Thermax Limited (THERMAX.NS) Stock Price

Thermax Limited Price

NSE·CLOSED
4,044.80INR-7.40 (-0.18 %)
Market closed

Over the last 19 years Thermax Limited grew revenue by 10.2% annually, reaching 103.89 B INR. Earnings per share have grown at 10.8% per year over the last 19 years. For Thermax Limited, the net margin of 6.1% is up versus 4.3% a few years ago. At today's price the dividend yield works out to roughly 0.35%. The payout ratio is around 25% of earnings. The dividend has grown at 7.7% per year over the past 19 years. The consensus 12-month price target for Thermax Limited is 3,432.30 INR, about 15.1% below where the stock trades today. Of 27 analysts, 13 rate the stock a buy — an overall Hold consensus. The stock trades about 46% above its 52-week low.

Thermax Limited stock price

Volume
Ex-Dividend
Details

Stock Price

ⓘ

How to Read This Chart

This chart tracks the historical stock price of Thermax Limited over time. You can switch between daily, weekly, and monthly views and select custom time ranges — from a single day to the full available history. Use the toggle to view price changes in absolute currency terms or as a percentage change relative to the starting date.

Total Return vs. Price Return

The "Total Return" toggle includes reinvested dividends on top of the pure price movement. This is critical because dividends can account for a significant portion of long-term returns. Historically, roughly 40 % of the S&P 500's total return has come from dividends. Always compare total return when evaluating a stock's real performance against a benchmark.

Intraday Price Data

When viewing a one-day time frame, the chart displays real-time intraday price movements. This is useful for observing how Thermax Limited stock reacts to market openings, earnings releases, or breaking news throughout the trading session.

What to Look For

Look for long-term trends (sustained upward or downward movements over months and years), support and resistance levels (price zones where the stock repeatedly bounces or reverses), and volatility (how much the price fluctuates day to day). Comparing Thermax Limited's price chart to a market index like the S&P 500 can reveal whether the stock is outperforming or underperforming the broader market.

