | 10Y |
|---|---|---|---|
| Revenue CAGR | 10.0% | 18.0% | 8.0% |
| Profit CAGR | 7.0% | 18.0% | 7.0% |
Shareholding Pattern
Promoters61.99%
FIIs16.02%
DIIs11.74%
Public4.77%
Promoters61.99%
FIIs13.44%
DIIs13.95%
Public5.16%
Promoters61.99%
FIIs12.36%
DIIs14.84%
Public5.35%
Promoters61.99%
FIIs11.25%
DIIs15.49%
Public5.82%
Promoters61.99%
FIIs11.46%
DIIs15.22%
Public5.88%
Promoters61.99%
FIIs12.29%
DIIs15.63%
Public4.59%
Promoters61.99%
FIIs12.24%
DIIs15.82%
Public4.48%
Promoters61.99%
FIIs15.86%
DIIs12.25%
Public4.43%
Promoters61.99%
FIIs11.25%
DIIs15.49%
Public5.82%
Promoters61.99%
FIIs11.46%
DIIs15.22%
Public5.88%
THERMAX
Holdings Analysis
Key strengths & risk signals
63
Overall
70
Fundamental
56
Technical
Risks (4)
LOW MARGIN! 5.5% profit margin - thin profits.
WEAK POSITION! Current price (3256.3) is below both moving averages.
NEGATIVE MOMENTUM! Price declined across timeframes - down 3.1% (1 week), 10.5% (1 month), 32.3% (3 months).
BEARISH TREND! 50-day average (3738.2) is below 200-day average (3818.5) - negative signal.
Strengths (4)
PERFECT RECORD! Revenue has grown consistently every year. Exceptional business stability.
LOW VOLATILITY! Beta of 0.30 - stable stock, less market risk.
TESTING SUPPORT! Stock is at key support level.
APPROACHING OVERSOLD! RSI at 34.4 - watch for reversal.
Fundamental & Technical Analysis
63Overall
70Fundamental
56Technical
Fundamental Breakdown
Growth Quality
21/30
Revenue CAGR: 9.8% (MODERATE, 8/15). Profit CAGR: 17.0% (VERY GOOD, 13/15).
Profit Margin
3/10
LOW MARGIN! 5.5% profit margin - thin profits.
PEG Valuation
3/10
OVERVALUED! PEG of 3.64 means expensive relative to growth rate.
Dividend Yield
3/10
NEGLIGIBLE DIVIDEND! 0.45% yield - little to no income.
Debt to Equity
10/10
VERY LOW DEBT! D/E of 0.00 - excellent financial health.
Public Holding
20/20
VERY LESS PUBLIC HOLDING! 4.67% public ownership - strong promoter/institutional control.
Stability Index
10/10
PERFECT RECORD! Revenue has grown consistently every year. Exceptional business stability.
Technical Breakdown
Moving Averages
3/10
BEARISH TREND! 50-day average (3738.2) is below 200-day average (3818.5) - negative signal.
Price Position
2/10
WEAK POSITION! Current price (3256.3) is below both moving averages.
Trend Pattern
16/20
TESTING SUPPORT! Stock is at key support level.
52W Performance
3/10
WEAK YEAR! Stock declined 2.7% in the last year.
Volume Sentiment
20/30
BULLISH SENTIMENT! In last 30 days: 11 up days, 19 down days. Avg volume on up days: 180,925 vs down days: 158,385. Ratio: 1.14x
RSI
4/5
APPROACHING OVERSOLD! RSI at 34.4 - watch for reversal.
52W Range
2/5
LOWER HALF! Trading at 20.3% of 52W range - weakness visible.
Momentum
1/5
NEGATIVE MOMENTUM! Price declined across timeframes - down 3.1% (1 week), 10.5% (1 month), 32.3% (3 months).
Beta
5/5
LOW VOLATILITY! Beta of 0.30 - stable stock, less market risk.
Peer Comparison
Industrials · Conglomerates · 8 stocks
| Stock | Price | P/E | Profit Margin | Revenue CAGR 5Y | Profit CAGR 5Y | 52W Change | Stock Strength | Trendline | YoY Profit | QoQ Profit | YoY Revenue | QoQ Revenue |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| THERMAX | ₹3,256.30 | 61.8 | 5.5% | 9.8% | 17.0% | -2.7% | 63 | BOUNCE FROM SUPPORT | -83.5% | -89.7% | +9.4% | -32.9% |
| 3MINDIA | ₹30,170.00 | 58.8 | 10.9% | 8.7% | 5.0% | +4.2% | 59 | CONSOLIDATING DOWN | +31.2% | +8.3% | +19.0% | +1.7% |
| GODREJIND | ₹985.40 | 28.2 | 4.8% | 9.8% | 8.4% | -7.1% | 63 | BREAKDOWN | -18.6% | -36.0% | +22.2% | -29.2% |
| TIINDIA | ₹2,213.00 | 70.8 | 2.6% | 15.5% | -12.6% | -29.1% | 50 | BREAKDOWN | -15.2% | +97.4% | +16.8% | +0.3% |
| CARBORUNIV | ₹1,202.60 | 104.7 | 3.8% | 3.8% | -22.2% | +34.0% | 72 | BREAKOUT | +23.4% | -534.1% | +16.9% | +2.0% |
| SRF | ₹2,519.50 | 34.5 | 12.7% | 1.8% | -5.3% | -17.8% | 50 | HIT RESISTANCE | +75.5% | +30.4% | +32.1% | +9.0% |
| BEML | ₹1,894.70 | 26.5 | 3.9% | 3.0% | -3.6% | -8.0% | 54 | BREAKDOWN | -57.9% | -115.0% | +29.3% | -54.3% |
| NAVA | ₹549.10 | 20.5 | 17.5% | 6.8% | -5.3% | -8.9% | 57 | BREAKOUT | -10.0% | +118.2% | +1.6% | +6.0% |
Data from TradeAlone · Updated daily
THERMAX News
Thermax Limited (thermax) Q1 FY 2026-27: Conserving Resources, Preserving the Future2026-07-31Thermax Limited (THERMAX) falls 13% intraday, breaks below support2026-07-31Thermax Limited (NSE: THERMAX) breaks below support, falls 5%2026-07-14Thermax Limited (NSE: THERMAX) breaks below support, falls 5%2026-07-03Thermax Limited (THERMAX) gives up ground after breakout, falls 5% intraday2026-07-02Thermax Limited (NSE: THERMAX) extends gains, moves up 5% intraday2026-06-29
