Thermax Limited

Web: thermaxglobal.com NSE: THERMAX BSE: 500411 SECTOR: Capital Goods - Electrical Equipment

4574 145(-3%)

Volume

1L as on 22, Jul

Open

3,889

High

3,930

Low

3,853

4,718

VWAP

4,750

52 Week High

5,278

52 Week Low

2,743

Viand Research Rating

Quality Score

57/100

Growth Score

35/100

Valuation Score

50/100

Momentum Score

45/100

Analyst Recommendations

BUY/SELL

Hold | Buy | Strong Buy

Analyst Price Target

Market Cap (cr)

54,496

No. of Shares

11.9

P/E

128.15

P/B

17.38

Face Value

Div. Yield

Book Value (TTM)

CASH

DEBT

EPS (TTM)

ROE

13.56

ROCE

Profit Growth

Listing Date

30-Aug-95

Promoter Holding

61.99%

FII Holding

11.25%

DII Holding

15.49%

Price Chart

Price Performance

1 Week4%

1 Month3%

3 Months16%

6 Months62%

1 Year22%

YTD54%

Moving Average

5 Day SMA4,703

10 Day SMA4,670

20 Day SMA4,763

30 Day SMA4,752

50 Day SMA4,705

61 Day SMA4,611

80 Day SMA4,380

200 Day SMA3,575

PIVOT LEVEL

	Standard	Camarilla	Fibonacci	Woodie's
Resistance 3	5,081	4,888	4,980	5,095
Resistance 2	4,980	4,872	4,915	4,988
Resistance 1	4,911	4,857	4,875	4,925
Pivot Point	4,810	4,841	4,810	4,818
Support 1	4,741	4,825	4,745	4,755
Support 2	4,640	4,810	4,705	4,648
Support 3	4,571	4,794	4,640	4,585

Competitors/Peers

#	Symbol	MCAP	LTP	1W	1M	6M	1Y	P/E	Ind PE	Debt/Eq	NP Qtr Rs.Cr.
1	HAL	3,05,236	4564	3%	1%	5%	3%	31	94	0	9116
2	BEL	2,95,132	404	1%	6%	3%	2%	49	94	0	6062
3	ABB	1,59,111	7508	4%	3%	58%	31%	93	94	0.01	1668
4	CUMMINSIND	1,54,691	5580	1%	3%	37%	54%	74	94	0	2362
5	TMCV	1,49,748	407	4%	1%	9%	23%	0	94	0.44	3030
6	POWERINDIA	1,42,877	32055	6%	13%	90%	61%	150	94	0.02	988
7	BHEL	1,42,155	408	0%	1%	66%	66%	409	94	0.31	1600
8	CGPOWER	1,39,071	883	2%	5%	59%	34%	119	94	0.01	1199
9	POLYCAB	1,34,302	8915	3%	9%	30%	32%	52	94	0.02	2708
10	SIEMENS	1,30,497	3664	2%	3%	25%	16%	66	94	0.02	2754
Load More

Shareholding Pattern (%)

	Mar 2026	Dec 2025	Sep 2025	Jun 2025	Mar 2025	Dec 2024	Sep 2024	Jun 2024	Mar 2024	Dec 2023	Sep 2023	Jun 2023	Mar 2023	Dec 2022	Sep 2022	Jun 2022	Mar 2022	Dec 2021	Sep 2021
Promoters	(0.01) 61.99%	(0.01) 61.99%	(0.01) 61.99%	(0.01) 61.99%	(0.01) 61.99%	(0.01) 61.99%	(0.01) 61.99%	(0.01) 61.99%	(0.01) 61.99%	(0.01) 61.99%	(0.01) 61.99%	(0.01) 61.99%	(0.01) 61.99%	(0.01) 61.99%	(0.01) 61.99%	(0.01) 61.98%	(0.01) 61.98%	(0.01) 61.98%	(0.01) 61.98%
FIIs	(-1.11) 11.25%	(-1.11) 12.36%	(-2.61) 13.44%	(0.21) 16.02%	(0.41) 15.86%	(0.11) 15.49%	(0.21) 15.38%	(2.91) 15.15%	(0.21) 12.24%	(-0.51) 12.01%	(0.21) 12.54%	(0.11) 12.35%	(0.01) 12.29%	(-0.11) 12.27%	(0.41) 12.35%	(0.11) 11.93%	(-0.41) 11.84%	(-0.11) 12.28%	(0.01) 12.35%
DIIs	(0.71) 15.49%	(0.91) 14.84%	(2.21) 13.95%	(-0.51) 11.74%	(-0.41) 12.25%	(-0.11) 12.66%	(-0.21) 12.72%	(-2.91) 12.88%	(0.01) 15.82%	(0.41) 15.86%	(0.01) 15.46%	(-0.11) 15.50%	(0.31) 15.63%	(0.01) 15.35%	(-0.41) 15.34%	(0.11) 15.77%	(0.71) 15.68%	(0.01) 15.02%	(0.01) 15.00%
Public	5.82%	5.35%	5.16%	4.77%	4.43%	4.39%	4.45%	4.50%	4.48%	4.66%	4.54%	4.67%	4.59%	4.90%	4.84%	4.83%	5.01%	5.23%	5.18%
No. of Shareholders	89,964	77,455	71,208	62,986	53,687	50,755	51,876	48,966	40,819	39,547	35,616	39,815	36,103	39,943	37,910	36,255	34,440	34,088	32,015

