Thermax Limited Stock Price Today (NSE: THERMAX)
Fundamental Score
Thermax Limited Share Price — Live NSE/BSE Price, Fundamentals & Analysis
Thermax Limited share price today is ₹3096.00, down 2.07% on NSE/BSE as of 23 October 2026. Thermax Limited (THERMAX) is a Large-cap company in the Heavy Electrical Equipment sector with a market capitalisation of ₹34.88K (Cr). The 52-week high for THERMAX share price is ₹5257.19 and the 52-week low is ₹2742.70. At a P/E ratio of 58.79x, THERMAX is currently trading above its industry average P/E of 38.29x. The company has a Return on Equity (ROE) of 13.74% and a debt-to-equity ratio of 0.41.
Thermax Limited Share Price Chart — NSE/BSE Historical Performance
Thermax Limited share price chart: -5.94% return over the past month. 52-week high ₹5257.19, 52-week low ₹2742.70.
Thermax Limited — Last 10 Trading Days
| Date | Open | High | Low | Close | Volume |
|---|---|---|---|---|---|
| ₹3150.00 | ₹3150.00 | ₹3022.60 | ₹3096.00 | 1.77L (Cr) | |
| ₹3145.00 | ₹3191.40 | ₹3107.00 | ₹3161.30 | 68.47K (Cr) | |
| ₹3232.00 | ₹3234.90 | ₹3119.80 | ₹3145.00 | 1.65L (Cr) | |
| ₹3329.00 | ₹3345.60 | ₹3225.00 | ₹3234.90 | 1.26L (Cr) | |
| ₹3302.00 | ₹3361.00 | ₹3245.50 | ₹3326.80 | 2.88L (Cr) | |
| ₹3295.00 | ₹3300.00 | ₹3234.90 | ₹3273.80 | 1.54L (Cr) | |
| ₹3290.00 | ₹3338.40 | ₹3241.00 | ₹3313.30 | 1.52L (Cr) | |
| ₹3319.00 | ₹3320.10 | ₹3210.00 | ₹3298.60 | 1.09L (Cr) | |
| ₹3273.60 | ₹3341.80 | ₹3230.80 | ₹3308.50 | 1.47L (Cr) | |
| ₹3202.00 | ₹3352.00 | ₹3180.50 | ₹3256.30 | 5.75L (Cr) |
Thermax Limited — Last 12 Months Price History
| Month | Open | High | Low | Close | Change |
|---|---|---|---|---|---|
| ₹3375.00 | ₹3400.70 | ₹3022.60 | ₹3096.00 | -8.27% | |
| ₹3938.00 | ₹3971.60 | ₹3269.10 | ₹3392.20 | -13.86% | |
| ₹4302.50 | ₹4319.00 | ₹3875.00 | ₹3901.60 | -9.32% | |
| ₹5174.71 | ₹5198.12 | ₹3566.50 | ₹4306.00 | -16.79% | |
| ₹4982.70 | ₹5257.19 | ₹4515.59 | ₹5139.35 | +3.14% | |
| ₹4077.60 | ₹5075.00 | ₹4056.70 | ₹4982.70 | +22.20% | |
| ₹3299.00 | ₹4305.00 | ₹3192.70 | ₹4077.60 | +23.60% | |
| ₹3012.00 | ₹3347.20 | ₹2966.80 | ₹3260.70 | +8.26% | |
| ₹2902.00 | ₹3246.60 | ₹2749.80 | ₹3117.80 | +7.44% | |
| ₹3023.10 | ₹3120.00 | ₹2751.10 | ₹2878.00 | -4.80% | |
| ₹2949.30 | ₹3041.00 | ₹2742.70 | ₹3022.60 | +2.49% | |
| ₹3226.90 | ₹3316.00 | ₹2840.00 | ₹2920.10 | -9.51% |
Returns & Performance
Return on Equity (ROE)
Profit generated per ₹1 of shareholder equity
Return on Capital (ROCE)
Returns generated on total capital deployed
Oper. Profit Margin (5Y Avg)
Average operating profit margin over 5 years
Dividend Yield
Annual dividend as % of current share price
Thermax Limited Valuation Check
Price to Earnings (P/E)
Share price ÷ earnings per share. Lower = cheaper
Industry Avg P/E
Average P/E of all peers in this sector
Market Capitalisation
Total market value of all outstanding shares
Growth Engine
Profit Growth (Quarterly YoY)
Net profit growth vs same quarter last year
Revenue Growth (Quarterly YoY)
Revenue growth vs same quarter last year
Revenue Growth (5-Year CAGR)
Compounded annual revenue growth over 5 years
EPS Growth (5-Year CAGR)
Earnings per share growth over 5 years
Net Profit Growth (5-Year CAGR)
Compounded annual net profit growth over 5 years
Balance Sheet Health
Debt to Equity Ratio
Total debt ÷ equity. Below 0.5 = financially healthy
Interest Coverage Ratio
EBIT ÷ interest expense. Above 2.5 = can pay interest comfortably
Free Cash Flow (5-Year Total)
Cash left after capex over 5 years. Positive = self-funded growth
Labels (e.g., "Excellent", "Good") are peer-based vs industry/sector averages — data-only, not advice
Thermax Limited Fundamental Analysis & Valuation Benchmarking
Educational evaluation of THERMAX across key market metrics for learning purposes.
