Thermax Limited's shares experienced a 2.70% gain to trade at ₹4,154.00 on Monday, marking a significant turnaround from the previous session's decline. As reported by Moneycontrol, the stock is currently trading with a positive sentiment, despite some recent quarterly financial fluctuations. This movement positions the stock as one of the top performers on the Nifty Midcap 150 index, representing a notable recovery from the 2.01% decline to ₹4,001.30 that was observed in Thursday's trading session.
For the quarter ending June 2026, Thermax reported consolidated revenue of ₹2,302.73 crore, which represents a significant decrease of 32.79% compared to the ₹3,428.04 crore reported for the quarter ending March 2026. As reported by Moneycontrol, net profit also saw a substantial drop, falling from ₹244.39 crore in March 2026 to ₹21.79 crore in June 2026, marking a 91.09% decline. The Earnings Per Share (EPS) followed a similar trend, declining from 21.68 to 2.24 over the same period, reflecting the company's challenging quarterly performance. The latest quarterly data shows revenue of ₹2,302.73 crore and net profit of ₹21.79 crore for June 2026, compared to ₹3,428.04 crore and ₹244.39 crore respectively in March 2026.
On an annual consolidated basis, Thermax demonstrated consistent revenue growth, with revenue climbing from ₹6,128.33 crore in 2022 to ₹10,694.15 crore in 2026, according to the financial results reported by Moneycontrol. Net profit also increased significantly from ₹312.18 crore in 2022 to ₹720.67 crore in 2026, despite a slight dip in 2025. The company's EPS has risen steadily, reflecting improved profitability over the years, with EPS reaching ₹63.95 in 2026 compared to ₹27.73 in 2022. The latest annual data shows revenue of ₹10,694.15 crore and net profit of ₹720.67 crore for 2026, compared to ₹10,388.69 crore and ₹626.94 crore respectively in 2025.
Thermax has maintained a consistent track record of corporate actions, including dividends and stock splits. As reported by Moneycontrol, for 2026, the company announced a final dividend of ₹14.00 per share (700%) and a special dividend of ₹6.00 per share (300%), both effective July 3, 2026. The company recently announced several regulatory filings, including the submission of earnings call transcripts and investor call recordings from July 31, 2026. In 2025, a final dividend of ₹14.00 per share was declared, effective July 4, 2025. The company also announced a bonus issue on May 29, 2003, with a 2:1 ratio, and a stock split on January 31, 2006, changing the face value from ₹10 to ₹2.
According to the latest financial results reported by Moneycontrol, Thermax's valuation ratios for March 2026 indicate a P/E ratio of 50.99x and a P/B ratio of 6.68x. The company's Return on Equity (ROE) stood at 12.98% in 2026, while the Debt to Equity ratio has increased to 0.41, indicating a higher reliance on debt financing. The Debt to Equity ratio has gradually increased from 0.10 in 2022 to 0.41 in 2026, representing a 310% increase over the four-year period. The company's Book Value per Share has grown from ₹310.17 in 2022 to ₹492.67 in 2026, while dividend per share has increased from ₹9.00 to ₹20.00 over the same period, reflecting the company's improved financial position despite the recent quarterly challenges.
