Thermax Limited

NSE: THERMAX BSE: 500411 SECTOR: Capital Goods - Electrical Equipment

4586 150(3%)

Near 52W High of 4880

Volume

1L as on 26, May

Open

3,889

High

3,930

Low

3,853

4,436

VWAP

4,442

52 Week High

4,880

52 Week Low

2,743

Viand Research Rating

Quality Score

00/00

Growth Score

00/00

Valuation Score

00/00

Momentum Score

00/00

Analyst Recommendations

BUY/SELL

Hold | Buy | Strong Buy

Analyst Price Target

Market Cap (cr)

54,645

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

12.36%

DII Holding

14.84%

Price Chart

Price Performance

1 Week0%

1 Month11%

3 Months39%

6 Months51%

1 Year28%

YTD45%

Moving Average

5 Day SMA4,462

10 Day SMA4,477

20 Day SMA4,355

30 Day SMA4,264

50 Day SMA3,867

61 Day SMA3,733

80 Day SMA3,542

200 Day SMA3,291

PIVOT LEVEL

	Standard	Camarilla	Fibonacci	Woodie's
Resistance 3	4,545	4,455	4,511	4,584
Resistance 2	4,511	4,449	4,484	4,531
Resistance 1	4,473	4,442	4,467	4,512
Pivot Point	4,439	4,436	4,439	4,459
Support 1	4,402	4,429	4,412	4,441
Support 2	4,367	4,423	4,395	4,387
Support 3	4,330	4,416	4,367	4,369

Competitors/Peers

#	Symbol	MCAP	LTP	1W	1M	6M	1Y	P/E	Ind PE	Debt/Eq	Div Yld %
1	BEL	3,08,692	422	1%	5%	1%	9%	53	0	0	0
2	HAL	2,96,709	4437	2%	4%	2%	12%	29	0	0	0
3	CUMMINSIND	1,68,233	6069	3%	3%	23%	82%	65	0	0	0
4	POWERINDIA	1,66,834	37430	8%	12%	62%	108%	133	0	0	0
5	ABB	1,52,892	7215	8%	7%	31%	13%	80	0	0	0
6	CGPOWER	1,47,573	937	7%	7%	28%	27%	97	0	0	0
7	BHEL	1,47,291	423	4%	24%	44%	61%	409	0	0	0
8	POLYCAB	1,45,471	9662	5%	20%	28%	61%	41	0	0	0
9	TMCV	1,42,138	386	2%	9%	19%	17%	0	0	0	0
10	SIEMENS	1,38,812	3898	4%	3%	11%	12%	66	0	0	0
Load More

Shareholding Pattern (%)

	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) 61.98%	(0.01) 61.98%	(0.01) 61.98%	(0.01) 61.98%
FIIs	(-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	(0.91) 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	5.35%	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	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

	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	2635	2474	2158	3085	2529	2616	2184	2764	2324	2302	1933	2311	2049	2075	1654	1992	1615	1469	1052
Expenses	2380	2302	1933	2785	2340	2338	2044	2491	2137	2098	1801	2111	1888	1935	1559	1857	1502	1359	989
Operating Profit	255	172	225	300	188	278	141	273	187	204	132	200	161	140	96	135	113	110	63
OPM %	10	7	10	10	7	11	6	10	8	9	7	9	8	7	6	7	7	7	6
Other Income	121	85	66	78	32	60	84	55	185	66	2	58	42	40	21	36	29	37	25
Interest	34	32	30	31	29	29	27	28	27	20	13	14	9	8	7	10	5	5	5
Depreciation	53	51	49	45	35	42	36	50	36	33	29	29	29	30	29	29	29	27	27
Profit before tax	289	174	211	301	156	266	161	251	309	217	91	214	165	142	81	132	108	114	56
Tax %	29	31	28	32	27	26	32	25	23	27	34	27	23	23	28	22	26	23	25
Net Profit	205	119	151	206	114	198	109	188	237	159	60	156	126	109	59	103	79	88	42
EPS in Rs	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 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	10389	9323	8090	6128	4791	5731	5973	4465	4483	5145	5304	5081	5490
Expenses	9479	8526	7489	5715	4435	5331	5516	4088	4049	4712	4842	4631	4989
Operating Profit	910	797	601	414	356	401	457	377	434	433	462	450	501
OPM %	9	9	7	7	7	7	8	8	10	8	9	9	9
Other Income	250	307	156	135	54	105	60	115	95	118	73	70	84
Interest	117	88	38	25	21	15	14	13	10	12	82	39	26
Depreciation	159	148	117	113	115	117	92	82	82	72	134	92	77
Profit before tax	884	869	603	410	275	375	410	397	438	467	319	389	481
Tax %	29	26	25	24	25	43	21	42	36	31	54	44	37
Net Profit	627	643	451	312	207	212	325	231	216	282	148	220	304
EPS in Rs	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 %	25	21	25	32	38	37	24	29	30	24	40	29	26