Thermax Limited Stock Price History
DateThermax Limited Price
8/12/20264,044.80 INR
8/10/20264,052.20 INR
8/7/20264,059.90 INR
8/6/20263,991.00 INR
8/5/20264,064.90 INR
8/4/20264,066.00 INR
7/31/20264,306.00 INR
7/30/20264,311.00 INR
7/28/20264,433.50 INR
7/27/20264,454.50 INR
7/24/20264,514.00 INR
7/23/20264,592.00 INR
7/22/20264,718.50 INR
7/21/20264,841.00 INR
7/20/20264,710.50 INR
7/17/20264,618.00 INR
7/15/20264,548.00 INR
7/14/20264,379.50 INR
7/13/20264,663.50 INR
7/10/20264,809.00 INR
7/9/20264,785.00 INR
7/8/20264,602.50 INR
7/7/20264,709.00 INR
7/6/20264,736.50 INR
7/3/20264,622.00 INR
7/2/20264,917.00 INR
7/1/20265,120.50 INR
6/30/20265,159.50 INR
6/29/20265,125.10 INR
6/25/20264,828.80 INR
6/24/20264,757.40 INR
6/23/20264,799.90 INR
6/22/20264,863.90 INR
6/19/20264,702.40 INR
6/18/20264,696.30 INR
6/17/20264,774.40 INR
6/16/20264,714.60 INR
6/15/20264,777.90 INR
6/12/20264,726.30 INR
6/11/20264,571.30 INR
6/10/20264,732.00 INR
6/9/20264,739.90 INR
6/8/20264,696.40 INR
6/5/20264,832.10 INR
6/4/20264,875.90 INR
6/3/20264,784.50 INR
6/2/20264,969.70 INR
6/1/20264,992.80 INR
5/29/20264,982.70 INR
5/27/20264,590.60 INR
5/26/20264,435.80 INR
5/25/20264,435.70 INR
5/22/20264,454.60 INR
5/21/20264,575.00 INR
5/20/20264,420.50 INR
5/19/20264,416.60 INR
5/18/20264,393.30 INR
5/15/20264,500.40 INR
5/14/20264,597.70 INR
5/13/20264,546.50 INR
5/12/20264,483.00 INR
5/11/20264,545.10 INR
5/8/20264,677.50 INR
5/7/20264,182.30 INR
5/6/20264,076.90 INR
5/5/20264,113.60 INR
5/4/20264,179.80 INR
5/1/20264,077.60 INR
4/30/20264,077.60 INR
4/29/20263,990.00 INR
4/28/20264,015.30 INR
4/27/20264,156.30 INR
4/24/20264,006.50 INR
4/23/20264,059.70 INR
4/22/20264,053.10 INR
4/21/20264,125.10 INR
4/20/20264,185.20 INR
4/17/20264,141.40 INR
4/16/20264,126.40 INR
4/15/20264,085.00 INR
4/13/20263,870.80 INR
4/10/20263,643.00 INR
4/9/20263,535.10 INR
4/8/20263,291.60 INR
4/7/20263,213.80 INR
4/6/20263,276.60 INR
4/2/20263,295.70 INR
4/1/20263,345.40 INR
3/30/20263,260.70 INR
3/27/20263,196.90 INR
3/25/20263,249.20 INR
3/24/20263,191.60 INR
3/23/20263,101.10 INR
3/20/20263,227.40 INR
3/19/20263,237.40 INR
3/18/20263,283.00 INR
3/17/20263,219.00 INR
3/16/20263,274.40 INR
3/13/20263,230.00 INR
3/12/20263,165.60 INR
3/11/20263,185.00 INR
3/10/20263,171.70 INR
3/9/20263,055.00 INR
3/6/20263,161.90 INR
3/5/20263,053.00 INR
2/26/20263,182.40 INR
2/25/20263,188.60 INR
2/24/20263,148.20 INR
2/23/20263,155.60 INR
2/20/20263,155.00 INR
2/19/20263,007.00 INR
2/18/20263,092.30 INR
2/17/20263,054.20 INR
2/16/20262,923.70 INR
2/13/20262,886.70 INR
2/12/20262,834.00 INR
2/11/20262,925.00 INR
2/10/20262,965.70 INR
2/9/20262,893.30 INR
2/6/20262,870.00 INR
2/5/20262,915.00 INR
2/4/20262,955.40 INR
2/3/20262,950.00 INR
2/2/20262,825.60 INR
1/30/20262,888.00 INR
1/29/20262,795.20 INR
1/28/20262,870.40 INR
1/27/20262,839.00 INR
1/23/20262,920.10 INR
1/22/20262,923.30 INR
1/21/20262,940.10 INR
1/20/20262,922.00 INR
1/19/20262,940.00 INR
1/16/20262,970.00 INR
1/14/20262,975.70 INR
1/13/20262,964.20 INR
1/12/20262,949.40 INR
1/9/20263,020.00 INR
1/8/20263,061.40 INR
1/7/20263,069.30 INR
1/6/20263,076.00 INR
1/5/20263,065.00 INR
1/2/20263,025.00 INR
1/1/20263,066.00 INR
12/31/20253,005.00 INR
12/30/20253,010.00 INR
12/29/20253,005.00 INR
12/26/20253,015.00 INR
12/24/20253,001.40 INR
12/23/20252,945.00 INR
12/22/20252,877.00 INR
12/19/20252,869.90 INR
12/18/20252,854.00 INR
12/17/20252,872.00 INR
12/16/20252,883.10 INR
12/15/20252,891.20 INR
12/12/20252,870.40 INR
12/11/20252,804.60 INR
12/10/20252,773.80 INR
12/9/20252,828.60 INR
12/8/20252,805.60 INR
12/5/20252,845.50 INR
12/4/20252,872.90 INR
12/3/20252,887.80 INR
12/2/20252,922.50 INR
12/1/20252,916.50 INR
11/28/20252,920.10 INR
11/27/20252,940.00 INR
11/26/20252,934.90 INR
11/25/20252,882.80 INR
11/24/20252,867.00 INR
11/21/20252,886.70 INR
11/20/20252,968.20 INR
11/19/20252,923.00 INR
11/18/20252,943.90 INR
11/17/20253,006.50 INR
11/14/20253,006.00 INR
11/13/20253,024.10 INR
11/12/20253,061.20 INR
11/11/20253,176.00 INR
11/10/20253,138.60 INR
11/7/20253,190.10 INR
11/6/20253,238.50 INR
11/4/20253,270.70 INR
11/3/20253,210.00 INR
10/31/20253,216.50 INR
10/30/20253,250.50 INR
10/29/20253,242.00 INR
10/28/20253,254.80 INR
10/27/20253,314.20 INR
10/24/20253,276.50 INR
10/23/20253,187.80 INR
10/21/20253,219.10 INR
10/20/20253,186.00 INR
10/17/20253,145.20 INR
10/16/20253,168.00 INR
10/15/20253,110.00 INR
10/14/20253,107.40 INR
10/13/20253,190.10 INR
10/10/20253,223.80 INR
10/9/20253,182.50 INR
10/8/20253,156.00 INR
10/7/20253,185.00 INR
10/6/20253,179.30 INR
10/3/20253,188.50 INR
10/1/20253,176.00 INR
9/30/20253,178.10 INR
9/29/20253,131.50 INR
9/26/20253,197.70 INR
9/25/20253,233.10 INR
9/24/20253,317.20 INR
9/23/20253,358.80 INR
9/22/20253,269.80 INR
9/19/20253,307.60 INR
9/18/20253,324.00 INR
9/17/20253,305.50 INR
9/16/20253,316.20 INR
9/15/20253,314.90 INR
9/12/20253,317.00 INR
9/11/20253,329.50 INR
9/10/20253,368.50 INR
9/9/20253,302.00 INR
9/8/20253,321.00 INR
9/5/20253,315.10 INR
9/4/20253,341.90 INR
9/3/20253,260.20 INR
9/2/20253,282.20 INR
9/1/20253,210.60 INR
8/29/20253,207.60 INR
8/28/20253,192.00 INR
8/26/20253,299.00 INR
8/25/20253,275.00 INR
8/22/20253,259.00 INR
8/21/20253,235.00 INR
8/20/20253,230.00 INR
8/19/20253,314.50 INR
8/18/20253,282.00 INR
8/14/20253,265.00 INR
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Thermax Limited Revenue, EBIT, Net Income

