THERMAX - Thermax Ltd. Share Price

Electrical Equipment

Sharesguru Stock Score

THERMAX

31/100

High Scoring Large Cap stocks have outperformed low scoring stocks by 90% over last 4 years

₹4821.00-54.90(-1.13%)

Market Closed as of Jun 5, 2026, 15:30 IST

Select time range

Pros

Buy Backs: Company has bought back it's stock in the past which is a good thing.

Balance Sheet: Strong Balance Sheet.

Size: It is among the top 200 market size companies of india.

Past Returns: Outperforming stock! In past three years, the stock has provided 26.5% return compared to 8.9% by NIFTY 50.

Valuation
Market Cap	54.16 kCr
Price/Earnings (Trailing)	71.07
Price/Sales (Trailing)	4.94
EV/EBITDA	41.16
Price/Free Cashflow	-131.81
MarketCap/EBT	53.71
Enterprise Value	55.77 kCr

Fundamentals
Revenue (TTM)	10.95 kCr
Rev. Growth (Yr)	10.1%
Earnings (TTM)	720.26 Cr
Earnings Growth (Yr)	18.9%

Profitability
Operating Margin	9%
EBT Margin	9%
Return on Equity	12.91%
Return on Assets	5.42%
Free Cashflow Yield	-0.76%

Growth & Returns
Price Change 1W	-1.2%
Price Change 1M	10.2%
Price Change 6M	57.5%
Price Change 1Y	28.3%
3Y Cumulative Return	26.5%
5Y Cumulative Return	26.2%
7Y Cumulative Return	24.4%
10Y Cumulative Return	20.5%

Cash Flow & Liquidity
Cash Flow from Investing (TTM)	-587.06 Cr
Cash Flow from Operations (TTM)	541.54 Cr
Cash Flow from Financing (TTM)	247.64 Cr
Cash & Equivalents	674.45 Cr
Free Cash Flow (TTM)	-410.86 Cr
Free Cash Flow/Share (TTM)	-34.48

Balance Sheet
Total Assets	13.28 kCr
Total Liabilities	7.7 kCr
Shareholder Equity	5.58 kCr
Current Assets	7.11 kCr
Current Liabilities	5.82 kCr
Net PPE	2.87 kCr
Inventory	909.5 Cr
Goodwill	80.19 Cr

Capital Structure & Leverage
Debt Ratio	0.17
Debt/Equity	0.41
Interest Coverage	6.26
Interest/Cashflow Ops	4.9

Dividend & Shareholder Returns
Dividend/Share (TTM)	14
Dividend Yield	0.48%
Shares Dilution (1Y)	0.00%
Shares Dilution (3Y)	0.00%

Technical Indicators
RSI (14d)	64.85
RSI (5d)	26.57
RSI (21d)	55.93
MACD Signal	Sell
Stochastic Oscillator Signal	Hold
SharesGuru Signal	Buy
RSI Signal	Hold
RSI5 Signal	Buy
RSI21 Signal	Hold
SMA 5 Signal	Sell
SMA 10 Signal	Sell
SMA 20 Signal	Buy
SMA 50 Signal	Buy
SMA 100 Signal	Buy

Description	Share	Value
a. Industrial Products	47.1%	1.7 kCr
b. Industrial Infra	41.6%	1.5 kCr
c. Green Solutions	5.8%	203.7 Cr
d. Chemical	5.5%	193.2 Cr
Total		3.5 kCr

Shareholder Name	Holding %
RDA HOLDINGS PRIVATE LTD	53.99%
ARA TRUSTEESHIP COMPANY PRIVATE LIMITED	7.99%
SBI ESG EXCLUSIONARY STRATEGY FUND	7.8%
NALANDA INDIA EQUITY FUND LIMITED	5.13%
JASMEET BHATIA	2.41%
KOTAK FLEXICAP FUND	2.21%
KOTAK FUNDS - INDIA MIDCAP FUND	1.04%
ICICI PRUDENTIAL MUTUAL FUND - ICICI PRUDENTIAL NI	1.01%
PHEROZ N PUDUMJEE	0.01%
MEHER PUDUMJEE	0%
ARNAVAZ ROHINTON AGA	0%
ZAHAAN PHEROZ PUDUMJEE	0%
LEA PUDUMJEE	0%
MEHER P. SETHNA	0%
KHORSHED KAVAS BHARUCHA	0%
JAMSDHED A. BHATENA	0%
DARAYUS A. BHATENA	0%
RDA INVESTMENTS SINGAPORE PTE. LTD.	0%
SHAKTI SUSTAINABLE ENERGY FOUNDATION	0%
SOCOMP SOLUTIONS PRIVATE LIMITED	0%

