NSE ScannerCapital Goods & Machinery · Industrial Machinery · NSE: THERMAX · data 2026-10-31
Thermax Limited.
In plain words
Price: 41.0% below its 52-week high of ₹5,277.8.
Delivery: 57.2% of traded shares were kept for delivery over the last 10 sessions, against 53.7% over the last 60.
Latest results: a net profit of ₹25 cr for the quarter ended Jun 2026 (-83.4% on the same quarter a year earlier).
A description of the data, not a recommendation.
Key figures
Growth
| Revenue (last 12 months) | ₹10,839 cr |
| Net profit (last 12 months) | ₹593 cr |
| Sales growth, 3 years (yearly) | 9.8% |
| Profit growth, 3 years (yearly) | 17.0% |
At a glance
Promoters 62.0% (unchanged in a year), pledged 0.0%, institutions 26.3%.
P/E 59.1, dividend yield 0.5%. Price relative to earnings and book value (low is cheaper, not better).
ROE 13.7%, ROCE 12.6%, operating margin 6.4%: how much profit it earns on the money it uses.
Debt/equity 0.42, Profit growth 17.0% and sales growth 9.8% a year over 3 years.
Ratings use fixed thresholds on the latest reported figures. They describe the numbers and are not a recommendation.
Strengths and limitations
- Profit grew 17.0% a year over 3 years.
None flagged by these rules.
Picked automatically from the latest reported figures with fixed rules; check the company's filings before relying on them.
Latest results in brief (Q1 FY27)
THERMAX Q1 FY27 results (consolidated figures, as filed on NSE).
Revenue was ₹2,302.73 crore, up 7.1% YoY and down 32.8% QoQ.
Net profit was ₹25.24 crore, down 83.4% YoY and down 89.7% QoQ.
Operating margin was 3% (10.5% a year ago).
EPS was ₹2.24, down 83.4% YoY and down 89.7% QoQ.
THERMAX के Q1 FY27 नतीजे (कंसोलिडेटेड आंकड़े, NSE पर दाखिल)।
राजस्व: ₹2,302.73 करोड़; पिछले साल की तुलना में 7.1% की बढ़त, पिछली तिमाही की तुलना में 32.8% की गिरावट।
शुद्ध मुनाफ़ा: ₹25.24 करोड़; पिछले साल की तुलना में 83.4% की गिरावट, पिछली तिमाही की तुलना में 89.7% की गिरावट।
ऑपरेटिंग मार्जिन: 3% (एक साल पहले 10.5%)।
EPS: ₹2.24; पिछले साल की तुलना में 83.4% की गिरावट, पिछली तिमाही की तुलना में 89.7% की गिरावट।
THERMAXના Q1 FY27 પરિણામો (કન્સોલિડેટેડ આંકડા, NSE પર ફાઇલ કરેલા).
આવક (રેવન્યુ): ₹2,302.73 કરોડ; ગયા વર્ષની સરખામણીએ 7.1% વધારો, ગયા ક્વાર્ટરની સરખામણીએ 32.8% ઘટાડો.
ચોખ્ખો નફો: ₹25.24 કરોડ; ગયા વર્ષની સરખામણીએ 83.4% ઘટાડો, ગયા ક્વાર્ટરની સરખામણીએ 89.7% ઘટાડો.
ઓપરેટિંગ માર્જિન: 3% (એક વર્ષ પહેલાં 10.5%).
EPS: ₹2.24; ગયા વર્ષની સરખામણીએ 83.4% ઘટાડો, ગયા ક્વાર્ટરની સરખામણીએ 89.7% ઘટાડો.
Written from the filed numbers. Not a recommendation.
Smart-money activity
21/100 · Weak over the last ~60 sessions, data 2026-10-30
- Delivery vs usual 3/30: Delivery 53.2% over the last 20 sessions vs 54.6% in the 40 before (0.97x); shares delivered per day 1.12x usual; 0 delivery-spike days (3x usual shares delivered, 40%+ delivery) in the last 20 sessions.
- Bulk/block deals 0/20: No bulk or block deals in the last 90 days.
- Insider / SAST buys 0/15: No insider buy or SAST acquisition filings in the last 90 days. Insider sells are not collected by the site, so only buy filings count.
- Mutual fund holding 13/15: 20 schemes hold it, about ₹2,233 cr in all (as of 2026-09-30). Latest monthly portfolios only (top 60 holdings per scheme); month-on-month change is not stored.
- Accumulation evidence 0/15: No accumulation evidence row (only saved-scan stocks have one; 0 points).
- Promoter pledges 5/5: No promoter pledge filings in 90 days.
A description of recorded activity (delivery, deals, insider buys, fund holding, pledges), not a recommendation. Today's most active stocks.
Story so far
● Dividend ● Results
- 3 Jul 26Dividend Dividend ₹14 (ex-date) -3.7% next session
- 7 May 26Results Q4 FY26 results: net profit ₹244.3 cr +14.7% next session
- 31 Jul 25Results Q1 FY26 results: profit +31.6% YoY -1.5% next session
- 4 Jul 25Dividend Dividend ₹14 (ex-date) -1.1% next session
- 4 Feb 25Results Q3 FY25 results: net profit ₹115.9 cr -6.5% next session
- 13 Nov 24Results Q2 FY25 results: profit +24.9% YoY -2.1% next session
From official exchange filings and NSE data. How the price moved after an event describes the past, not what comes next.