  • 3 Years

  • 5 Years

  • 10 Years

  • 25 Years

  • Max

Revenue
EBIT
Net Income
Details
Date
Revenue
EBIT
Net Income
Jan 1, 2023
80.90 B INR
5.22 B INR
4.50 B INR
Jan 1, 2024
93.23 B INR
7.23 B INR
6.45 B INR
Jan 1, 2025
103.89 B INR
8.33 B INR
6.34 B INR
Jan 1, 2026 (e)
105.72 B INR
15.82 B INR
6.23 B INR
Jan 1, 2027 (e)
125.91 B INR
18.84 B INR
8.59 B INR
Jan 1, 2028 (e)
148.98 B INR
22.29 B INR
11.33 B INR
Jan 1, 2029 (e)
170.72 B INR
25.55 B INR
13.49 B INR
Jan 1, 2030 (e)
178.89 B INR
26.77 B INR
13.34 B INR

Thermax Limited Income Statement, Balance Sheet, Cash Flow Statement

Last updated Aug 14, 2026, 4:30 AM
 
REVENUEB INR
REVENUE GROWTH%
GROSS MARGIN%
GROSS INCOMEB INR
EBITB INR
EBIT MARGIN%
NET INCOMEB INR
NET INCOME GROWTH%
DIV.INR
DIV. GROWTH%
SHARESM
201520162017201820192020202120222023202420252026e2027e2028e2029e2030e
53.0452.6645.9044.8659.7357.3147.9161.2880.9093.23103.89105.72125.91148.98170.72178.89
4.01-0.73-12.84-2.2733.16-4.05-16.4027.9132.0115.2511.431.7619.1018.3214.594.79
44.7444.5947.2645.8242.7344.6845.5641.4541.5842.8042.9242.9242.9242.9242.9242.92
23.7323.4821.6920.5525.5225.6121.8325.4033.6439.9144.5945.3854.0463.9573.2876.78
3.284.394.023.104.072.832.532.915.227.238.3315.8218.8422.2925.5526.77
6.198.348.756.926.824.945.274.756.467.758.0214.9614.9614.9614.9614.96
2.102.822.232.323.252.132.073.124.506.456.346.238.5911.3313.4913.34
-14.7234.56-21.014.0840.20-34.70-2.8251.2344.1643.31-1.67-1.8137.8631.9719.07-1.13
7.006.006.006.007.007.007.009.0010.0012.0014.0014.0014.0014.00––
16.67-14.29––16.67––28.5711.1120.0016.67–––––
119.00113.00113.00113.00113.00113.00112.61112.61112.64112.66112.67112.67112.67112.67112.67112.67
Details

Income Statement Key Figures

ⓘ

Revenue and Revenue Growth

Revenue is the starting point of every income statement — it measures the total sales Thermax Limited generates from its core business. Revenue growth (expressed as year-over-year percentage change) is one of the most important indicators of business momentum. Sustained growth above 10 % annually is generally considered strong, while declining revenue is a serious warning sign that demands investigation.

Gross Margin

Gross margin = (Revenue − Cost of Goods Sold) ÷ Revenue. It reveals what percentage of each dollar of revenue Thermax Limited retains after direct production costs. High gross margins (above 50 %) are typical of asset-light businesses like software and brands, while capital-intensive industries like manufacturing often operate below 30 %. Compare Thermax Limited's gross margin to industry peers and track it over time to spot improving or deteriorating pricing power.

EBIT and EBIT Margin

EBIT measures operating profit — what remains after subtracting all operating expenses (including R&D, sales, and administrative costs) from gross profit. The EBIT margin shows this as a percentage of revenue. Because it excludes interest and taxes, EBIT allows fair comparisons between companies with different debt levels and tax jurisdictions. A rising EBIT margin indicates improving operational efficiency.

Net Income and Earnings Per Share (EPS)

Net income is the company's final profit after all expenses, interest, and taxes. Dividing net income by the number of shares outstanding gives you EPS — the single most influential metric in stock valuation. Consistent EPS growth is the primary driver of long-term stock price appreciation. Always check whether EPS growth comes from genuine profit improvement or from share buybacks reducing the share count.

