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NSEIndustrials

Thermax Limited (THERMAX)

NSE · Industrials · Conglomerates

₹3,569.50+0.92%
Last close · 2026-09-17

Latest quarter · ended 2026-06-30

Revenue
₹2,371 cr
Revenue YoY
+13.2%
Net profit
₹25 cr
Profit YoY
-83.4%
EPS
₹2.24
EPS estimate
₹13.90
Net margin
1.1%

EPS came in at 2.24 against a street estimate of 13.90 — a miss of 83.9%.

Key statistics

Market cap
₹41,065 cr
P/E
69.1
Forward P/E
39.4
P/B
7.39
Book value
₹492.56
EPS (TTM)
₹52.76
52-week high
₹5,277.80
52-week low
₹2,731.92
50-day MA
₹4,231.33
200-day MA
₹3,761.72
Beta
0.30

Analyst view

with an average price target of ₹4,392.00.

From the latest earnings call · 2026-07-31

MIXED Q1 FY27 severely impacted by INR 91cr PSU project cost overrun, INR 300cr inventory shipping delays, INR 20cr FEPL loss. Management claims legacy issues ending; backlog strong; expects revenue >INR 3000cr quarterly in FY27. Q1 FY27 Africa and Middle East offset by domestic PSU headwinds; U.S. data center emerging as key growth vector. Analysts pressed on legacy project visibility lag (management knew 12 months ago), profit warning best practice, and talent/selection errors. Management acknowledged credibility gap; cited board-level surprise and auditor delays; committed to earlier disclosure going forward without firm commitment. 2026-07-31…

Full summary in the app.

Shareholding

Promoters
73.66%
Institutions
20.34%

Recent filings & reports

DocumentDate
Q1 FY27 earnings call2026-08-06
Investor presentation
THERMAX LIMITED – Q1 FY 2026-27 INVESTOR SUMMARY HEADLINE NUMBERS • Revenue: Rs. 2,303 crore (down 7% YoY from Rs. 2,158 crore in Q1 FY26) • Order B
2026-07-31
Investor presentation2026-07-30
Annual report FY2026
THERMAX LIMITED — FY 2025-26 SUMMARY FOR RETAIL INVESTORS HEADLINE NUMBERS • Dividend Declared: Rs. 14/- regular dividend + Rs. 6/- special dividend
2026-07-03
Quarterly results · Q4 FY26
THERMAX LIMITED – FINANCIAL RESULTS CLARIFICATION (MAY 20, 2026) HEADLINE NUMBERS • Company filed corrected standalone financial results for Q4 & FY
2026-05-21
Q4 FY26 earnings call
THERMAX LIMITED - Q4 FY 2025-26 SUMMARY HEADLINE NUMBERS • Document Type: Analyst/Investors conference call transcript notification for Q4 FY 2025-2
2026-05-12
Investor presentation
THERMAX LIMITED – Q4 FY 2025-26 INVESTOR SUMMARY HEADLINE NUMBERS • Revenue (YTD): Rs. 10,694 crore, up 3% YoY • Revenue (Q4): Rs. 3,428 crore, up 1
2026-05-07
Q3 FY26 earnings call2026-02-09

Readable in the app.

Corporate actions

ActionDetailDate
Dividend₹14 / share
ex-date Jul 3, 2026
2026-07-03

Deals & corporate news

AnnouncementDate
Demerger of business unit into separate listed entity
Thermax Limited has informed the Exchange about Demerger
2026-07-30
Amalgamation/Merger announced
Thermax Limited has informed the Exchange about Amalgamation/Merger
2026-07-30
NCLT approves scheme of merger by absorption of Buildtech Products
Thermax Limited has received approval from the National Company Law Tribunal (NCLT) in Mumbai for merging Buildtech Products India Private Limited into itself. This means Buildtech will be a
2026-06-03
Final dividend of Rs. 14 and special dividend of Rs. 6 per share
Thermax Limited's Board of Directors has recommended a combined dividend payout of Rs. 20 per equity share to shareholders. This consists of Rs. 14 as the final dividend (regular annual payo
2026-05-07
Acquisition announced
Thermax Limited has informed the Exchange about Acquisition
2026-04-09

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Data updated 2026-09-18.