# Thermax share price today (Thermax Ltd, NSE: THERMAX)

> Thermax share price today: ₹3,151.20 at the NSE close on 3 November 2026, down 2.1% in a year. Thermax (NSE: THERMAX) is worth ₹37,551 crore, trades at a P/E of 68.3 and has closed between ₹2,845.70 and ₹5,120.50 over the past 52 weeks. > Thermax Ltd is reporting record margins. THERMAX · Capital Goods - Engineering General · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/thermax-ltd

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## Key numbers

- Business trend: Mixed, from the last 12 quarters
- Price: ₹3,151.20 (−2.1% in a year)
- P/E: 68.3× (higher than 63% of the last 11 years)
- Revenue (Jun 2026): ₹2,303 Cr (+6.7% on a year ago)
- Profit (Jun 2026): ₹22.0 Cr (−85.4% on a year ago)
- Operating margin: 3.0% (−7.0 points on a year ago)
- ROCE: 14%, FY26
- ROIC: 8.4%, against a 12.0% cost of capital: −3.6 points

The main question: domestic institutions moved +2.2 percentage points over 8 quarters while the business went the other way. ## What is the Thermax share price today? Thermax Ltd's share price was ₹3,151.20 at the close on 3 November 2026. It has been falling for 5 weeks. That is 16.2% 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 13% of the way up from that low. Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 17 weeks running. Over the last 11 years the share price moved +317% 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. ## What changed at Thermax this quarter? 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. ## What are Thermax's latest quarterly results? 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

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹2,303 crore | ₹2,158 crore | +6.7% |
| Profit | ₹22.0 crore | ₹151 crore | −85.4% |
| Earnings per share | ₹2.12 | ₹12.79 | −83.4% |
| Operating margin | 3.0% | 10.0% | −7.0 points |

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.)

## What is the Thermax share price history? Thermax closed at ₹3,151.20 on 3 November 2026, down 2.1% from ₹3,218.80 a year earlier (31 October 2025) and up 128.0% over five years. Its highest weekly close since March 2016 was ₹5,631.05 on 5 July 2024. ### Thermax share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹3,096.00 | +1.8% |
| 1 month ago · 1 Oct 2026 | ₹3,360.60 | −6.2% |
| 6 months ago · 30 Apr 2026 | ₹4,077.60 | −22.7% |
| 1 year ago · 31 Oct 2025 | ₹3,218.80 | −2.1% |
| 3 years ago · 3 Nov 2023 | ₹2,941.35 | +7.1% |
| 5 years ago · 4 Nov 2021 | ₹1,382.00 | +128.0% |
| 10 years ago · 4 Nov 2016 | ₹854.90 | +268.6% |
| Earliest weekly close in our records · 11 Mar 2016 | ₹755.05 | +317.3% |
| Highest weekly close since March 2016 · 5 Jul 2024 | ₹5,631.05 | −44.0% |
| Lowest weekly close since March 2016 · 8 May 2020 | ₹700.20 | +350.0% |
| 52-week high (weekly close) · 1 Jul 2026 | ₹5,120.50 | −38.5% |
| 52-week low (weekly close) · 5 Dec 2025 | ₹2,845.70 | +10.7% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (563 weekly closes from 11 March 2016 to 3 November 2026.)

## What is the latest news on Thermax? 3 Nov 2026: Thermax closed at ₹3,151.20, up 1.8% on the week and down 6.2% 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. ## What dividend does Thermax pay? Thermax paid ₹14 a share in regular dividends in the 12 months to 4 November 2026 (1 payment), a yield of 0.44% at the ₹3,151.20 close on 3 November 2026. The last was a dividend + special dividend of ₹20 a share, ex-date 3 July 2026. ### Thermax dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 3 Jul 2026 | ₹20 | Dividend + Special | same day |
| 4 Jul 2025 | ₹14 | Dividend | same day |
| 5 Jul 2024 | ₹12 | Dividend | same day |
| 21 Jul 2023 | ₹10 | Dividend | same day |
| 21 Jul 2022 | ₹9 | Dividend | 22 Jul 2022 |
| 22 Jul 2021 | ₹7 | Dividend | 23 Jul 2021 |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

₹6 Special dividends, last 12 months

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 4 November 2026.)