Shares Outstanding

The total number of shares Thermax Limited has issued. A declining share count (through buybacks) boosts EPS and signals management confidence. A rising share count (through stock issuance) dilutes existing shareholders. Always monitor this number alongside EPS to get the full picture of per-share value creation.

Analyst Estimates

The projected figures represent consensus estimates from professional analysts. Compare these forecasts against Thermax Limited's historical growth rates to assess whether expectations are realistic. A company that consistently beats consensus estimates tends to see its stock price rewarded over time, while repeated misses erode investor confidence.

Thermax Limited stock margins

The Thermax Limited margin analysis displays the gross margin, EBIT margin, as well as the profit margin of Thermax Limited. The EBIT margin (EBIT/sales) indicates the percentage of sales that remains as operating profit. The profit margin shows the percentage of sales that remains for Thermax Limited.

  • 3 Years

  • 5 Years

  • 10 Years

  • 25 Years

  • Max

Gross margin
EBIT margin
Profit margin
Details
Date
Gross margin
EBIT margin
Profit margin
Jan 1, 2021
45.56 %
5.28 %
4.31 %
Jan 1, 2022
41.45 %
4.75 %
5.10 %
Jan 1, 2023
41.58 %
6.46 %
5.57 %
Jan 1, 2024
42.80 %
7.75 %
6.92 %
Jan 1, 2025
42.92 %
8.02 %
6.11 %
Jan 1, 2026 (e)
42.92 %
14.96 %
5.89 %
Jan 1, 2027 (e)
42.92 %
14.96 %
6.82 %
Jan 1, 2028 (e)
42.92 %
14.96 %
7.61 %

Thermax Limited Stock Revenue, EBIT, Earnings per Share

The Thermax Limited earnings per share therefore indicates how much revenue Thermax Limited has generated per share in a given period. The earnings before interest and taxes per share shows how much of the operating profit corresponds to each share. The earnings per share indicates how much of the profit belongs to each share.

  • 3 Years

  • 5 Years

  • 10 Years

  • 25 Years

  • Max

Revenue per Share
EBIT per share
Earnings per Share
Details
Date
Revenue per Share
EBIT per share
Earnings per Share
Jan 1, 2021
425.45 INR
22.44 INR
18.34 INR
Jan 1, 2022
544.18 INR
25.85 INR
27.73 INR
Jan 1, 2023
718.22 INR
46.37 INR
39.98 INR
Jan 1, 2024
827.60 INR
64.18 INR
57.28 INR
Jan 1, 2025
922.04 INR
73.96 INR
56.31 INR
Jan 1, 2026 (e)
938.31 INR
140.41 INR
55.29 INR
Jan 1, 2027 (e)
1,117.53 INR
167.23 INR
76.22 INR
Jan 1, 2028 (e)
1,322.29 INR
197.88 INR
100.58 INR

Thermax Limited business model & stock analysis

Thermax Limited is an Indian company based in Pune and has been in existence since 1966. The company is part of the Thermax Group and is one of the leading companies in India in the field of energy and environmental technology. The company's roots are in the production of steam boilers and thermal oil heaters. Since then, the company has continuously evolved and now offers a wide range of products and services. Thermax's business model is based on the integration of technological expertise, engineering know-how, and environmental responsibility. The company aims to increase the energy efficiency and sustainability of industries through innovative technologies and solutions. In this way, companies are encouraged to reduce environmental impact while maximizing their profits. Thermax Limited is divided into different divisions, each focused on a specific area of ​​energy and environmental technology. One of the main divisions is the construction of thermal energy plants. This involves the planning, construction, and commissioning of steam boilers, waste heat boilers, hot water boilers, burners, and heating systems. The aim is to increase energy efficiency by using waste heat and contribute to emission reduction. The second division is the business of cooling systems. Thermax specializes in the development and production of absorption chillers. These systems use thermal energy sources, such as waste heat, to generate cooling. They are used in many industries, especially in the food industry, pharmaceutical production, and airport terminals. The third division is the business of environmental plants. The company is involved in the development and production of systems for the treatment of exhaust gases, wastewater, and waste. These plants use innovative technologies to reduce environmental impact and emissions from industrial plants. Another important area is after-sales service. Thermax offers a wide range of services to its customers, including maintenance, repairs, and upgrades. These services help extend the lifespan of the equipment and improve energy efficiency. In addition to the mentioned divisions, Thermax is also specialized in the field of solar energy. The company offers a wide range of solutions aimed at using solar energy for electricity and heat generation. The product portfolio includes solar generators, solar heat exchangers, and photovoltaic modules. Thermax is committed to expanding its global presence and has managed to establish itself in more than 75 countries. In addition to the Indian market, the nearby Asian region is also important for the company. Thermax has significantly expanded its activities in this region in recent years, opening branches in Singapore, Thailand, Indonesia, Vietnam, and Malaysia. Overall, Thermax Limited has become a key player in the Indian market for energy and environmental technology. The company is committed to further expanding its global ambitions and playing a leading role in creating sustainable solutions for the industry, with the goal of reducing environmental impact and providing added value to customers.

