---
title: "Thermax Ltd (THERMAX) — Share Price, Financials & Analysis"
symbol: "THERMAX"
company: "Thermax Ltd"
canonical: "https://tapetide.com/stocks/THERMAX"
isin: "INE152A01029"
nse_symbol: "THERMAX"
bse_code: "500411"
sector: "Industrials"
industry: "Electrical Equipment"
market_cap_cr: 43167.94
generated_at: "2026-09-13T18:58:13.434Z"
---

# Thermax Ltd (THERMAX)

Canonical page: https://tapetide.com/stocks/THERMAX

## Company

- **NSE Symbol:** THERMAX
- **BSE Code:** 500411
- **ISIN:** INE152A01029
- **Sector:** Industrials
- **Industry:** Electrical Equipment
- **Macro Sector:** Industrials
- **Stock Type:** EQUITY
- **Listed Since:** 1995-08-30
- **CEO:** Mr. Ashish Bhandari
- **Employees:** 5601
- **Face Value:** ₹2
- **F&O Eligible:** No
- **Website:** thermaxglobal.com

## About

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 equipment/system, water and waste recycle plant, ion exchange resins and performance chemicals and related services. [1]

## Latest Price

- **Price:** ₹3682
- **Change:** +36.6 (+1%)
- **Open:** ₹3611
- **Day High:** ₹3702.1
- **Day Low:** ₹3589.5
- **Previous Close:** ₹3645.4
- **Volume:** 84569
- **As Of:** 2026-09-11T10:20:30+00:00

## Key Fundamentals

Observed at 2026-09-11T04:48:57.029344Z.

- **Market Cap:** ₹43167.94 Cr
- **Classification:** Midcap
- **P/E (reported):** 73.5
- **P/E (TTM):** 73.94
- **EPS (TTM):** ₹49.8
- **EPS (reported):** ₹50.82
- **Book Value:** ₹465.88
- **Price to Book:** 7.82
- **Dividend Yield:** 0.55%
- **ROE:** 12.91%
- **ROCE:** 15.37%
- **Debt to Equity:** 0.42
- **Revenue (yearly):** ₹11041.5 Cr
- **Net Income:** ₹720.3 Cr
- **EBITDA:** ₹1293.7 Cr
- **52-Week High:** ₹5277.8
- **52-Week Low:** ₹2742.7
- **RSI (14):** 26.56

## Tapetide Score

- **Score:** 39 / 100
- **Score date:** 2026-09-04
- **Archetype:** Weak and Under Pressure
- **What it means:** Weak financials are the defining feature, and neither the valuation nor the trend reading is strong enough to offset them. Worth reading the risk flags and recent filings closely before anything else.
- **Pillar profile:** Quality: Weak · Valuation: Expensive · Momentum: Falling
- **Percentile:** 12 (of 4473 scored stocks)
- **Confidence:** 100%
- **Data coverage:** 100%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 15.51 | 9% |
| growth | 17.98 | 9% |
| momentum | 34.48 | 12% |
| ownership | 50.54 | 24% |
| quality | 36.52 | 22% |
| valuation | 42.26 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Weaknesses

- Stock is trading at 7.91 times its book value
- Company has a low return on equity of 11.5% over last 3 years.
- Earnings include an other income of Rs.331 Cr.

