Thermax Ltd (THERMAX) — shareholding pattern, promoter holding, financials and share price
About Thermax Ltd (THERMAX)
Thermax Ltd operates in the Heavy Electrical Equipment industry, within the Capital Goods sector. It trades on the NSE as THERMAX and on the BSE under scrip code 500411. Its ISIN is INE152A01029.
Thermax Limited offers solutions to energy, environment and chemical sectors. The Company’s portfolio includes boilers and heaters, absorption chillers/ heat pumps, power plants, solar equipment, air pollution control equipment/system, water and waste recycle plant, ion exchange resins and performance chemicals and related services. [1]
Thermax Limited is a multifaceted engineering company providing clean air, water, and energy solutions. It operates globally with 14 manufacturing plants and has a presence in over 90 countries.
In Q3 FY 2025-26, Thermax recorded a significant 34% increase in order bookings over the previous year, underscoring strong market demand in industrial infrastructure.
Listed peers in Heavy Electrical Equipment: Suzlon Energy Ltd, Schneider Electric Infrastructure Ltd, Triveni Turbine Ltd, TD Power Systems Ltd, Azad Engineering Ltd, Inox Wind Ltd.
Valuation & Returns
10 Jul 2026At ₹4,805.2 a share on 10 Jul 2026, Thermax Ltd (THERMAX) was valued at a price-to-earnings ratio of 79.49x against an industry P/E of 52.37x and a price-to-book of 11.6x on a book value of ₹414.32 per share as of Mar 2025. Solomo computes return on equity of 14.59% and return on capital employed of 17.23% from filed results. Earnings ratios use consolidated results for the twelve months Jun 2025 to Mar 2026.
- P/E
- 79.49x
- Industry P/E
- 52.37x
- P/B
- 11.6x
- EPS (TTM)
- ₹60.45
- Book value / share
- ₹414.32
- ROE
- 14.59%
- ROCE
- 17.23%
- ROA
- 5.98%
- Debt / equity
- 0.35x
- Dividend yield
- 0.42%
- EBITDA margin
- 12.67%
- 52-week range
- ₹2,744.2 – ₹5,277
Ratios are computed from filed results and the last recorded price. Not investment advice.
Financial Performance
Mar 2026In the year ended Mar 2026, Thermax Ltd (THERMAX) reported revenue of ₹10,774 crore, net profit of ₹720 crore and earnings per share of ₹60.47. That compares with revenue of ₹10,387 crore and net profit of ₹627 crore in Mar 2025. Figures are consolidated, as filed with the exchanges.
In the quarter ended Mar 2026, revenue was ₹3,428 crore and net profit ₹244 crore (consolidated).
| Metric | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue (₹ cr) | 6,128 | 8,090 | 9,323 | 10,387 | 10,774 |
| Net profit (₹ cr) | 312 | 451 | 643 | 627 | 720 |
| EPS (₹) | 26.21 | 37.79 | 54.15 | 53.25 | 60.47 |
| Measure | 10Y | 5Y | 3Y | 1Y |
|---|---|---|---|---|
| Sales growth | 5.96% | 15.79% | 8.23% | 3.73% |
| Profit growth | 18.13% | 35.70% | 25.38% | 14.93% |
| Stock price CAGR | 18% | 26% | 24% | 26% |
Ownership Summary
Jun 2026As of Jun 2026, promoters hold 61.98% of Thermax Ltd (THERMAX) (unchanged from the previous quarter), foreign institutional investors (FII) hold 11.46% and domestic institutional investors (DII) hold 15.22%. Market capitalisation was ₹57,257 crore on 10 Jul 2026. Shareholding is filed quarterly with BSE and NSE; Solomo carries every filing back to Mar 2001.
Largest disclosed public shareholders in Jun 2026: SBI NIFTY MIDCAP 150 MOMENTUM 50 ETF 6.03%, NALANDA INDIA EQUITY FUND LIMITED 5.13%, KOTAK MAHINDRA TRUSTEE CO LTD A/C KOTAK NIFTY MIDC 1.84%, SBI LIFE INSURANCE CO. LTD 1.09%. Only stakes above the 1% disclosure threshold are named in filings.
| Quarter | Promoter | Pledged | FII | DII | Public |
|---|---|---|---|---|---|
| Jun 2026 | 61.98% | - | 11.46% | 15.22% | 32.56% |
| Mar 2026 | 61.98% | - | 11.24% | 15.49% | 32.56% |
| Dec 2025 | 61.98% | - | 12.36% | 14.84% | 32.56% |
| Sep 2025 | 61.98% | - | 13.44% | 13.95% | 32.56% |
| Jun 2025 | 61.98% | - | 16.02% | 11.75% | 32.55% |
| Mar 2025 | 61.98% | - | 15.86% | 12.25% | 32.55% |
| Dec 2024 | 61.98% | - | 15.49% | 12.66% | 32.55% |
| Sep 2024 | 61.98% | - | 15.38% | 12.72% | 32.54% |