Thermax Limited SWOT Analysis

Strengths

Strong market position: Thermax Limited holds a strong market position with a diverse portfolio of products and services.

Brand reputation: The company enjoys a positive brand reputation due to its commitment to quality and customer satisfaction.

Technological expertise: Thermax Limited possesses advanced technological capabilities, allowing it to offer innovative solutions to its customers.

Weaknesses

Dependence on key markets: The company heavily relies on specific markets, which exposes it to potential risks and fluctuations in those markets.

Limited geographic reach: Thermax Limited's operations are primarily concentrated in certain regions, limiting its reach and potential customer base.

Product concentration: The company's product offerings are focused on specific sectors, which may make it vulnerable to downturns or changes in those industries.

Opportunities

Growing renewable energy sector: Thermax Limited can tap into the increasing demand for renewable energy solutions and expand its offerings in this sector.

International expansion: The company has the opportunity to venture into new international markets and diversify its revenue streams.

Technological advancements: Thermax Limited can leverage technological advancements to develop new and improved products, staying ahead of the competition.

Threats

Competition: The industry is competitive, and Thermax Limited faces competition from both established players and new entrants.

Economic volatility: Fluctuations in the global economy can impact demand for Thermax Limited's products and services.

Regulatory changes: Changes in regulations and policies, especially related to environmental norms, may affect the company's operations and profitability.

Thermax Limited Eulerpool Fair Value

Details

Fair Value Estimate

ⓘ

What Is Fair Value?

Fair value is an estimate of what a stock is truly "worth" based on its financial fundamentals, independent of the current market price. If the calculated fair value is above the current share price, the stock may be undervalued — and vice versa. This chart shows three different fair value approaches so you can cross-check them against each other.

Earnings-Based Fair Value

Calculated by multiplying the current earnings per share (EPS) by the average historical P/E ratio over a selected multi-year period. The smoothing over several years filters out temporary spikes or dips. If this fair value exceeds the market price, it suggests the stock is cheap relative to its earning power.

Example: Fair Value (Earnings) 2022 = EPS 2022 × Average P/E 2019–2021

Revenue-Based Fair Value

Derived by multiplying revenue per share by the average historical price-to-sales ratio. This method is particularly useful for companies with volatile or temporarily depressed earnings, as revenue tends to be more stable than profits. It answers: "At what price has the market historically valued each dollar of this company's sales?"

Example: Fair Value (Revenue) 2022 = Revenue per Share 2022 × Average P/S 2019–2021

Dividend-Based Fair Value

Calculated by dividing the dividend per share by the average historical dividend yield. This approach is most relevant for mature, consistently dividend-paying companies. If the resulting fair value is higher than the current price, it implies the stock offers a better yield than its historical average.

Example: Fair Value (Dividend) 2022 = Dividend per Share 2022 ÷ Average Yield 2019–2021

How to Use This Chart

When all three fair value lines converge above the current price, it strengthens the case that the stock is undervalued. When they diverge, investigate why — it may indicate a structural shift in margins, payout policy, or growth rate. The forward estimates on the right extend the analysis using projected fundamentals, helping you assess whether the current price already reflects future growth expectations.

Thermax Limited historical P/E ratio, EBIT multiple, and P/S ratio

Thermax Limited annual returns

Details

Annual Return

ⓘ

What This Chart Shows

This chart breaks down 's total annual return into two components: price return (gains or losses from stock price movement) and dividend return (income received from dividend payments). Together, they represent the total return an investor would have earned in each calendar year.

Price Return

Price return measures the percentage change in 's stock price from January 1st to December 31st of each year. Positive bars indicate the stock appreciated; negative bars show a decline. This is the component most investors focus on, but it tells only part of the story — especially for dividend-paying stocks.

Dividend Return

Dividend return represents the income generated from dividends paid during the year, expressed as a percentage of the starting stock price. While it may seem small in any single year (typically 1–4 % for established companies), dividends compound significantly over decades and have historically contributed roughly 40 % of total stock market returns.

What to Look For

Examine how many years showed positive vs. negative returns to gauge consistency. A stock with mostly positive years and small drawdowns suggests lower risk. Also compare 's annual returns to a benchmark index — consistently outperforming the market is a hallmark of a strong investment. Pay attention to the worst years: understanding downside risk is just as important as chasing upside potential.

Thermax Limited shares outstanding

The number of shares of Thermax Limited was 112.67 M in 2025. This indicates how many shares Thermax Limited is divided into. Since shareholders are the owners of a company, each share represents a small portion of the company's ownership.

