Thermax (THERMAX) Stock Overview
Provides energy and environment solutions in India and internationally. More details
| Snowflake Score | |
|---|---|
| Valuation | 0/6 |
| Future Growth | 4/6 |
| Past Performance | 2/6 |
| Financial Health | 5/6 |
| Dividends | 4/6 |
THERMAX Community Fair Values
Create NarrativeSee what 14 others think this stock is worth. Follow their fair value or set your own to get alerts.
Analyst Price Targets
Thermax Limited Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | ₹3,682.00 |
| 52 Week High | ₹5,277.80 |
| 52 Week Low | ₹2,742.70 |
| Beta | 0.30 |
| 1 Month Change | -8.97% |
| 3 Month Change | -22.34% |
| 1 Year Change | 11.19% |
| 3 Year Change | 34.95% |
| 5 Year Change | 149.38% |
| Change since IPO | 5,803.48% |
Recent News & Updates
Narrative Update • Aug 16
THERMAX: Rich P E Will Persist Despite Softer Margin Outlook
Analysts have lifted the Thermax fair value estimate from ₹2,893 to ₹3,300, reflecting updated assumptions around the discount rate, revenue growth, profit margin and future P/E expectations. What's in the News for Thermax Thermax has scheduled a board meeting for July 30, 2026.Analysis Article • Aug 02
Thermax Limited Just Missed Earnings - But Analysts Have Updated Their Models
As you might know, Thermax Limited ( NSE:THERMAX ) last week released its latest quarterly, and things did not turn out...
Narrative Update • Aug 01
THERMAX: Dividend Windfall And Earnings Assumptions Will Support Future Upside
Analysts have revised their Thermax price target down from ₹5,930 to ₹5,335, reflecting updated assumptions around the discount rate, revenue growth, profit margin and future P/E expectations. What's in the News Thermax has scheduled a board meeting on July 30, 2026 to consider and approve the unaudited financial results for the quarter ended June 30, 2026, including segment wise financials.Recent updates
Narrative Update • Aug 16
THERMAX: Rich P E Will Persist Despite Softer Margin Outlook
Analysts have lifted the Thermax fair value estimate from ₹2,893 to ₹3,300, reflecting updated assumptions around the discount rate, revenue growth, profit margin and future P/E expectations. What's in the News for Thermax Thermax has scheduled a board meeting for July 30, 2026.Analysis Article • Aug 02
Thermax Limited Just Missed Earnings - But Analysts Have Updated Their Models
As you might know, Thermax Limited ( NSE:THERMAX ) last week released its latest quarterly, and things did not turn out...Narrative Update • Aug 01
THERMAX: Dividend Windfall And Earnings Assumptions Will Support Future Upside
Analysts have revised their Thermax price target down from ₹5,930 to ₹5,335, reflecting updated assumptions around the discount rate, revenue growth, profit margin and future P/E expectations. What's in the News Thermax has scheduled a board meeting on July 30, 2026 to consider and approve the unaudited financial results for the quarter ended June 30, 2026, including segment wise financials.
