Thermax (THERMAX) Stock Overview
Provides energy, environmental, and chemical solutions in India and internationally. More details
| Snowflake Score | |
|---|---|
| Valuation | 0/6 |
| Future Growth | 3/6 |
| Past Performance | 3/6 |
| Financial Health | 5/6 |
| Dividends | 4/6 |
THERMAX Community Fair Values
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Analyst Price Targets
CE
Ceazar
Community ContributorUS$3.87FV • 1.0% overvalued intrinsic discount
30972.3%Revenue growth p.a.
162
0
0
4
Thermax Limited Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | ₹4,077.60 |
| 52 Week High | ₹4,305.00 |
| 52 Week Low | ₹2,742.70 |
| Beta | 0.0067 |
| 1 Month Change | 25.05% |
| 3 Month Change | 41.68% |
| 1 Year Change | 23.89% |
| 3 Year Change | 73.86% |
| 5 Year Change | 168.40% |
| Change since IPO | 6,437.76% |
Recent News & Updates
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).
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).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).Recent updates
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).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).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).
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).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).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).Thermax Limited Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Predictions
Feb 07
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.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).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).Why We're Not Concerned About Thermax Limited's (NSE:THERMAX) Share Price
Dec 31THERMAX: 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).Thermax (NSE:THERMAX) Has A Pretty Healthy Balance Sheet
Dec 10THERMAX: 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.Thermax's (NSE:THERMAX) Problems Go Beyond Weak Profit
Nov 19THERMAX: 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.Thermax Limited Just Missed Earnings - But Analysts Have Updated Their Models
Nov 14We Like These Underlying Return On Capital Trends At Thermax (NSE:THERMAX)
Nov 11Global 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.Pinning Down Thermax Limited's (NSE:THERMAX) P/E Is Difficult Right Now
Aug 27Thermax Limited Just Beat EPS By 6.4%: Here's What Analysts Think Will Happen Next
Aug 03Thermax (NSE:THERMAX) Is Experiencing Growth In Returns On Capital
Jul 30Thermax (NSE:THERMAX) Is Paying Out A Larger Dividend Than Last Year
Jun 28Thermax (NSE:THERMAX) Seems To Use Debt Quite Sensibly
Jun 18Thermax's (NSE:THERMAX) Upcoming Dividend Will Be Larger Than Last Year's
May 27Thermax Limited (NSE:THERMAX) Just Released Its Full-Year Results And Analysts Are Updating Their Estimates
May 14Thermax's (NSE:THERMAX) Upcoming Dividend Will Be Larger Than Last Year's
May 13
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.Shareholder Returns
| THERMAX | IN Machinery | IN Market | |
|---|---|---|---|
| 7D | 0.4% | -0.3% | -0.7% |
| 1Y | 23.9% | 23.8% | 3.9% |
Return vs Industry: THERMAX matched the Indian Machinery industry which returned 24.4% over the past year.
Return vs Market: THERMAX exceeded the Indian Market which returned 5.1% over the past year.
Price Volatility
| THERMAX volatility | |
|---|---|
| THERMAX Average Weekly Movement | 5.5% |
| Machinery Industry Average Movement | 7.4% |
| Market Average Movement | 7.2% |
| 10% most volatile stocks in IN Market | 10.2% |
| 10% least volatile stocks in IN Market | 4.7% |
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 (6%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 1966 | 5,601 | Ashish Bhandari | www.thermaxglobal.com |
Thermax Limited provides energy, environmental, and chemical solutions in India and internationally. It operates in Industrial Products, Industrial Infra, Green Solutions, and Chemical segments. The Industrial Products segment offers manufacturing, installation, sales and services related to boilers and heating equipment, absorption chillers/heat pumps, air pollution control equipment/ systems, water & waste recycling, including associated services and engineering, procurement and construction.
Thermax Limited Fundamentals Summary
| THERMAX fundamental statistics | |
|---|---|
| Market cap | ₹459.30b |
| Earnings (TTM) | ₹6.82b |
| Revenue (TTM) | ₹103.32b |
67.4x
P/E Ratio4.4x
P/S RatioIs THERMAX overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| THERMAX income statement (TTM) | |
|---|---|
| Revenue | ₹103.32b |
| Cost of Revenue | ₹54.74b |
| Gross Profit | ₹48.58b |
| Other Expenses | ₹41.76b |
| Earnings | ₹6.82b |
Last Reported Earnings
Dec 31, 2025
Next Earnings Date
May 07, 2026
| Earnings per share (EPS) | 60.54 |
| Gross Margin | 47.02% |
| Net Profit Margin | 6.60% |
| Debt/Equity Ratio | 35.8% |
How did THERMAX perform over the long term?
See historical performance and comparisonDividends
0.3%
Current Dividend Yield25%
Payout RatioCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/04/30 06:42 |
| End of Day Share Price | 2026/04/30 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/03/31 |
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 |
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| 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 world class team 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 53 analysts. 19 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 |
| null null | Anand Rathi Shares and Stock Brokers Limited |
| Amol Rao | Anand Rathi Shares and Stock Brokers Limited |