  • 3 Years

  • 5 Years

  • 10 Years

  • 25 Years

  • Max

Number of stocks
Details
Date
Number of stocks
Jan 1, 2021
112.61 M Stocks
Jan 1, 2022
112.61 M Stocks
Jan 1, 2023
112.64 M Stocks
Jan 1, 2024
112.66 M Stocks
Jan 1, 2025
112.67 M Stocks
Jan 1, 2026 (e)
112.67 M Stocks
Jan 1, 2027 (e)
112.67 M Stocks
Jan 1, 2028 (e)
112.67 M Stocks

Thermax Limited stock splits

In Thermax Limited's history, there have been no stock splits.

Thermax Limited Dividend History

31 years of dividend payments · 4 consecutive increases

YearAnnual DividendYoY ChangePayments
202514.00INR↑ 16.7%1×
Jul 4, 202514.00INR↑ 16.7%1/1
202412.00INR↑ 20.0%1×
202310.00INR↑ 11.1%1×
20229.00INR↑ 28.6%1×
20217.00INR 0.0%1×
20207.00INR 0.0%1×
20197.00INR↑ 16.7%1×
20186.00INR 0.0%1×
20176.00INR 0.0%1×
20166.00INR↓ 14.3%1×

Thermax Limited dividend history and estimates

In 2025, Thermax Limited paid a dividend amounting to 14.00 INR. Dividend means that Thermax Limited distributes a portion of its profits to its owners.

  • 3 Years

  • 5 Years

  • 10 Years

  • 25 Years

  • Max

Dividend
Dividend (Estimate)
Details
Date
Dividend
Dividend (Estimate)
Jan 1, 2021 (e)
0.00 INR
7.00 INR
Jan 1, 2022
9.00 INR
0.00 INR
Jan 1, 2023
10.00 INR
0.00 INR
Jan 1, 2024
12.00 INR
0.00 INR
Jan 1, 2025
14.00 INR
0.00 INR
Jan 1, 2026
14.00 INR
0.00 INR
Jan 1, 2027 (e)
0.00 INR
14.00 INR
Jan 1, 2028 (e)
0.00 INR
14.00 INR

Thermax Limited dividend payout ratio

In 2025, Thermax Limited had a payout ratio of 24.86%. The payout ratio indicates the percentage of the company's profits that Thermax Limited distributes as dividends.

  • 3 Years

  • 5 Years

  • 10 Years

  • 25 Years

  • Max

Payout ratio
Details
Date
Payout ratio
Jan 1, 2021
38.16 %
Jan 1, 2022
32.45 %
Jan 1, 2023
25.01 %
Jan 1, 2024
20.95 %
Jan 1, 2025
24.86 %
Jan 1, 2026 (e)
25.32 %
Jan 1, 2027 (e)
18.37 %
Jan 1, 2028 (e)
13.92 %

Current Thermax Limited forecasts and price targets in August 2026

Analyst Price Targets 2026
Δ MOM Price Target
0.55 %
Buy
48.15 % (13)
Hold
37.04 % (10)
Sell
14.81 % (4)
12M Price Target
3,432.30
Last Price
4,044.80
Currency
INR
12M Return Potential
-15.14 %
LTM Return
0 %

Thermax Limited Earnings Estimates & Surprises

DateEPS estimateEPS ActualRevenue EstimatePrice reactionQuarterly report
5/15/202416.08INR-28.42 BINR-2024 Q4
2/5/202412.75INR-24.24 BINR-2024 Q3

EESG©

Eulerpool ESG Scorecard© for the Thermax Limited stock

86/100
99
Environment
79
Social
81
Governance
E

Environment

20
Scope 1 - Direct Emissions8,838
Scope 2 - Indirect emissions from purchased energy13,312
Scope 3 - Indirect emissions within the value chain—
Total CO₂ emissions22,150
CO₂ reduction strategy
Coal energy
Nuclear power
Animal experiments
Fur & Leather—
Pesticides—
Palm Oil—
Tobacco
Genetically modified organisms
Climate concept—
Sustainable forestry—
Recycling regulations
Environmentally friendly packaging
Hazardous substances
Fuel consumption and efficiency
Water consumption and efficiency
S

Social

20
Percentage of female employees7.711
Percentage of women in management—
Percentage of Asian employees—
Share of Asian management—
Percentage of Hispanic/Latino employees—
Hispano/Latino Management share—
Percentage of Black employees—
Black Management Share—
Percentage of white employees—
White Management Share—
Adult content
Alcohol
Weapons—
Firearms
Gambling
Military contracts
Human rights concept
Privacy concept—
Occupational health and safety
Catholic
G

Governance (Corporate Governance)

4
Environmental reporting
Stakeholder Engagement
Call Back Policies
Antitrust law

The Eulerpool ESG Scorecard© is the strictly copyrighted intellectual property of Eulerpool Research Systems. Any unauthorized use, imitation, or infringement will be actively pursued and may lead to significant legal consequences. For licenses, collaborations, or usage rights, please contact us directly via our contact form. Contact Form to us.