## Growth Rates

| Metric | QoQ | 1Y | 3Y | 5Y |
| --- | --- | --- | --- | --- |
| cash flow growth | — | -49.85% | 118.99% | 66.78% |
| ebitda margin growth | -68.22% | 7.52% | 8.72% | 33.64% |
| net income growth | -91.08% | 14.94% | 7% | 18% |
| revenue growth | -31.95% | 3.76% | 10% | 18% |
| roce | -79.47% | -1.73% | -12.77% | 14.97% |
| roe | -91.08% | 1.81% | 13.36% | 44.41% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 2302 | 2324 | 2764 | 2184 | 2616 | 2529 | 3046 | 2158 | 2474 | 2635 | 3428 | 2303 |
| Expenses | 2098 | 2137 | 2491 | 2044 | 2338 | 2340 | 2747 | 1933 | 2302 | 2380 | 3054 | 2234 |
| Operating Profit | 204 | 187 | 273 | 141 | 278 | 188 | 300 | 225 | 172 | 255 | 374 | 69 |
| OPM % | 9 | 8 | 10 | 6 | 11 | 7 | 10 | 10 | 7 | 10 | 11 | 3 |
| Other Income | 66 | 185 | 55 | 84 | 60 | 32 | 78 | 66 | 85 | 121 | 56 | 68 |
| Interest | 20 | 27 | 28 | 27 | 29 | 29 | 31 | 30 | 32 | 34 | 42 | 35 |
| Depreciation | 33 | 36 | 50 | 36 | 42 | 35 | 45 | 49 | 51 | 53 | 54 | 60 |
| Profit before tax | 217 | 309 | 251 | 161 | 266 | 156 | 301 | 211 | 174 | 289 | 334 | 42 |
| Tax % | 27 | 23 | 25 | 32 | 26 | 27 | 32 | 28 | 31 | 29 | 27 | 48 |
| Net Profit | 159 | 237 | 188 | 109 | 198 | 114 | 206 | 151 | 119 | 205 | 244 | 22 |
| EPS in Rs | 13.24 | 20 | 15.97 | 9.72 | 16.54 | 9.73 | 17.27 | 12.79 | 10.04 | 17.14 | 20.5 | 2.12 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 4465 | 5973 | 5731 | 4791 | 6128 | 8090 | 9323 | 10387 | 10774 | 10839 |
| Expenses | 4088 | 5516 | 5331 | 4435 | 5715 | 7489 | 8526 | 9477 | 9736 | 9970 |
| Operating Profit | 377 | 457 | 401 | 356 | 414 | 601 | 797 | 910 | 1038 | 870 |
| OPM % | 8 | 8 | 7 | 7 | 7 | 7 | 9 | 9 | 10 | 8 |
| Other Income | 115 | 60 | 105 | 54 | 135 | 156 | 307 | 250 | 317 | 331 |
| Interest | 13 | 14 | 15 | 21 | 25 | 38 | 88 | 117 | 139 | 144 |
| Depreciation | 82 | 92 | 117 | 115 | 113 | 117 | 148 | 159 | 208 | 218 |
| Profit before tax | 397 | 410 | 375 | 275 | 410 | 603 | 869 | 884 | 1008 | 839 |
| Tax % | 42 | 21 | 43 | 25 | 24 | 25 | 26 | 29 | 29 | — |
| Net Profit | 231 | 325 | 212 | 207 | 312 | 451 | 643 | 627 | 720 | 591 |
| EPS in Rs | 19.48 | 27.31 | 17.83 | 17.34 | 26.21 | 37.79 | 54.15 | 53.25 | 60.47 | 49.8 |
| Dividend Payout % | 29 | 24 | 37 | 38 | 32 | 25 | 21 | 25 | 3 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 |
| Reserves | 2515 | 2692 | 2992 | 3005 | 3229 | 3470 | 3846 | 4417 | 4914 | 5527 |
| Borrowings | 136 | 234 | 240 | 230 | 328 | 368 | 831 | 1277 | 1718 | 2353 |
| Other Liabilities | 2371 | 2980 | 3535 | 2693 | 2921 | 3598 | 4137 | 4424 | 4728 | 5339 |
| Total Liabilities | 5044 | 5929 | 6790 | 5951 | 6500 | 7458 | 8836 | 10141 | 11382 | 13242 |
| Fixed Assets | 811 | 973 | 1312 | 1283 | 1242 | 1195 | 1248 | 1906 | 2806 | 3048 |
| CWIP | 141 | 103 | 40 | 56 | 24 | 44 | 434 | 525 | 563 | 1442 |
| Investments | 1083 | 1472 | 829 | 875 | 234 | 1477 | 1626 | 1765 | 1699 | 1784 |
| Other Assets | 3009 | 3381 | 4609 | 3737 | 4999 | 4742 | 5528 | 5945 | 6315 | 6969 |
| Total Assets | 5044 | 5929 | 6790 | 5951 | 6500 | 7458 | 8836 | 10141 | 11382 | 13242 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 335 | 534 | -115 | 326 | 769 | 325 | 460 | 247 | 1080 | 542 |
| Cash from Investing Activity | -99 | -507 | 266 | -140 | -627 | -420 | -664 | -514 | -1257 | -565 |
| Cash from Financing Activity | -126 | -20 | -65 | -232 | 77 | -21 | 349 | 285 | 123 | 248 |
| Net Cash Flow | 110 | 7 | 85 | -47 | 220 | -115 | 144 | 19 | -55 | 224 |
| Free Cash Flow | 216 | 333 | -270 | 278 | 686 | 241 | -190 | -471 | 180 | -401 |
| CFO/OP | 114 | 188 | 16 | 114 | 243 | 103 | 102 | 54 | 139 | 86 |

