Thermax share price today

Thermax Ltd's share price was ₹3,112.20 at the close on 30 October 2026. It has been falling for 5 weeks. That is 17.2% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹2,846 and ₹5,121, and at that close it sat 12% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Thermax Ltd is in stage 4. The phase helps read everything below.

Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 16 weeks running.

Over the last 11 years the share price moved +312% while the NIFTY 500 moved +251%, so it is ahead of the index over that whole period. It was last ahead over 13 weeks in the week of 10 July 2026. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Two changes stood out: lowest operating margin in 15 quarters and profit fell in the June 2026 quarter.

1. Lowest operating margin in 15 quarters

   Operating margin was 3% in the June 2026 quarter, against 10% a year earlier.

   Why: The operating margin fell mainly because the company had to absorb a big cost overrun on an old government project.

   Next results: check whether the delayed ₹300 crore of equipment ships in Q2, since that held back sales and profit.

   From the earnings call on 31 Jul 2026.

2. Profit fell in the June 2026 quarter

   Profit was ₹22 crore, -85.4% on a year earlier (₹151 crore), after 2 quarters of growth.

   Why: Profit fell because the company had to absorb a big cost overrun on an old government project.

   Next results: check whether profit improves from Q2 onward as management expects.

   From the earnings call on 31 Jul 2026.

For April to June 2026 (the quarter ended 30 June 2026), Thermax reported revenue of ₹2,303 crore, up 6.7% from ₹2,158 crore a year earlier, and a profit of ₹22.0 crore, down 85.4% from ₹151 crore.

Thermax results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Thermax's management discussed these results on a call held on 31 July 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

Thermax closed at ₹3,112.20 on 30 October 2026, down 3.3% from ₹3,218.80 a year earlier (31 October 2025) and up 125.8% over five years. Its highest weekly close since March 2016 was ₹5,631.05 on 5 July 2024.

Thermax share price: then and now

Weekly closing prices. Each change is the move from that price to the 30 Oct 2026 close. A day's intraday high or low can go beyond these weekly closes.

562 weekly closes from 11 March 2016 to 30 October 2026.

30 Oct 2026: Thermax closed at ₹3,112.20, up 0.5% on the week and down 7.4% on the month. 31 Jul 2026: Thermax held its results call for April to June 2026. Management guided: FY27 revenue delivery: at least two and hopefully three quarters above ₹3,000 crore; Q2, Q3, and Q4 profitability expected to improve materially on a year earlier.

Earlier

• 3 Jul 2026: ex-date for a dividend + special dividend of ₹20 a share.
• Results for April to June 2026: Revenue up 6.7% and profit down 85.4% on a year earlier.

Thermax paid ₹14 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 0.45% at the ₹3,112.20 close on 30 October 2026. The last was a dividend + special dividend of ₹20 a share, ex-date 3 July 2026.

Thermax dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date.

Yes. Thermax Ltd paid out 3% of its profit as dividends in FY26, and it paid a dividend in each of its last 13 reported years.

From the NSE corporate-actions record, read 5 November 2026.

On the call for April to June 2026, held on 31 July 2026, Thermax's management guided: FY27 revenue delivery: at least two and hopefully three quarters above ₹3,000 crore; Q2, Q3, and Q4 profitability expected to improve materially on a year earlier.

“We are bringing this portion of our business down to zero where we have customers that we do not like or economic models that are not completely in our control.”Ashish Bhandari, MD and CEO, on the call for April to June 2026

What management guided

• Industrial infra contribution margin and operating margin to reach 10.0% and beyond; FY27 orders expected to exceed last year without PSU dependence, including at least one supercritical project; FGD handovers expected in Q2 and Q4.
• Industrial products: FY27 orders, revenue, and profitability expected to grow with double-digit growth continuing; Q2 margin pressure should clear in Q3/Q4 as commodity effects flush out.
• Chemicals: at least 20.0% FY27 revenue growth expected, with double-digit operating profit continuing if customers accept price increases despite commodity and tariff pressure.
• TOES: consistent revenue scale of ₹800-1,000 crore over the next two years, from a run rate above ₹600 crore and visibility to ₹800-900 crore; Q1 order includes more than ₹120 crore with a ₹2,000 crore 10-year revenue outlook.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 31 July 2026.

What is changing at Thermax, from the latest results and calls: order book momentum (27% on a year earlier growth), supercritical boiler capability breakthrough (₹1,600 crore mb power order) and data center energy / cooling market launch (tbwes).

• Order Book Momentum (27% on a year earlier growth). Order book 27% above prior period at January to March 2026 close, positions FY27 for revenue catch-up execution after FY26's flat top-line. ⚠ estimate
• Supercritical Boiler Capability Breakthrough (₹1,600 crore MB Power order). ₹1,600 crore supercritical order from private sector customer MB Power, first of its kind, validates TBWES at scale. Year 1 is design/procurement; execution ramps in FY28. ⚠ estimate
• Data Center Energy / Cooling Market Launch (TBWES). Thermax aiming for first data center boiler order in April to June 2026 via TBWES; data center cooling also in pipeline, margin-accretive and internationally scalable. ⚠ estimate
• International Business Scale (50% of Q3 revenue; Middle East, ADNOC pipeline). International business at 50% of October to December 2025 revenue (₹1,400+ Cr) driven by Dangote + data center wins; ADNOC qualification opens recurring Middle East pipeline. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Our read after the latest results, written 17 May 2026.

Order book 27% higher vs prior period at January to March 2026 close.

• January to March 2026 revenue execution described as better than prior quarters with profitability in line with plan; order book positioning for improved FY27 revenue trajectory. ✓ fact
• Air pollution control and water treatment businesses delivered robust FY26 growth; industrial boiler business accelerating with strong order bookings; 15-20% segment growth achievable. ✓ fact

Our read after the latest results, written 17 May 2026.

