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NSE Listed · Capital Goods - Electrical Equipment
Thermax Ltd. (THERMAX)
₹2746.3▼ -17.27%
Vol 28.96 LAvg 1W 7.26 LAvg 1M 2.89 L
₹2666.6₹5277.8
₹2,746.3▼ 13.93% · 1Y
2025-11-072026-11-06
20-day avg volume: 3.1L shares
Key ratios
Market cap (Cr)32724
Price2746.3
Prev close3319.59
52W high5277.8
52W low2666.6
Volume28.96 L
Avg Vol (1W)7.26 L
Avg Vol (1M)2.89 L
P/E59.48
EPS45.75
Book value460.38
Face value2
P/B5.97
Div Yield %7
ROE %10.73
ROA %419.13
Revenue (Cr)—
Profit margin %5.29
Debt/Equity0.39
Quarterly results
Sept 2026Rev ₹2,756 Cr · PAT ₹115 Cr
Jun 2026Rev ₹2,303 Cr · PAT ₹25 Cr
Mar 2026Rev ₹3,428 Cr · PAT ₹244 Cr
Dec 2025Rev ₹2,635 Cr · PAT ₹204 Cr
Sept 2025Rev ₹2,474 Cr · PAT ₹120 Cr
Jun 2025Rev ₹2,158 Cr · PAT ₹152 Cr
Annual results
Sept 2026Rev ₹1,712 Cr · PAT ₹263 Cr
Jun 2026Rev ₹1,303 Cr · PAT ₹-18 Cr
Mar 2026Rev ₹11,041 Cr · PAT ₹721 Cr
Mar 2026Rev ₹2,232 Cr · PAT ₹201 Cr
Dec 2025Rev ₹1,599 Cr · PAT ₹175 Cr
Sept 2025Rev ₹1,505 Cr · PAT ₹226 Cr
Balance sheet
Mar 2026Assets ₹13,282 Cr · Equity ₹5,579 Cr
Mar 2025Assets ₹12,038 Cr · Equity ₹4,943 Cr
Mar 2024Assets ₹10,153 Cr · Equity ₹4,440 Cr
Mar 2023Assets ₹8,839 Cr · Equity ₹3,870 Cr
Mar 2022Assets ₹7,461 Cr · Equity ₹3,492 Cr
Mar 2021Assets ₹6,507 Cr · Equity ₹3,251 Cr
Shareholding
Promoters61.98%
Institutions26.24%
Public11.78%
Efficiency & working capital
ROCE %11.5%
Interest coverage7.3
Dividend payout %—
Debtor days75 d
Inventory days31 d
Payable days70 d
Cash conversion cycle36 d
Working capital days106 d
Shareholding details · 2026-09-30
Promoter %62%
FII %11.3%
DII %14.9%
Public %11.8%
Promoter pledge %0%
No. of shareholders87,995
Shareholding pattern
| Dec 23 | Mar 24 | Jun 24 | Sept 24 | Dec 24 | Mar 25 | Jun 25 | Sept 25 | Dec 25 | Mar 26 | Jun 26 | Sept 26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters | 62% | 62% | 62% | 62% | 62% | 62% | 62% | 62% | 62% | 62% | 62% | 62% |
| FIIs | 12% | 12.2% | 15.1% | 15.4% | 15.5% | 15.9% | 16% | 13.4% | 12.4% | 11.2% | 11.5% | 11.3% |
| DIIs | 15.7% | 15.8% | 12.9% | 12.7% | 12.7% | 12.3% | 11.7% | 14% | 14.8% | 15.5% | 15.2% | 14.9% |
| Public | 10.3% | 10% | 10% | 9.9% | 9.9% | 9.9% | 10.3% | 10.6% | 10.8% | 11.3% | 11.3% | 11.8% |
| Pledge | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Shareholders | 39,547 | 40,819 | 48,966 | 51,876 | 50,755 | 53,687 | 62,986 | 71,208 | 77,455 | 89,964 | 91,857 | 87,995 |
Returns history
202603ROE — · ROCE — · ROA —
Major shareholders (>1%)
Rda Holdings Private Ltd54%
Ara Trusteeship Company Private Limited8%
Sbi Nifty Midcap 150 Momentum 50 Etf5.2%
Nalanda India Equity Fund Limited5.1%
Kotak Mahindra Trustee Co Ltd A/c Kotak Nifty Midc1.9%
Sundaram Mutual Fund A/c Sundaram Flexi Cap Fund1.5%
Sbi Life Insurance Co. Ltd1.1%
Pheroz N Pudumjee0%
Meher Pudumjee0%
Arnavaz Rohinton Aga0%
Board of directors
Meher P PudumjeeChairperson
Pheroz PudumjeeNon-Exec & Non-Independent Dir
Ashish BhandariManaging Director & CEO
Harsh MariwalaIndependent Non Exe. Director
Rajani KesariIndependent Non Exe. Director
SHYAMAK RAMYAR TATAIndependent Non Exe. Director
Ravi GopinathIndependent Non Exe. Director
Parag Chandulal ShahIndependent Non Exe. Director
SANGEET KAUR HUNJANCompany Sec. & Compli. Officer
Corporate actions
forthcoming · 2026-07-30Board Meetings
dividend · 2026-07-03₹14.0 (700.0%)
dividend · 2026-07-03₹6.0 (300.0%)
dividend · 2026-07-03₹14 (700%)
dividend · 2026-07-03₹6 (300%)
Capital structure (₹ Cr)
Face value₹2
Authorised75
Issued24
Paid-up24
Company info
Incorporated1980
ChairmanMeher P Pudumjee
AuditorPrice Waterhouse Chartered Accountants LLP
📍 D-13 MIDC Industrial Area, R D Aga Road Chinchwad, Pune, Maharashtra, 411019
Educational only — not investment advice.