Narrative Update • Jul 01
THERMAX: Rising Dividend Payouts Will Increase Risk To Future Shareholder Returns
Thermax's analyst fair value estimate has been revised from about ₹3,414 to roughly ₹4,409. Analysts cite updated assumptions on revenue growth, profit margin and future P/E as the basis for the higher price target.Narrative Update • Jun 17
THERMAX: Dividend Milestone And Revised Assumptions Will Support Stock Upside
Analysts have raised their price target on Thermax to ₹5,930 from ₹5,600, citing updated assumptions that reflect the latest views on discount rate, revenue growth, profit margin and future P/E multiples. What’s in the News for Thermax Thermax has recommended a final dividend of ₹14 per equity share for the financial year 2025-26, subject to shareholder approval at the 45th Annual General Meeting.Narrative Update • Jun 03
THERMAX: Rich P E Will Persist Despite One Off Dividend Windfall
Analysts have revised Thermax's price target from ₹2,700 to ₹2,893, reflecting updated assumptions on revenue growth, profit margins, discount rate, and a slightly lower future P/E multiple. What's in the News The board has recommended a final dividend of ₹14 per share and a special dividend of ₹6 per share to mark Thermax's 60th anniversary, for a total proposed payout of ₹20 per equity share of face value ₹2 each for FY 2025-26, subject to shareholder approval at the 45th AGM.Analysis Article • May 21
We Think That There Are Issues Underlying Thermax's (NSE:THERMAX) Earnings
Thermax Limited's ( NSE:THERMAX ) stock was strong after they recently reported robust earnings. We did some analysis...Narrative Update • May 12
THERMAX: Board Decisions On Results And Dividend Will Support Bullish Outlook
The analyst fair value estimate for Thermax has been revised from ₹4,459.89 to ₹5,600.00. Analysts point to updated assumptions on revenue growth, profit margins and future P/E as the key drivers behind this change.Analysis Article • May 10
Earnings Beat: Thermax Limited Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models
Thermax Limited ( NSE:THERMAX ) just released its full-year report and things are looking bullish. Thermax beat...Narrative Update • Apr 28
THERMAX: New Energy Partnerships And Dubai Expansion Will Shape Balanced Outlook
Analysts have nudged their fair value estimate for Thermax up from ₹4,381.36 to ₹4,459.89, reflecting updated assumptions on the discount rate, revenue growth, profit margin, and a higher future P/E multiple. What's in the News A board meeting is scheduled for May 7, 2026 to consider and approve audited financial results for the quarter and year ended March 31, 2026, including segment-wise financials (Key Developments).Narrative Update • Apr 14
THERMAX: New Energy Expansion Will Likely Sustain Rich P E And Limit Upside
Analysts have lifted their price target on Thermax from ₹2,454.97 to ₹2,700, citing updated assumptions for revenue growth, profit margin and future P/E, along with a revised discount rate. What's in the News The board approved setting up a wholly owned step-down subsidiary in Dubai through Thermax Engineering Singapore Pte Ltd, expanding the group structure into the Middle East region (company filing).Narrative Update • Mar 31
THERMAX: New Energy Tie-Ups And Middle East Expansion Will Support Upside
Thermax's analyst fair value estimate is unchanged at ₹4,381.36, with the updated target now supported by slightly adjusted assumptions around discount rate, revenue growth, profit margin and future P/E that analysts see as better reflecting the current risk and earnings outlook. What's in the News The board has approved the incorporation of a wholly owned step-down subsidiary in Dubai through Thermax Engineering Singapore Pte Ltd, expanding the group structure into the Middle East region (board meeting resolution, February 2, 2026).Narrative Update • Mar 16
THERMAX: New Energy Partnership And Dubai Subsidiary Will Support Balanced Medium Term Outlook
Thermax's analyst price target has been adjusted slightly to ₹3,414 from ₹3,413, with analysts attributing the change to small refinements in fair value, discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News The Board approved the incorporation of a wholly owned step down subsidiary in Dubai through Thermax Engineering Singapore Pte Ltd, expanding the group structure into the UAE (Board meeting resolution, Feb 2, 2026).Narrative Update • Mar 02
THERMAX: New Energy Partnerships Will Drive Long-Term Upside