Positive Indicators
6 factors identified
Excellent ROCE Performance (16.55%)
Observation: Superior returns on capital employed across business operations.
Analysis: ROCE >15% demonstrates efficient capital deployment and strong operational performance.
Consistent Growth Track Record (17.42% CAGR)
Observation: Strong 5-year sales compound annual growth rate.
Analysis: Consistent sales CAGR >12% demonstrates sustainable growth model.
Excellent EPS Growth (28.38% CAGR)
Observation: Outstanding 5-year earnings per share compound growth.
Analysis: EPS CAGR >15% indicates strong wealth creation potential.
Strong Profit Growth Track Record (28.38% CAGR)
Observation: Consistent 5-year profit compound annual growth rate.
Analysis: Profit CAGR >15% demonstrates scalable business model.
Strong Interest Coverage (8.26x)
Observation: Earnings comfortably cover interest obligations.
Analysis: Interest coverage >5x indicates low financial distress risk.
Zero Share Pledging Risk
Observation: No promoter shares pledged as collateral.
Analysis: Absence of share pledging eliminates potential forced-selling pressure.
Risk Factors
6 factors identified
Premium Valuation Risk (P/E: 58.79x)
Observation: High valuation multiples may limit upside potential.
Analysis: Elevated P/E ratios require strong growth execution to justify current valuations.
High Price-to-Book Ratio (6.28x)
Observation: Trading at significant premium to book value.
Analysis: High P/B ratios may indicate overvaluation relative to asset base.
Profit Decline Concern (-83.44%)
Observation: Significant year-over-year profit contraction observed.
Analysis: Declining profitability requires investigation into underlying causes.
Negative Free Cash Flow (₹-831.11 Cr over 5Y)
Observation: Cash outflows exceed inflows.
Analysis: Negative FCF requires analysis of capital expenditure cycle.
Low Promoter Commitment (0.62%)
Observation: Reduced promoter stake may indicate limited confidence.
Analysis: Low promoter holding may raise questions about management commitment.
Limited Institutional Interest (FII+DII: 0.23%)
Observation: Low institutional participation may affect liquidity.
Analysis: Limited institutional interest may indicate size constraints or visibility issues.
Thermax Limited vs Heavy Electrical Equipment Peers
Peer Comparison - Heavy Electrical Equipment
Compare Thermax Limited with 10 other companies in the same sector
| Company Info | Fundamental | Valuation | Profitability | Financial Health | Growth | Dividend | ||||
|---|---|---|---|---|---|---|---|---|---|---|
Company Company name | Score Bull Run comprehensive fundamental score based on 20+ metrics | Price Current trading price of the stock | Market Cap Total value of all shares in the market | P/E Price per share divided by earnings per share | ROE Net income divided by shareholder equity | ROCE Earnings before interest and tax divided by capital employed | Debt/Eq Total debt divided by total equity | Profit 5Y Average annual profit growth over 5 years | Sales 5Y Average annual sales growth over 5 years | Dividend Annual dividend per share divided by price per share |
Thermax LimitedThermax Limited...Selected✓ THERMAX • 500411 | 38.7/100 | ₹3096.00₹3096 | ₹34876.44₹34876.44 | 58.79Average 58.8 Average | 13.74%Average 13.74% Average | 16.55%Good 16.55% Good | 0.41Excellent 0.4 Excellent | 28.38%Excellent 28.38% Excellent | 17.42%Excellent 17.42% Excellent | 0.31% |
Bharat Heavy Electricals LimitedBharat Heavy El... BHEL • 500103 | 59.3/100 | ₹434.60₹435 | ₹151329.89₹151329.89 | 62.17Average 62.2 Average | 6.29%Poor 6.29% Poor | 6.77%Poor 6.77% Poor | 0.31Excellent 0.3 Excellent | 20.93%Excellent 20.93% Excellent | 14.31%Good 14.31% Good | 0.33% |