## What did Thermax management say on the latest results call? 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](https://files.tijoristack.ai/concall/transcript/301-31-Jul-2026.pdf). (From the call for April to June 2026, 31 July 2026.)

## What is the future of Thermax? What is changing in the business? 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.)

## What is Thermax's order book? 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.)

## What could change the Thermax story? What are the risks? 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.)

## What to watch in Thermax's next results? 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. - What to check (from the call)
- Q2 shipment of the delayed ₹300 crore equipment and the broader requirement to exceed ₹3,000 crore quarterly deliveries. - Industrial-products Q2 margin pressure and whether cooling and heating mix offsets commodity effects before the expected Q3/Q4 improvement. - Completion of PGTR for the two remaining Bio-CNG EverEnviro projects in August and September, with residual liabilities expected to close by Q3. - Tamil Nadu FEPL approval within the following week and progress toward an external partner taking a substantial majority of the platform. ## Which stock lists is Thermax on? Thermax is on one of our India lists: Small & mid cap stocks. [Small & mid cap stocks Size rank in India: 237](https://www.sectoralpha.in/small-cap-stocks-india)

## Is Thermax profitable? 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. 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. ## How much revenue does Thermax make, and is it growing? 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. 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). ## How much of every ₹100 of sales does Thermax keep? 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. 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. ## Is Thermax's profit turning into cash? 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. 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. ## Where does Thermax's cash go? 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. 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. ## What is Thermax's P/E ratio, and how does it compare with its own history? Thermax Ltd's P/E is 68.3×, 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. 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. Why the multiple is where it is: over the past year earnings per share moved +13.6% while the price moved −2.1%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 5 years the price moved +17.9% a year; about +13.1% a year came from earnings growth and about +4.8 percentage points from the multiple (the market paying more); over 10 years the price moved +13.9% a year; about +6.4% a year came from earnings growth and about +7.5 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple. ## Is the Thermax business getting better or worse? Thermax Ltd's business is giving mixed signals. There is no clear direction across the growth lines, with ROCE falling at 14.2%; each line tells part of the story. This is based on 12 quarters of 4 measures. Why it matters: when the lines disagree, each line above matters more than any single label. ## What is the Thermax story, and has it been checked? Thermax Ltd's story is not scored yet against the checks our research set on 17 May 2026. Where it sits in its own cycle: MID CONTRACTION. Still open: Four documented guidance misses in FY26 across four different segments; pattern is year-start optimism followed by quarterly downgrade, not random. From the numbers. From the price. Price stage 4, week 5, below its 200-day line, relative strength falling. Where they disagree. FII stake-cutting is a bearish confirmation. The BREAKOUT FROM COMPRESSION label reflects QoQ momentum, not value creation, the underlying cycle position is elevated. What is not proven yet. Four documented guidance misses in FY26 across four different segments; pattern is year-start optimism followed by quarterly downgrade, not random. The test written in advance. Management guidance credibility, pattern of over-optimism at year-start. Measured by: Management guidance credibility, pattern of over-optimism at year-start Q1 FY27: data center boiler order conversion + industrial products EBITDA margin >11% by the next result. The test written in advance. Raw material headwinds (steel, styrene, copper, nickel) in Q1 FY27 onward. Measured by: Raw material headwinds (steel, styrene, copper, nickel) in Q1 FY27 onward Q1 FY27 OPM vs industrial products contribution margin by the next result. The test written in advance. Green Solutions legacy project execution drag extends beyond Q3 FY27. Measured by: Green Solutions legacy project execution drag extends beyond Q3 FY27 Q1 and Q2 FY27: Green Solutions quarterly loss narrowing, must narrow ≥30% QoQ by Q2 by the next result. What the company does. FY26 closed with revenue Rs 10,694 Cr (+3% YoY), PAT Rs 720 Cr (+15% YoY), OPM 10%, underlying execution improving but weighed down by Green Solutions losses and industrial products margin compression all year. Order book grew 27% in Q4 FY26;

