THERMAX

Thermax Limited · NSE · INE152A01029 · 272 sessions on record

₹3,360.60▼ −31.60 · −0.9%from ₹3,392.20 the session before · 1 Oct 2026 close · NSE end of day

Open: ₹3,375.00
High: ₹3,378.80
Low: ₹3,312.00
Day's range: ₹672.0% of the previous close
VWAP: ₹3,338.41close +0.66% from it
Volume, shares: 2.9 L1.78× the 20-session average
Turnover, ₹ crore: 97
Trades: 40,0007.3 shares per trade
Previous close: ₹3,392.20−31.60 to the close
Price band, next session: ₹3,024.55 – ₹3,696.6510% either side of the close · dynamic, widened in 5% steps when hit

Day range73% of the way up

₹3,312.00₹3,378.80

52-week range24% of the way up

₹2,742.70 8 Dec₹5,277.80 29 Jun

−36% from the high · +23% from the low

Futures and options

No derivatives listed on THERMAX

Close ₹ · Nifty 50 rebased to the first close · futures open interest by the day's build-up126 sessions to 1 Oct · axis fixed at 4 × ATR-14 around the last close · hover or tap a session and the read beside the chart follows it

272 sessions on file · from 28 Aug

THERMAX close
Nifty 50, rebased

Session read · latest close: 1 Oct 2026
Close ₹ · day %: ₹3,360.60▼ −0.9% on the previous close
Against Nifty 50: Nifty −0.9%−0.1 pp difference on the day
Against the averages: below 20 · below 5020-session ₹3,530.26 (−4.8%) · 50-session ₹3,872.79 (−13%)
Volume: 1.78×the previous 20 sessions · 2.9 L shares
Extremes on the day: none

The market after the news

close against the last close before each bulletin · Nifty 50 over the same sessions

After the last 8 bulletins, THERMAX closed higher five sessions later in 2 of 7.

Close after each bulletin on the day, one session later and five sessions later, with Nifty 50 and futures open interest
Bulletin	Day of the news	1 session later	5 sessions later	Futures OI on the day
1 OctJefferies identifies top defence and power stocks amid capex boom	▼ −0.9%Nifty −0.9% · −0.1 pp	—not reached	—not reached	—
14 JulJefferies identifies top defence and power stocks amid capex boom	▲ +3.9%Nifty +0.1% · +3.7 pp	▲ +4.6%Nifty +0.1% · +4.5 pp	▲ +7.7%Nifty −0.2% · +8.0 pp	—
1 JulJefferies identifies top defence and power stocks amid capex boom	▼ −4.0%Nifty +0.7% · −4.7 pp	▼ −10.0%Nifty +1.1% · −11.1 pp	▼ −6.5%Nifty −0.2% · −6.4 pp	—
1 JulJefferies identifies top defence and power stocks amid capex boom	▼ −0.8%Nifty +0.6% · −1.4 pp	▼ −4.7%Nifty +1.3% · −6.0 pp	▼ −10.8%Nifty +0.1% · −10.9 pp	—
27 JunJefferies identifies top defence and power stocks amid capex boom	▲ +6.1%Nifty −0.5% · +6.6 pp	▲ +6.8%Nifty −0.8% · +7.6 pp	▼ −1.9%Nifty +1.6% · −3.5 pp	—
25 JunJefferies identifies top defence and power stocks for investment	▲ +1.5%Nifty +0.1% · +1.4 pp	▲ +7.7%Nifty −0.3% · +8.0 pp	▼ −3.1%Nifty +1.0% · −4.2 pp	—
8 MayThermax shares rise 12% after strong Q4 earnings and dividends	▼ −2.8%Nifty −1.5% · −1.3 pp	▼ −4.2%Nifty −3.3% · −0.9 pp	▼ −6.1%Nifty −2.2% · −3.9 pp	—
28 MarThermax subsidiary secures ₹1600 crore boiler contract	▲ +2.0%Nifty −2.1% · +4.1 pp	▲ +4.7%Nifty −0.6% · +5.3 pp	▲ +3.0%Nifty +5.2% · −2.2 pp	—

8 of 12 bulletins

Quarterly results

consolidated · latest filed 30 Jul, 05:31 pm IST · NSE filings

Revenue ₹2,303 cr; profit ₹22 cr in the Jun 2026 quarter, consolidated.

Last 2 quarters, consolidated₹ crore as filed · year on year against the same quarter a year earlier · market: close on the first session after the filing against the last close before it, Nifty 50 over the same session

Quarterly results of THERMAX on the consolidated basis with the market's move on the first session after each filing
Quarter	Revenue ₹ cr	Revenue YoY	Profit ₹ cr	Profit YoY	EPS ₹	Market on the day
Jun 2026filed 30 Jul	₹2,303 cr	—	₹22 cr	—	2.24	▲ +1.3%Nifty +0.3% · +1.0 pp
Mar 2026filed 7 May · audited	₹3,428 cr	—	₹244 cr	—	21.68	▲ +11.8%Nifty −0.6% · +12.5 pp

Fundamentals

consolidated · filings to Jun 2026 · close ₹3,360.60 on 1 Oct

7.2 times book value, a 0.42% dividend yield, market cap ₹40,000 cr.

