Thermax Ltd: Stock Analysis & Fundamentals

Updated this week

Thermax Ltd (Capital Goods - Engineering General) — fundamental analysis, earnings data, and key metrics. PE: 59.4. ROE: 13.6%. This stock is not currently in the Nifty 500 momentum outperformers list.

What's Happening

🌐FII stake decreased 1.9% this quarter

🏛️DII accumulation — stake up 1.2%

Key Numbers

Current Price

₹3,197

Dividend Yield

0.44%

Market Cap

38.1K Cr

Valuation

N/A

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Frequently Asked Questions: Thermax Ltd

Based on publicly available financial data. This is educational research, not investment advice.

What were Thermax Ltd's latest quarterly results?

Thermax Ltd's latest quarterly results (Dec 2025) show

PAT Growth YoY: +79.8%
Revenue Growth YoY: +4.2%
Operating Margin: 10.0%

What is Thermax Ltd's current PE ratio?

Thermax Ltd's current PE ratio is 59.4x.

Current PE: 59.4x
Market Cap: 38.1K Cr
Dividend Yield: 0.44%

What is Thermax Ltd's price-to-book ratio?

Thermax Ltd's price-to-book ratio is 7.5x.

Price-to-Book (P/B): 7.5x
Book Value per Share: ₹424
Current Price: ₹3197

Is Thermax Ltd a fundamentally strong company?

Thermax Ltd's fundamental strength based on key financial ratios

Return on Capital (ROCE): 16.0%

Is Thermax Ltd debt free?

Thermax Ltd has a debt-to-equity ratio of N/A.

Total Debt: ₹2,000 Cr

What is Thermax Ltd's return on equity (ROE) and ROCE?

Thermax Ltd's return ratios over recent years

FY2023: ROCE 15.0%
FY2024: ROCE 17.0%
FY2025: ROCE 16.0%

Is Thermax Ltd's cash flow positive?

Thermax Ltd's operating cash flow is positive (FY2025).

Cash from Operations (CFO): ₹1,000 Cr
Free Cash Flow (FCF): ₹-177 Cr
CFO/PAT Ratio: 166% (strong cash conversion)

What is Thermax Ltd's dividend yield?

Thermax Ltd's current dividend yield is 0.44%.

Dividend Yield: 0.44%
Current Price: ₹3197

Who holds Thermax Ltd shares — promoters, FII, DII?

Thermax Ltd's shareholding pattern (Dec 2025)

Promoters: 62.0%
FII (Foreign): 12.4%
DII (Domestic): 14.8%
Public: 5.3%

Is promoter holding increasing or decreasing in Thermax Ltd?

Thermax Ltd's promoter holding has remained stable recently.

Current Promoter Holding: 62.0% (Dec 2025)
Previous Quarter: 62.0% (Sep 2025)
Change: 0.00% (stable)

Is Thermax Ltd a new momentum entry or an established outperformer?

Thermax Ltd is an established outperformer with 1 weeks of consecutive Nifty 500 outperformance.

Is Thermax Ltd worth studying for long term investment?

Based on quantitative research signals, here is why Thermax Ltd may be worth studying

Cash flow is positive — CFO ₹1,000 Cr

What is the investment thesis for Thermax Ltd?

Thermax Ltd investment thesis summary:

What is the future outlook for Thermax Ltd?

Thermax Ltd's forward outlook based on current data signals

Insufficient data for a forward assessment — monitoring for more signals

The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.