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Thermax (THERMAX) had a P/E of 52.6× on 6 Nov 2026, above the industry P/E of 14.8×, and the shares are 48% below their 52-week high. Sales and net profit grew 9.8% and 17% a year over 3 years; its ROCE of 15% is the second-highest among the 7 largest Conglomerates peers. Debt is 0.42× equity, and its dividend yield is 0.5%. It is a small-cap company with a market cap of ₹30,937 Cr, ranked 5th of 52 Conglomerates companies by market cap; the shares rose 1.5% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Jun 2026.How we calculate this

past year
Open
₹3,010.00
Day high
₹3,048.50
Day low
₹2,666.60
Prev. close
₹3,319.70
Volume
29 L

Health check

2 good · 2 fair · 2 to check
  • ReturnsAhead

    +1.5% over a year, better than 7 of 7 peers.

  • Price tagPricier

    P/E 52.6 vs industry 14.8.

  • GrowthStrong

    Sales +9.8%, profit +17.0% a year over 3 years.

  • ProfitabilityAverage

    ROCE 15.3% vs peer median 12.3%.

  • Balance sheetFair

    Debt 0.42× equity, interest covered 8.5×, Piotroski 4 of 9.

  • Red flags3 to check

    Quarterly profit down 83.4% on a year ago.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Conglomerates

51 listed peers. Screen the industry

Small cap

₹30,937 Cr, #5 of 52 in its industry by size.

Defensive

Beta 0.41 vs the NIFTY 50: moves less than the market.

Key metrics

Last 12 months to Jun 2026: sales ₹10,839 Cr · profit ₹593 Cr
Market cap
₹30,937 Cr
Small cap
P/E
52.6
Industry 14.8
Price to book
5.58
Peers 4.76
Dividend yield
0.51%
ROE
13.7%
Peers 11.6%
ROCE
15.3%
Peers 12.3%
Debt to equity
0.42
Debt ₹2,353 Cr
EPS (TTM)
₹52.20
Face value ₹2
OPM (TTM)
8.8%
Net margin 5.5%
Sales growth
+9.4%
Latest quarter vs a year ago
Profit growth
−83.4%
Latest quarter vs a year ago
Price to sales
2.85
EV/EBITDA 35.2

Strengths and risks

Strengths

  • Positive operating cash flow in each of the last 4 years.

Risks to check

  • Quarterly profit down 83.4% on a year ago.
  • P/E of 52.6 against an industry P/E of 14.8.
  • 48% below its 52-week high.

Derived automatically from reported figures. Not a recommendation.

About Thermax

Thermax Limited, together with its subsidiaries, provides energy and environment solutions in India and internationally. The company is involved in the manufacturing, installation, sales, and services related to boilers and heating equipment, absorption chiller/heat pumps, air pollution control equipment/systems, water and waste recycling; and provision of associated services and engineering, procurement, and construction (EPC). It also provides EPC of…

Headquarters
Pune
Employees
3,962
Sector
Industrials
ISIN
INE152A01029
Website
thermaxglobal.com

Price range

52 weeks

₹2,666.60₹5,277.80

Today

₹2,666.60₹3,048.50
Avg volume (3M)
2 L
1-year return
plus 1.5%
From 52-week high
minus 48.0%

Analyst consensus

20 analysts
BuyMean target ₹4,199.60 plus 52.9%

Target range, with today’s price

Low ₹3,000.00High ₹5,325.00

Today’s price ₹2,746.30 is below the lowest analyst target.

Next results expected around 2 Feb 2027

Consensus from Yahoo Finance. Not a recommendation.

Peers · Conglomerates

Capital-heavy industry columns

Compare with peersScreen the whole industry
Company
SRFSRF2,460.40minus 0.99%72,92831.921.214.5%24.2%0.351.8%minus 15.5%
TIINDIATube Investments of India2,170.00minus 5.65%42,00562.916.612.8%9.9%0.0515.5%minus 23.1%
GODREJINDGodrej Industries955.85minus 2.40%32,19827.432.412.3%10.4%2.229.8%minus 11.6%
3MINDIA3M India27,570.00minus 5.98%31,05857.029.947.5%18.4%0.108.7%minus 18.3%
THERMAXThermax2,746.30minus 17.27%30,93752.626.615.3%12.4%0.429.8%plus 1.5%
BEMLBEML1,953.20minus 1.89%16,26828.055.75.9%7.3%0.113.0%minus 7.4%
NAVANava529.15minus 0.99%14,99119.87.911.1%38.4%0.216.8%minus 12.1%
DCMSHRIRAMDCM Shriram898.60minus 1.01%13,91710.79.511.1%10.5%0.245.4%minus 27.3%
Median of 7 peers–−1.89%31,05828.021.212.3%10.5%0.216.8%−15.5%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrJun 25Sep 25Dec 25Mar 26Jun 26
2,1022,4742,6353,4282,300
1,8682,3022,3802,9982,204
23417225543096.7
11.1%7.0%9.7%12.6%4.2%
65.585.362.610.968.2
30.232.234.242.435.2
48.951.553.35459.5
−8.5–58.8−10.9−28.1
21117428933442.1
28.4%31.2%29.0%26.9%48.3%
15212020424425.2
13.5310.6218.1221.682.24

Profit & loss

Yearly, ₹ crore
Sales CAGR 3Y
+9.8%
Profit CAGR 3Y
+17.0%
EPS CAGR 3Y
+16.9%
ROE
13.7%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
8,0349,23710,26810,643
–+15.0%+11.2%+3.6%
7,3878,4109,2599,482
6478271,0091,161
8.1%9.0%9.8%10.9%
10717711461.8
37.286114135
117148159208
3.398.634.7128
6038698841,008
25.3%26.0%29.1%28.5%
450645634721
–+43.3%minus 1.7%+13.6%
39.9757.2856.3163.94

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
22.522.522.522.5
3,8464,4174,9145,527
8511,2961,7342,372
4,1194,4184,7415,360
8,83910,15311,41213,282
1,7972,5003,3334,402
5816257181,534
258433370793
2,5512,3392,7212,461
3,6524,2564,2714,093
8,83910,15311,41213,282

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
4602471,080542
−680−509−1,272−587
349285123248
12823.5−69.7202
−664−844−903−952
−205−597177−411
−102−113−135−158

Shareholding pattern

Source: NSE filings
62.0%
promoters
  • Promoters61.98%
  • Public32.57%
  • Employee trusts5.45%
  • As of 30 Sep 2026
QuarterSplitPromotersPublicPromoter change
30 Sep 202661.98%32.57%0.00
30 Jun 202661.98%32.56%0.00
31 Mar 202661.98%32.56%0.00
31 Dec 202561.98%32.56%0.00
30 Sep 202561.98%32.56%–

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you