Quarterly results (consolidated)
| Quarter | Revenue | Net profit | Profit YoY | Op. margin | EPS ₹ |
|---|---|---|---|---|---|
| Jun 2026 | ₹2,303 cr | ₹25 cr | -83.4% | 3.0% | 2.24 |
| Mar 2026 | ₹3,428 cr | ₹244 cr | +18.7% | 10.9% | 21.68 |
| Dec 2025 | ₹2,635 cr | ₹204 cr | +76.2% | 9.7% | 18.12 |
| Sept 2025 | ₹2,474 cr | ₹120 cr | -39.3% | 7.0% | 10.62 |
Shareholding trend
| Holder | Sept 2026 | Jun 2026 | Mar 2026 | Dec 2025 |
|---|---|---|---|---|
| Promoters | 61.98% | 61.98% | 61.98% | 61.98% |
| Foreign institutions (FII) | 11.31% | 11.46% | 11.24% | 12.36% |
| Domestic institutions (DII) | 14.94% | 15.22% | 15.49% | 14.84% |
| Mutual funds | 12.33% | 12.86% | 13.75% | 13.26% |
| Retail investors | 4.90% | 4.58% | 4.58% | 4.33% |
| Number of shareholders | 87,995 | 91,857 | 89,964 | 77,455 |
Common questions
What was Thermax Limited.'s latest quarterly profit?
Thermax Limited. reported a net profit of ₹25 cr for the quarter ended Jun 2026 (-83.4% on the same quarter a year earlier), on revenue of ₹2,303 cr.
How much do promoters hold in Thermax Limited.?
Promoters held 61.98% of Thermax Limited. at the end of Sept 2026, with 0.00% of promoter shares pledged.
Is Thermax Limited. debt-free?
Its latest reported debt-to-equity ratio is 0.42.
What is Thermax Limited.'s P/E ratio?
About 59.1, based on the last 12 months' earnings and a price of ₹3,112.2 (data 2026-10-31).
What is the 52-week high and low of Thermax Limited.?
The 52-week high is ₹5,277.8 and the 52-week low is ₹2,742.7.
Mutual funds holding Thermax Limited.
From the monthly portfolios of the fund houses the site reads, as of 2026-09-30. 20 schemes holding about ₹2,233 cr; funds that hold it outside their top holdings may not be listed.
| Scheme | Fund house | % of fund | Value |
|---|---|---|---|
| SBI Large Cap Fund | SBI Mutual Fund | 1.52% | ₹796 cr |
| SBI Focused Fund | SBI Mutual Fund | 1.35% | ₹677 cr |
| SBI Energy Opportunities Fund | SBI Mutual Fund | 3.76% | ₹300 cr |
| ADITYA BIRLA SUN LIFE MIDCAP FUND | Aditya Birla Sun Life Mutual Fund | 2.25% | ₹147 cr |
| ADITYA BIRLA SUN LIFE MULTI ASSET ALLOCATION FUND | Aditya Birla Sun Life Mutual Fund | 1.16% | ₹87 cr |
| SBI Midcap Fund | SBI Mutual Fund | 0.27% | ₹63 cr |
| SBI ESG Exclusionary Strategy Fund | SBI Mutual Fund | 1.26% | ₹63 cr |
| SBI RETIREMENT BENEFIT FUND - AGGRESSIVE PLAN | SBI Mutual Fund | 1.17% | ₹36 cr |
| SBI RETIREMENT BENEFIT FUND - AGGRESSIVE HYBRID PLAN | SBI Mutual Fund | 0.97% | ₹15 cr |
| ADITYA BIRLA SUN LIFE INFRASTRUCTURE FUND | Aditya Birla Sun Life Mutual Fund | 1.01% | ₹12 cr |
| Nippon India Nifty 500 Momentum 50 Index Fund | Nippon India Mutual Fund | 0.88% | ₹11 cr |
| ADITYA BIRLA SUN LIFE MANUFACTURING EQUITY FUND | Aditya Birla Sun Life Mutual Fund | 0.80% | ₹11 cr |
| ADITYA BIRLA SUN LIFE RETIREMENT FUND - THE 30S PLAN | Aditya Birla Sun Life Mutual Fund | 0.85% | ₹4 cr |
| Mirae Asset Nifty MidSmallcap400 Momentum Quality 100 ETF | Mirae Asset Mutual Fund | 0.78% | ₹4 cr |
| Mirae Asset Nifty Energy ETF | Mirae Asset Mutual Fund | 0.83% | ₹2 cr |
Compared with similar companies
| Company | Price | Market cap | P/E | P/B | ROE | ROCE | Debt/eq. | 1-yr return |
|---|---|---|---|---|---|---|---|---|
| Thermax Limited. | ₹3,112.2 | ₹37,083 cr | 59.1 | — | 13.7% | 12.6% | 0.42 | -4.2% |
| Welspun Corp Limited | ₹2,341.6 | ₹61,585 cr | 26.1 | 5.8 | 19.4% | 18.2% | 0.26 | +155.9% |
| INDO-MIM Limited | ₹1,171.6 | ₹57,466 cr | — | — | 21.3% | 24.8% | 0.49 | +67.4% |
| Voltas Limited | ₹1,028 | ₹34,015 cr | 75.7 | — | 5.8% | 8.6% | 0.16 | -27.1% |
| Blue Star Limited | ₹1,627.9 | ₹33,577 cr | 62.7 | 9.6 | 16.2% | 20.6% | 0.24 | -17.2% |
| AIA Engineering Limited | ₹3,595.9 | ₹33,513 cr | 26.5 | — | 17% | 15.5% | 0 | +8.0% |
Compare THERMAX with WELCORP in detail →
The full analysis has the price chart, every quarterly result with YoY/QoQ growth, the balance sheet and cash flow with an accounting red-flag check, shareholding quarter by quarter with big investors, news, filings and bulk/block deals.
Open THERMAX in NSE Scanner →