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THERMAX — THERMAX LTD

Structural concernsInstitutions reducing stake

Price History

Data as of 26 Jun 2026· via fincrux

How THERMAX has traded over time.

Is the price reasonable right now?

Where today's price sits within its own 12-month range — context, not advice.

Upper end of its 12-month range93% of range

Trading about 74% above its 12-month low and near recent highs — historically pricier territory for this stock. It sits above its 200-day average, the longer-term trend.

₹2,774 low₹4,993 high
vs 50-day avg
+7.4%
vs 200-day avg
+39.7%
Beginner mode
Plain English, with everything explained

THERMAX

NSE

THERMAX LTD

Capital Goods

₹4,828.80
0.00%
last close
0%
Quality Score
Several red flagsBig money selling

THERMAX LTD clears only 1 of 3 checks. The numbers flag real concerns — exactly the kind of thing that gets lost in exciting news or social-media buzz. Tread carefully.

Company size
₹54700.00 Cr
Price tag
94.8×
Money it earns
13.8%

The four quality checks

Every company faces the same four checks. Tap the ? on any term to learn what it means.

01

Is the company drowning in loans?

We check how much the company has borrowed versus its own money. Too much debt makes a business fragile when times get tough.

Aligned

The company keeps its borrowing under control. That's a sign of a sturdy balance sheet.

D/E 0.03goal < 0.5
02

Does it make good money, consistently?

We look at how much profit the company squeezes out of its owners' money, averaged over three years — not just one lucky quarter.

Watch

Profitability is decent but not quite at the level we'd call strong.

ROE 13.8%goal > 15% (3y avg)
03

Is the big, smart money buying in?

Large professional investors (global funds and Indian mutual funds) do deep research before buying. We track whether they've been adding or trimming their stake.

Divergent

Professional investors have been reducing their stake recently.

FII+DII 26.7%goal stable or rising (2Q)
04

Is the price reasonable right now?

Even a great company can be a bad buy if it's overpriced. We compare today's price tag to how this company has typically been priced over the past five years.

No data

We don't have enough reliable data to run this check yet, so we're leaving it open rather than guessing.

Data unavailablegoal P/E < 5y median

What we noticed

Observations from the data — not recommendations.

  • Thermax Limited offers solutions to energy, environment and chemical sectors. The Company’s portfolio includes boilers and heaters, absorption chillers/ heat pumps, power plants, solar equipment, air pollution control e…
Data as of 26 Jun 2026· via fincrux

StockVault is an educational research and mathematical-modeling sandbox. It presents structural readings derived from public data and does not provide investment advice, recommendations, or target prices. Figures shown are illustrative and delayed. Markets carry risk; decisions are your own.

Balance Sheet

What THERMAX owns and owes over the years. Tap the ? on any line to learn what it means.

Line itemFigures in ₹ crore
ItemMar '22Mar '23Mar '24Mar '25Mar '26
Borrowings18522431490132
Equity Capital2424242424
Reserves2,9773,1943,5133,9444,403
Total Assets5,4256,1516,7477,2467,558
Total Liabilities5,4256,1516,7477,2467,558

Borrowings trending down

Total borrowings are down about 29% over the last 5 years — the company has been reducing its reliance on debt.

Periodic Performance

Yearly net profit for THERMAX — does it earn money consistently?

Consistently profitable

Every one of the last 5 years has been profitable — a sign of durable earnings.

₹201 Cr
₹329 Cr
₹437 Cr
₹572 Cr
₹649 Cr
Mar '22Mar '23Mar '24Mar '25Mar '26
rev ₹4,015 Crrev ₹5,141 Crrev ₹5,822 Crrev ₹6,254 Crrev ₹6,518 Cr
Net profit · annualProfitLoss

Strengths & Risks

What the numbers say is good and bad about THERMAX — observations, not recommendations.

Strengths

2
  • Keeps borrowing low relative to its own capital — a sturdy balance sheet.
  • Profitable in every one of the last 5 years.

Risks

2
  • Large professional investors have been trimming their stake recently.
  • Sits near the top of its 12-month range — historically pricier territory for this stock.

Institutional Ownership Trend

FII and DII holding across the last four quarters.

FII· Foreign institutions
11.3%-4.8 pp
DII· Domestic institutions
15.5%+3.8 pp
Jun '25Sep '25Dec '25Mar '26

Sector Peers

How others in Capital Goods score on the same four guardrails.

  • ABBABB INDIA LIMITED100
  • CUMMINSINDCUMMINS INDIA LTD100
  • CGPOWERCG POWER AND IND SOL LTD100
  • HBLENGINEHBL ENGINEERING LTD100
  • TRITURBINETRIVENI TURBINE LIMITED100
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