1. MARKETS
  2. SECTOR : GENERAL INDUSTRIALS
  3. INDUSTRY : HEAVY ELECTRICAL EQUIPMENT
  4. THERMAX LTD.
Thermax Ltd.
NSE: THERMAX | BSE: 500411

Thermax Live Share Price Today, Share Analysis and Chart

Expensive Performer
BasketIn 3 Starfolio Baskets
aboutThermax Ltd. is a global player in the energy and environment sectors, providing integrated solutions across heating, cooling, power, water and waste management, and specialty chemicals. The company operates through four primary segments: **Industria... Read More
Ask AI about Thermax
3163.1028.20(0.90%)

40.07% Fall from 52W High

35,767
NSE+BSE Volume

NSE 03 Nov, 2026 12:56 PM (IST)

Portfolio

Alert

My Notes

Board Meeting
The next board meeting for Thermax is on 05 Nov 2026 for the purpose of Quarterly Results See details
Loading...
- / 100
- / 100
39.1 / 100
Expensive PerformerThese stocks have medium quality and momentum.Their expensive valuations suggest cautionView SimilarEmbed DVM
Analyst Price Target
-

11

S

11

W

2

O

1

T

SWOT Analysis

Check Before You Buy

VIEW FULL CHECKLIST

Medium rank

8Positive15Negative

34.8%Pass in checklist

045
55
100

PE Valuation Check

Right Now
Undervalued
16.4%
1 Year Forward
Undervalued
42%
INSIGHTThermax is undervalued at both current PE and future earnings estimates.

Thermax Stock Price Analysis

Day Price Range

0.9% 1 Day return
3163.1 (LTP)
3,1023,194.8
LowHigh

Week Price Range

-0.8% 1 Week return
3163.1 (LTP)
3,061.23,218.9
LowHigh

Month Price Range

-5.9% 1 Month return
3163.1 (LTP)
3,022.63,400.7
LowHigh

52 Week Price Range

-1.7% 1 Year return
3163.1 (LTP)
2,742.75,277.8
LowHigh
View full Price History/Seasonality

Thermax Forecaster - Analyst Share Price Target and Estimates

Revenue forecast

Hit

Thermax's Revenue was higher than average estimate 2 times in past 3 years

EPS forecast

CURRENT EPS
64
AVG. ESTIMATE
60.7
LOW ESTIMATE
44.9
HIGH ESTIMATE
71.4
CURRENT EPS
AVG. ESTIMATE
Miss

EPS is expected to reduce by 5.2% in FY27

Consensus Recommendation

20 ANALYST Recommendations
HOLD

The consensus recommendation from 20 analysts for Thermax is HOLD

Forecaster is a Premium Feature
You need to upgrade your subscription plan to access this feature
See what you get
Upgrade Now

Thermax Technical Analysis

Thermax EMA & SMA

Bearish-6
1 bullish, 7 bearish
Bullish1
Bearish7
5 Day3149.7
10 Day3172.9
12 Day3183.5
20 Day3235.2
26 Day3281.8
50 Day3479.7
100 Day3708.6
200 Day3753.6

Thermax Delivery And Volume

Daily Avg. Delivery Volume %
02 Nov, 202661.4%
Week70.5%
Month57.5%

Thermax Active Candlesticks

Harami Uptrend Spinning Top Uptrend
Legend
Positive IndicatorNeutral IndicatorNegative Indicator

Thermax Resistance and Support

3117.00
Pivot
First Resistance3172.8
Second Resistance3210.7
Third Resistance3266.5
First Support3079.1
Second Support3023.3
Third Support2985.4
Day RSI38.2
Day MACD-98.3
Day MFI48
Day MACD Signal Line-110.2

Thermax Beta

1 Month0.7
1 Year0.5
3 Month0.5
3 Year0.7

Thermax Price Change Analysis

↓-5.9%
Over 1 Month
LowHigh
3022.63400.7
↓-26.5%
Over 3 Months
LowHigh
3022.64319
↓-22.4%
Over 6 Months
LowHigh
3022.65277.8
↓-1.7%
Over 1 Year
LowHigh
2742.75277.8
All Technicals →