Analysts have trimmed their Thermax fair value estimate from ₹4,458 to ₹4,381 as they now assume slightly lower revenue growth and profit margins, partly offset by a reduced discount rate and a higher future P/E multiple. What's in the News The Board approved setting up a wholly owned step down subsidiary in Dubai through Thermax Engineering Singapore Pte Ltd, aimed at expanding the group’s presence in the region (Board meeting filing).Narrative Update • Feb 16
THERMAX: New Energy Tie-Up And Dubai Expansion Will Support Upside Potential
Analysts have trimmed their Thermax price target slightly to ₹3,413 from ₹3,438, reflecting updated assumptions for the discount rate, revenue growth, profit margin and future P/E that remain broadly consistent with prior expectations. What's in the News Thermax plans to set up a wholly owned step down subsidiary in Dubai through its Singapore unit, as approved by the Board on February 2, 2026 (Board meeting resolution).Analysis Article • Feb 07
Thermax Limited Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Predictions
Thermax Limited ( NSE:THERMAX ) came out with its quarterly results last week, and we wanted to see how the business is...Narrative Update • Feb 02
THERMAX: Upcoming December Results Will Support Long-Term Upside Potential
Analysts have nudged up their fair value estimate for Thermax to ₹3,438 from ₹3,424, reflecting slightly adjusted assumptions for the discount rate, revenue growth, profit margins, and future P/E expectations. What's in the News A board meeting is scheduled on Feb 02, 2026 to consider and approve the unaudited financial results for the quarter ended December 31, 2025.Narrative Update • Jan 19
THERMAX: Upcoming Earnings Releases Will Support Long-Term Upside Potential
Analysts have slightly reduced their 12 month price target for Thermax to ₹3,424 from about ₹3,464, citing updated assumptions for discount rate, revenue growth, profit margins and future P/E that are now marginally more conservative in their models. What's in the News Board meeting scheduled on Feb 02, 2026 to consider and approve unaudited financial results for the quarter and nine months ended Dec 31, 2025, including segment-wise financials (company filing).Narrative Update • Jan 05
THERMAX: Merger And Energy Transition Moves Will Drive Long-Term Upside
Analysts have modestly trimmed their price target on Thermax to reflect a lower fair value of ₹4,458 from ₹4,749, citing a slightly higher discount rate, even as they factor in marginally better long term revenue growth, profit margins, and a reduced future P E multiple. What's in the News A board meeting is scheduled on October 17, 2025 to consider the merger by absorption of Buildtech Products India Private Limited with Thermax Limited and their respective shareholders (Key Developments).Analysis Article • Dec 31
Why We're Not Concerned About Thermax Limited's (NSE:THERMAX) Share Price
When close to half the companies in India have price-to-earnings ratios (or "P/E's") below 25x, you may consider...Narrative Update • Dec 14
THERMAX: Board Actions Will Likely Pressure Margins And Limit Upside Potential
Analysts have trimmed their price target on Thermax by roughly 4 percent to about ₹2,455, citing slightly higher discount rates, mildly softer revenue growth expectations, a modestly lower profit margin outlook and a marginally richer future price to earnings multiple. What's in the News Thermax has scheduled a board meeting on November 11, 2025 to consider and approve unaudited financial results for the quarter and half year ended September 30, 2025, including segment wise financials (company filing).Analysis Article • Dec 10
Thermax (NSE:THERMAX) Has A Pretty Healthy Balance Sheet
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it might be obvious that you need to...Narrative Update • Nov 29
THERMAX: Upcoming Mergers And New Investments Will Drive Long-Term Upside
Analysts have slightly lowered their price target for Thermax, reducing the fair value estimate from ₹3,562.05 to ₹3,464.35. This change reflects minor adjustments to projected discount rates and revenue growth outlooks.Analysis Article • Nov 19
Thermax's (NSE:THERMAX) Problems Go Beyond Weak Profit
Investors were disappointed by Thermax Limited's ( NSE:THERMAX ) latest earnings release. We did some further digging...Narrative Update • Nov 14
THERMAX: Upcoming Mergers And Investments Will Support Future Momentum
