Thermax Ltd. (THMX)

Currency in INR
3,551.90
-17.60(-0.49%)
Closed·
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Fair Value
Day's Range
3,522.403,599.00
52 wk Range
2,742.705,271.36
Key Statistics
Bid/Ask
3,540.00 / 3,551.90
Prev. Close
3,551.9
Open
3,569.5
Day's Range
3,522.4-3,599
52 wk Range
2,742.7-5,271.36
Volume
238.4K
Average Volume (3m)
254.22K
1-Year Change
7.386%
Fair Value
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Fair Value Upside
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THMX Scorecardpro icon
Company’s Health
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Fair Value
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Fair Price
Upside
Price Target
4,392.00
Upside
+23.65%
Members' Sentiments
Bearish
Bullish
ProTips
RSI suggests the stock is in oversold territory

Thermax Ltd. News & Analysis

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Technical Analysis

Summary
Strong Sell
Sell
Neutral
Buy
Strong Buy
Strong Sell
Technical Indicators
Strong Sell
Moving Averages
Strong Sell

Analyst Ratings

8 Buy
8 Hold
5 Sell
Ratings:
21 analysts
Overall Consensus
Neutral

Analysts 12-Month Price Target:

Average 4,392.00
(+23.65% Upside)
Firm
ArticlePositionPrice TargetUpside / DownsideFrom Price TargetActionDate
Macquarie
Hold4,100.00+15.43%3,850.00Maintain03/08/2026
ICICI Securities
Hold4,100.00+15.43%4,500.00Maintain03/08/2026
JPMorgan
Hold4,139.00+16.53%4,335.00Maintain03/08/2026
UBS
Buy5,100.00+43.59%5,600.00Maintain01/08/2026
Kotak
Sell4,250.00+19.65%4,000.00Maintain08/07/2026

Thermax Ltd. Earnings Call Summary for Q1/2027

  • Thermax reported 7% revenue growth in Q1 2026, with EBITDA hit by INR 91 crore from a legacy PSU project due to late engineering changes.
  • Shares fell 4.7% to $4,052 as investors reacted negatively to execution setbacks; stock now 23% below 52-week high of $5,271.
  • Order book stands at INR 14,000 crore; management reducing PSU exposure to under 5% while focusing on data centers, hydrogen, green methanol.
  • Management expects quarterly revenue above INR 3,000 crore soon, with legacy issues clearing by Q3 and improved margins as delayed shipments resolve.
  • TOSIL subsidiary targeting INR 800-1,000 crore run rate within two years; hydrogen project announcement expected Q2 with FY 2028 revenue.
Last Updated: 31/07/2026, 05:40 pm
Read Full Transcript

Earnings

Latest Release
30/07/2026
EPS / Forecast
2.00 / 13.11
Revenue / Forecast
23.03B / 24.82B
EPS Revisions
Last 90 days

Dividends

Payout Ratio
Payout ratio (TTM)
Earnings retained
EPS 52.65%
Dividend Yield
0.56%
Industry Median 0.47%
Annualised payout
20.00
Paid unevenly
5-Years Growth
+14.87%
Growth Streak

THMX Income Statement

Compare THMX to Peers and Sector

Metrics to compare
THMX
Peers
Sector
Relationship
P/E Ratio
67.4x45.4x11.7x
PEG Ratio
−5.82−1.180.03
Price/Book
7.2x4.8x1.4x
Price / LTM Sales
3.7x2.1x1.2x
Upside (Analyst Target)
23.7%19.3%29.8%
Fair Value Upside
Unlock1.1%8.2%Unlock

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. In addition, the company is involved in the supply and erection commissioning of aircooled condenser, rotary air preheater, electrostatic precipitator, and bag houses; installation of industrial machinery and equipment; investment and flooring chemical businesses; own and lease out property; and manufacturing steam trap systems. Further, it provides technical assistance, marketing and sales support, supervision for project business, and operation and maintenance services, as well as turnkey solutions. It serves agriculture and allied, automobile and auto, components, bio-CNG, biotechnology, brewery and distillery, cement, chemicals, construction, engineering and capital, goods, ethanol, fertiliser and agro, FMCG, food and beverages, healthcare, hospitality, infrastructure, IT and data centres, manufacturing, medical devices, metals, oil and gas, paper and pulp, pharmaceuticals, power, renewable energy, rubber, and semiconductors industries. Thermax Limited was incorporated in 1966 and is headquartered in Pune, India. Thermax Limited is a subsidiary of RDA Holdings Private Limited.

Ownership

Ownership Overview

Type
Common Stock Held% of Shares OutstandingMarket Value
Mutual Funds & ETFs
30.48M27.06%108.25B
Other Institutional Investors
77.49M68.79%275.25B
Public Companies & Retail Investors
4.68M4.15%16.61B
Total
112.65M100.00%400.12B

Top Holders

Holder
% of holding
Shares Held
Date Reported
Value (In 1,000s)
ARA Trusteeship Company Private Limited65.56%73,849,305262,305,346
SBI Funds Management Limited5.92%6,667,65423,682,840

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FAQ

What Is the Thermax (THMX) Stock Price Today?

The Thermax stock price today is 3,551.90 INR.

What Stock Exchange Does Thermax Trade On?

Thermax is listed and trades on the India National Stock Exchange.

What Is the Stock Symbol for Thermax?

The stock symbol for Thermax is "THMX."

Does Thermax Pay Dividends? What’s The Current Dividend Yield?

The Thermax dividend yield is 0.56%.

What Is the Thermax Market Cap?

As of today, Thermax market cap is 400.12B INR.

What Is Thermax's Earnings Per Share (TTM)?

The Thermax EPS (TTM) is 52.65.

When Is the Next Thermax Earnings Date?

Thermax will release its next earnings report on 11/11/2026.

From a Technical Analysis Perspective, Is THMX a Buy or Sell?

Based on moving averages and other technical indicators, the daily buy/sell signal is Strong Sell.

How Many Times Has Thermax Stock Split?

Thermax has split 1 times.

How Many Employees Does Thermax Have?

Thermax has 3962 employees.

What is the current trading status of Thermax (THMX)?

As of 20/09/2026, Thermax (THMX) is trading at a price of 3,551.90 INR, with a previous close of 3,551.90 INR. The stock has fluctuated within a day range of 3,522.40 INR to 3,599.00 INR, while its 52-week range spans from 2,742.70 INR to 5,271.36 INR.

What Is Thermax (THMX) Price Target According to Analysts?

The average 12-month price target for Thermax is 4,392.00 INR, with a high estimate of 5325 INR and a low estimate of 3300 INR. 8 analysts recommend buying the stock, while 5 suggest selling, leading to an overall rating of Neutral. The stock has an +23.65% Upside potential.
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