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Thermax share price & results

Thermax Limited· Capital Goods· Industrials

Results to
Jun 2026
Latest analysed call
Q1 FY27
Ownership as of
Sept 2026

Pune engineering major making industrial boilers, chillers, water plants and specialty chemicals.

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Reported

The figures, each with its period

Each figure keeps its basis and period; nothing is filled in.

MetricValueChangeBasisPeriodNote
Revenue1,303 ₹ crore+9.0% YoYQuarterly, as filedQuarter to Jun 2026Revenue from operations as filed.
Operating margin-2.1 %−6.6 pts YoYOperating profit / revenueQuarter to Jun 2026For the quarter; a change is in percentage points.
Net profit-18.0 ₹ crore−138.3% YoYQuarterly, as filedQuarter to Jun 2026Profit after tax as filed.
Return on equity10.47 %+0.3 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Jun 2026Adjusted profit attributable to owners ÷ average owners’ equity.
Free cash flow margin-3.71 %−5.4 ptsFY Mar 2026 vs FY Mar 2025Fiscal yearFY ending Mar 2026(Operating cash flow − fixed-asset purchases + disposals) ÷ revenue.
Revenue growth (YoY)4.74 %−7.7 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Jun 2026Revenue change against the same period one year earlier.

Source: Inve data from filed results; ratios from the Screener-verified panel · to Jun 2026

Guidance

What management said, and what became of it

3 of 6 judged targets kept · 8 open · verdicts reflect calls analysed to Q1 FY27.

Thermax Limited management guidance track record on Inve: 14 targets tracked across analysed earnings calls (3 achieved, 3 missed, 8 open).

TargetOriginal wordingSaidLatest callVerdict
Bio-CNG Order Inflowexpect to take two orders on bio-CNG... in Q1
Call transcript, Q4 FY25 · 12 May 2025		Q4 FY25Q1 FY27:Original promise for Q1 FY26 remains missed. Management now points to a 'good pipeline' for Q3/Q4 FY27, contingent on policy changes.
Call transcript, Q1 FY27 · 31 Jul 2026		Missed
Projects Segment PBT Marginoverall, the mix should be 10%-ish
Call transcript, Q2 FY26 · 12 Nov 2025		Q2 FY26Q1 FY27:Management sees 'line of sight to taking that business to 10% and beyond on profitability', reinforcing the target for the Industrial Infra segment.
Call transcript, Q1 FY27 · 31 Jul 2026		On Track

Source: Inve Guidance Tracker for Thermax Limited · to Q1 FY27

A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.

3 of Thermax Limited's 14 targets were missed. See which ones, and which are quietly gone. The 2 above are the free sample; 12 more targets are in the full ledger.

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Price

₹3,187 +2.94% · +₹91

Last close 26 Oct 2026 · NSE · INR · Source: Inve

Performance −2.7% 1Y

₹3.0k₹3.5k₹4.0k₹4.5k₹5.0kOct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Oct 26Q2 FY26 — 12 Nov 2025Q3 FY26 — 5 Feb 2026Q4 FY26 — 8 May 2026Q1 FY27 — 31 Jul 2026

1Y: ₹3,276.5 on 24 Oct 2025 → ₹3,187. High ₹5,159.5 (30 Jun 2026), low ₹2,773.8 (10 Dec 2025).

Previous close
₹3,096
Market cap
₹37.6k Cr
52-week range
₹2,773.8 – ₹5,159.5
One year
−3.84%
Price to earnings (TTM to Jun 2026)
68.50×
Return on equity (TTM to Jun 2026)
10.47%

Overview

Symbol
NSE:THERMAX
Industry
Industrials
Exchange
NSE
Currency
INR

What Thermax Limited does

Based on the company's own presentations, annual report and earnings calls.

Thermax designs, manufactures and installs energy and environment engineering systems for industrial customers, spanning heating (boilers, heaters), cooling (chillers), captive/process power plants, air pollution control equipment, and water & wastewater treatment plants. It also runs a Green Solutions arm covering biomass and waste-to-energy plants, compressed biogas (CBG), and wind-solar hybrid power, plus a Chemicals business making water-treatment chemicals, specialty resins and construction chemicals. Revenue comes from supplying, installing and commissioning these systems for customers across power, steel, cement, pharma, food & beverage, data centres and other process industries in India and abroad.

Segments

  • Industrial Products
  • Industrial Infra
  • Green Solutions
  • Chemicals
Manufacturing locations
18 (14 in India, 4 international)
Employees globally
7,854
Installations
90+ countries
Sales and service presence
30+ countries
Compressed biogas (CBG) plants completed (TBSPL)
14
Group operating companies
TBWES, TOESL, First Energy, Thermax Chemicals
Founded 1966Headquarters Thermax House, 14, Mumbai-Pune Road, Wakdewadi, Pune 411 003, IndiaEmployees 7,854 (FY 2025-26 (Q4)) Company website

How the price took the results

close before → close after

Q1 FY27
+1.3%
31 Jul
Q4 FY26
+11.8%
8 May
Q3 FY26
−1.4%
5 Feb
Q2 FY26
−3.4%
12 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

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