Thermax

Which are the latest news on Thermax?

Why is Thermax Ltd. falling/rising?

As of 05-Sep, Thermax Ltd. is experiencing a decline in its stock price, currently at Rs 3,634.35, reflecting a drop of -2.56%. The stock has underperformed significantly over the past week and month compared to the Sensex, indicating a bearish trend despite some positive long-term financial indicators.

As of 05-Sep, Thermax Ltd. is experiencing a decline in its stock price, currently at Rs 3,634.35, which reflects a change of -95.35 (-2.56%). The stock has been underperforming, having fallen for the last three consecutive days, resulting in a total decline of -6.61% during this period. Additionally, the stock has underperformed its sector by -1.34% today.<BR><BR>In terms of broader performance, Thermax has seen a significant drop over the past week, with a decrease of -7.83%, while the Sensex has only decreased by -0.97%. Over the past month, the stock has declined by -9.55%, compared to a -2.44% drop in the Sensex. This trend indicates a consistent underperformance relative to the market.<BR><BR>The stock's trading activity shows that it touched an intraday low of Rs 3,619.2, which is a decrease of -2.96%. Furthermore, Thermax is trading below its moving averages across various time frames, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages, suggesting a bearish trend.<BR><BR>Despite these negative indicators, there are positive aspects to consider, such as the company's net-debt-free status and healthy long-term growth in net sales and operating profit. However, the current market sentiment and recent performance have led to the stock's decline.

Who are in the management team of Thermax?

The management team of Thermax includes Chairperson Meher P Pudumjee, Managing Director & CEO Ashish Bhandari, and several independent directors such as Jairam Varadaraj and Harsh Mariwala, among others. They are responsible for the company's strategic direction and governance.

The management team of Thermax includes the following key individuals:<BR><BR>1. **Meher P Pudumjee** - Chairperson<BR>2. **Pheroz Pudumjee** - Director<BR>3. **Jairam Varadaraj** - Independent Director<BR>4. **Nawshir Mirza** - Independent Director<BR>5. **Harsh Mariwala** - Independent Director<BR>6. **S B Ravi Pandit** - Independent Director<BR>7. **Rajani Kesari** - Independent Director<BR>8. **Ashish Bhandari** - Managing Director & CEO<BR>9. **Ravi Gopinath** - Independent Director<BR>10. **Janhavi Khele** - Company Secretary & Compliance Officer<BR><BR>This team plays a crucial role in guiding the company's strategic direction and governance.

What does Thermax do?

Thermax Ltd. is a mid-cap company specializing in integrated solutions for heating, cooling, power generation, water treatment, air pollution control, and chemicals. As of June 2026, it reported net sales of ₹2,303 Cr and a net profit of ₹25 Cr, with a market cap of ₹46,554 Cr.

Overview:<BR>Thermax Ltd. is a mid-cap company in the heavy electrical equipment industry that provides integrated solutions in heating, cooling, power generation, water treatment and recycling, air pollution control, and chemicals.<BR><BR>History:<BR>Incorporated in 1966 as Wanson India, Thermax Group has evolved significantly over the years. The latest quarterly results reported net sales and profit for June 2026.<BR><BR>Financial Snapshot:<BR>- Net Sales: 2,303 Cr (Quarterly Results - Jun 2026)<BR>- Net Profit: 25 Cr (Quarterly Results - Jun 2026)<BR>- Market Cap: INR 46,554 Cr (Mid Cap)<BR><BR>Key Metrics:<BR>- P/E: 85.00<BR>- Industry P/E: 41<BR>- Dividend Yield: 0.51%<BR>- Debt Equity: -0.02<BR>- Return on Equity: 12.20%<BR>- Price to Book: 8.46<BR><BR>Contact Details:<BR>Address: D-13 MIDC Industrial Area, R D Aga Road Chinchwad Pune Maharashtra : 411019<BR>Tel: 91-20-66122100/66155000<BR>Email: info@thermaxindia.com<BR>Website: http://www.thermaxindia.com

Who are the peers of the Thermax?

Thermax's peers include Siemens, CG Power & Ind, GE Vernova T&D, and Suzlon Energy, among others. In terms of management risk, growth, and capital structure, CG Power & Ind and Siemens Ener.Ind show excellent performance, while Thermax has good ratings, with a 1-year return of 21.64%.