Thermax Limited shareholder structure

% Name
57.09400%
RDA Holding & Trading Pvt. Ltd.
RDA Holding & Trading Pvt. Ltd.
8.45008%
ARA Trusteeship Company Pvt. Ltd.
ARA Trusteeship Company Pvt. Ltd.
8.26044%
SBI Funds Management Pvt. Ltd.
SBI Funds Management Pvt. Ltd.
5.43002%
Nalanda India Equity Fund Ltd.
Nalanda India Equity Fund Ltd.
3.97702%
Kotak Mahindra Asset Management Company Limited
Kotak Mahindra Asset Management Company Limited
2.54961%
Bhatia (Jasmeet)
Bhatia (Jasmeet)
...

Thermax Limited Beneficial Ownership Filings (SEC 13D/G)

Free Float
28.9%
Float Shares
-
Shares Outstanding
-

Thermax Limited Executives and Management Board

18 members · avg. age 61 · 17 % women

AB

Mr. Ashish Bhandari (54)

Chief Executive Officer, Managing Director, Executive Director · since 2020

172.88 M INR

Management

RA

Mr. Rajendran Arunachalam

Group Chief Financial Officer, Executive Vice President

15.50 M INR
BM

Mr. B. C. Mahesh

President and BU Head - Industrial Products

–
BR

Mr. B. C. Rajesh

Executive Vice President and Chief Executive Officer - TBWES

–
SC

Mr. Santanu Chaudhuri

Executive Vice President, Chief Technology Officer

–
AS

Mr. Amit Sethi

Executive Vice President, Chief Digital and Information Officer

–
KJ

Mr. Kirtiraj Jilkar

Executive Vice President and BU Head - Projects and Energy Solutions

–

Board of Directors

SP

Smt. Meher Pudumjee (59)

Non-Executive Chairperson of the Board

6.40 M INR
RG

Dr. Ravi Gopinath (59)

Non-Executive Independent Director

4.04 M INR
PP

Mr. Pheroz Pudumjee (63)

Non-Executive Non-Independent Director

3.94 M INR
HM

Mr. Harsh Mariwala (74)

Non-Executive Lead Independent Director

3.82 M INR
RK

Mrs. Rajani Kesari (54)

Non-Executive Independent Director

3.70 M INR
SP

Mr. Sashishekhar Pandit (75)

Non-Executive Independent Director

3.64 M INR

Frequently asked questions about Thermax Limited

The business model of Thermax Limited focuses on providing energy solutions and environment-friendly products and services to various industries. With its strong expertise in heating, cooling, waste heat recovery, and power generation, Thermax offers innovative solutions to optimize energy efficiency and reduce greenhouse gas emissions. The company operates through various segments, including energy, environment, and chemicals. Thermax Limited aims to deliver sustainable solutions and contribute to the global transition towards a low-carbon economy.

Thermax Limited is primarily active in the industries of energy, environment, and sustainable solutions.

The main competitors of Thermax Limited in the market are competitors such as GE Power India Limited, Bharat Heavy Electricals Limited (BHEL), and Forbes Marshall.

Thermax Limited is a renowned Indian energy and environment solutions provider. Established in 1966, Thermax has a rich history and a strong background in providing innovative solutions for heating, cooling, power, water, and waste management. Over the years, the company has achieved significant milestones and emerged as a global player in the industry. With a diverse portfolio of products and services, including boilers, chillers, captive power plants, and environmental solutions, Thermax has catered to various sectors such as power, oil and gas, chemicals, pharmaceuticals, food processing, and more. With a commitment to sustainability and a customer-centric approach, Thermax Limited continues to be a leading player in the energy and environment sector.

Thermax Limited, a prominent company in the stock market, has achieved several significant milestones. Over the years, they have demonstrated exceptional growth and success. Some of their noteworthy achievements include expanding their global footprint by establishing offices in multiple countries, consistently delivering innovative and technologically advanced solutions in the energy and environment sectors, and garnering recognition through various prestigious accolades. Furthermore, Thermax Limited has successfully forged strategic partnerships and collaborations with industry leaders, enabling them to enhance their market presence and strengthen their position as a leading player in their domain.

Thermax Limited is primarily present in several countries and regions across the globe. Some of the key locations where the company has a strong presence include India, Southeast Asia, Middle East, Africa, Europe, and the Americas. With its headquarters based in Pune, India, Thermax Limited has established a significant market presence in these regions through its diverse range of energy and environment solutions. The company's global footprint enables it to cater to various industries and sectors, offering its innovative products and services to clients worldwide.

Thermax Limited represents a strong value system and corporate philosophy. The company is dedicated to delivering sustainable energy solutions and creating a positive impact on society. With a commitment to customer satisfaction and innovation, Thermax aims to provide cutting-edge technologies that improve energy efficiency and reduce carbon emissions. The company's core values include integrity, teamwork, customer focus, and excellence. By integrating these principles into its operations, Thermax Limited strives to foster a culture of ethical behavior, responsible business practices, and continuous improvement.