### Ratios

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 84 | 102 | 84 | 88 | 94 | 85 | 80 | 83 | 70 | 75 |
| Inventory Days | 46 | 57 | 56 | 54 | 58 | 76 | 60 | 53 | 45 | 60 |
| Days Payable | 162 | 161 | 150 | 114 | 164 | 153 | 118 | 107 | 107 | 135 |
| Cash Conversion Cycle | -32 | -3 | -10 | 28 | -11 | 8 | 21 | 29 | 9 | -1 |
| Working Capital Days | -7 | -40 | -4 | -7 | -50 | -44 | -39 | -24 | -36 | -40 |
| ROCE % | 18 | 15 | 17 | 12 | 10 | 12 | 15 | 17 | 14 | 14 |

## Shareholding Pattern

### Quarterly

| Category | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% |
| FIIs | 12.54% | 12.01% | 12.24% | 15.15% | 15.38% | 15.49% | 15.86% | 16.02% | 13.44% | 12.36% | 11.24% | 11.46% |
| DIIs | 15.46% | 15.71% | 15.82% | 12.88% | 12.72% | 12.66% | 12.25% | 11.75% | 13.95% | 14.84% | 15.49% | 15.22% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 3.74% | 3.83% | 3.71% | 3.78% | 3.73% | 3.67% | 3.71% | 4% | 4.26% | 4.52% | 4.9% | 4.9% |
| Others | 6.28% | 6.47% | 6.25% | 6.21% | 6.19% | 6.2% | 6.19% | 6.26% | 6.37% | 6.3% | 6.39% | 6.44% |
| No. of Shareholders | 35616 | 39547 | 40819 | 48966 | 51876 | 50755 | 53687 | 62986 | 71208 | 77455 | 89964 | 91857 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 2 / 5 / 12

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 3715.64 | Sell |
| EMA (10) | 3721.96 | Sell |
| SMA (20) | 3863.22 | Sell |
| EMA (20) | 3837.12 | Sell |
| SMA (50) | 4187.39 | Sell |
| EMA (50) | 4074.37 | Sell |
| SMA (100) | 4380.26 | Sell |
| EMA (100) | 4103.95 | Sell |
| SMA (200) | 3735.19 | Sell |
| EMA (200) | 3918.13 | Sell |

### Oscillators — summary: **Neutral**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 30.76 | Neutral |
| MACD (12,26,9) | -155.3 | Sell |
| Stochastic (14,3,3) | 16.35 | Buy |
| ADX (14) | 47.2 | Buy |
| Williams %R (14) | -77.41 | Neutral |
| ATR (14) | 114.58 | High Volatility |
| ROC (12) | -7.22 | Sell |
| Stoch RSI (14) | 45.78 | Neutral |
| UO (7,14,28) | 35.65 | Neutral |

## Analyst Ratings

| Recommendation | Analysts | Share |
| --- | --- | --- |
| Buy | 6 | 31.58% |
| Hold | 7 | 36.84% |
| Sell | 6 | 31.58% |

Based on 19 analyst ratings, observed at 2026-09-11T04:48:55.625336+00:00.