Valuationarithmetic on filings and the close · each cell names what it rests on · — where an input is missing

Market cap: ₹40,000 cron 1 Oct · free float ₹15,000 cr
Price to earnings: —fewer than four consecutive quarters filed
Trailing EPS: —fewer than four consecutive quarters filed
Price to book: 7.2consolidated · balance sheet to Mar 2026
Book value a share: ₹468.22consolidated · balance sheet to Mar 2026 · over NSE's share count
Debt to equity: 0.41borrowings over equity · consolidated · balance sheet to Mar 2026
Return on equity: —needs two filed balance sheets
Dividend yield: 0.42%₹14.00 a share in 365 days
Face value: ₹2a share
Shares outstanding: 12 cron 1 Oct

Growthsums of the four quarters filed to Jun 2026 · growth against the four quarters before them · consolidated

Revenue, trailing 12 months: —fewer than four consecutive quarters filed
Revenue growth, 12 months: —needs eight consecutive quarters filed
Revenue 3-year CAGR: —needs twelve consecutive quarters filed
Profit, trailing 12 months: —fewer than four consecutive quarters filed
Profit growth, 12 months: —needs eight consecutive quarters filed
Profit 3-year CAGR: —needs twelve consecutive quarters filed

PeersBSE sub-group Heavy Electrical Equipment · F&O stocks with filings on record · industry P/E 58, market caps over trailing profit of 7 stocks

Stocks in the BSE sub-group Heavy Electrical Equipment with market cap, price to earnings and price to book
Stock	Market cap ₹	P/E	P/B	Close ₹
BHELBharat Heavy Electricals Limited	1,50,000 cron 1 Oct	60consolidated	5.6	₹421.00
ABBABB India Limited	1,50,000 cron 1 Oct	49consolidated	16	₹6,900.00
POWERINDIAHitachi Energy India Limited	1,40,000 cron 1 Oct	120standalone	27	₹31,290.00
CGPOWERCG Power and Industrial Solutions Limited	1,40,000 cron 1 Oct	58consolidated	17	₹879.00
SIEMENSSiemens Limited	1,40,000 cron 1 Oct	—	9.8	₹3,804.00
ENRINSiemens Energy India Limited	1,20,000 cron 1 Oct	—	25	₹3,334.00
GVT&DGE Vernova T&D India Limited	1,10,000 cron 1 Oct	83standalone	40	₹4,253.20
SUZLONSuzlon Energy Limited	53,000 cron 1 Oct	17consolidated	5.7	₹38.90
THERMAXThermax Limited	40,000 cron 1 Oct	—	7.2	₹3,360.60
SCHNEIDERSchneider Electric Infrastructure Limited	30,000 cron 1 Oct	—	39	₹1,275.40
TDPOWERSYSTD Power Systems Limited	25,000 cron 1 Oct	—	23	₹792.15
AZADAzad Engineering Limited	18,000 cron 1 Oct	—	12	₹2,860.90
TRITURBINETriveni Turbine Limited	17,000 cron 1 Oct	—	12	₹530.00
KARAMTARAKaramtara Engineering Limited	13,000 cron 1 Oct	—	—	₹410.95
ATLANTAELEAtlanta Electricals Limited	13,000 cron 1 Oct	—	14	₹1,716.50
QPOWERQuality Power Electrical Equipments Limited	12,000 cron 1 Oct	—	16	₹1,564.60
INOXWINDInox Wind Limited	12,000 cron 1 Oct	29consolidated	1.5	₹68.75
VOLTAMPVoltamp Transformers Limited	11,000 cron 1 Oct	—	5.9	₹10,426.00
ELECONElecon Engineering Company Limited	9,900 cron 1 Oct	—	4.3	₹440.00
TARILTransformers And Rectifiers (India) Limited	8,400 cron 1 Oct	—	5.5	₹280.80
POWERICAPowerica Limited	7,500 cron 1 Oct	—	3.7	₹589.15
KANOHARKanohar Electricals Limited	7,200 cron 1 Oct	—	—	₹906.35
TRANSRAILLTransrail Lighting Limited	6,400 cron 1 Oct	—	2.8	₹474.90
SKIPPERSkipper Limited	6,100 cron 1 Oct	—	4.1	₹541.20
SHILCTECHShilchar Technologies Limited	4,600 cron 1 Oct	—	9.4	₹4,033.00
GVPILGE Power India Limited	4,600 cron 1 Oct	—	7.8	₹679.50
INDOTECHIndo Tech Transformers Limited	3,600 cron 1 Oct	—	9.5	₹3,347.60
BBLBharat Bijlee Limited	2,300 cron 1 Oct	—	1.1	₹2,069.60
EXICOMExicom Tele-Systems Limited	2,100 cron 1 Oct	—	3.2	₹151.10
MARSONSMarsons Limited	2,000 cron 1 Oct	—	9.0	₹114.25
BAJELBajel Projects Limited	1,900 cron 1 Oct	—	2.5	₹163.65
JYOTISTRUCJyoti Structures Limited	1,100 cron 1 Oct	—	2.2	₹8.90
SWELECTESSwelect Energy Systems Limited	900 cron 1 Oct	—	0.94	₹592.90
WAAREEINDOIndosolar Limited	850 cron 1 Oct	—	3.0	₹203.40
SURANASOLSurana Solar Limited	120 cron 1 Oct	—	2.1	₹24.15
TARAPURTarapur Transformers Limited	24 cron 1 Oct	—	—	₹12.20
AARTECHAartech Solonics Limited	—	—	—	—
NEUEONNeueon Corporation Limited	—	—	—	—