Analysts have revised their fair value estimate for Thermax downward from ₹3,646.86 to ₹3,562.05. This adjustment is due to lowered expectations for revenue growth and profit margins, as well as a higher discount rate in their updated assessment.Analysis Article • Nov 14
Thermax Limited Just Missed Earnings - But Analysts Have Updated Their Models
Thermax Limited ( NSE:THERMAX ) just released its latest second-quarter report and things are not looking great. It...Analysis Article • Nov 11
We Like These Underlying Return On Capital Trends At Thermax (NSE:THERMAX)
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Amongst other things...Narrative Update • Sep 05
Global Green Investments Will Secure A Promising Industrial Future
As both the discount rate and future P/E for Thermax remained virtually unchanged, the consensus analyst price target also held steady at ₹3647. What's in the News Thermax entered a strategic partnership with HydrogenPro, securing exclusive rights in India for the supply, installation, and servicing of hydrogen electrolyser systems and announcing plans for joint technology development, manufacturing integration, and a new test station in Pune.Analysis Article • Aug 27
Pinning Down Thermax Limited's (NSE:THERMAX) P/E Is Difficult Right Now
With a price-to-earnings (or "P/E") ratio of 54.7x Thermax Limited ( NSE:THERMAX ) may be sending very bearish signals...Analysis Article • Aug 03
Thermax Limited Just Beat EPS By 6.4%: Here's What Analysts Think Will Happen Next
Thermax Limited ( NSE:THERMAX ) last week reported its latest first-quarter results, which makes it a good time for...Analysis Article • Jul 30
Thermax (NSE:THERMAX) Is Experiencing Growth In Returns On Capital
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'll...Analysis Article • Jun 28
Thermax (NSE:THERMAX) Is Paying Out A Larger Dividend Than Last Year
Thermax Limited ( NSE:THERMAX ) will increase its dividend from last year's comparable payment on the 1st of January to...Analysis Article • Jun 18
Thermax (NSE:THERMAX) Seems To Use Debt Quite Sensibly
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Analysis Article • May 27
Thermax's (NSE:THERMAX) Upcoming Dividend Will Be Larger Than Last Year's
The board of Thermax Limited ( NSE:THERMAX ) has announced that it will be paying its dividend of ₹14.00 on the 1st of...Analysis Article • May 14
Thermax Limited (NSE:THERMAX) Just Released Its Full-Year Results And Analysts Are Updating Their Estimates
It's been a good week for Thermax Limited ( NSE:THERMAX ) shareholders, because the company has just released its...Analysis Article • May 13
Thermax's (NSE:THERMAX) Upcoming Dividend Will Be Larger Than Last Year's
Thermax Limited ( NSE:THERMAX ) has announced that it will be increasing its dividend from last year's comparable...Analysis Article • Mar 21
Thermax (NSE:THERMAX) Has Some Way To Go To Become A Multi-Bagger
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Ideally, a...Analysis Article • Jan 24
Getting In Cheap On Thermax Limited (NSE:THERMAX) Is Unlikely
When close to half the companies in India have price-to-earnings ratios (or "P/E's") below 30x, you may consider...Analysis Article • Dec 13
Does Thermax (NSE:THERMAX) Have A Healthy Balance Sheet?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
New Narrative • Dec 04
International Orders And Renewable Energy Expansion To Drive Growth And Boost Profitability
Expansion into international markets and strategic boiler projects can drive revenue growth and improve profit margins.Analysis Article • Nov 21
Thermax's (NSE:THERMAX) Shareholders Should Assess Earnings With Caution
The latest earnings release from Thermax Limited ( NSE:THERMAX ) disappointed investors. We did some digging and found...Analysis Article • Nov 09
The Returns At Thermax (NSE:THERMAX) Aren't Growing
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...Analysis Article • Oct 13
Thermax Limited's (NSE:THERMAX) Share Price Matching Investor Opinion
When close to half the companies in the Machinery industry in India have price-to-sales ratios (or "P/S") below 3.3x...Analysis Article • Aug 04
Thermax Limited Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now
Thermax Limited ( NSE:THERMAX ) just released its latest first-quarter report and things are not looking great. It...Analysis Article • Aug 02
Thermax (NSE:THERMAX) Has Some Way To Go To Become A Multi-Bagger
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an...Analysis Article • Jul 02
Is Thermax (NSE:THERMAX) A Risky Investment?