Thermax Shareholding Pattern/ Ownership

Shareholding Summary

Sep 2026
 
NameCategorySharesShares %
Rda Holdings Private LtdPromoter64,328,50054.0 %
Nalanda India Equity Fund LimitedFii6,118,0735.1 %
Sbi Nifty Midcap 150 Momentum 50 EtfDii6,138,3985.2 %

HISTORICAL PROMOTER HOLDING

HISTORICAL FII HOLDING

HISTORICAL MF HOLDING

All Shareholding details

Thermax Deals - Insider, Bulk, Block and SAST

Client NameDeal TypeActionDateAvg. PriceQuantityExchange
SBI MUTUAL FUNDBulkPurchase07 Jun 202451001,374,359BSE
NALANDA INDIA EQUITY FUND LIMITEDBulkSell07 Jun 20245100.261,500,000BSE
INTEGRATED CORE STRATEGIES (ASIA) PTE. LTD.BulkSell31 May 20245403.761,034,426NSE
BNP PARIBAS ARBITRAGEBlockSell25 Jan 20243028.75131,540BSE
BNP PARIBAS ARBITRAGEBlockSell25 Jan 20243028.7538,775BSE
MARSHALLWACEINVESTMENTSTRATEGIESMARKETNEUTRALTOPSFUNDBlockPurchase25 Jan 20243028.7537,638BSE
MARSHALL WACE INVESTMENT STRATEGIESGTOPS FUNDBlockPurchase25 Jan 20243028.751,137BSE
SOCIETE GENERALEBlockPurchase25 Jan 20243028.75131,540BSE
ISHARES INDIA SC MAURITIUS COMPANYBlockSell25 Oct 20222112.9016,709BSE
ISHARES CORE EMERGING MARKETS MAURITIUS COBlockSell25 Oct 20222112.90123,725BSE
All deals
All insider trades

Thermax Corporate Actions

Thermax Dividend history and yield

Thermax dividend yields, including actual and adjusted, and dividend history, including announcement, record, and ex-dividend dates. Track Thermax dividend yield over time.

#Ex-Date
Dividend AmountDividend TypeRecord DateInstrument Type
103 Jul 2026
6SPECIAL03 Jul 2026Equity Share
203 Jul 2026
14FINAL03 Jul 2026Equity Share
304 Jul 2025
14FINAL04 Jul 2025Equity Share
405 Jul 2024
12FINAL05 Jul 2024Equity Share
521 Jul 2023
10FINAL21 Jul 2023Equity Share

Thermax Bonus shares

Thermax bonus history along with announcement, record, ex-bonus dates, and bonus ratios.

#Ex-Date
Bonus RatioRecord Date
108 Sep 2003
2:109 Sep 2003

Thermax Board Meetings

Thermax past and upcoming board meetings.

#Ex-Date
PurposeNotes
105 Nov 2026
Quarterly ResultsTo consider and approve the financial results for the period ended September 30, 2026
230 Jul 2026
Quarterly Results-
307 May 2026
Audited Results & Final Dividend-
402 Feb 2026
Quarterly Results-
511 Nov 2025
Quarterly Results-

Thermax Stock Split

Thermax stock split details, including announcement, record, and ex-split dates, along with the split ratios

#Ex-Date
Old FVNew FVRecord Date
131 Mar 2006
10210 Apr 2006
All Corporate Actions

Thermax Research Reports

Thermax research reports with share price targets, and buy/hold/sell recommendations from top brokers.

#
Date
Broker NameTargetPrice When RecommendedTypeUpsideChange Since RecommendationLinks
131 Jul 2026Motilal Oswal
Target
40004306Sell-7.11%-26.54%pdf
212 May 2026Geojit BNP Paribas
Reco
Target
49654546.5Accumulate9.2%-30.43%pdf
305 Feb 2026ICICI Direct
Reco
Target
34002872.6Buy18.36%10.11%pdf
404 Feb 2026Motilal Oswal29002908.5Sell-0.29%8.75%pdf
522 Dec 2025Geojit BNP Paribas
Reco
Target
34402931.7Buy17.34%7.89%pdf
All Reports of Thermax

Thermax Corporate Filings

Thermax BSE corporate filings and AGM, press releases, insider trading & SAST, results and corporate actions.