## Filings & Documents

### Exchange Filings & Announcements

| Date | Document |
| --- | --- |
| 2026-09-05 | [Disclosures under Reg. 29(2) of SEBI (SAST) Regulations 2011](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=F097F2E6_9B93_41B5_A22A_1B7083952789_112402.pdf) |
| 2026-07-31 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=1b90a209-12c7-40a6-8c04-19a8991a8abf.pdf) |
| 2026-07-31 | [Shareholder Meeting / Postal Ballot-Scrutinizers Report](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=e444f5f2-5dba-409b-a408-834657354fbb.pdf) |
| 2026-07-31 | [Announcement under Regulation 30 (LODR)-Change in Directorate](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=14df4178-6b7e-4896-b27c-72a31c067b9d.pdf) |
| 2026-07-30 | [Board Meeting Outcome for Outcome Of The Board Meeting Held On July 30 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=9c67a106-36ca-4bf8-87f2-7117a1f0c8bd.pdf) |
| 2026-07-30 | [Announcement under Regulation 30 (LODR)-Scheme of Arrangement](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=749893d0-e5fb-4da3-8bb3-2de9f4014020.pdf) |
| 2026-07-30 | [Announcement under Regulation 30 (LODR)-Scheme of Arrangement](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=77fac0a0-b0c7-4f0d-94b2-7404a902b3f0.pdf) |
| 2026-07-30 | [Shareholder Meeting / Postal Ballot-Outcome of AGM](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=63572101-b76b-4111-b55d-e281c9611533.pdf) |
| 2026-07-21 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=c03c0922-a619-469a-bb31-0e5281968102.pdf) |
| 2026-07-14 | [Board Meeting Intimation for Approval Of Un-Audited Financial Statements For The Quarter Ended June 30 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=d0fe2c4f-83cd-4bde-861b-50880af9f3e3.pdf) |

### Earnings Call Transcripts

| Date | Document |
| --- | --- |
| 2026-08-06 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=ab656fd8-8e6e-4d42-bc31-3536e54b4d3f.pdf) |
| 2026-05-12 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=07476190-dd55-4910-9c5a-24380b95e6d9.pdf) |
| 2026-02-09 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=ade3917e-9a08-4253-a8b7-88490780060e.pdf) |
| 2025-11-17 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=720b7442-9425-413d-a26a-ee32cab812e3.pdf) |
| 2025-08-05 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=97c659a8-4ab7-4201-a562-786c3c8bcc7c.pdf) |
| 2025-05-16 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=59002f7d-7b4a-4bfd-b5a7-d19effd0b98e.pdf) |
| 2025-02-11 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=3a1c5580-ad54-4efa-a613-37d5fa229e2a.pdf) |
| 2024-11-19 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=c4650ce7-f30f-4c3d-90c6-2ee9949f5546.pdf) |
| 2024-08-06 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=f7699ff2-8834-4ab2-a3b6-9816437c3c4e.pdf) |
| 2024-05-16 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=8cefa414-653a-48dd-9f51-a5217b080e21.pdf) |

### Investor Presentations

| Date | Document |
| --- | --- |
| 2026-07-31 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=11476949-33a2-4fec-9066-d24d9f45f030.pdf) |
| 2026-07-30 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=2bfccf77-653e-4d58-a3d4-97914220f61d.pdf) |
| 2026-05-07 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=3361ee88-86b9-47f1-bd58-e78f249e9163.pdf) |
| 2026-02-02 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=a6b4bef6-a71c-48a6-9514-a6b9b2617210.pdf) |
| 2025-11-11 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=06ec559e-0256-4c27-bc93-c1c2bb7a27e3.pdf) |
| 2025-07-31 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=ed20d048-d1bd-422c-9a3d-86583eda4924.pdf) |
| 2025-05-09 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=89a011be-8e9d-415f-a053-852c6a9d176e.pdf) |
| 2025-02-04 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=2145a275-d221-4458-9a69-ae31febd6097.pdf) |
| 2024-11-13 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=25ab1c9a-d65b-4822-898d-8ca143d7a031.pdf) |
| 2024-08-01 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=98963fa7-6188-462a-9183-2abb5e14c814.pdf) |

