Thermax Ltd Share Price – NSE  / BSE

Capital Goods - Electrical Equipment, Small Cap

Thermax Ltd gained for a third straight session today. The stock is quoting at Rs 3012.8, up 3.03% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.23% on the day, quoting at 25741. The Sensex is at 83526.16, up 0.3%. Thermax Ltd has risen around 2.56% in last one month.

Meanwhile, Nifty Energy index of which Thermax Ltd is a constituent, has risen around 6.47% in last one month and is currently quoting at 36386.75, down 0.18% on the day. The volume in the stock stood at 68768 shares today, compared to the daily average of 1.2 lakh shares in last one month.

The PE of the stock is 59.24 based on TTM earnings ending December 25.

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Revenue from operations grew 4.19% to Rs 2,634.68 crore in the quarter ended 31 December 2025.

The company reported a profit before exceptional items and tax of Rs 229.92 crore in Q3 FY26, up 47.12% from Rs 156.27 crore in the same quarter last year. During the quarter, an exceptional item of Rs 58.75 crore was recorded.

On the segmental front, revenue from industrial products stood at Rs 1,580 crore (up 14% YoY), revenue from industrial infrastructure was Rs 1,120 crore (up 68% YoY), revenue from green solutions rose to Rs 173 crore (up 268% YoY) and revenue from the chemical segment stood at Rs 207 crore (up 8% YoY) during the quarter.

As of 31 December 2025, the order book stood at Rs 12,641 crore, reflecting an 11.05% increase from Rs 11,383 crore in the corresponding quarter of the previous year. Order booking for the quarter was Rs 3,080 crore, representing a 34.14% decline compared with Rs 2,296 crore in the same quarter of the previous fiscal year.

On a nine-month basis, the company reported an 11.07% rise in consolidated net profit to Rs 476.22 crore in 9M FY26, compared with Rs 428.74 crore in 9M FY25. Revenue from operations declined 0.77% YoY to Rs 7,266.11 crore in 9M FY26.

Meanwhile, the company?s board has approved the incorporation of a wholly owned step-down subsidiary in Dubai through Thermax Engineering Singapore Pte Ltd, a wholly owned subsidiary of the company.

Thermax, a leading energy and environment solutions provider, is one of the few companies in the world that offers integrated innovative solutions in the areas of heating, cooling, power, water and waste management, air pollution control and chemicals. Thermax has manufacturing facilities in India, Europe and Southeast Asia.

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Thermax and Hindustan Petroleum Corporation have signed a Memorandum of Understanding (MoU) entering into a strategic collaboration with an aim to exchange scientific information, carry out joint research, and encourage demonstration & deployment in the field of HP AEM electrolysers, CO2 capture solutions, bio-pyrolysis oil processing and other emerging new energy areas.

This collaboration will accelerate the deployment of indigenous, sustainable energy technologies and significantly advance the ?Make in India? vision aligned with India's energy transition and climate objectives.

Commenting on the partnership, Ashish Bhandari, MD & CEO, Thermax said, India's energy transition will be driven by strong partnerships, and this collaboration between Thermax and HPCL reflects that belief. Combining Thermax's technology and product expertise with HPCL's complementary R&D, operational excellence and scale, the partnership will advance solutions across green hydrogen, carbon capture and bio-based fuels-accelerating the journey from innovation to on-ground implementation.

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Thermax Babcock and Wilcox Energy Solutions (TBWES), a wholly owned subsidiary of Thermax, has incorporated a Company with the name Thermax Energy Solutions Company and the Certificate of Incorporation for Thermax Energy Solutions Company has been issued by the Ministry of Commerce, Saudi Arabia on 28 January 2026. Accordingly, Thermax Energy Solutions Company has become a wholly owned subsidiary of TBWES and a wholly owned step-down subsidiary of the Company.

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