Shareholding

quarter to 30 Jun · none pledged · NSE filings

Promoters hold 62.0%, foreign portfolio investors 11.5%, mutual funds 12.9% and insurance companies 2.1%, as filed for the quarter to 30 Jun.

62.0%11.5%12.9%

By category, last 2 quarterspercent of shares · beneath each figure, the change in percentage points against the previous quarter on file

Shareholding of THERMAX by category over the last 2 quarters with the change against the previous quarter
Category	30 Jun	31 Mar
Promoters	61.980.00 pp	61.98
Foreign portfolio investors	11.46▲ +0.21 pp	11.25
Mutual funds	12.86▼ −0.89 pp	13.75
Insurance companies	2.08▲ +0.59 pp	1.49
Banks and financial institutions	0.28▲ +0.03 pp	0.25
Individual investors	5.30▲ +0.02 pp	5.28
Bodies corporate	0.36▲ +0.05 pp	0.31
Employee trusts	5.460.00 pp	5.46
Others	0.22▼ −0.01 pp	0.23

Corporate actions

NSE and BSE records

Nothing upcoming on record; the last was a dividend of ₹14.00 a share, ex-date 3 Jul 2026.

Actionsex-dates · upcoming first, then the last eight · dividends in rupees a share, bonus and split as ratios

Corporate actions of THERMAX, upcoming first, then the most recent
Ex-date	Action	Amount or ratio	Record date	Source
recent
3 Jul 2026	dividend	₹14.00	3 Jul 2026	NSE
4 Jul 2025	dividend	₹14.00	4 Jul 2025	NSE
5 Jul 2024	dividend	₹12.00	5 Jul 2024	NSE

Calendaras notified to the exchange

Next results: —no board meeting notified yet
Dividends in 365 days: ₹14.00a share · ex-dates inside the year
Last dividend: ₹14.00ex-date 3 Jul 2026

Price history

272 sessions on record · to 1 Oct · NSE end of day

THERMAX is −10.4% over 20 sessions against Nifty's −6.2%, 36% below its 52-week high, realised volatility 26% annualised.

Returns against Nifty 50longest window first · Nifty 50 over the same sessions

Returns of the stock and Nifty 50 over six windows, longest first
Window	From ₹	THERMAX %	Nifty 50 %	Difference pp
250 sessionssince 26 Sept	₹3,197.83	▲ +5.1%	▼ −9.1%	+14
120 sessionssince 9 Apr	₹3,535.24	▼ −4.9%	▼ −5.7%	+0.75
60 sessionssince 8 Jul	₹4,602.30	▼ −27%	▼ −6.1%	−21
20 sessionssince 2 Sept	₹3,752.34	▼ −10%	▼ −6.2%	−4.2
5 sessionssince 24 Sept	₹3,406.24	▼ −1.3%	▼ −2.8%	+1.4
1 sessionsince 30 Sept	₹3,392.15	▼ −0.93%	▼ −0.88%	−0.05

Averages of the closeclose against each average

5-session average: ₹3,375.40close −0.44% from it
20-session average: ₹3,530.26close −4.8% from it
50-session average: ₹3,872.79close −13% from it
200-session average: ₹3,773.26close −11% from it

Range and volumetrue range over 14 sessions · high to low over 20 · volume against the 20-session average

Average true range, 14: ₹1103.2% of the close
Average day's range, 20: ₹982.9% of the close
Volume against 20 sessions: 1.78×2.9 L vs 1.7 L average

Volatility and co-movement with Nifty 50annualised from daily log returns · counts share one denominator per cell