### Earnings Call Recordings

| Date | Document |
| --- | --- |
| 2026-07-31 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=c9f0855a-78b2-4191-b78e-a23d61251d60.pdf) |
| 2026-05-08 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=20a9a37d-fe5b-4695-85e8-35e794015599.pdf) |
| 2026-02-05 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=e4659dbc-376a-418d-9449-51bb58ca0b23.pdf) |
| 2025-11-12 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=44d0470f-839f-4adf-b434-8f35566a4a8b.pdf) |
| 2025-08-01 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=2e2b87c7-bdd3-49f6-9e69-a63f345db282.pdf) |
| 2025-05-12 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=679c52e2-9340-4688-82dc-936beb11cb92.pdf) |
| 2024-11-14 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=ed5d4337-e221-4faa-8833-668138cc5390.pdf) |
| 2024-08-02 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=a482a7ab-cce3-40b5-8b99-66c76a666021.pdf) |
| 2024-05-13 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=1b7ab2e6-94cb-4d23-8099-93be21b704ed.pdf) |
| 2024-02-12 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=073898f3-ed6f-42f2-9bd4-a4c2f485485b.pdf) |

### Results & Financial Statements

| Date | Document |
| --- | --- |
| 2026-07-30 | [Results Of Thermax Limited For Quarter Ended June 30 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=9e6a76d4-370a-4c6d-bb3a-6073b0db0797.pdf) |
| 2026-05-07 | [Results Of Thermax Limited For Quarter And Year Ended March 31 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=505185cf-fc27-49b0-9397-ead3fcb61107.pdf) |
| 2026-02-02 | [Financial Results Of Thermax Limited For Quarter And Nine Months Ended December 31 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=442f83a5-b37b-40f4-8edf-a603db5c43be.pdf) |
| 2025-11-11 | [Financial Results Of Thermax Limited For Quarter And Half Year Ended September 30 2025.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=b476895d-041d-4516-aae4-7d1cf7a5bacc.pdf) |
| 2025-07-31 | [Results Of Thermax Limited For The Quarter Ended June 30 2025.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=2d308c46-17c5-4fdf-9008-ec5de0effd0b.pdf) |
| 2025-05-09 | [Results Of Thermax Limited For Quarter And Year Ended March 31 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=d3613510-f042-4876-b3bf-891fabd71058.pdf) |
| 2025-02-04 | [Results Of Thermax Limited For Quarter And Nine Months Ended December 31 2024](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=f7a48138-a78e-4666-82fa-2138e2a9d7fa.pdf) |
| 2024-11-13 | [Unaudited Financial Results For Quarter And Half Year Ended September 30, 2024](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=73cfe29e-8877-450b-884b-035ad2c3fc56.pdf) |
| 2024-08-01 | [Financials Results For Quarter Ended June 30, 2024.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=1a5d0cb6-0f42-4298-a1d0-5b93039bfadf.pdf) |
| 2024-05-10 | [Financial Results For Quarter And Year Ended March 31, 2024.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=f0d2e2b4-74bc-4176-80dc-388d240c5d37.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Nov 2022 | [Concall - Nov 2022](https://www.bseindia.com/xml-data/corpfiling/AttachHis/39942535-2253-4008-a2c7-02941f32b6d6.pdf) |
| May 2022 | [Concall - May 2022](https://www.bseindia.com/xml-data/corpfiling/AttachHis/448bbdea-390d-4682-b698-435f5369bf7a.pdf) |
| Feb 2023 | [Concall - Feb 2023](https://www.bseindia.com/xml-data/corpfiling/AttachHis/5a53a635-f618-4c18-aded-b30ac122156e.pdf) |
| Feb 2022 | [Concall - Feb 2022](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=6c1a8436-89cd-4e9a-aa22-5cb4c97c646c.pdf) |
| Feb 2022 | [Concall - Feb 2022](https://www.bseindia.com/xml-data/corpfiling/AttachHis/6c1a8436-89cd-4e9a-aa22-5cb4c97c646c.pdf) |
| Aug 2022 | [Concall - Aug 2022](https://www.bseindia.com/xml-data/corpfiling/AttachHis/4d06d977-4253-4577-9266-15a887f5e6fb.pdf) |