Cash Flows

	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	1043	247	460	325	769	326	-115	534	335	253	311	321	87
Cash from Investing Activity	-1220	-514	-664	-420	-627	-140	266	-507	-99	-127	80	-382	-498
Cash from Financing Activity	124	285	349	-21	77	-232	-65	-20	-126	-112	-351	191	35
Net Cash Flow	-54	19	144	-115	220	-47	85	7	110	13	39	130	-377

Balance Sheet

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

Delivery

#	Date	3050 60% 4880	Value (Cr)	Q/T 10	Del 45	Del 131
1	27-May	4591	282	8	37	105
2	26-May	4436	63	6	41	26
3	25-May	4436	46	5	46	21
4	22-May	4455	104	5	47	49
5	21-May	4575	189	7	48	91
6	20-May	4415	57	5	51	29
7	19-May	4417	68	6	45	30
8	18-May	4393	88	6	59	52
9	15-May	4500	54	6	40	22
10	14-May	4598	108	9	57	61
11	13-May	4546	204	10	47	96
12	12-May	4483	153	8	46	70
13	11-May	4545	338	8	29	97
14	8-May	4678	1692	13	15	253
15	7-May	4182	148	12	43	63
16	6-May	4077	28	7	47	13
17	5-May	4114	37	6	40	15
18	4-May	4180	104	9	60	62
19	30-Apr	4078	110	7	52	57
20	29-Apr	3990	30	6	43	13
21	28-Apr	4015	49	6	42	20
22	27-Apr	4156	88	8	62	55
23	24-Apr	4006	29	5	42	12
24	23-Apr	4060	53	6	39	21
25	22-Apr	4053	63	5	45	29
26	21-Apr	4125	107	10	37	40
27	20-Apr	4185	158	10	43	68
28	17-Apr	4141	89	12	44	39
29	16-Apr	4126	150	10	40	60
30	15-Apr	4085	170	10	32	55
31	13-Apr	3871	204	11	30	61
32	10-Apr	3643	85	10	37	31
33	9-Apr	3535	233	13	39	92
34	8-Apr	3292	94	9	60	56
35	7-Apr	3214	37	10	67	25
36	6-Apr	3277	22	4	36	8
37	2-Apr	3296	48	7	49	23
38	1-Apr	3345	58	7	53	30
39	30-Mar	3261	174	10	47	82
40	27-Mar	3197	22	6	52	12
41	25-Mar	3249	46	9	63	29
42	24-Mar	3192	37	6	56	21
43	23-Mar	3101	32	6	47	15
44	20-Mar	3227	62	16	74	46

Daily Market Cap

Date	Total Market Cap	Change	Chg %
28-May	54,645c	827c	1.54
27-May	53,818c	810c	1.53
26-May	53,008c	31c	0.06
25-May	52,977c	739c	1.38
22-May	53,716c	894c	1.64
21-May	54,609c	1,979c	3.76
20-May	52,630c	154c	0.29
19-May	52,476c	483c	0.93
18-May	51,994c	1,579c	2.95
15-May	53,573c	1,108c	2.03
14-May	54,681c	1,180c	2.20
12-May	53,501c	548c	1.01
11-May	54,049c	4,004c	8.00
07-May	50,046c	1,566c	3.23
06-May	48,480c	509c	1.04
05-May	48,989c	298c	0.61
04-May	48,691c	626c	1.30
30-Apr	48,065c	344c	0.72
29-Apr	47,721c	49c	0.10
28-Apr	47,770c	13c	0.03
24-Apr	47,757c	537c	1.11
23-Apr	48,294c	38c	0.08
22-Apr	48,256c	1,194c	2.41
21-Apr	49,450c	238c	0.48
20-Apr	49,688c	381c	0.77
17-Apr	49,307c	826c	1.70
15-Apr	48,481c	0	0

Stock Checklist

Price is above from 52 week high low average: 72%

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

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