Four documented guidance misses in FY26 across four different segments; pattern is year-start optimism followed by quarterly downgrade, not random.

The main risks

• Management guidance credibility, pattern of over-optimism at year-start: Four documented guidance misses in FY26 across four different segments; pattern is year-start optimism followed by quarterly downgrade, not random. ✓ fact
• Raw material headwinds (steel, styrene, copper, nickel) in April to June 2026 onward: January to March 2026 was protected by pre-war procurement; April to June 2026 faces full commodity cost pass-through as inventory depletes, industrial products most exposed due to short inventory visibility. ✓ fact
• Green Solutions legacy project execution drag extends beyond October to December 2026: FEPL contractor failure unresolved in January to March 2026 despite July to September 2025 guidance of resolution, pattern suggests further slippage risk through FY27. ✓ fact
• Supercritical order execution risk (strategy reversal unaddressed): August 2025: management said 'completely walked away' from supercritical projects with civil construction risk. May 2026: ₹1,600 crore such order booked. The justification (private sector) does not address the original concern. ✓ fact

Our read after the latest results, written 17 May 2026.

When Thermax reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: Q2 shipment of the delayed ₹300 crore equipment and the broader requirement to exceed ₹3,000 crore quarterly deliveries.

Thermax is on one of our India lists: Small & mid cap stocks.

Thermax Ltd earned ₹22.0 Cr of net profit in the Jun 2026 quarter, −85.4% on the same quarter a year earlier. Full-year FY26 profit was ₹720 Cr. Over 10 years profit has grown 9.8% a year on average. That is 1.0% of the quarter's revenue. The same quarter a year earlier earned ₹151 Cr.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

For the full year, FY26 profit was ₹720 Cr (+14.8% on the year before).

Why profit moved: revenue changed +6.7% on a year earlier and the margin moved −7.0 percentage points. Sales did the work while the margin got thinner.

On average over the last four quarters, profit changed −6.8% and revenue +4.5%. Profit is growing slower than sales: rising costs are taking part of the growth.

Thermax Ltd reported ₹2,303 Cr of revenue in the Jun 2026 quarter, +6.7% on the same quarter a year earlier. That is the 3rd quarter in a row with growth on the year before. Over 10 years it has grown 7.7% a year on average. The last full year, FY26, came in at ₹10,774 Cr.

Revenue is everything the company billed its customers in the period.

Why this happened. The fundamental driver: Thermax's order intake has outpaced revenue execution, building a visible pipeline for FY27 and FY28. Industrial infrastructure, TBWES, and industrial products all contributed. The Rs 1,600 Cr supercritical boiler order in Q4 is the headline addition. If execution normalizes (working capital releases, site-level delays resolve), the order-to-revenue conversion should drive double-digit revenue growth in FY27.

The last four reported quarters add to ₹10,840 Cr.

FY26 revenue was ₹10,774 Cr, +3.7% on the year before.

Recent pace: the last four quarters grew +4.5% on average, against 7.7% a year over the longer run, so this year is growing slower than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +4.7%, against +6.4% a year over the last 8 quarters (stabilising); profit over the last 12 months grew −11.8%, against −7.7% a year (rolling over).

Thermax Ltd's operating margin was 3.0% in the Jun 2026 quarter, 7.0 percentage points lower than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 13 years it has been between 7.0% and 10.0%. The latest quarter is below every full year in that period.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why this happened. This is a capability unlock, not just a revenue item. Thermax demonstrating profitability-protected execution on a 42-45 month private sector supercritical project expands the addressable bid universe for future large boiler tenders. Management claims margins are meeting goal profile despite commodity exposure. The watch item: whether Year 1 design/procurement proceeds without the engineering surprises that hit the NRL project. The strategic reversal from August 2025 (when Thermax said it 'completely walked away' from such orders) is unaddressed, if private-sector projects carry the same civil construction risks, the original logic for avoidance still stands.

Why the margin moved: operating margin changed −7.4 percentage points on the year while gross margin changed −3.5 points. So the drop came mostly from costs below the gross margin, such as staff and overheads, measured against sales.

When margins are at a record, every ratio built on profit looks better than usual, so watch whether they hold.

Over the last 3 years, 94% of Thermax Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹542 Cr of operating cash against ₹720 Cr of profit. After ₹1,329 Cr of spending on assets, free cash was −₹787 Cr: it spent more than its operations brought in.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 94% of profit came in as cash: the cash cycle stayed about the same between FY21 and FY26, so the cash follows profit, not the cycle.

What to look at next: the bigger use of cash is spending on new assets, at 6.5× depreciation over three years. The next section checks what that spending is building.

Thermax Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was −1 days in FY26, up from −11 days in FY21. It spent ₹3,323 Cr on assets over the last 3 years. Customers take 75 days to pay, and stock sits for 60 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹10,774 Cr, each day of that cycle ties up about ₹29.5 Cr, so roughly −₹30.0 Cr is tied up in the business at any time.

FY26: customers took 75 days to pay and stock sat for 60 days, about 2.0 months of sales sitting as stock, for a full cycle of −1 days, longer than FY21's −11.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 60 days. Customers pay about 75 days after that. Suppliers are paid at 135 days. Together that makes the −1-day cycle.

Spending on assets: ₹3,323 Cr over the last 3 years, against ₹515 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹1,442 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Thermax Ltd's P/E is 67.4×, in the middle of its own history: higher than 63% of past readings. Its usual P/E (the middle reading) is 62.8×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Jun 2026 add up to ₹49.80.