Ticker	Name	Mkt Cap	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LT	Larsen & Toubro	5.38 LCr	2.92 LCr	-3.50%	+9.60%	33.43	1.84	-	-
BHEL	Bharat Heavy Electricals	1.42 LCr	34.59 kCr	+22.50%	+64.70%	88.59	4.1	-	-
ABB	ABB India	1.4 LCr	13.59 kCr	-9.20%	+11.90%	46.88	10.27	-	-
SIEMENS	Siemens	1.33 LCr	18.09 kCr	+0.20%	+13.30%	75.07	7.34	-	-
KEC	KEC International	12.94 kCr	23.56 kCr	-16.70%	-39.00%	21.36	0.55	-	-

Description	(%) Q/Q	Mar-2026	Mar-2025	Mar-2024	Mar-2023	Mar-2022	Mar-2021
Revenue From Operations	2.9%	10,694	10,389	9,323	8,090	6,128	4,791
Other Income	6%	267	252	233	160	127	108
Total Income	3%	10,962	10,641	9,556	8,250	6,255	4,899
Cost of Materials	-2.3%	5,424	5,554	5,092	4,443	3,506	2,467
Purchases of stock-in-trade	-4.2%	185	193	163	153	122	83
Employee Expense	12%	1,421	1,269	1,148	954	813	759
Finance costs	19%	139	117	88	38	25	21
Depreciation and Amortization	31%	208	159	148	117	113	115
Other expenses	12.1%	2,687	2,398	2,158	1,913	1,409	1,139
Total Expenses	2.6%	10,014	9,756	8,762	7,647	5,845	4,571
Profit Before exceptional items and Tax	7%	947	885	794	603	410	328
Exceptional items before tax	-	61	0	75	0	0	-52.53
Total profit before tax	13.9%	1,008	885	870	603	410	275
Current tax	-10.7%	268	300	214	126	73	75
Deferred tax	144.3%	20	-41.86	11	26	25	-6.24
Total tax	11.7%	288	258	226	152	98	69
Total profit (loss) for period	14.9%	720	627	643	451	312	207
Other comp. income net of taxes	-494.6%	-18.8	-2.33	-8.87	0.19	7.62	17
Total Comprehensive Income	12.4%	701	624	634	451	320	223
Earnings Per Share, Basic	13.8%	63.95	56.33	57.3	39.98	27.73	18.34
Earnings Per Share, Diluted	13.8%	63.94	56.31	57.28	39.98	27.73	18.34
Debt equity ratio	-	-	-	-	-	-	-
Debt service coverage ratio	-	-	-	-	-	-	-
Interest service coverage ratio	-	-	-	-	-	-	-

Description	(%) Q/Q	Mar-2026	Dec-2025	Sep-2025	Jun-2025	Mar-2025	Dec-2024
Revenue From Operations	30.1%	3,428	2,635	2,474	2,150	3,085	2,508
Other Income	-14.5%	54	63	85	66	77	32
Total Income	29.1%	3,482	2,697	2,559	2,216	3,162	2,539
Cost of Materials	33.4%	1,748	1,311	1,336	1,022	1,661	1,342
Purchases of stock-in-trade	38.5%	55	40	48	42	58	54
Employee Expense	8.6%	391	360	340	329	332	323
Finance costs	24.2%	42	34	32	30	31	29
Depreciation and Amortization	1.9%	54	53	51	49	45	35
Other expenses	31.2%	851	649	652	536	708	597
Total Expenses	27.7%	3,150	2,467	2,386	2,004	2,862	2,382
Profit Before exceptional items and Tax	44.5%	332	230	174	212	300	157
Exceptional items before tax	-97.5%	2.46	59	0	0	0	0
Total profit before tax	15.6%	334	289	174	212	300	157
Current tax	-4.8%	81	85	43	59	132	34
Deferred tax	378.9%	8.81	-1.8	11	1.4	-36.9	8.48
Total tax	7.2%	90	84	54	60	95	43
Total profit (loss) for period	19.1%	244	205	119	151	206	114
Other comp. income net of taxes	-859.8%	-27.57	4.76	-23.85	28	19	-23.27
Total Comprehensive Income	3.3%	217	210	96	179	224	90
Earnings Per Share, Basic	20.8%	21.68	18.12	10.62	13.53	18.27	10.29
Earnings Per Share, Diluted	20.8%	21.68	18.12	10.62	13.52	18.26	10.29