Realised volatility, 20: 26%≈ ±1.6% a session · moved more than that on 7 of 20
Realised volatility, 60: 32%≈ ±2.0% a session · moved more than that on 18 of 60
Realised volatility, 250: 35%≈ ±2.2% a session · moved more than that on 67 of 250
Beta to Nifty, 60: 0.69moved with Nifty on 34 of 60 sessions
Beta to Nifty, 250: 0.52moved with Nifty on 143 of 250 sessions

Up and down sessionscloses above and below the previous close

Last 20 sessions: 8 up · 12 downof 20
Last 60 sessions: 25 up · 35 downof 60
Last 250 sessions: 120 up · 130 downof 250
Best session, 250: ▲ +12%8 May
Worst session, 250: ▼ −6.3%3 Jul

Thermax Limited is in 17 NSE indices

all 17 indices

12 bulletins on THERMAX

latest 1 Oct 2026

Beats in the coverage

Often mentioned with

October 2026

1 Oct Jefferies identifies top defence and power stocks amid capex boomJefferies has identified defence and power equipment sectors as top investment themes amid India's capital expenditure boom. Target prices for KEI Industries, Thermax, Data Patterns, and CG Power were raised, highlighting strong order books and project execution.High

July 2026

14 Jul Jefferies identifies top defence and power stocks amid capex boomJefferies has identified defence and power equipment sectors as top investment themes amid India's rising capital expenditure. The brokerage raised target prices for KEI Industries, Thermax, Data Patterns, and CG Power, citing strong order books and improving project execution.Medium 1 Jul Jefferies identifies top defence and power stocks amid capex boomJefferies has identified defence and power equipment sectors as top investment themes, raising target prices for KEI Industries, Thermax, and CG Power amid India's rising capital expenditure cycle. The brokerage remains cautious on Bharat Heavy Electricals Ltd.High 1 Jul Jefferies identifies top defence and power stocks amid capex boomJefferies has identified defence and power equipment sectors as key investment themes, raising target prices for KEI Industries, Thermax, Data Patterns, and CG Power. The brokerage cites strong order books and improved project execution amid India's capital expenditure boom.High

June 2026

27 Jun Jefferies identifies top defence and power stocks amid capex boomJefferies has identified defence and power equipment sectors as top investment themes, raising target prices for KEI Industries, Thermax, Data Patterns, and CG Power. The brokerage remains cautious on Bharat Heavy Electricals Ltd amid India's capital expenditure boom.Medium 25 Jun Jefferies identifies top defence and power stocks for investmentJefferies has identified defence and power equipment sectors as top investment themes amid India's rising capital expenditure. The brokerage raised target prices for KEI Industries, Thermax, Data Patterns, and CG Power, while remaining cautious on BHEL.Medium

May 2026

8 May Thermax shares rise 12% after strong Q4 earnings and dividendsThermax shares jumped 12% following strong Q4 results, reporting a net profit of ₹244.28 cr, up 18.7% YoY. The company declared a total dividend of ₹20 per share, boosting investor confidence.High

March 2026

28 Mar Thermax subsidiary secures ₹1600 crore boiler contractThermax's subsidiary TBWES secured a ₹1600 crore contract for an 800 MW thermal power plant in Central India. This contract includes comprehensive services for the boiler package supply order, enhancing the subsidiary's market position.High

December 2025

16 Dec Bombay High Court quashes award against ThermaxThe Bombay High Court quashed an arbitration award against Thermax, directing RCF to refund ₹218 crore plus interest. The court found the arbitrator's ruling unjustified, and RCF intends to challenge the decision.Medium 16 Dec Bombay High Court quashes award against ThermaxThe Bombay High Court quashed an arbitration award against Thermax, directing RCF to refund ₹218 crore plus interest. The court found the arbitrator's decision lacked evidence, and RCF intends to challenge the ruling.Medium

November 2025

27 Nov TBWES secures ₹580 crore contract from Dangote IndustriesHigh 26 Nov Thermax secures ₹580 crore contract from Dangote IndustriesHigh

About Thermax Limited

exchange masters as of 18 Sept 2026 · classification by BSE

Company: Thermax Limited
Exchange: NSE · BSE 500411, group A
Listed on NSE: 30 Aug 1995
Classification: Industrials › Capital Goods › Electrical Equipment › Heavy Electrical Equipment
Index: BSE 500
Face value: ₹2 a share
ISIN: INE152A01029
Sessions on record: 272
Price source: NSE UDiFF bhavcopy · end of day · delayed
Filings: NSE and BSE public disclosures · results, shareholding and corporate actions as filed
Computed: 1 Oct, 09:18 pm IST
Bulletins: 12 · written by the desk · not a recommendation

OI Charts is not a SEBI-registered investment adviser or research analyst. Prices, open interest, filings and the desk read are exchange data and arithmetic on it, not a basis for any investment decision.