Thermax Ltd Stock Price Today (NSE: THERMAX)
Fundamental Score
Thermax Ltd Share Price Live NSE/BSE & Institutional Fundamental Analysis
Thermax Ltd share price today is ₹3054.20, up +0.00% on NSE/BSE as of 17 February 2026. Thermax Ltd (THERMAX) is a Large-cap company in the Heavy Electrical Equipment sector with a market capitalisation of ₹34.74K (Cr). The 52-week high for THERMAX share price is ₹N/A and the 52-week low is ₹N/A. At a P/E ratio of 58.52x, THERMAX is currently trading above its industry average P/E of 47.05x. The company has a Return on Equity (ROE) of 13.57% and a debt-to-equity ratio of 0.36.
Thermax Ltd Share Price Chart — NSE/BSE Historical Performance
Returns & Performance
ROE
ROCE
OPM (5Y)
Div Yield
Thermax Ltd Valuation Check
P/E Ratio
Industry P/E
Market Cap
Growth Engine
Profit Growth (Q)
Sales Growth (Q)
Sales Growth (5Y)
EPS Growth (5Y)
Profit Growth (5Y)
Balance Sheet Health
Debt to Equity
Int. Coverage
Free Cash Flow (5Y)
Shareholding
Promoter
FII
DII
Pledged
Institutional Deep-Dive
Bull Run Research Hub
Thermax Share Price Analysis: A Conservative Value Perspective
In the Heavy Electrical Equipment sector, where projects are lumpy and working capital intensive, a consistent track record is paramount. This analysis examines the Thermax share price, currently at ₹2872.60, through the lens of a conservative value investor prioritizing capital safety. A crucial metric guiding this assessment is the Price-to-Earnings (PE) ratio, which at 58.52, appears elevated compared to historical averages for the sector. This high valuation warrants careful scrutiny, demanding strong justification from underlying fundamentals.
One aspect supporting this valuation is Thermax's Return on Capital Employed (ROCE) of 16.22%. This figure, while not exceptional, suggests a level of efficiency in capital allocation. A consistently positive ROCE contributes to building an economic moat. This moat protects profits from competitors and is one of the most important factors for a value investor.
However, the elevated PE ratio necessitates a deeper dive into qualitative factors. While
Aartech Solonics Ltd and other sector peers operate in similar markets, Thermax differentiates itself through established brand reputation and a wider product portfolio. Management quality is a significant factor, and evaluating its historical capital allocation decisions, project execution capabilities, and strategic vision is crucial. Comparing Thermax's management with those of peers like Aartech Solonics Ltd highlights the importance of this qualitative aspect.Ultimately, while Thermax exhibits positive ROCE, the high PE ratio demands thorough due diligence. A conservative approach necessitates a careful evaluation of management quality, competitive advantages, and the sustainability of future earnings growth. This assessment considers factors beyond simple financial ratios, and seeks to identify any potential downside risks. This analysis is part of a comprehensive 80-parameter fundamental audit verified by Sweta Mishra.
Labels (e.g., "Excellent", "Good") are peer-based vs industry/sector averages — data-only, not advice
Thermax Ltd Fundamental Analysis & Valuation Benchmarking
Educational evaluation of THERMAX across key market metrics for learning purposes.
Positive Indicators
9 factors identified
Excellent ROCE Performance (16.22%)
Observation: Superior returns on capital employed across business operations.
Analysis: ROCE >15% demonstrates efficient capital deployment and strong operational performance.
Consistent Growth Track Record (12.63% CAGR)
Observation: Strong 5-year sales compound annual growth rate.
Analysis: Consistent sales CAGR >12% demonstrates sustainable growth model.
Excellent EPS Growth (24.90% CAGR)
Observation: Outstanding 5-year earnings per share compound growth.
Analysis: EPS CAGR >15% indicates strong wealth creation potential.
Strong Profit Growth Track Record (24.90% CAGR)
Observation: Consistent 5-year profit compound annual growth rate.
Analysis: Profit CAGR >15% demonstrates scalable business model.
Strong Interest Coverage (7.89x)
Observation: Earnings comfortably cover interest obligations.
Analysis: Interest coverage >5x indicates low financial distress risk.
Strong Cash Generation (₹408.00 Cr over 5Y)
Observation: Healthy free cash flow generation supports growth and returns.
Analysis: Strong FCF provides flexibility for dividends, debt reduction, and growth investments.
Balanced Promoter Holding (61.98%)
Observation: Optimal balance between promoter control and public float.
Analysis: Promoter holding in 50-75% range provides management alignment.
Strong Institutional Confidence (FII+DII: 27.39%)
Observation: Significant professional investor participation.
Analysis: High institutional holding often signals thorough due diligence.
Zero Share Pledging Risk
Observation: No promoter shares pledged as collateral.
Analysis: Absence of share pledging eliminates potential forced-selling pressure.
Risk Factors
3 factors identified
Premium Valuation Risk (P/E: 58.52x)
Observation: High valuation multiples may limit upside potential.