Description	(%) Q/Q	Mar-2026	Mar-2025	Mar-2024	Mar-2023	Mar-2022	Mar-2021
Revenue From Operations	4.2%	6,518	6,254	5,822	5,141	4,015	3,131
Other Income	40.6%	285	203	193	136	125	140
Total Income	5.4%	6,803	6,457	6,015	5,278	4,140	3,272
Cost of Materials	4.1%	3,440	3,306	3,116	2,848	2,342	1,632
Purchases of stock-in-trade	-3.7%	182	189	161	143	109	80
Employee Expense	9.7%	838	764	684	564	478	454
Finance costs	-20%	25	31	24	20	13	8.57
Depreciation and Amortization	24.7%	97	78	73	73	67	64
Other expenses	8.8%	1,579	1,452	1,369	1,218	907	739
Total Expenses	4.4%	6,096	5,837	5,437	4,853	3,870	2,986
Profit Before exceptional items and Tax	14.2%	707	619	578	424	270	286
Exceptional items before tax	-6.5%	88	94	2.08	7.2	-14	-103.03
Total profit before tax	11.5%	795	713	580	431	256	183
Current tax	-26.6%	131	178	146	99	52	55
Deferred tax	136.9%	15	-36.96	-3.21	3.32	3.22	-13.21
Total tax	3.6%	146	141	143	102	55	42
Total profit (loss) for period	13.5%	649	572	437	329	201	141
Other comp. income net of taxes	-533.8%	-27.65	-3.52	-4.21	-7.78	4.24	0.87
Total Comprehensive Income	9.2%	621	569	433	321	205	142
Earnings Per Share, Basic	13.7%	54.46	48.02	36.71	27.63	16.85	11.83
Earnings Per Share, Diluted	13.7%	54.46	48.02	36.71	27.63	16.85	11.83
Debt equity ratio	-	-	-	-	-	-	-
Debt service coverage ratio	-	-	-	-	-	-	-
Interest service coverage ratio	-	-	-	-	-	-	-

Category	THERMAX	Electrical
PE	68.99	67.34
PS	4.80	6.97
Growth	2.9 %	17 %

Description	(%) Q/Q	Mar-2026	Dec-2025	Sep-2025	Jun-2025	Mar-2025	Dec-2024
Revenue From Operations	39.2%	2,226	1,599	1,505	1,183	1,972	1,453
Other Income	-15.8%	33	39	178	35	56	41
Total Income	37.9%	2,259	1,638	1,683	1,218	2,027	1,494
Cost of Materials	40.1%	1,193	852	817	572	1,054	762
Purchases of stock-in-trade	39.5%	54	39	47	42	55	54
Employee Expense	-0.5%	214	215	205	202	191	200
Finance costs	-6.9%	7.97	8.49	5.01	3.4	8.64	8.49
Depreciation and Amortization	800%	235	27	26	24	20	19
Other expenses	32.9%	498	375	372	334	414	344
Total Expenses	48.7%	2,224	1,496	1,429	1,156	1,784	1,370
Profit Before exceptional items and Tax	-75.9%	35	142	253	62	243	124
Exceptional items before tax	-98.3%	2.46	85	0	0	94	0
Total profit before tax	-84.1%	37	227	253	62	337	124
Current tax	-15.1%	46	54	14	16	85	18
Deferred tax	214.1%	4.89	-2.41	14	-0.86	-23.07	2.83
Total tax	-2%	51	52	27	15	62	21
Total profit (loss) for period	-108.6%	-14.01	175	226	46	275	103
Other comp. income net of taxes	-243.7%	-10.72	-2.41	-16	1.48	7.12	-5.06
Total Comprehensive Income	-115%	-24.73	173	210	48	282	98
Earnings Per Share, Basic	15.6%	16.87	14.73	18.96	3.9	23.09	8.66
Earnings Per Share, Diluted	15.6%	16.87	14.73	18.96	3.9	23.09	8.66