ABB India LimitedABB India Limit... ABB • 500002 | 69.7/100 | ₹6801.00₹6801 | ₹144113.19₹144113.19 | 48.23Average 48.2 Average | 22.38%Excellent 22.38% Excellent | 29.95%Excellent 29.95% Excellent | 0.00Excellent 0.0 Excellent | 50.06%Excellent 50.06% Excellent | 17.80%Excellent 17.80% Excellent | 0.55% |
CG Power and Industrial Solutions LimitedCG Power and In... CGPOWER • 500093 | 74.2/100 | ₹846.00₹846 | ₹133245.00₹133245.00 | 106.55Average 106.5 Average | 20.42%Excellent 20.42% Excellent | 25.68%Excellent 25.68% Excellent | 0.00Excellent 0.0 Excellent | 69.51%Excellent 69.51% Excellent | 33.18%Excellent 33.18% Excellent | 0.14% |
Hitachi Energy India LimitedHitachi Energy ... POWERINDIA • 543187 | 73.2/100 | ₹28990.00₹28990 | ₹129295.40₹129295.40 | 112.33Average 112.3 Average | 21.04%Excellent 21.04% Excellent | 27.65%Excellent 27.65% Excellent | 0.00Excellent 0.0 Excellent | 53.66%Excellent 53.66% Excellent | 18.96%Excellent 18.96% Excellent | 0.02% |
Siemens LimitedSiemens Limited... SIEMENS • 500550 | 79.2/100 | ₹3624.00₹3624 | ₹129014.40₹129014.40 | 37.71Average 37.7 Average | 21.03%Excellent 21.03% Excellent | 22.16%Excellent 22.16% Excellent | 0.00Excellent 0.0 Excellent | 29.56%Excellent 29.56% Excellent | 20.09%Excellent 20.09% Excellent | 0.00% |
Siemens Energy India LimitedSiemens Energy ... ENRIN • 544390 | 51.3/100 | ₹2889.00₹2889 | ₹102848.40₹102848.40 | 69.13Average 69.1 Average | 8.64%Poor 8.64% Poor | 9.90%Poor 9.90% Poor | 0.00Excellent 0.0 Excellent | — — | — — | 0.11% |
GE Vernova T&D India LimitedGE Vernova T&D ... GVT&D • 522275 | 78.2/100 | ₹3959.10₹3959 | ₹101372.76₹101372.76 | 77.66Average 77.7 Average | 55.26%Excellent 55.26% Excellent | 70.55%Excellent 70.55% Excellent | 0.00Excellent 0.0 Excellent | 82.86%Excellent 82.86% Excellent | 12.45%Good 12.45% Good | 0.21% |
Suzlon Energy LimitedSuzlon Energy L... SUZLON • 532667 | 65.9/100 | ₹42.00₹42 | ₹57762.81₹57762.81 | 18.42Average 18.4 Average | 40.64%Excellent 40.64% Excellent | 32.54%Excellent 32.54% Excellent | 0.03Excellent 0.0 Excellent | 97.91%Excellent 97.91% Excellent | 37.98%Excellent 37.98% Excellent | 0.00% |
Schneider Electric Infrastructure LimitedSchneider Elect... SCHNEIDER • 534139 | 57.4/100 | ₹1157.50₹1158 | ₹27675.83₹27675.83 | 150.52Average 150.5 Average | 31.81%Excellent 31.81% Excellent | 27.39%Excellent 27.39% Excellent | 0.57Good 0.6 Good | 80.08%Excellent 80.08% Excellent | 17.38%Excellent 17.38% Excellent | 0.00% |
Azad Engineering LimitedAzad Engineerin... AZAD • 544061 | 65.8/100 | ₹2741.00₹2741 | ₹17701.38₹17701.38 | 127.55Average 127.5 Average | 9.09%Poor 9.09% Poor | 12.37%Average 12.37% Average | 0.30Excellent 0.3 Excellent | 63.14%Excellent 63.14% Excellent | 37.49%Excellent 37.49% Excellent | 0.00% |
Top Heavy Electrical Equipment Stocks
View all →By Bull Run Score
By Return on Equity
By Market Cap
- Bharat Heavy Electricals Limited share price151329.89 Cr
- ABB India Limited share price144113.19 Cr
- CG Power and Industrial Solutions Limited share price133245.00 Cr
- Hitachi Energy India Limited share price129295.40 Cr
- Siemens Limited share price129014.40 Cr
Thermax Limited PE Ratio History
Historical price-to-earnings ratio for THERMAX — last 5 years
| Year | EPS (₹) | Price (₹) | P/E Ratio |
|---|---|---|---|
| FY 2025 | ₹56.31 | ₹3022.60 | 53.7x |
| FY 2024 | ₹57.28 | ₹4039.75 | 70.5x |
| FY 2023 | ₹39.97 | ₹3081.50 | 77.1x |
| FY 2022 | ₹27.73 | ₹1968.20 | 71x |
P/E = year-end price ÷ diluted EPS from annual filings. Source: NSE/BSE via Bull Run.