DateAnnouncement TitleDetailsLinks
02 Nov 2026
Thermax Ltd - 500411 - Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
Thermax Limited has informed the exchanges about the Analyst/Investor Meet.
PDF
12 Oct 2026
Thermax Ltd - 500411 - Board Meeting Intimation for To Consider And Approve Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026
Thermax Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 05/11/2026 ,inter alia, to consider and approve financial results for the quarter and half year ended September 30, 2026
PDF
12 Oct 2026
Thermax Ltd - 500411 - Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Thermax Limited has submitted to the exchanges certificate under Reg 74(5) of the SEBI (DP) Regulations.
PDF
09 Oct 2026
Thermax Ltd - 500411 - Rumour verification - Regulation 30(11)
Thermax Limited has submitted clarification on rumour verification under Regulation 30(11) of SEBI LODR Regulations, 2015
PDF
30 Sep 2026
Thermax Ltd - 500411 - Announcement under Regulation 30 (LODR)-Acquisition
Thermax Limited has informed the exchanges about the acquisition of 49% share capital of TSA Process Equipments Private Limited thereby making it a wholly owned subsidiary of the Company.
PDF
VIEW ALL

Thermax DocumentsAsk MarketMind AI

Thermax Earnings Call

Thermax earnings calls, including management commentary and AI-generated summaries.

DateTitleLinks
06 Aug 2026Thermax Ltd - 500411 - Announcement under Regulation 30 (LODR)-Earnings Call TranscriptLink
31 Jul 2026Thermax Ltd - 500411 - Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - OutcomeLink
12 May 2026Thermax Ltd - 500411 - Announcement under Regulation 30 (LODR)-Earnings Call TranscriptLink
08 May 2026Thermax Results Earnings Call for Q4FY26 & Full YearAudioVideo
09 Feb 2026Thermax Ltd - 500411 - Announcement under Regulation 30 (LODR)-Earnings Call TranscriptLink
view all

Thermax Annual Reports

Thermax financials, including annual results, balance sheets, and cash flow statements.

DateReport TitleLinks
2026Annual Report Mar-2026Link
2025Annual Report Mar-2025Link
2024Annual Report Mar-2024Link
2023Annual Report Mar-2023Link
2022Annual Report Mar-2022Link

Thermax Credit Ratings

Thermax credit ratings from CRISIL and leading rating agencies, assessing financial stability, investment grade, and related PDF documentation.

DateRating AgencyCompany NameDescriptionLinks
27 Jul 2026crisil ratingsThermax Babcock and Wilcox Energy Solutions LimitedThermax Babcock and Wilcox Energy Solutions Limited:Update on Thermax Babcock and Wilcox Energy Solutions LimitedLink
22 Jan 2026crisil ratingsThermax LimitedThermax Limited:Update on Thermax LimitedLink
18 Jan 2026crisil ratingsThermax LimitedThermax Limited:Ratings reaffirmed at 'Crisil AA+ / Stable / Crisil A1+ ', Rated amount enhanced for Bank DebtLink
11 Jan 2026care ratingsTHERMAX LIMITEDLink
16 Nov 2025crisil ratingsThermax Instrumentation LimitedThermax Instrumentation Limited:Update on Thermax Instrumentation LimitedLink

Thermax Investor Presentations

Thermax investor presentations, including business updates, financial insights, and strategic initiatives.