Quarterly Results

	Mar 2026	Dec 2025	Sep 2025	Jun 2025	Mar 2025	Dec 2024	Sep 2024	Jun 2024	Mar 2024	Dec 2023	Sep 2023	Jun 2023	Mar 2023	Dec 2022	Sep 2022	Jun 2022	Mar 2022	Dec 2021	Sep 2021	Jun 2021
Sales	3428	2635	2474	2158	3046	2529	2616	2184	2764	2324	2302	1933	2311	2049	2075	1654	1992	1615	1469	1052
Sales Growth % (YoY)	12.5%	4.2%	-5.4%	-1.2%	10.2%	8.8%	13.6%	13%	19.6%	13.4%	11%	16.8%	16%	26.9%	41.2%	57.2%	26.5%	14.5%	28.8%	58.3%
Sales Growth % (QoQ)	30.1%	6.5%	14.6%	-29.2%	20.4%	-3.3%	19.8%	-21%	18.9%	1%	19.1%	-16.4%	12.8%	-1.3%	25.5%	-17%	23.3%	9.9%	39.6%	-
Expenses	3054	2380	2302	1933	2747	2340	2338	2044	2491	2137	2098	1801	2111	1888	1935	1559	1857	1502	1359	989
Operating Profit	374	255	172	225	300	188	278	141	273	187	204	132	200	161	140	96	135	113	110	63
OPM %	11	10	7	10	10	7	11	6	10	8	9	7	9	8	7	6	7	7	7	6
Other Income	56	121	85	66	78	32	60	84	55	185	66	2	58	42	40	21	36	29	37	25
Interest	42	34	32	30	31	29	29	27	28	27	20	13	14	9	8	7	10	5	5	5
Depreciation	54	53	51	49	45	35	42	36	50	36	33	29	29	29	30	29	29	29	27	27
Profit before tax	334	289	174	211	301	156	266	161	251	309	217	91	214	165	142	81	132	108	114	56
Tax %	27	29	31	28	32	27	26	32	25	23	27	34	27	23	23	28	22	26	23	25
Net Profit	244	205	119	151	206	114	198	109	188	237	159	60	156	126	109	59	103	79	88	42
Net Profit Growth % (QoQ)	19%	72.3%	-21.2%	-26.7%	80.7%	-42.4%	81.7%	-42%	-20.7%	49.1%	165%	-61.5%	23.8%	15.6%	84.7%	-42.7%	30.4%	-10.2%	109.5%	-
Net Profit Growth % (YoY)	18.4%	79.8%	-39.9%	38.5%	9.6%	-51.9%	24.5%	81.7%	20.5%	88.1%	45.9%	1.7%	51.5%	59.5%	23.9%	40.5%	-	-	-	-
TTM Net Profit	719	681	590	669	627	609	732	693	644	612	501	451	450	397	350	329	312	209	130	0
EPS in Rs	20.5	17.14	10.04	12.79	17.27	9.73	16.54	9.72	15.97	20	13.24	4.94	13.09	10.59	9.16	4.95	8.61	6.67	7.38	3.56