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...Analysis Article • May 03
Thermax (NSE:THERMAX) Has Some Way To Go To Become A Multi-Bagger
There are a few key trends to look for if we want to identify the next multi-bagger. Ideally, a business will show two...Analysis Article • Apr 06
Revenues Tell The Story For Thermax Limited (NSE:THERMAX) As Its Stock Soars 26%
Despite an already strong run, Thermax Limited ( NSE:THERMAX ) shares have been powering on, with a gain of 26% in the...Analysis Article • Mar 24
Does Thermax (NSE:THERMAX) Have A Healthy Balance Sheet?
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Analysis Article • Jan 08
Thermax Limited's (NSE:THERMAX) Share Price Matching Investor Opinion
When close to half the companies in India have price-to-earnings ratios (or "P/E's") below 30x, you may consider...Analysis Article • Dec 17
Thermax (NSE:THERMAX) Seems To Use Debt Quite Sensibly
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...Shareholder Returns
| THERMAX | IN Machinery | IN Market | |
|---|---|---|---|
| 7D | 1.2% | -0.6% | -1.4% |
| 1Y | 11.2% | 15.1% | -1.2% |
Return vs Industry: THERMAX underperformed the Indian Machinery industry which returned 15.1% over the past year.
Return vs Market: THERMAX exceeded the Indian Market which returned -1.2% over the past year.
Price Volatility
| THERMAX volatility | |
|---|---|
| THERMAX Average Weekly Movement | 5.0% |
| Machinery Industry Average Movement | 5.9% |
| Market Average Movement | 5.7% |
| 10% most volatile stocks in IN Market | 8.9% |
| 10% least volatile stocks in IN Market | 3.4% |
Stable Share Price: THERMAX has not had significant price volatility in the past 3 months compared to the Indian market.
Volatility Over Time: THERMAX's weekly volatility (5%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 1966 | 3,962 | Ashish Bhandari | www.thermaxglobal.com |
Thermax Limited, together with its subsidiaries, provides energy and environment solutions in India and internationally. The company is involved in the manufacturing, installation, sales, and services related to boilers and heating equipment, absorption chiller/heat pumps, air pollution control equipment/systems, water and waste recycling; and provision of associated services and engineering, procurement, and construction (EPC). It also provides EPC of power plants, infra projects, and flue gas desulphurisation projects; manufactures, installs, sells, and services related to ion exchange resins, performance chemicals, construction chemicals, water treatment chemicals, oil field chemicals, paper and construction chemicals, and related services; and builds, owns and operates models, energy management solutions, oil and gas-fired, green hydrogen project, and solar and wind renewable energy.
Thermax Limited Fundamentals Summary
| THERMAX fundamental statistics | |
|---|---|
| Market cap | ₹414.77b |
| Earnings (TTM) | ₹5.93b |
| Revenue (TTM) | ₹108.39b |
69.9x
P/E Ratio3.8x
P/S RatioIs THERMAX overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| THERMAX income statement (TTM) | |
|---|---|
| Revenue | ₹108.39b |
| Cost of Revenue | ₹71.45b |
| Gross Profit | ₹36.95b |
| Other Expenses | ₹31.01b |
| Earnings | ₹5.93b |
Last Reported Earnings
Jun 30, 2026
Next Earnings Date
n/a
| Earnings per share (EPS) | 52.67 |
| Gross Margin | 34.09% |
| Net Profit Margin | 5.47% |
| Debt/Equity Ratio | 42.2% |
How did THERMAX perform over the long term?
See historical performance and comparisonDividends
0.4%
Current Dividend Yield22%
Payout RatioCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/09/13 22:00 |
| End of Day Share Price | 2026/09/11 00:00 |
| Earnings | 2026/06/30 |
| Annual Earnings | 2026/03/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
| |
| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Thermax Limited is covered by 48 analysts. 20 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Kunal Sheth | 360 ONE Capital Market Private Limited |
| Amol Rao | Anand Rathi Shares and Stock Brokers Limited |
| null null | Anand Rathi Shares and Stock Brokers Limited |