Peers: The peers of Thermax are Siemens, CG Power & Ind, Siemens Ener.Ind, GE Vernova T&D, Suzlon Energy, Schneider Elect., TD Power Systems, Triveni Turbine, and Azad Engineering.<BR><BR>Quality Snapshot: Excellent management risk is observed at CG Power & Ind, Siemens Ener.Ind, and Triveni Turbine, while Good management risk is found at Siemens, GE Vernova T&D, Suzlon Energy, Thermax, Schneider Elect., TD Power Systems, and Azad Engineering. Average management risk is noted at Azad Engineering. For Growth, Excellent growth is seen at CG Power & Ind, Siemens Ener.Ind, and Suzlon Energy, while Good growth is found at Siemens, GE Vernova T&D, Thermax, Schneider Elect., TD Power Systems, Triveni Turbine, and Azad Engineering. Below Average growth is noted at Siemens. In terms of Capital Structure, Excellent capital structure is observed at Siemens, CG Power & Ind, Siemens Ener.Ind, GE Vernova T&D, Thermax, TD Power Systems, and Triveni Turbine, while Average capital structure is seen at Suzlon Energy and Good capital structure is noted at Azad Engineering.<BR><BR>Return Snapshot: TD Power Systems has the highest 1-year return at 209.99%, while Suzlon Energy has the lowest at -16.00%. Thermax's own 1-year return is 21.64%, which is significantly higher than Suzlon Energy's but lower than TD Power Systems'. Additionally, Siemens Ener.Ind and Suzlon Energy have negative six-month returns.

How big is Thermax?

As of 31st August, Thermax Ltd. has a market capitalization of 46,554.00 Cr, with net sales of 10,839.35 Cr and a net profit of 593.36 Cr reported in the latest four quarters. The company has shareholder's funds of 5,549.97 Cr and total assets of 13,107.41 Cr for the annual period ending March 2026.

As of 31st August, Thermax Ltd. has a market capitalization of 46,554.00 Cr, categorizing it as a Mid Cap company.<BR><BR>In the latest four quarters, Thermax reported net sales of 10,839.35 Cr and a net profit of 593.36 Cr.<BR><BR>For the latest annual period ending in March 2026, the company had shareholder's funds amounting to 5,549.97 Cr and total assets of 13,107.41 Cr.

Are Thermax Ltd. latest results good or bad?

Thermax Ltd.'s latest Q1 FY27 results are concerning, showing a 6.73% revenue growth but an 83.44% drop in net profit to ₹25.24 crore, alongside the lowest operating margin in eight quarters at 2.98%. Overall, the significant decline in profitability indicates serious operational challenges.

Thermax Ltd.'s latest results for Q1 FY27 indicate a challenging performance. While the company achieved a revenue growth of 6.73% year-on-year, net profit plummeted by a staggering 83.44% compared to the same quarter last year, resulting in a net profit of only ₹25.24 crore. This significant decline raises concerns about the company's operational efficiency and cost management.<BR><BR>Moreover, the operating margin fell to 2.98%, the lowest in eight quarters, highlighting severe margin compression. The tax rate also spiked to an unusually high 48.29%, further exacerbating the profit decline. Although revenue figures may suggest some level of growth, the sharp drop in profitability and the operational challenges faced during the quarter paint a concerning picture for Thermax.<BR><BR>In summary, while there was some revenue growth, the drastic decline in net profit and operating margins indicates that the latest results are more negative than positive, suggesting the company is facing significant execution challenges.

Should I buy, sell or hold Thermax Ltd.?

When is the next results date for Thermax Ltd.?

The next results date for Thermax Ltd. is 30 July 2026.

The next results date for Thermax Ltd. is scheduled for 30 July 2026.

How has been the historical performance of Thermax?

Thermax has shown consistent growth in net sales, increasing from INR 4,791.25 crore in March 2021 to INR 10,369.26 crore in March 2025, with operating profit rising from INR 462.93 crore to INR 1,160.00 crore. However, profit after tax slightly declined from INR 644.01 crore in March 2024 to INR 626.94 crore in March 2025.

Answer:<BR>The historical performance of Thermax shows a consistent growth trend in net sales and profits over the years leading up to March 2025.<BR><BR>Breakdown:<BR>Thermax's net sales have increased significantly from INR 4,791.25 crore in March 2021 to INR 10,369.26 crore in March 2025, reflecting a strong upward trajectory. The total operating income followed a similar trend, rising from INR 4,791.25 crore in March 2021 to INR 10,369.26 crore in March 2025. The operating profit (PBDIT) also saw a notable increase, climbing from INR 462.93 crore in March 2021 to INR 1,160.00 crore in March 2025. However, profit after tax showed a slight decline from INR 644.01 crore in March 2024 to INR 626.94 crore in March 2025. The total assets of the company grew from INR 5,800.53 crore in March 2020 to INR 11,883.64 crore in March 2025, while total liabilities increased from INR 5,800.53 crore to INR 11,883.64 crore during the same period. Cash flow from operating activities improved significantly, reaching INR 1,042.00 crore in March 2025, compared to INR 247.00 crore in March 2024. Overall, Thermax has demonstrated robust growth in sales and operational efficiency, although profit margins have experienced some fluctuations.

