Debut Plus

₹4,662

▲ +81.08 +1.77%

18 Jul 2026

NSE Listed

Thermax Ltd. (THERMAX)

Volume: 1,84,687Avg Vol 1W: 2,55,012Avg Vol 1M: 2,80,443.552W Range:₹2,742.7₹5,277.8
NSE BSE www.thermaxindia.com
Key Ratios
Checked 23h ago
Market Cap₹54,586 Cr
Current Price₹4,662
Previous Close₹4,580.92
High / Low (52w)₹5,277.8 / ₹2,742.7
Volume1,84,687
Avg Vol (1W)2,55,012
Avg Vol (1M)2,80,443.5
Stock P/E211.3
Book Value₹465.88
Dividend Yield4%
ROE12.98%
ROA5.42%
Revenue (TTM)₹10,641 Cr
Revenue Growth11.4%
Profit Margin6.74%
Total Debt₹1,162 Cr
Shares Outstanding12 Cr
Face Value₹2
EPS (TTM)₹46.43
P/B9.83
Debt / Equity0.39
50 DMA₹4,716.36
200 DMA₹3,591.14
Day change+1.77%
Price Chart
₹4,662▲ 19.90% · 1Y
₹5160₹277451.7L
2025-07-18
2026-07-16

20-day avg volume: 2.8L shares

Pros
  • Pays a dividend yield of 4.0%.
  • Company is almost debt-free.
Cons
  • Revenue fell 25% YoY.
  • Stock trades at a high P/E of 211.
Quarterly Results
MetricJun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026
Revenue₹2,184 Cr₹2,616 Cr₹2,529 Cr₹3,046 Cr₹2,158 Cr₹2,474 Cr₹2,635 Cr₹3,428 Cr
EBITDA₹189 Cr₹296 Cr₹185 Cr₹331 Cr₹242 Cr₹206 Cr₹264 Cr₹374 Cr
Net Profit₹116 Cr₹197 Cr₹116 Cr₹206 Cr₹152 Cr₹120 Cr₹204 Cr₹244 Cr
EPS————————
Profit & Loss (Annual)
MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue₹6,123 Cr₹5,831 Cr₹4,899 Cr₹6,255 Cr₹8,250 Cr₹9,556 Cr₹10,641 Cr₹11,041 Cr
EBITDA₹515 Cr₹390 Cr₹348 Cr₹435 Cr₹641 Cr₹882 Cr₹1,001 Cr₹1,086 Cr
Net Profit₹325 Cr₹212 Cr₹207 Cr₹312 Cr₹450 Cr₹645 Cr₹634 Cr₹721 Cr
EPS28.918.8718.3427.7339.9757.2856.3163.94
Balance Sheet
MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Total Assets₹6,800 Cr₹5,956 Cr₹6,507 Cr₹7,461 Cr₹8,839 Cr₹10,153 Cr₹12,038 Cr₹13,282 Cr
Total Liabilities₹3,786 Cr₹2,928 Cr₹3,255 Cr₹3,969 Cr₹4,968 Cr₹5,713 Cr₹7,095 Cr₹7,703 Cr
Equity₹3,014 Cr₹3,028 Cr₹3,251 Cr₹3,492 Cr₹3,870 Cr₹4,440 Cr₹4,943 Cr₹5,579 Cr
Total Debt————————
Cash Flow
MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating₹72 Cr₹457 Cr₹863 Cr₹428 Cr₹611 Cr₹434 Cr₹1,266 Cr₹891 Cr
Investing₹266 Cr₹-169 Cr₹-636 Cr₹-422 Cr₹-680 Cr₹-509 Cr₹-1,272 Cr₹-587 Cr
Financing₹-65 Cr₹-232 Cr₹77 Cr₹-21 Cr₹349 Cr₹285 Cr₹123 Cr₹248 Cr
Free Cash Flow₹72 Cr₹457 Cr₹863 Cr₹428 Cr₹611 Cr₹434 Cr₹1,266 Cr₹891 Cr
Shareholding
Promoter 61.98% Institutions 26.73% Public 11.29%
Efficiency & Working Capital
ROCE14.3%
Interest Coverage7.3
Dividend Payout—
Debtor Days75 d
Inventory Days31 d
Payable Days70 d
Cash Conversion Cycle36 d
Working Capital Days106 d
Shareholding Details

As of 2026-06-30

Promoter62%
FII11.5%
DII15.2%
Institutions26.7%
Public11.3%
Promoter Pledge0%
No. of Shareholders91,857
Shareholding Pattern

Quarterly — figures in %. Latest 12 quarters.

PeriodSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Promoters62%62%62%62%62%62%62%62%62%62%62%62%
FIIs12.5%12%12.2%15.1%15.4%15.5%15.9%16%13.4%12.4%11.2%11.5%
DIIs15.5%15.7%15.8%12.9%12.7%12.7%12.3%11.7%14%14.8%15.5%15.2%
Public10%10.3%10%10%9.9%9.9%9.9%10.3%10.6%10.8%11.3%11.3%
Promoter Pledge0%0%0%0%0%0%0%0%0%0%0%0%
No. of Shareholders35,61639,54740,81948,96651,87650,75553,68762,98671,20877,45589,96491,857
Returns History (ROE / ROCE / ROA)
PeriodROEROCEROAP/E
202603————
Major Shareholders (>1%)
NameCategoryStakeShares
Rda Holdings Private LtdShareholding of Promoter and Promoter Group54%6.43 Cr
Ara Trusteeship Company Private LimitedShareholding of Promoter and Promoter Group8%95,20,805
Sbi Nifty Midcap 150 Momentum 50 EtfPublic Shareholding6%71,83,731
Nalanda India Equity Fund LimitedPublic Shareholding5.1%61,18,073
Kotak Mahindra Trustee Co Ltd A/c Kotak Nifty MidcPublic Shareholding1.8%21,89,944
Sbi Life Insurance Co. LtdPublic Shareholding1.1%13,03,780
Pheroz N PudumjeeShareholding of Promoter and Promoter Group0%6,000
Meher PudumjeeShareholding of Promoter and Promoter Group0%0
Arnavaz Rohinton AgaShareholding of Promoter and Promoter Group0%0
Zahaan Pheroz PudumjeeShareholding of Promoter and Promoter Group0%0
Lea PudumjeeShareholding of Promoter and Promoter Group0%0
Meher P. SethnaShareholding of Promoter and Promoter Group0%0
Khorshed Kavas BharuchaShareholding of Promoter and Promoter Group0%0
Shakti Sustainable Energy FoundationShareholding of Promoter and Promoter Group0%0
Socomp Solutions Private LimitedShareholding of Promoter and Promoter Group0%0
Lazara Capital Advisors Private LimitedShareholding of Promoter and Promoter Group0%0
Mephezalea Asset Services LlpShareholding of Promoter and Promoter Group0%0
Lazara Investment Services LlpShareholding of Promoter and Promoter Group0%0
Jamsdhed A. BhatenaShareholding of Promoter and Promoter Group0%0
Darayus A. BhatenaShareholding of Promoter and Promoter Group0%0
Rda Investments Singapore Pte. Ltd.Shareholding of Promoter and Promoter Group0%0
Promoter Pledges
HolderPledged Shares% of HoldingAs of
Pheroz N Pudumjee00%2026-06-30
Meher Pudumjee00%2026-06-30
Arnavaz Rohinton Aga00%2026-06-30
Zahaan Pheroz Pudumjee00%2026-06-30
Lea Pudumjee00%2026-06-30
Meher P. Sethna00%2026-06-30
Khorshed Kavas Bharucha00%2026-06-30
Rda Holdings Private Ltd00%2026-06-30
Ara Trusteeship Company Private Limited00%2026-06-30
Shakti Sustainable Energy Foundation00%2026-06-30
Socomp Solutions Private Limited00%2026-06-30
Lazara Capital Advisors Private Limited00%2026-06-30
Board of Directors
NameDesignationYear
Meher P PudumjeeChairperson2026
Pheroz PudumjeeNon-Exec & Non-Independent Dir2026
Ashish BhandariManaging Director & CEO2026
Harsh MariwalaIndependent Non Exe. Director2026
Rajani KesariIndependent Non Exe. Director2026
SHYAMAK RAMYAR TATAIndependent Non Exe. Director2026
Ravi GopinathIndependent Non Exe. Director2026
Parag Chandulal ShahIndependent Non Exe. Director2026
SANGEET KAUR HUNJANCompany Sec. & Compli. Officer2026
Segments — Product
SegmentRevenueShare
Industrial Products₹4,396 Cr66.7%
Industrial Infra₹1,538 Cr23.3%
Chemical₹658 Cr10%
Segments — Geography
RegionRevenueShare
Within India₹5,059 Cr77.5%
Outside India₹1,470 Cr22.5%
Capital Structure (₹ Cr)
YearFace ValueAuthorisedIssuedPaid-up
2026₹2752424
Corporate Actions
TypeDateValueRemark
forthcoming2026-07-30Board Meetings—
dividend2026-07-03₹14.0 (700.0%)Final
dividend2026-07-03₹6.0 (300.0%)Special
dividend2026-07-03₹6 (300%)Special
dividend2026-07-03₹14 (700%)Final
Related-Party Transactions (₹ Cr)
YearSubsidiariesAssociatesJVKMPOthersTotal
20263,22414024103,274
20261,585100001,595
2026880402410920
Insider / Designated-Person Trades

7 recent disclosure(s)

BINAIFER GAGRATDisposal · 500
BINAIFER GAGRATDisposal · 100
BINAIFER GAGRATDisposal · 100
BINAIFER GAGRATDisposal · 100
BINAIFER GAGRATDisposal · 334
BINAIFER GAGRATDisposal · 200
Substantial Acquisitions (SAST)

3 disclosure(s)

Market11/06/2025 · 2,90,578
Market22/07/2024 · 2,39,561
Market03/06/2024 · 25,000
Company Information
Incorporated1980
ChairmanMeher P Pudumjee
AuditorPrice Waterhouse Chartered Accountants LLP
Investor Email[email protected]
🌐 www.thermaxindia.com ↗

📍 D-13 MIDC Industrial Area, R D Aga Road Chinchwad, Pune, Maharashtra, 411019

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