Analysis: Elevated P/E ratios require strong growth execution to justify current valuations.
Profit Decline Concern (-39.27%)
Observation: Significant year-over-year profit contraction observed.
Analysis: Declining profitability requires investigation into underlying causes.
Revenue Contraction (-5.42%)
Observation: Sales decline may indicate market challenges or competitive pressures.
Analysis: Negative revenue growth requires analysis of market conditions.
Thermax Ltd Financial Statements
Comprehensive financial data for Thermax Ltd including income statement, balance sheet and cash flow
About THERMAX (Thermax Ltd)
Thermax Ltd (THERMAX) is listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) of India. The company operates in the Heavy Electrical Equipment sector with a current market capitalisation of ₹34.74K (Cr). Thermax Ltd has delivered a Return on Equity (ROE) of 13.57% and a ROCE of 16.22%. The debt-to-equity ratio stands at 0.36, reflecting the company's capital structure. Investors tracking THERMAX share price can monitor key metrics including P/E ratio, promoter holding of 61.98%, and quarterly earnings growth.
Company Details
Key Leadership
Corporate Events
Latest News
THERMAX Share Price: Frequently Asked Questions
What is the current share price of Thermax Ltd (THERMAX)?
As of 17 Feb 2026, 10:25 am IST, Thermax Ltd share price is ₹3054.20. The THERMAX stock has a market capitalisation of ₹34.74K (Cr) on NSE/BSE.
Is THERMAX share price Overvalued or Undervalued?
THERMAX share price is currently trading at a P/E ratio of 58.52x, compared to the industry average of 47.05x. Based on this relative valuation, the Thermax Ltd stock appears to be Overvalued against its sector peers.
What is the 52-week high and low of THERMAX share price?
The 52-week high of THERMAX share price is ₹N/A and the 52-week low is ₹N/A.
What factors affect the Thermax Ltd share price?
Key factors influencing THERMAX share price include quarterly earnings growth (Sales Growth: -5.42%), raw material costs, government infrastructure spending, and institutional flows (FII/DII holding).
Is Thermax Ltd a good stock for long-term investment?
Thermax Ltd shows a 5-year Profit Growth of 24.90% and an ROE of 13.57%. Long-term investors should consider these fundamentals alongside the debt-to-equity ratio of 0.36 before investing in THERMAX shares.
How does Thermax Ltd compare with its industry peers?
Thermax Ltd competes with major peers in the Heavy Electrical Equipment. Investors should compare THERMAX share price P/E of 58.52x and ROE of 13.57% against the industry averages to determine competitive standing.
What is the P/E ratio of THERMAX and what does it mean?
THERMAX share price has a P/E ratio of 58.52x compared to the industry average of 47.05x. Investors pay ₹59 for every ₹1 of annual earnings.
How is THERMAX performing according to Bull Run's analysis?
THERMAX has a Bull Run fundamental score of 49.9/100, indicating concerns requiring careful analysis. This comprehensive rating is based on 15+ financial parameters.
What sector and industry does THERMAX belong to?
THERMAX operates in the Heavy Electrical Equipment industry. This classification helps understand the competitive landscape and sector-specific trends affecting Thermax Ltd share price.
What is Return on Equity (ROE) and why is it important for THERMAX?
THERMAX has an ROE of 13.57%, which shows decent profitability but room for improvement. ROE measures how efficiently Thermax Ltd generates profits from shareholders capital.
How is THERMAX debt-to-equity ratio and what does it indicate?
THERMAX has a debt-to-equity ratio of 0.36, which indicates moderate leverage that should be monitored.
What is THERMAX dividend yield and is it a good dividend stock?
THERMAX offers a dividend yield of 0.48%, meaning you receive ₹0.48 annual dividend for every ₹100 invested in Thermax Ltd shares.
How has THERMAX share price grown over the past 5 years?
THERMAX has achieved 5-year growth rates of: Sales Growth 12.63%, Profit Growth 24.90%, and EPS Growth 24.90%.
What is the promoter holding in THERMAX and why does it matter?
Promoters hold 61.98% of THERMAX shares, with 0.00% pledged. High promoter holding often indicates strong management confidence in Thermax Ltd.
What is THERMAX market capitalisation category?
THERMAX has a market capitalisation of ₹34742 crores, placing it in the Large-cap category.
How volatile is THERMAX stock?
THERMAX has a beta of N/A. A beta > 1 suggests the Thermax Ltd stock is more volatile than the market, while a beta < 1 suggests it is less volatile.
What is THERMAX operating profit margin trend?
THERMAX has a 5-year average Operating Profit Margin (OPM) of 7.95%, indicating the company's operational efficiency.
How is THERMAX quarterly performance?
Recent quarterly performance shows Thermax Ltd YoY Sales Growth of -5.42% and YoY Profit Growth of -39.27%.
What is the institutional holding pattern in THERMAX?
THERMAX has FII holding of 13.44% and DII holding of 13.95%. Significant institutional holding often suggests professional confidence in the Thermax Ltd stock.