Thermax Limited (THERMAX.NS) Stock Price

Thermax Limited Price

NSE·CLOSED
3,161.30
​
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 0.44%. 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 8.6% above where the stock trades today. Of 27 analysts, 13 rate the stock a buy — an overall Hold consensus.

Thermax Limited stock price

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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.

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 +11.1 % versus the latest price. The consensus is based on 27 analyst ratings.

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 55.28 INR.

Converted at the current exchange rate, the Thermax Limited share trades at 29.80 EUR (3,161.30 INR).

The Thermax Limited share (THERMAX.NS) is listed on 2 stock exchanges, including: NSE (Indien) (THERMAX.NS).

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 57.19. 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 3.37. 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.

Fair ValueTerminal
3,256.14 INR
Over-/UndervaluationTerminal
Fairly valued
Sector
Industry
Machinery
Number of shares
Employees
Revenue per Employee
33.56 M INR
Revenue growth Ø5 years
EBIT growth Ø5 years
Net Income growth Ø5 years
Country
Currency
INR
Initial public offering
Feb 15, 1995
ISIN
INE152A01029
Cusip
Y87948140
Sedol
B10SSP1
Market capitalization
356.19 B INRMega Cap
52-Week Range
PEG
3.39
P/E ratio
P/Ee 2026
57.18
P/Ee 2027
50.15
P/Ee 2028
34.23
P/Ee 2029
27.29
P/Ee 2030
26.59
P/S
P/Se
3.37
EV/EBIT
48.98
P/B Ratio
7.21
ROE (Return on Equity)
ROA (Return on Assets)
ROCE (Return on Capital Employed)
ROIC (Return on Invested Capital)
9.61 %
Dividend
Dividend yield
0.44 %
Est. Dividend Yield
0.44 %
Payout Ratio
24.86 %
Dividend growth Ø5Y
9.24 %
Dividend payments per year
1
Dividend paid since
31 years
Dividend not reduced since
9 years
Dividend increased since
4 years
Dividend withholding tax
20.00 %
Last updated Oct 22, 2026, 8:32 PM

Thermax Limited Peer Group

Thermax Limited Ticker

BSE · THERMAX.BONSE INDIA · THERMAX.NS

Thermax Limited FIGI

TMX:IN · BBG000C4RVP2TMX:IB · BBG000C4RVZ1TMX:IS · BBG000C4RWT6TMX:IG · BBG003NVVLB6