Description	(%) Q/Q	Mar-2026	Sep-2025	Mar-2025	Sep-2024	Mar-2024	Sep-2023
Cash and cash equivalents	29.2%	674	522	418	402	487	327
Current investments	3.7%	1,277	1,232	1,568	1,638	1,363	1,359
Loans, current	252.6%	1.29	0.81	1.27	1.11	1.14	0.96
Total current financial assets	0.5%	4,832	4,808	5,954	5,092	5,019	4,671
Inventories	-0.9%	910	918	720	818	765	757
Current tax assets	246.4%	9.14	3.35	2.09	3.22	0.52	3.36
Total current assets	-2.1%	7,109	7,262	7,313	6,616	6,448	5,961
Property, plant and equipment	3.2%	2,868	2,779	2,615	1,935	1,874	1,873
Capital work-in-progress	104.3%	1,392	682	561	781	519	264
Goodwill	0%	80	80	80	47	3.03	3.03
Non-current investments	132.9%	497	214	121	234	383	348
Loans, non-current	11.7%	3.76	3.47	4.55	4.57	4.28	5.02
Total non-current financial assets	69.4%	1,153	681	818	823	772	641
Total non-current assets	25.4%	6,173	4,924	4,716	4,353	3,705	3,345
Total assets	9%	13,282	12,188	12,038	10,969	10,153	9,313
Borrowings, non-current	17.5%	1,616	1,376	1,162	1,148	789	678
Total non-current financial liabilities	10.8%	1,753	1,582	1,353	1,351	905	768
Provisions, non-current	-6%	48	51	40	46	42	40
Total non-current liabilities	11.8%	1,883	1,684	1,460	1,467	988	836
Borrowings, current	76.1%	672	382	532	304	466	378
Total current financial liabilities	56.8%	3,353	2,139	2,459	2,037	2,194	1,989
Provisions, current	-16.3%	325	388	374	344	305	272
Current tax liabilities	-98.9%	32	2,831	91	48	41	22
Total current liabilities	6.9%	5,820	5,444	5,635	4,874	4,725	4,485
Total liabilities	8.1%	7,703	7,128	7,095	6,341	5,713	5,320
Equity share capital	0%	23	23	23	23	23	23
Non controlling interest	298.9%	29	8.02	5.69	7.72	0	4.09
Total equity	10.3%	5,579	5,060	4,943	4,628	4,440	3,993
Total equity and liabilities	9%	13,282	12,188	12,038	10,969	10,153	9,313

Description	(%) Q/Q	Mar-2026	Sep-2025	Mar-2025	Sep-2024	Mar-2024	Sep-2023
Cash and cash equivalents	13.8%	100	88	118	131	264	75
Current investments	-16.3%	712	850	1,295	1,158	966	1,060
Loans, current	-58.1%	66	156	48	243	184	177
Total current financial assets	-2.9%	2,570	2,648	3,984	3,176	3,137	2,987
Inventories	-3.4%	482	499	383	444	397	415
Current tax assets	-	0	0	91	0	-	-
Total current assets	-3.1%	3,867	3,991	4,458	4,137	4,045	3,766
Property, plant and equipment	-0.7%	995	1,002	954	734	728	685
Capital work-in-progress	2.3%	45	44	82	171	107	92
Non-current investments	14.7%	2,070	1,805	1,400	214	383	423
Loans, non-current	65.8%	132	80	12	21	7.98	6.37
Total non-current financial assets	19.6%	2,387	1,996	1,564	386	539	546
Total non-current assets	10%	3,691	3,355	2,778	2,724	2,702	2,534
Total assets	2.9%	7,558	7,346	7,246	6,861	6,747	6,307
Borrowings, non-current	0%	25	25	25	25	0	0
Total non-current financial liabilities	-48.2%	30	57	81	95	48	43
Provisions, non-current	-16.2%	32	38	27	25	26	22
Total non-current liabilities	-36.2%	61	95	108	121	74	65
Borrowings, current	-25.6%	100	134	59	333	308	275
Total current financial liabilities	36.6%	1,679	1,229	1,287	1,433	1,493	1,372
Provisions, current	-23.8%	184	241	233	214	194	171
Current tax liabilities	-89%	6.06	47	65	30	20	16
Total current liabilities	-3.7%	3,070	3,189	3,170	3,156	3,136	3,037
Total liabilities	-4.7%	3,131	3,284	3,278	3,277	3,211	3,102
Equity share capital	0%	24	24	24	24	24	24
Total equity	9%	4,427	4,062	3,968	3,585	3,537	3,205
Total equity and liabilities	2.9%	7,558	7,346	7,246	6,861	6,747	6,307

