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Thermax Ltd

Name: Thermax Ltd (THERMAX) Financial Metrics
Creator: VestAI
License: https://www.vestai.io/terms

THERMAX

NSE· Capital Goods

₹4,416.50

-38.00 (-0.85%)

52W Low · ₹2,742.7052W High · ₹5,277.80

Mid Range

Market Cap

₹54432.97L Cr

Volume

1.09L

Prev Close

₹4,514.00

ISIN

INE152A01029

Orion Score

Fundamentals-based quality & risk · not a recommendation

58/100

Watch

Thermax Ltd scores 58/100 (Watch) on the Orion Score — moderate business quality (63), strong growth (75), moderate balance-sheet safety (64) and rich valuation (14). A fundamentals-based quality & risk score, not a buy/sell recommendation.

Quality

Growth

Safety

Value

Full Orion analysis

Risk checks

Profit converts to cash (CFO 0.9× PAT)
Low debt, comfortable interest cover
No distress, manipulation or dilution flags

Forensic accounting

Piotroski F 4/9Altman Z Safe(4.54)Beneish M Clean(-2.52)

Piotroski F = fundamental health (0–9, higher is better) · Altman Z = bankruptcy / distress risk · Beneish M = earnings-manipulation check

Technical / Momentum

Price Trend

68/100

Strong

Technical momentum companion — separate from the fundamentals-based Orion Score.

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VestAI Stock Score

VALUATION

Low Debt

D/E 0.42x — lean balance sheet

QUALITY

High Quality

ROCE 30.3% — excellent capital efficiency

MOMENTUM

Bearish

RSI 44.3 — weak momentum

Price Chart

SMA 20

SMA 50

SMA 200

Key Fundamentals

Q4 FY2026

P/E Ratio: 75.76
ROCE: 30.25%
ROE (1Y): 13.69%
D/E Ratio: 0.42x
OPM: 22.45%
TTM EPS: ₹63.78
Dividend Yield: 29.00%
Qtrly Sales: ₹3,428.04 Cr
Qtrly Profit: ₹244.28 Cr

Technical Signals

Quarterly Results

Revenue & Profit in ₹ Crores

Revenue Net Profit

Quarter	Revenue	Net Profit	OPM	EPS
Q4 2026	₹3,428.04	₹244.28	22.4%	₹21.68
Q3 2026	₹2,634.68	₹204.18	7.7%	₹18.12
Q2 2026	₹2,473.9	₹119.66	4.9%	₹10.62
Q1 2026	₹2,094.36	₹152.38	8.4%	₹13.52
Q4 2025	₹3,046.4	₹205.73	20.3%	₹18.26

Annual P&L

Revenue & Profit in ₹ Crores (Yearly)

Revenue Net Profit

Year	Revenue	Net Profit	EBITDA	OPM
FY 2026	₹10,694.15	₹720.5	₹1,354.54	21.1%
FY 2025	₹10,369.26	₹634.47	₹1,159.76	19.7%
FY 2024	₹9,237.24	₹645.28	₹1,103.07	7.3%
FY 2023	₹8,033.9	₹450.29	₹757.08	6.6%

Peer Comparison — Capital Goods

Top companies in the same sector by market cap

Company	Mkt Cap	P/E	ROCE	ROE	D/E	OPM
THERMAX ★	₹54,433 Cr	75.76	30.25%	13.69%	0.42x	22.45%
BELBharat Electronics Limited	₹2,96,046 Cr	48.80	29.65%	27.56%	0.00x	27.47%
BHELBharat Heavy Electricals	₹1,45,306 Cr	58.45	3.65%	6.29%	0.31x	5.48%
APARINDSAPAR Industries Limited	₹55,798 Cr	57.17	28.67%	19.74%	0.18x	10.84%
COCHINSHIPCochin Shipyard Limited	₹36,631 Cr	51.29	10.41%	12.52%	0.28x	18.71%
BEMLBEML Limited	₹14,269 Cr	101.01	5.20%	4.86%	0.11x	13.88%

Balance Sheet

All values in ₹ Crores

Metric	FY 2025	FY 2024	FY 2023	FY 2022
Total Assets	₹12,038.02	₹10,153.01	₹8,838.61	₹7,461.11
Equity	₹4,936.89	₹4,439.8	₹3,868.07	₹3,492.49
Total Debt	₹1,733.77	₹1,295.54	₹851.33	₹379.18
Cash	₹417.68	₹487.13	₹452.82	₹310.78
Net Debt	₹1,275.66	₹768.82	₹357.72	₹44.64
Working Capital	₹1,686.89	₹1,723.28	₹1,670.97	₹979.72

Shareholding Pattern

Q3 FY2026

Promoter

61.99%

FII

12.36%

DII

14.84%

Public

5.35%

Quarter-over-Quarter Trend

Quarter	Promoter	FII	DII	Public
Q3 FY2026	61.99%	12.36% ↓	14.84% ↑	5.35% ↑
Q2 FY2026	61.99%	13.44% ↓	13.95% ↑	5.16% ↑
Q1 FY2026	61.99%	16.02% ↑	11.74% ↓	4.77% ↑
Q4 FY2025	61.99%	15.86% ↑	12.25% ↓	4.43% ↑
Q3 FY2025	61.99%	15.49% ↑	12.66% ↓	4.39% ↓
Q2 FY2025	61.99%	15.38% ↑	12.72% ↓	4.45% ↓
Q1 FY2025	61.99%	15.15% ↑	12.88% ↓	4.5% ↑
Q4 FY2024	61.99%	12.24%	15.82%	4.48%

Corporate Actions

Ex-Date	Action	Details
2026-07-03	DIVIDEND	Dividend - Rs 14 Per Share/Special Dividend - Rs 6 Per Share

Funds Holding This Stock

99 mutual fund schemes

SBI Energy Opportunities Fund Direct GrowthSBI

5.50%

₹490 Cr

SBI Innovative Opportunities Fund Direct GrowthSBI

4.04%

₹199 Cr

Aditya Birla Sun Life Mid Cap Direct Fund GrowthBIRLA_SUN_LIFE

3.23%

₹207 Cr

Motilal Oswal Infrastructure Fund Direct GrowthMOTILAL_OSWAL

3.15%

₹4 Cr

Tata Multicap Fund Direct GrowthTATA

2.72%

₹90 Cr

SBI Large Cap Direct Plan GrowthSBI

2.70%

₹1.4K Cr

Motilal Oswal Manufacturing Fund Direct GrowthMOTILAL_OSWAL

2.64%

₹18 Cr

Tata India Innovation Fund Direct GrowthTATA

2.61%

₹36 Cr

SBI Focused Fund Direct Plan GrowthSBI

2.46%

₹1.1K Cr

Bajaj Finserv Flexi Cap Fund Direct GrowthBajaj Finserv

2.41%

₹173 Cr

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About Thermax Ltd (THERMAX) Stock

Thermax Ltd is listed on the NSE under the Capital Goods sector, Heavy Electrical Equipment industry. ISIN: INE152A01029. Track live share price, technical analysis, RSI, MACD, PE ratio, and smart money holdings on VestAI — India's AI-powered stock analysis platform.