Is Thermax technically bullish or bearish?

As of November 7, 2025, Thermax's technical trend is bearish with moderate strength, driven by bearish signals from moving averages and Bollinger Bands, despite a mildly bullish weekly MACD, and the stock has underperformed compared to the Sensex over multiple time frames.

As of 7 November 2025, the technical trend has changed from mildly bearish to bearish. The current technical stance for Thermax is bearish with moderate strength. Key indicators driving this stance include the bearish signals from the moving averages and Bollinger Bands on both daily and monthly time frames, alongside the bearish KST readings. Although the weekly MACD shows mildly bullish, it is overshadowed by the overall bearish sentiment in the monthly indicators. The stock has also underperformed significantly compared to the Sensex over various time frames, particularly year-to-date and over the past year.

Is Thermax overvalued or undervalued?

As of August 6, 2025, Thermax is considered overvalued with a valuation grade of "expensive," reflected in its high PE ratio of 61.26 and underperformance of -15.17% year-to-date compared to the Sensex's 3.08%.

As of 6 August 2025, Thermax's valuation grade has moved from very expensive to expensive, indicating a slight improvement in perceived value but still suggesting a high valuation. The company is currently considered overvalued. Key ratios include a PE ratio of 61.26, an EV to EBITDA of 40.44, and a PEG ratio of 5.66, all of which are significantly higher than many of its peers.<BR><BR>In comparison, BEML Ltd has a PE ratio of 56.19 and an EV to EBITDA of 32.95, while Action Construction Equipment shows a PE of 31.5 and an EV to EBITDA of 24.67, highlighting Thermax's premium valuation relative to these competitors. Additionally, the company's recent stock performance has underperformed the Sensex, with a year-to-date return of -15.17% compared to the Sensex's 3.08%, further reinforcing the notion that Thermax may be overvalued in the current market context.

Who are the top shareholders of the Thermax?

The top shareholders of Thermax include Rda Holdings Private Ltd with 53.99%, mutual funds at 11.26%, foreign institutional investors at 15.86%, and SBI Energy Opportunities Fund as the largest public shareholder with 6.03%. Individual investors hold 3.71% of the shares.

The top shareholders of Thermax include the promoters, with Rda Holdings Private Ltd holding the largest stake at 53.99%. Additionally, mutual funds collectively hold 11.26% of the shares through 24 schemes, while foreign institutional investors (FIIs) own 15.86% through 478 different entities. The highest public shareholder is SBI Energy Opportunities Fund, which holds 6.03%. Individual investors account for 3.71% of the total shareholding.

Has Thermax declared dividend?

Yes, Thermax Ltd. has declared a 600% dividend, amounting to ₹12 per share, with an ex-date of July 5, 2024. While recent total returns have been negative, longer-term performance shows significant growth potential.

Thermax Ltd. has declared a 600% dividend.<BR><BR>Dividend Details:<BR>- Percentage announced: 600%<BR>- Amount per share: 12<BR>- Ex-date: 05 Jul 24<BR><BR>Dividend Yield: 0.34%.<BR><BR>Total Returns by Period:<BR>In the last 6 months, the price return was -24.09%, the dividend return was 0%, resulting in a total return of -24.09%.<BR><BR>Over the past year, the price return was -32.66%, with a dividend return of 0.23%, leading to a total return of -32.43%.<BR><BR>In the 2-year period, the price return was 53.45%, the dividend return was 0.92%, culminating in a total return of 54.37%.<BR><BR>For the 3-year period, the price return was 76.66%, the dividend return was 1.56%, resulting in a total return of 78.22%.<BR><BR>In the last 4 years, the price return was 135.87%, with a dividend return of 2.57%, leading to a total return of 138.44%.<BR><BR>Over the 5-year period, the price return was 374.0%, the dividend return was 5.04%, resulting in a total return of 379.04%.<BR><BR>Overall, Thermax Ltd. has declared a significant dividend, but the recent total returns over shorter periods have been negative, indicating volatility in the stock price. However, the longer-term returns show substantial growth, suggesting potential for recovery and value over time.