Lever 6 · Order-book wins: building. Order book 27% above prior period at Q4 FY26 close, positions FY27 for revenue catch-up execution after FY26's flat top-line. What proves it keeps working: Order Book Momentum (27% YoY growth). It stops working if Q1 FY27: data center boiler order conversion + industrial products EBITDA margin >11%. Lever 2 · Value-added mix: building. Rs 1,600 Cr 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. What proves it keeps working: Supercritical Boiler Capability Breakthrough (Rs 1,600 Cr MB Power order). It stops working if Q1 FY27: data center boiler order conversion + industrial products EBITDA margin >11%. Lever 1 · Operating leverage: building. Thermax aiming for first data center boiler order in Q1 FY27 via TBWES; data center cooling also in pipeline, margin-accretive and internationally scalable. What proves it keeps working: Data Center Energy / Cooling Market Launch (TBWES). It stops working if Q1 FY27: data center boiler order conversion + industrial products EBITDA margin >11%. Lever 10 · New geographies: building. International business at 50% of Q3 FY26 revenue (Rs 1,400+ Cr) driven by Dangote + data center wins; ADNOC qualification opens recurring Middle East pipeline. What proves it keeps working: International Business Scale (50% of Q3 revenue; Middle East, ADNOC pipeline). It stops working if Q1 FY27: data center boiler order conversion + industrial products EBITDA margin >11%. Sources: our stock research file (17 May 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Thermax management deliver what it promised? What Thermax Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. Unexpected Legacy Project Loss Despite Prior No-Surprise Position · 31 July 2026. In February 2026, management described the legacy project set as contained and highlighted the absence of new negative surprises. In July 2026, management disclosed a close to 150 crore loss on the same project, caused by an engineering change that management itself described as unexpected; although the June change is explained, the disclosure materially conflicts with the earlier risk narrative and warrants clarification. FGD Completion Timeline Slipped Beyond Q2 · 31 July 2026. In February 2026, management said almost all of the NRL and FGD legacy work would be resolved by Q2, with only NRL continuing thereafter. In July 2026, management stated that the final FGD plant would be handed over in Q4 of the year, materially extending the previously stated completion window without explaining the change in timing. Supercritical Order Strategy Reversal - 1,600 Crore Multi-Year Booking Contradicts Prior 'Completely Walked Away' Stance · 8 May 2026. The May 2026 call disclosed a 1,600 crore supercritical order with a 42-45 month execution timeline, with management justifying the reversal solely on the grounds that it is a private sector order - without addressing the original stated concern of multi-year civil construction exposure that applied regardless of sector. Green Solutions Megawatt Goals - FY26 Miss and Specific FY27 700 MW Guidance Silently Abandoned · 8 May 2026. Management guided to crossing 300 MW of Green Solutions capacity by end of FY26 in the Aug 2025 call, and in the Feb 2026 call provided a specific FY27 goal of close to 700 MW. The May 2026 call revealed only 250 MW was on the ground at FY26 year-end, missing the 300 MW goal, while the specific 700 MW FY27 guidance was quietly replaced with a vague 'much better number,' with two additional projects still pending commissioning over the next 2-3 quarters. Every quote above is taken word for word from the company’s own earnings calls. ## How much does Thermax earn on its capital? Thermax Ltd earned a ROCE of 14% in FY26. That is up from a low of 10% in FY21. Its return on capital used (ROIC) is 3.6 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a 6.7% net margin and 0.81× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 6.7% net margin × 0.81× asset turnover × 2.39× leverage (assets divided by equity) ≈ 13.0% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 8.4% − 12.0% = −3.6 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve. The 8.4% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 12.6%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Thermax have too much debt? Thermax Ltd has total debt of ₹2,353 Cr against shareholder equity of ₹5,579 Cr as of Jun 2026, so its debt is 0.42× its equity. Year by year, that ratio went from 0.11 in FY22 to 0.42 in FY26. Keep that borrowing in mind when reading the returns on this page. Why this happened. Chemical