Thermax Ltd
Thermax Ltd (THERMAX) last traded at ₹3,968, a market capitalisation of ₹47,281 crore, on a P/E of 85.9. Over the past 52 weeks the stock has ranged between ₹2,743 and ₹5,278. Thermax Ltd last reported results for the quarter ended Jun 2026, with sales of ₹2,303 crore and net profit of ₹22 crore. Figures are as of 25 Aug 2026 and are not real time.
Thermax Ltd share price and key metrics
Metrics as of 25 Aug 2026. Not real time.
Thermax Ltd quarterly results
In the quarter ended Jun 2026, sales were ₹2,303 cr, up 6.7% from ₹2,158 cr a year earlier. Net profit was ₹22 cr, down 85.4% year on year.
| ₹ crore | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,616 | 2,529 | 3,046 | 2,158 | 2,474 | 2,635 | 3,428 | 2,303 |
| Expenses | 2,338 | 2,340 | 2,747 | 1,933 | 2,302 | 2,380 | 3,054 | 2,234 |
| Operating profit | 278 | 188 | 300 | 225 | 172 | 255 | 374 | 69 |
| OPM % | 11% | 7% | 10% | 10% | 7% | 10% | 11% | 3.0% |
| Other income | 60 | 32 | 78 | 66 | 85 | 121 | 56 | 68 |
| Interest | 29 | 29 | 31 | 30 | 32 | 34 | 42 | 35 |
| Depreciation | 42 | 35 | 45 | 49 | 51 | 53 | 54 | 60 |
| Profit before tax | 266 | 156 | 301 | 211 | 174 | 289 | 334 | 42 |
| Tax % | 26% | 27% | 32% | 28% | 31% | 29% | 27% | 48% |
| Net profit | 198 | 114 | 206 | 151 | 119 | 205 | 244 | 22 |
| EPS (₹) | 16.54 | 9.73 | 17.27 | 12.79 | 10.04 | 17.14 | 20.50 | 2.12 |
Consolidated figures as reported by the company. Percentages are as published; totals may not sum exactly.
Thermax Ltd annual results
| ₹ crore | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|
| Sales | 4,791 | 6,128 | 8,090 | 9,323 | 10,387 | 10,774 | 10,839 |
| Operating profit | 356 | 414 | 601 | 797 | 910 | 1,038 | 870 |
| OPM % | 7% | 7% | 7% | 9% | 9% | 10% | 8% |
| Net profit | 207 | 312 | 451 | 643 | 627 | 720 | 591 |
| EPS (₹) | 17.34 | 26.21 | 37.79 | 54.15 | 53.25 | 60.47 | 49.80 |
TTM is the trailing twelve months to the most recent quarter.
Thermax Ltd growth and returns
- 10 Years
- 8%
- 5 Years
- 18%
- 3 Years
- 10%
- TTM
- 5%
- 10 Years
- 7%
- 5 Years
- 18%
- 3 Years
- 7%
- TTM
- -18%
- 10 Years
- 17%
- 5 Years
- 24%
- 3 Years
- 14%
- 1 Year
- 22%
- 10 Years
- 10%
- 5 Years
- 11%
- 3 Years
- 12%
- Last Year
- 11%
Thermax Ltd shareholding pattern
Promoters held 61.99% at Jun 2026, broadly unchanged since Jun 2025. FIIs 11.46% and DIIs 15.22%.
| % held | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 61.99% | 61.99% | 61.99% | 61.99% | 61.99% | 61.99% | 61.99% | 61.99% |
| FIIs | 15.38% | 15.49% | 15.86% | 16.02% | 13.44% | 12.36% | 11.25% | 11.46% |
| DIIs | 12.72% | 12.66% | 12.25% | 11.74% | 13.95% | 14.84% | 15.49% | 15.22% |
| Public | 4.45% | 4.39% | 4.43% | 4.77% | 5.16% | 5.35% | 5.82% | 5.88% |
| No. of shareholders | 51,876 | 50,755 | 53,687 | 62,986 | 71,208 | 77,455 | 89,964 | 91,857 |
As disclosed by the company to the exchanges. The last row is a count of shareholders, not a percentage.
Thermax Ltd corporate filings
- Thermax Limited has submitted before the Exchanges transcript of the earnings call held on Friday, July 31, 2026.Company Updatelow impact
Cruxal's analysis: Thermax Limited has formally filed the transcript of its Q1 FY 2026-27 analyst and…
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