Thermax Ltd
Thermax Ltd (THERMAX) is scheduled to report results on 11 Nov 2026. Thermax Ltd last reported results for the quarter ended Jun 2026, with sales of ₹2,303 crore and net profit of ₹22 crore. The stock last traded at ₹3,256, a market capitalisation of ₹38,798 crore, on a P/E of 70.5. Over the past 52 weeks the stock has ranged between ₹2,743 and ₹5,278. Figures are as of 9 Oct 2026 and are not real time.
Thermax Ltd share price and key metrics
- Current price
- ₹3,256
- Market cap
- ₹38,798 cr
- Stock P/E
- 70.5
- Book value
- ₹466
- ROE
- 10.6%
- ROCE
- 13.9%
- Dividend yield
- 0.43%
- 52w high / low
- 5278/2743
Metrics as of 9 Oct 2026. Not real time.
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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
- 14%
- 5 Years
- 18%
- 3 Years
- 4%
- 1 Year
- 2%
- 10 Years
- 10%
- 5 Years
- 11%
- 3 Years
- 12%
- Last Year
- 11%
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 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,483 | 4,465 | 5,973 | 5,731 | 4,791 | 6,128 | 8,090 | 9,323 | 10,387 | 10,774 | 10,839 |
| Operating profit | 434 | 377 | 457 | 401 | 356 | 414 | 601 | 797 | 910 | 1,038 | 870 |
| OPM % | 10% | 8% | 8% | 7% | 7% | 7% | 7% | 9% | 9% | 10% | 8% |
| Net profit | 216 | 231 | 325 | 212 | 207 | 312 | 451 | 643 | 627 | 720 | 591 |
| EPS (₹) | 18.72 | 19.48 | 27.31 | 17.83 | 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 balance sheet
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 |
| Reserves | 2,515 | 2,692 | 2,992 | 3,005 | 3,229 | 3,470 | 3,846 | 4,417 | 4,914 | 5,527 |
| Borrowings | 136 | 234 | 240 | 230 | 328 | 368 | 831 | 1,277 | 1,718 | 2,353 |
| Other liabilities | 2,371 | 2,980 | 3,535 | 2,693 | 2,921 | 3,598 | 4,137 | 4,424 | 4,728 | 5,339 |
| Total liabilities | 5,044 | 5,929 | 6,790 | 5,951 | 6,500 | 7,458 | 8,836 | 10,141 | 11,382 | 13,242 |
| Fixed assets | 811 | 973 | 1,312 | 1,283 | 1,242 | 1,195 | 1,248 | 1,906 | 2,806 | 3,048 |
| CWIP | 141 | 103 | 40 | 56 | 24 | 44 | 434 | 525 | 563 | 1,442 |
| Investments | 1,083 | 1,472 | 829 | 875 | 234 | 1,477 | 1,626 | 1,765 | 1,699 | 1,784 |
| Other assets | 3,009 | 3,381 | 4,609 | 3,737 | 4,999 | 4,742 | 5,528 | 5,945 | 6,315 | 6,969 |
| Total assets | 5,044 | 5,929 | 6,790 | 5,951 | 6,500 | 7,458 | 8,836 | 10,141 | 11,382 | 13,242 |
As reported by the company. Total assets equal total liabilities by construction.
Thermax Ltd cash flow
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | 335 | 534 | -115 | 326 | 769 | 325 | 460 | 247 | 1,080 | 542 |
| Cash from investing | -99 | -507 | 266 | -140 | -627 | -420 | -664 | -514 | -1,257 | -565 |
| Cash from financing | -126 | -20 | -65 | -232 | 77 | -21 | 349 | 285 | 123 | 248 |
| Net cash flow | 110 | 7 | 85 | -47 | 220 | -115 | 144 | 19 | -55 | 224 |
| Free cash flow | 216 | 333 | -270 | 278 | 686 | 241 | -190 | -471 | 180 | -401 |
| CFO / operating profit | 114% | 188% | 16% | 114% | 243% | 103% | 102% | 54% | 139% | 86% |
Negative figures are outflows. CFO / operating profit is a ratio, not an amount.
Thermax Ltd operating ratios
| Per year | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 18% | 15% | 17% | 12% | 10% | 12% | 15% | 17% | 14% | 14% |
| Debtor days | 84 | 102 | 84 | 88 | 94 | 85 | 80 | 83 | 70 | 75 |
| Inventory days | 46 | 57 | 56 | 54 | 58 | 76 | 60 | 53 | 45 | 60 |
| Days payable | 162 | 161 | 150 | 114 | 164 | 153 | 118 | 107 | 107 | 135 |
| Cash conversion cycle | -32 | -3 | -10 | 28 | -11 | 8 | 21 | 29 | 9 | -1 |
| Working capital days | -7 | -40 | -4 | -7 | -50 | -44 | -39 | -24 | -36 | -40 |
Ratios as computed by the source from the reported statements. Rows a company does not report are omitted.
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.
When is Thermax Ltd’s next results date?
Thermax Ltd’s next results are scheduled for 11 Nov 2026.
- Board meetingQ2 FY 2026-27 earnings release
See the full results calendar for every Indian company reporting in the next 30 days.
Thermax Ltd corporate filings
- Thermax Ltd clarifies rumour verification under Regulation 30(11) of SEBI LODR Regulations, 2015Otherslow impact
Cruxal's analysis: Thermax Limited has submitted a clarification regarding a rumour, as per Regulation…
Read the full analysis - Thermax completes 49% acquisition of TSA Process Equipments for Rs. 42 crore, making it a wholly owned subsidiaryCompany Updatehigh impact
Cruxal's analysis: Thermax Limited has finalized the acquisition of the remaining 49% stake in TSA Process…
Read the full analysis - Thermax Limited has informed the exchanges about closure of Trading Window for the declaration of financial results for the quarter and half year ended September 30, 2026.Insider Trading / SASTlow impact
- Thermax Limited incorporates wholly owned step-down subsidiary in Botswana for support servicesCompany Updatelow impact
Cruxal's analysis: Thermax Limited has announced the incorporation of 'Thermax Botswana Proprietary Limited'…
Read the full analysis - SBI Mutual Fund reduces stake in Thermax Ltd by 0.0065% via open market saleInsider Trading / SASTlow impact
Cruxal's analysis: Thermax Ltd has received a disclosure from SBI Mutual Fund indicating a reduction in its…
Read the full analysis - Thermax Limited releases transcript of Q1 FY 2026-27 analyst and investor conference callCompany Updatelow impact
Cruxal's analysis: Thermax Limited has formally filed the transcript of its Q1 FY 2026-27 analyst and…
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