segment EBITDA recovering from 4-5% toward 10% near-term as new plant utilization improves and North America share gains ramp, but prior 17% goal permanently cut to 13-14%. ## What is the Thermax shareholding pattern? Foreign institutions cut their stake in Thermax Ltd by 4.1 percentage points over 8 quarters, the biggest change among its owners. Foreign institutions now own 11.3% of the company. Domestic institutions moved +2.2 points over the same period, to 14.9%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Foreign institutions: −4.1 points over 8 quarters, to 11.3%; Domestic institutions: +2.2 points over 8 quarters, to 14.9%; Promoters: +0.0 points over 8 quarters, to 62.0%. Why the owners changed: foreign institutions moved −4.1 points and domestic institutions +2.2 points over 8 quarters, while promoters stayed about the same. One group of institutions took over shares from the other; it is not a change of mind by the people running the company. ## How far is Thermax from balance-sheet trouble? For Thermax Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Thermax rank in its industry? 19.0 out of 100, rank 4 of 4 in Capital Goods - Engineering General, with 93% of the evidence available. Thermax Ltd scores 19.0 out of 100 against the 4 companies it is compared with in Capital Goods - Engineering General, ranking 4. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 6.3 + 9.1 + 3.6 + 0 = 19. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Thermax compared with? Thermax ranks 4 of 4 Capital Goods - Engineering General companies on the 4-Factor Sector Score, with 19.0 out of 100. 1. [Mazda Ltd](https://www.sectoralpha.in/stocks/mazda-ltd) MAZDA · Evidence leans up · 78% evidence 54.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.8/35 · Revenue 17.4% · Profit 11.3% · Operating margin change 2.6 points · 88% evidence Capital efficiency 11.6/25 · ROCE 15.6% · Operating margin 9.1% · 100% evidence Valuation 7.6/20 · P/E 18.7× · PEG 1.64 · 85% evidence Relative strength 12.5/20 · Lead over its industry n/a · Lead over NIFTY 500 29% · 1 year n/a · 25% evidence Exact sum: 22.8 + 11.6 + 7.6 + 12.5 = 54.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [Forbes Precision Tools & Machine Parts Ltd](https://www.sectoralpha.in/stocks/forbes-precision-tools-machine-parts-ltd) breaking out · Evidence leans up · 77% evidence 51.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 14.5/35 · Revenue 14.1% · Profit 22.6% · Operating margin change -2.1 points · 95% evidence Capital efficiency 20.2/25 · ROCE 21% · Operating margin 21% · 95% evidence Valuation 10.0/20 · P/E 20.5× · PEG n/a · 0% evidence Relative strength 7.2/20 · Lead over its industry -8.7% · Lead over NIFTY 500 -2.6% · 1 year -31% · 100% evidence · 6 of 12 weeks ahead Exact sum: 14.5 + 20.2 + 10 + 7.2 = 51.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Pitti Engineering Ltd](https://www.sectoralpha.in/stocks/pitti-engineering-ltd) PITTIENG · quiet · Most evidence points down · 97% evidence 26.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 10.2/35 · Revenue 12.2% · Profit -0.8% · Operating margin change -5.4 points · 100% evidence Capital efficiency 12.3/25 · ROCE 14.8% · Operating margin 10.6% · 100% evidence Valuation 3.3/20 · P/E 25.8× · PEG 5.2 · 85% evidence Relative strength 0.9/20 · Lead over its industry -8.2% · Lead over NIFTY 500 -3.2% · 1 year -10% · 100% evidence · 11 of 12 weeks ahead Exact sum: 10.2 + 12.3 + 3.3 + 0.9 = 26.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. Thermax Ltd this page THERMAX · quiet · Most evidence points down · 93% evidence 19.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 6.3/35 · Revenue 4.7% · Profit -11.8% · Operating margin change -7 points · 88% evidence Capital efficiency 9.1/25 · ROCE 13.9% · Operating margin 3% · 100% evidence Valuation 3.6/20 · P/E 67.4× · PEG 5.25 · 85% evidence Relative strength 0.0/20 · Lead over its industry -15.2% · Lead over NIFTY 500 -10.5% · 1 year -3.3% · 100% evidence · 0 of 12 weeks ahead Exact sum: 6.3 + 9.1 + 3.6 + 0 = 19 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Capital Goods - Engineering General](https://www.sectoralpha.in/sectors/capital-goods-engineering-general), all 4 compared on one page. ## Which companies are close to Thermax in size? Thermax is the largest of 4 Capital Goods - Engineering General companies on Sector Alpha by market value (scores of 30 October 2026). It is the largest. Just below it: Pitti Engineering, Forbes Precision Tools & Machine Parts and Mazda. ### Capital Goods - Engineering General companies close in size