DateReport TitleLinks
31 Jul 2026Thermax Ltd - 500411 - Announcement under Regulation 30 (LODR)-Investor PresentationLink
30 Jul 2026Thermax Ltd - 500411 - Announcement under Regulation 30 (LODR)-Investor PresentationLink
07 May 2026Thermax Ltd - 500411 - Announcement under Regulation 30 (LODR)-Investor PresentationLink
02 Feb 2026Thermax Ltd - 500411 - Announcement under Regulation 30 (LODR)-Investor PresentationLink
11 Nov 2025Thermax Ltd - 500411 - Announcement under Regulation 30 (LODR)-Investor PresentationLink

Thermax - Company Profile

Thermax Management Structure

Thermax management structure with salaries, total experience, and qualifications.

NAMEDESIGNATIONGROSS REMUNERATION ₹(LAC)AS OFHISTORY & DETAILS
Ashish BhandariExecutive Director,Managing Director,Chief Executive Officer-Mar 26
B. C. MaheshPresident,BU Head(Industrial Products.)-Mar 26
Dinesh MandhanaExecutive Vice President,BU Head(Chemicals.)-Mar 26
B. C. RajeshPresident,BU Head(Industrial Infrastructure)-Mar 26
Rajendran ArunachalamExecutive Vice President-Mar 26
Dr. Santanu ChaudhuriExecutive Vice President-Mar 26
Kirtiraj JilkarExecutive Vice President,Head(Projects,Energy Solutions.)-Mar 26
Dr. Amit SethiExecutive Vice President,Chief Digital and Information Officer-Mar 26
Arun UnniExecutive Vice President,BU Head(Energy,Strategy)-Mar 26
SANGEET KAUR HUNJANCompany Secretary,Compliance Officer-Mar 26
Rajesh B. C.Executive Vice President,Chief Executive Officer(Subsidiary Company)-Mar 26
Tushar DahaleChief Internal Auditor-Mar 26
Samina KhalidHead(Corporate Communication.)-Mar 26
Vipin UpadhyayHead(HSE)-Mar 26

Thermax Board of Directors

Thermax Board of directors with salaries, total experience, and qualifications.

NAMEPOSITIONGROSS REMUNERATION ₹(LAC)AS OFHISTORY & DETAILS
Ashish BhandariManaging Director & CEO1462.45Mar 26
Meher P PudumjeeChairperson64.7Mar 26
SHYAMAK RAMYAR TATAIndependent Non Exe. Director53.5Mar 26
Ravi GopinathIndependent Non Exe. Director45.4Mar 26
Pheroz PudumjeeNon-Exec & Non-Independent Dir39.4Mar 26
Harsh MariwalaIndependent Non Exe. Director38.6Mar 26
Rajani KesariIndependent Non Exe. Director36Mar 26
Parag Chandulal ShahIndependent Non Exe. Director20.33Mar 26
SANGEET KAUR HUNJANCompany Sec. & Compli. Officer-Mar 26

Thermax Brands

Brands owned by Thermax

LOGOBRAND NAME
Thermax
Website: www.thermaxindia.com

About the company - Business Profile

Thermax Ltd. is a global player in the energy and environment sectors, providing integrated solutions across heating, cooling, power, water and waste management, and specialty chemicals. The company operates through four primary segments: Industrial Products, Industrial Infra, Chemicals, and Green Solutions. With a history spanning nearly six decades, Thermax supports various industries—including steel, cement, refineries, and textiles—in optimizing resource use and reducing environmental impact. The company maintains a strong international presence with installations in over 90 countries and manufacturing facilities across India and global locations.