Description	(%) Q/Q	Mar-2026	Mar-2025	Mar-2024	Mar-2023	Mar-2022	Mar-2021
Finance costs	-9.8%	139	154	96	38	25	-
Change in inventories	-326.6%	-173.51	78	-9.27	-28.62	-322.27	-
Depreciation	31%	208	159	148	117	113	-
Impairment loss / reversal	-17.5%	67	81	59	41	-4.4	-
Unrealised forex losses/gains	-164.9%	-1.03	4.13	-5.64	-0.26	3.46	-
Dividend income	-	0	0	0	0	1.37	-
Adjustments for interest income	110.4%	142	68	87	70	52	-
Share-based payments	-19.6%	4.89	5.84	4.88	2.52	0	-
Net Cashflows from Operations	-27.5%	891	1,229	434	611	428	-
Income taxes paid (refund)	88.1%	349	186	186	151	103	-
Net Cashflows From Operating Activities	-48.1%	542	1,043	247	460	325	-
Proceeds from sales of PPE	-	9.95	0	0	0	0	-
Purchase of property, plant and equipment	5.4%	952	903	844	650	84	-
Proceeds from sales of investment property	-169%	0	2.45	125	0	0	-
Proceeds from sales of long-term assets	-	6,017	0	0	0	0	-
Purchase of other long-term assets	-	5,845	0	0	89	420	-
Dividends received	-	0	0	0	0	1.37	-
Interest received	114.3%	136	64	87	70	87	-
Other inflows (outflows) of cash	113.5%	37	-266.05	126	0	0	-
Net Cashflows From Investing Activities	52.6%	-587.06	-1,240.55	-509.21	-679.68	-421.58	-
Proceeds from issuing other equity instruments	-1%	0	0.01	0.01	0	0	-
Proceeds from borrowings	13.4%	1,469	1,295	969	448	76	-
Repayments of borrowings	5.8%	911	861	538	0	0	-
Payments of lease liabilities	-119.7%	0	6.08	10	9.8	4.47	-
Dividends paid	17.2%	158	135	113	102	79	-
Interest paid	-8%	162	176	82	26	13	-
Other inflows (outflows) of cash	29.2%	8.75	7	60	38	0	-
Net Cashflows from Financing Activities	100.8%	248	124	285	349	-20.58	-
Effect of exchange rate on cash eq.	-	22	0	-4.47	16	2.08	-
Net change in cash and cash eq.	396.5%	224	-74.21	19	144	-115.37	-

THERMAX - Thermax Ltd. Share Price

THERMAX

Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)

THERMAX

THERMAX - Thermax Ltd. Share Price

THERMAX

Valuation

Fundamentals

Profitability

Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)

Growth & Returns

Cash Flow & Liquidity

Balance Sheet

Capital Structure & Leverage

Dividend & Shareholder Returns

THERMAX

Investor Care

Financial Health

Technical Indicators

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution

What does Thermax Ltd. do?

Important Disclosure & Data Context

Valuation

Fundamentals

Profitability

Growth & Returns

Cash Flow & Liquidity

Balance Sheet

Capital Structure & Leverage

Dividend & Shareholder Returns

Investor Care

Financial Health

Technical Indicators

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution

What does Thermax Ltd. do?

Important Disclosure & Data Context