Analysts currently set an average price target of 3,511.20 INR for the Thermax Limited stock (median: 3,432.30 INR), implying -13.2 % versus the latest price. The consensus is based on 27 analyst ratings.

Thermax Limited Analyst Price Targets 2026

27 analysts currently rate the Thermax Limited stock: 14 recommend buying, 9 holding and 4 selling. For 2026, analysts expect Thermax Limited to generate revenue of 105.72 B INR and earnings per share of 55.29 INR.

Thermax Limited Analyst Price Targets 2026

Converted at the current exchange rate, the Thermax Limited share trades at 36.75 EUR (4,044.80 INR).

Thermax Limited is an internationally active company based in India and has a wide portfolio of solutions and products for various industries. The company has been in existence for more than five decades and has played a remarkable role in the energy and environment sector. The business model of Thermax Limited is based on three pillars: energy, environment, and chemicals. The company offers a wide range of products and services in each of these pillars. Energy: Thermax Limited offers various energy systems that efficiently generate electricity, heat, and cold. This includes a range of gas, oil, and biofuel burners, steam boilers, and combined heat and power systems suitable for both industrial and residential buildings. The company is also involved in solar energy and develops and manufactures photovoltaic modules and systems. Environment: Thermax Limited is dedicated to environmental protection and sustainability and offers a range of solutions that help reduce environmental impact. The company supplies flue gas cleaning systems that remove pollutants from power plant emissions, as well as water and wastewater treatment systems for treating wastewater and industrial effluents. Thermax Limited has also developed an innovative cooling and heating system based on absorption technology that is environmentally friendly. Chemicals: The company is also active in the chemicals industry and offers a wide range of products used in various industries. This includes resins and polymer additives used in automotive paints and coatings, as well as cooling and lubricating fluids used in metalworking and other applications. Thermax Limited also has its own department for development and research projects to develop cutting-edge technologies. In addition to these main business areas, Thermax Limited also offers a wide range of services, including consulting, project management, and maintenance. The company has an extensive network of service centers in India and abroad. Thermax Limited's business model is strongly focused on the challenges of global energy and environmental issues. The company aims to provide sustainable and efficient solutions to reduce energy consumption and protect the environment. Thermax Limited has earned an excellent reputation in this field and is known for its quality, reliability, and innovation. Overall, Thermax Limited is a versatile company with a wide range of products and services tailored to the needs of various industries. The company is well-positioned to grow in different business areas and strengthen its position as a leading provider of energy and environmental solutions.

The expected revenue of Thermax Limited is 105.72 B INR. This figure is based on current financial data and reflects the company's business performance.

The expected profit of Thermax Limited is 6.23 B INR. The net profit reflects the company's profitability after deducting all expenses.

The price-to-earnings ratio (P/E) of Thermax Limited is currently 73.16. The P/E ratio compares the current share price to the earnings per share and helps investors assess the valuation of the Thermax Limited stock.

The price-to-sales ratio (P/S) of Thermax Limited is currently 4.31. The P/S ratio compares the market capitalization to the annual revenue and serves as a valuation metric for the Thermax Limited stock.

The Eulerpool Quality Score for Thermax Limited is 8/10.

The ISIN of Thermax Limited is INE152A01029. The ISIN (International Securities Identification Number) is a globally unique identifier for securities.

The ticker of Thermax Limited is THERMAX.NS. The ticker symbol is used to trade Thermax Limited shares on the stock exchange.

Over the past 12 months, Thermax Limited paid a dividend of 14.00 INR . This corresponds to a dividend yield of about 0.35 %. For the coming 12 months, Thermax Limited is expected to pay a dividend of 14.00 INR.

The current dividend yield of Thermax Limited is 0.35 %.

Thermax Limited pays a dividend, distributed in the months of , , , .

Thermax Limited paid dividends every year for the past 31 years.

For the upcoming 12 months, dividends amounting to 14.00 INR are expected. This corresponds to a dividend yield of 0.35 %.

Thermax Limited is assigned to the 'Industry' sector.

To receive the latest dividend of Thermax Limited from amounting to 14 INR, you needed to have the stock in your portfolio before the ex-date on .

The last dividend was paid out on .

In the year 2025, Thermax Limited distributed 10 INR as dividends.

The dividends of Thermax Limited are distributed in INR.

All fundamentals and in-depth analysis of Thermax Limited

Our stock analysis for Thermax Limited stock includes important financial indicators such as revenue, profit, P/E ratio, P/S ratio, EBIT, as well as information on dividends. We also assess aspects such as stocks, market capitalization, debt, equity, and liabilities of Thermax Limited. If you are looking for more detailed information on these topics, we offer comprehensive analyses on our subpages.

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