Key Points

  • Key Facts: Founded in 1966 (as Wanson India) and headquartered in Pune, Maharashtra. It is a publicly-traded company listed on the BSE and NSE.
  • Operations and Resources: Operates 16 manufacturing facilities, with 12 located in India and 4 internationally (including Denmark, Indonesia, and Poland). It has 49 subsidiaries (28 domestic, 21 international) and a sales and service presence in 30+ countries.
  • Ownership: Primarily promoter-owned by the Aga and Pudumjee families. As of the latest reporting, the company maintains high standards of corporate governance with no significant government stake.
  • Market Significance: Strategically vital in India’s energy transition, offering technologies for biomass energy, waste heat recovery, and green hydrogen.
  • Business Model: Thermax follows a model of providing capital equipment, turnkey projects, and recurring services/chemicals. It excels in engineering complex systems that integrate energy generation with environmental protection.
  • Revenue Breakdown (FY 2024-25):
    • Consolidated Total Revenue: Rs. 10,388.69 crore.
    • International Revenue: Rs. 2,324 crore (13.5% growth).
    • Order Booking: Rs. 10,337 crore.
  • Segment Performance (YTD Dec 2025/FY26 Data):
    • Industrial Products: Revenue of Rs. 3,433 crore; PBIT margin of 9.0%.
    • Industrial Infra: Revenue of Rs. 2,879 crore; PBIT margin of 4.3%.
    • Chemicals: Revenue of Rs. 564 crore; PBIT margin of 8.2%.
    • Green Solutions: Revenue of Rs. 529 crore; PBT margin of 5.6%.
  • Key Products & Innovations:
    • Greenfield Energy: Secured a Rs. 1,029 crore order for a 600 MW project in Botswana using Circulating Fluidised Bed Combustion (CFBC) boilers.
    • Cooling Solutions: Executing over 100 MW capacity orders for the data center segment.
    • Chemicals: Partnership with Vebro Polymers (UK) for industrial flooring and Oswaldo Cruz Quimica (Latin America) for high-performance resins.
    • Water: Commissioned an ultrapure water generation system ($194 m^{3}/hr$) for India’s first indigenous semiconductor assembly facility in Assam.
  • Important Contracts: Recently secured a large utility boiler order from Dangote Industries for their refinery complex in Nigeria.
  • Employees: Employs 7,854 people globally (including permanent staff and fixed-term contractors).
  • Strategic Initiatives: Focus on "Green Solutions" through subsidiaries like First Energy Private Limited and Thermax Onsite Energy Solutions. The company is actively reducing its low-margin order book (specifically in P&ES and FGD projects) to improve overall profitability.

References

  1. Annual Report May 2025
  2. Investor Presentation Feb 2026
  3. Investor Presentation Nov 2025
  4. Annual Report May 2024

Thermax FAQ

Thermax today is trading in the green, up by 0.9% at ₹3,163.1.
Thermax is currently trading up 0.9% on an intraday basis. In the past week the stock fell 0.75%. Stock has been down 26.54% in the past quarter and fell 1.73% in the past year. You can view this in the share price history/seasonality section.
Thermax is listed on NSE with the ticker THERMAX and on BSE as 500411. It's currently trading on NSE at a share price of ₹3,163.1 and on BSE with a share price of ₹3,165.3.
The market cap of Thermax is ₹37,690.33 Cr. as of Nov 03, 2026.
Thermax announced a SPECIAL dividend of 300% which equals ₹6 in Jul 03, 2026.The last three ex-dates for Thermax were Jul 03, 2026, Jul 04, 2025 and Jul 05, 2024. To view the full dividend history of Thermax click here.
Thermax has undergone 1 stock split and announced bonus shares 1 time since its BSE/NSE listing. The latest announcement for Thermax stock split was on Mar 31, 2006 at a ratio of 10:2 and the last bonus share announcement was on Sep 08, 2003 at a ratio of 2:1.
Thermax reported ₹2,370.92 Cr. in revenue, ₹25.24 Cr. in net profit, and ₹136.81 Cr. in EBITD as of Jul 30, 2026 for Q1 FY26-27.
According to the predictions of 20 analysts, the share price prediction for Thermax is ₹4,419.1 with an upside of 40%.
The PE ratio of Thermax is 63.52 as of Nov 03, 2026.
The PB ratio of Thermax is 6.76 as of Nov 03, 2026.
You can view the latest analyst reports on the Thermax reports dashboard. Either click on the Reports tab on this page's sub-header or click here to be directed to the dashboard.
You can set real-time stock alerts on price, volume, SMA, and several other parameters by scrolling to the top of this page and clicking the bell icon on the far right-hand side of the stock overview.
Ask AI
×