1. Thermax Ltd ₹37,084 crore
2. [Pitti Engineering Ltd](https://www.sectoralpha.in/stocks/pitti-engineering-ltd) ₹3,212 crore
3. [Forbes Precision Tools & Machine Parts Ltd](https://www.sectoralpha.in/stocks/forbes-precision-tools-machine-parts-ltd) ₹688 crore
4. [Mazda Ltd](https://www.sectoralpha.in/stocks/mazda-ltd) ₹559 crore

[All 4 Capital Goods - Engineering General companies, largest first](https://www.sectoralpha.in/sectors/capital-goods-engineering-general#all-companies)

### Companies close in size in other industries

1. [Rail Vikas Nigam Ltd](https://www.sectoralpha.in/stocks/rail-vikas-nigam-ltd) ₹37,462 crore · Infra - Construction & Contracting
2. [Anand Rathi Wealth Ltd](https://www.sectoralpha.in/stocks/anand-rathi-wealth-ltd) ₹37,392 crore · Finance - Capital Markets - Wealth Management
3. Thermax Ltd ₹37,084 crore
4. [J K Cements Ltd](https://www.sectoralpha.in/stocks/j-k-cements-ltd) ₹36,977 crore · Cement
5. [Mahindra & Mahindra Financial Services Ltd](https://www.sectoralpha.in/stocks/mahindra-mahindra-financial-services-ltd) ₹36,381 crore · Finance & Investments - CV Finance

## What else do people ask about Thermax? ### What is Thermax's share price today? Thermax Ltd's share price is ₹3,151.20, −2.1% over the past year. The whole company is worth ₹37,551 Cr on the market. In the last 52 weeks it traded between ₹2,846 to ₹5,121; today it is 13% of the way up from the low, 16.2% below its 200-day average (as of 3 November 2026). ### What were Thermax's latest quarterly results? Thermax Ltd reported revenue of ₹2,303 Cr and net profit of ₹22.0 Cr for the Jun 2026 quarter. Revenue rose 6.7% and profit fell 85.4% compared with a year earlier. Earnings per share were ₹2.12. The operating margin was 3.0%, 7.0 percentage points lower than a year earlier (as of 3 November 2026). ### What is Thermax's market cap? Thermax Ltd's market capitalisation is ₹37,551 Cr at a share price of ₹3,151.20. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Thermax performing? Thermax Ltd's share price has been falling for 5 weeks. In its latest quarter, revenue rose 6.7% and profit fell 85.4% compared with a year earlier. Over the past 13 weeks it has done worse than the NIFTY 500, for 17 weeks running (as of 3 November 2026). ### Will Thermax's share price go up? This page does not forecast Thermax Ltd's share price. What it shows instead: the share price is ₹3,151.20, and it has been falling for 5 weeks. Its P/E of 68.3× is higher than 63% of its own last 11 years (as of 3 November 2026). ### Who owns Thermax? Promoters own 62.0% of Thermax Ltd, foreign institutions 11.3%, domestic institutions 14.9% and the public 6.3% (latest quarter). The biggest change over the last two years: Foreign institutions cut their stake by 4.1 percentage points over 8 quarters (as of 3 November 2026). ### Does Thermax have too much debt? Thermax Ltd has a moderate amount of debt: its debt is 0.42× its equity, and its operating profit is 8 times its interest bill. FY26 borrowings were ₹2,353 Cr against equity of ₹5,550 Cr. Keep that borrowing in mind when reading the returns on this page (as of 3 November 2026). ### Where is Thermax in its business cycle? Thermax Ltd's FY26 operating margin was 10.0%, against a 13-year range of 7.0% to 10.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 3.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Thermax story? The main question: domestic institutions moved +2.2 percentage points over 8 quarters while the business went the other way. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Thermax a stock worth studying right now? What the numbers show: Thermax Ltd is reporting record margins. The main open question: whether the owners’ moves turn back in line with the business. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Thermax share price forecast for 2026? What management itself 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. 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). What would change the story: Four documented guidance misses in FY26 across four different segments; pattern is year-start optimism followed by quarterly downgrade, not random. ## Lists

- Small & mid cap stocks: https://www.sectoralpha.in/small-cap-stocks-india

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