Profit and Loss

	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020	Mar 2019	Mar 2018	Mar 2017	Mar 2016	Mar 2015	Mar 2014	Mar 2013
Sales	10694	10389	9323	8090	6128	4791	5731	5973	4465	4483	5145	5304	5081	5490
Sales Growth %	2.9%	11.4%	15.2%	32%	27.9%	-16.4%	-4%	33.8%	-0.4%	-12.9%	-3%	4.4%	-7.4%	-9.8%
Expenses	9668	9479	8526	7489	5715	4435	5331	5516	4088	4049	4712	4842	4631	4989
Operating Profit	1026	910	797	601	414	356	401	457	377	434	433	462	450	501
OPM %	10	9	9	7	7	7	7	8	8	10	8	9	9	9
Other Income	329	250	307	156	135	54	105	60	115	95	118	73	70	84
Interest	139	117	88	38	25	21	15	14	13	10	12	82	39	26
Depreciation	208	159	148	117	113	115	117	92	82	82	72	134	92	77
Profit before tax	1008	884	869	603	410	275	375	410	397	438	467	319	389	481
Tax %	29	29	26	25	24	25	43	21	42	36	31	54	44	37
Net Profit	720	627	643	451	312	207	212	325	231	216	282	148	220	304
Net Profit Growth %	14.8%	-2.5%	42.6%	44.6%	50.7%	-2.4%	-34.8%	40.7%	6.9%	-23.4%	90.5%	-32.7%	-27.6%	-
EPS in Rs	60.47	53.25	54.15	37.79	26.21	17.34	17.83	27.31	19.48	18.72	23.69	17.6	20.64	26.87
Dividend Payout %	31	25	21	25	32	38	37	24	29	30	24	40	29	26

Cash Flows

	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020	Mar 2019	Mar 2018	Mar 2017	Mar 2016	Mar 2015	Mar 2014	Mar 2013
Cash from Operating Activity	542	1043	247	460	325	769	326	-115	534	335	253	311	321	87
Cash from Investing Activity	-587	-1220	-514	-664	-420	-627	-140	266	-507	-99	-127	80	-382	-498
Cash from Financing Activity	248	124	285	349	-21	77	-232	-65	-20	-126	-112	-351	191	35
Net Cash Flow	202	-54	19	144	-115	220	-47	85	7	110	13	39	130	-377

Balance Sheet

	Mar 2026	Sep 2025	Mar 2025	Sep 2024	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020	Mar 2019	Mar 2018	Mar 2017	Mar 2016	Mar 2015	Mar 2014	Mar 2013
Equity Capital	23	23	23	23	23	23	23	23	23	23	23	23	23	24	24	24
Reserves	5527	5030	4914	4597	4417	3846	3470	3229	3005	2992	2692	2515	2394	2123	2014	1845
Borrowings	2353	1811	1718	1475	1277	831	368	328	230	240	234	136	195	688	761	423
Other Liabilities	5380	5325	5353	4873	4424	4137	3598	2921	2693	3535	2980	2371	2554	3255	3142	2696
Total Liabilities	13282	12188	12008	10969	10141	8836	7458	6500	5951	6790	5929	5044	5166	6089	5942	4988
Fixed Assets	3098	2984	2806	2077	1906	1248	1195	1242	1283	1312	973	811	827	1431	1527	873
CWIP	1392	682	563	781	525	434	44	24	56	40	103	141	60	43	54	517
Investments	1784	1455	1699	1891	1765	1626	1477	234	875	829	1472	1083	1050	822	708	443
Other Assets	7009	7067	6941	6221	5945	5528	4742	4999	3737	4609	3381	3009	3228	3793	3654	3154
Total Assets	13282	12188	12008	10969	10141	8836	7458	6500	5951	6790	5929	5044	5166	6089	5942	4988

Delivery

#	Date	4330 22% 5278	Value (Cr)	Q/T 7	Del 46	Del 142
1	22-Jul	4718	62	4	51	32
2	21-Jul	4841	157	9	60	94
3	20-Jul	4710	72	6	55	39
4	17-Jul	4662	110	9	57	62
5	16-Jul	4581	85	7	54	46
6	15-Jul	4548	162	8	57	92
7	14-Jul	4380	199	9	48	95
8	13-Jul	4664	65	7	53	35
9	10-Jul	4809	68	7	52	35
10	9-Jul	4785	98	7	45	44
11	8-Jul	4602	98	7	40	39
12	7-Jul	4709	94	7	52	48
13	6-Jul	4736	106	8	39	42
14	3-Jul	4608	128	8	45	57
15	2-Jul	4917	195	6	35	68
16	1-Jul	5120	76	6	59	45
17	30-Jun	5160	155	8	50	78
18	29-Jun	5125	465	8	55	256
19	25-Jun	4829	122	7	48	59
20	24-Jun	4757	56	5	38	21
21	23-Jun	4800	96	9	53	51
22	22-Jun	4864	107	7	56	59
23	19-Jun	4702	35	7	55	19
24	18-Jun	4696	127	8	34	43
25	17-Jun	4774	53	7	51	27
26	16-Jun	4715	43	6	46	20
27	15-Jun	4741	132	6	50	66
28	12-Jun	4726	112	9	51	57
29	11-Jun	4571	83	6	50	41
30	10-Jun	4699	134	9	55	74
31	9-Jun	4740	86	9	61	52
32	8-Jun	4696	76	7	36	28
33	5-Jun	4832	99	6	42	41
34	4-Jun	4876	179	6	37	66
35	3-Jun	4784	155	6	44	69
36	2-Jun	4970	164	5	36	60
37	1-Jun	4993	169	5	47	80
38	29-May	4983	881	10	30	264
39	27-May	4591	282	8	37	105
40	26-May	4436	63	6	41	26
41	25-May	4436	46	5	46	21
42	22-May	4455	104	5	47	49
43	21-May	4575	189	7	48	91
44	20-May	4415	57	5	51	29
45	19-May	4417	68	6	45	30
46	18-May	4393	88	6	59	52
47	15-May	4500	54	6	40	22
48	14-May	4598	108	9	57	61