Thermax Limited Dividend History
Annual cash dividends paid by THERMAX — dividend yield 0.31%
| Financial Year | Dividends Paid (₹ Cr) |
|---|---|
| FY 2025 | ₹135.23 Cr |
| FY 2024 | ₹112.75 Cr |
| FY 2023 | ₹102.13 Cr |
| FY 2022 | ₹78.83 Cr |
Cash dividends from annual cash flow statements. Past dividends do not guarantee future payments. Not investment advice.
Thermax Limited Quarterly Performance
Latest quarterly metrics for THERMAX — revenue growth and profit growth vs same quarter last year
Revenue Growth (YoY)
7.09%
Latest quarter vs same quarter previous year
Net Profit Growth (YoY)
-83.44%
Latest quarter net profit vs same quarter previous year
5-Year Revenue CAGR
17.42%
Compounded annual revenue growth over 5 years
5-Year Profit CAGR
28.38%
Compounded annual net profit growth over 5 years
Thermax Limited Technical Indicators
SMA 50, SMA 200, RSI and volume signals for THERMAX — calculated from daily price history
Momentum is balanced — neither overbought nor oversold.
Technical indicators are for educational purposes only. Not investment advice.
Thermax Limited Financial Statements
Annual income statement, balance sheet and cash flow for Thermax Limited (THERMAX) — sourced from NSE/BSE filings.
Financial Results & Statements
Latest quarterly, annual and period-wise financial data for Thermax Limited
About THERMAX (Thermax Limited)
Thermax Ltd is a pioneering force in heavy electrical equipment, committed to sustainable solutions that power industries worldwide. The company stands as a formidable entity, prov...iding an extensive portfolio encompassing boilers and heating equipment engineered for peak efficiency, alongside absorption chillers and heat pumps designed to minimize environmental impact. Thermax's dedication to environmental stewardship is evident in its advanced air pollution control systems, meticulously crafted to ensure cleaner air quality. They further demonstrate expertise in water and waste recycling technologies, actively assisting industries in minimizing their ecological footprint. Through innovative engineering, procurement, and construction, Thermax consistently delivers integrated solutions tailored to meet the unique demands of diverse sectors. The heart of Thermax lies in its multifaceted approach, extending beyond manufacturing to encompass installation, comprehensive sales, and unwavering customer service. The company distinguishes itself by forging collaborative partnerships with clients, understanding their specific needs and challenges to deliver customized solutions that maximize operational effectiveness. With an emphasis on technological innovation, Thermax invests heavily in research and development, constantly pushing the boundaries of what is possible in energy-efficient and environmentally responsible solutions. This dedication solidifies its position as a trusted partner in driving sustainable industrial growth and creating a better future for generations to come. Furthermore, Thermax's global presence underscores its commitment to serving diverse markets. Operating with an international perspective, the company adapts its offerings to address the specific environmental and regulatory landscapes of each region. This global approach allows Thermax to deploy its expertise and technologies effectively, fostering partnerships that contribute to a more sustainable world. By prioritizing environmental responsibility and customer satisfaction, Thermax continues to be a beacon of innovation in the heavy electrical equipment sector, paving the way for a cleaner, more efficient future.
Company Details
Key Leadership
THERMAX Share Price: Frequently Asked Questions
What is the current share price of Thermax Limited?
Thermax Limited (THERMAX) trades at ₹3096.00 on NSE and BSE. Market cap ₹34.88K (Cr). Educational data only.
What is the P/E ratio of Thermax Limited?
Thermax Limited has a P/E of 58.79x vs industry average 38.29x.
What is the Bull Run score for Thermax Limited?
Thermax Limited has a Bull Run score of 38.7/100 based on 25+ financial parameters.
Does Thermax Limited pay dividends?
Thermax Limited has a dividend yield of 0.31%. Past dividends don't guarantee future payments.
What is the ROE of Thermax Limited?
Thermax Limited has ROE of 13.74%. Higher ROE indicates better use of shareholder equity.
What is the debt-to-equity ratio of Thermax Limited?
Thermax Limited has debt-to-equity of 0.41.
Is Thermax Limited a good investment?
Bull Run gives Thermax Limited a score of 38.7/100. This is not investment advice — consult a SEBI-registered advisor.