### Other Documents

| Date | Document |
| --- | --- |
| 9h - Thermax approved FY26 audited results, recommended Rs 20 dividend, reappointed an independent director, and appointed CHRO. | [Announcement under Regulation 30 (LODR)-Change in Management 9h - Thermax approved FY26 audited results, recommended Rs 20 dividend, reappointed an independent director, and appointed CHRO.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/1eb8bc1d-58dd-4c85-915c-510108a17e56.pdf) |
| 9 Feb - Thermax Limited has informed about the transcript of Analyst / Investor Meet for Q3 FY 2025-26 held on February 5, 2026. | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript 9 Feb - Thermax Limited has informed about the transcript of Analyst / Investor Meet for Q3 FY 2025-26 held on February 5, 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/ade3917e-9a08-4253-a8b7-88490780060e.pdf) |
| 9 Apr - Thermax completed acquisition of 35.83% stake in Exactspace, raising holding to 51% on April 9, 2026. | [Announcement under Regulation 30 (LODR)-Updates on Acquisition 9 Apr - Thermax completed acquisition of 35.83% stake in Exactspace, raising holding to 51% on April 9, 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/6652027e-3efd-4368-bd60-577e06f2a936.pdf) |
| 8h - Thermax approved FY26 results, recommended Rs.20 dividend, reappointed Dr. Gopinath, and appointed Kavita Singh CHRO. | [Announcement under Regulation 30 (LODR)-Change in Directorate 8h - Thermax approved FY26 results, recommended Rs.20 dividend, reappointed Dr. Gopinath, and appointed Kavita Singh CHRO.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/82caebf7-f045-4b87-8cac-8aa45c245e03.pdf) |
| 8 May - Thermax’s Independent Director Dr. S.B. Ravi Pandit died on May 8, 2026. | [Announcement under Regulation 30 (LODR)-Demise 8 May - Thermax’s Independent Director Dr. S.B. Ravi Pandit died on May 8, 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/7d26648a-fe8a-4fa0-bfe7-9af7bfb9b11b.pdf) |
| 8 May - Thermax shared audio recording link for its May 8, 2026 investor conference call. | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 8 May - Thermax shared audio recording link for its May 8, 2026 investor conference call.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/20a9a37d-fe5b-4695-85e8-35e794015599.pdf) |
| 8 May - Thermax Limited has informeds about the newspaper advertisement about financial results for quarter and year ended March 31, 2026. | [Announcement under Regulation 30 (LODR)-Newspaper Publication 8 May - Thermax Limited has informeds about the newspaper advertisement about financial results for quarter and year ended March 31, 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/fcefe1d2-34f4-41e1-93e5-829fa50851a6.pdf) |
| 8 May - Thermax Limited has informed about grant of ESOPs. | [Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 8 May - Thermax Limited has informed about grant of ESOPs.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/199e25d9-0403-44ea-addd-5db7ef932b12.pdf) |
| 8 Apr - Thermax Limited has submitted before the Exchanges certificate under Regulation 74(5) of the SEBI (DP) Regulations, 2018 for the quarter ended March 31, 2026. | [Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 8 Apr - Thermax Limited has submitted before the Exchanges certificate under Regulation 74(5) of the SEBI (DP) Regulations, 2018 for the quarter ended March 31, 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/ee76ee14-1836-4ecc-b7d8-f614161b0c37.pdf) |
| 7 May - Thermax Limited has informeds about the investors presentation for Q4 FY 2025-26. | [Announcement under Regulation 30 (LODR)-Investor Presentation 7 May - Thermax Limited has informeds about the investors presentation for Q4 FY 2025-26.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/3361ee88-86b9-47f1-bd58-e78f249e9163.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from bse | [Annual Report 2026 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/c53d3f98-551d-4ed2-871a-7d65f9d21a06.pdf) |
| from bse | [Annual Report 2025 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/528c0f6f-a78b-41aa-8c0c-d9516e4c4e4e.pdf) |
| from bse | [Annual Report 2024 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/15ed6da5-0517-4257-9fb5-e36a58458052.pdf) |
| from bse | [Annual Report 2023 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/391e074d-2648-4aac-abbc-3d1553adc545.pdf) |
| from bse | [Annual Report 2022 from bse](https://www.bseindia.com/bseplus/AnnualReport/500411/73577500411.pdf) |

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Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:58:13.434Z.