Daily Market Cap

Date	Total Market Cap	Change	Chg %
23-Jul	54,496c	1,448c	2.59
22-Jul	55,944c	1,549c	2.69
21-Jul	57,493c	2,026c	3.65
17-Jul	55,467c	1,013c	1.86
16-Jul	54,454c	864c	1.61
15-Jul	53,591c	1,102c	2.10
14-Jul	52,488c	3,086c	5.55
13-Jul	55,575c	1,591c	2.78
10-Jul	57,165c	60c	0.10
09-Jul	57,225c	2,413c	4.40
08-Jul	54,812c	1,209c	2.16
07-Jul	56,021c	459c	0.81
06-Jul	56,480c	2,663c	4.50
02-Jul	59,143c	2,330c	3.79
30-Jun	61,473c	3,372c	5.80
29-Jun	58,101c	369c	0.64
26-Jun	57,731c	454c	0.79
25-Jun	57,277c	754c	1.33
24-Jun	56,523c	910c	1.59
23-Jun	57,433c	596c	1.03
22-Jun	58,029c	1,728c	3.07
19-Jun	56,301c	298c	0.53
18-Jun	56,004c	920c	1.62
17-Jun	56,923c	738c	1.31
16-Jun	56,186c	509c	0.90
15-Jun	56,695c	715c	1.28
12-Jun	55,980c	543c	0.98
11-Jun	55,436c	913c	1.62
10-Jun	56,349c	0	0

Stock Checklist

Price is above from 52 week high low average: 44%

Stock is trading above all short term SMAs: NO

Stock is trading above all long term SMAs: YES

Stock is Consistently Improving Long Term: NO

FII purchased in last quarter: NO

Promoters are buying the stock: NO

Mutual Fund Holdings

Held by 204 fund scheme(s) across 29 fund house(s) as of Jul26 · Total value ₹13,605 Cr · 52 increasing / 10 decreasing · View in MF Pro →

Fund House	Schemes	Weight %	Change	Value (Cr)
SBI Mutual Fund	30	2.37%	-	7100.5
Kotak Mahindra Mutual Fund	12	2.01%	+0.40%	2259.9
Tata Mutual Fund	16	2.30%	-	874.9
Aditya Birla Sun Life Mutual Fund	16	3.62%	-	740.8
Bajaj Finserv Mutual Fund	4	10.46%	+1.04%	502.9
ICICI Prudential Mutual Fund	14	0.89%	+0.04%	496.3
Sundaram Mutual Fund	8	1.16%	+0.04%	410.5
HSBC Mutual Fund	8	0.93%	-	340.9
Bandhan Mutual Fund	6	0.40%	-	231.3
Canara Robeco Mutual Fund	6	0.30%	-	178.1
ITI Mutual Fund	8	0.86%	+0.97%	119.7
Edelweiss Mutual Fund	4	0.95%	-	112.7
LIC Mutual Fund	8	2.61%	-	104.9
Samco Mutual Fund	8	28.66%	+1.88%	45.3
Motilal Oswal Mutual Fund	6	0.19%	-	32.4
Nippon India Mutual Fund	4	0.32%	-	20.9
JM Financial Mutual Fund	2	0.50%	-	11.6
HDFC Mutual Fund	8	0.24%	+0.07%	10.4
Zerodha Mutual Fund	4	0.23%	+0.03%	4.4
Navi Mutual Fund	6	0.26%	-	3.1
Jio BlackRock Mutual Fund	2	0.24%	-	1.1
UTI Mutual Fund	4	0.63%	-	1
Groww Mutual Fund	4	0.24%	-	0.7
Axis Mutual Fund	2	0.07%	-	0.4
Mirae Asset Mutual Fund	4	0.13%	-	0.2
DSP Mutual Fund	4	0.22%	-	0.1
Baroda BNP Paribas Mutual Fund	2	0.41%	-	0.1
Angel One Mutual Fund	2	0.07%	-	0.1
Quantum Mutual Fund	2	0.00%	-1.19%	0

Thermax Limited

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