Thermax shareholders and shareholding pattern
NSE: THERMAXBSE: 500411Electrical EquipmentMid Cap
Thermax Limited · Face value ₹2 Face value. The nominal value of one share as the company issued it, the unit its share capital is counted in and a dividend can be stated as a percentage of; it has no link to the share price. Face value in the glossary · Listed May 1995 on BSE, Aug 1995 on NSE
Last close ₹3,153.30down ₹33.70 (1.06%)BSE ₹3,150.45
Share price at the NSE close on 27 Oct 2026. Previous close ₹3,187.00.
27 Oct: open ₹3,159.70, high ₹3,195.50, low ₹3,130.00
52-week range of traded prices to 27 Oct 2026
₹2,742.70Low, 8 Dec 2025₹5,277.80High, 29 Jun 2026
- Next results date: the board meets on 5 Nov 2026 to consider: financial results. The notice · Results calendar
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹37,574 Cr212th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- 63.32
- P/E without one-offsPrice to earnings without one-off items. Market cap divided by core profit: the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, less one-off items (exceptional items and the result of businesses sold or closed). Shown where the one-off items move that profit by more than a tenth. The last twelve months' profit includes ₹61 crore of one-off items, the largest of them in the quarter to Dec 2025.
- 70.61
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 6.77
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.63%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it.
- 11.3%
- ROE without one-offsReturn on equity without one-off items. Core profit, the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders less one-off items (exceptional items and the result of businesses sold or closed), as a percentage of the same net worth as the return on equity. Shown where the one-off items move that profit by more than a tenth. The last twelve months' profit includes ₹61 crore of one-off items, the largest of them in the quarter to Dec 2025.
- 10.1%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- 8.3%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026.
- 0.41
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 1,28,17267.5% delivered
Thermax's shareholding pattern for Sep 2026, filed on 15 Oct 2026, with every filing from Dec 2016: who owns its shares by group, its promoters by name and its public holders of 1% or more.
Who owns Thermax, filing by filing
Per cent of the company's shares.
Sep 2026 filing
- Promoters61.98%
- Foreign institutions11.31%
- Indian institutions14.94%
- Individuals and others6.32%
- Employee trusts5.45%
Shareholding pattern, per cent, from Sep 2022
- Promoters
- Foreign institutions
- Indian institutions
- Individuals and others
- Employee trusts
| Per cent | Dec 2016 | Mar 2017 | Jun 2017 | Sep 2017 | Dec 2017 | Mar 2018 | Jun 2018 | Sep 2018 | Dec 2018 | Mar 2019 | Jun 2019 | Sep 2019 | Dec 2019 | Mar 2020 | Jun 2020 | Sep 2020 | Dec 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | |
| Indian 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% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% |
| Public. Every shareholder outside the promoter group, the employee trusts and the shares held against depositary receipts, as the filing totals them. Public in the glossary | 32.53% | 32.53% | 32.53% | 32.53% | 32.53% | 32.53% | 32.53% | 32.53% | 32.53% | 32.53% | 32.53% | 32.53% | 32.53% | 32.53% | 32.53% | 32.53% | 32.53% | 32.53% | 32.53% | 32.53% | 32.53% | 32.53% | 32.53% | 32.53% | 32.53% | 32.53% | 32.53% | 32.53% | 32.53% | 32.53% | 32.53% | 32.54% | 32.55% | 32.55% | 32.55% | 32.56% | 32.56% | 32.56% | 32.56% | 32.57% |
| Employee trusts | 5.49% | 5.49% | 5.49% | 5.49% | 5.49% | 5.49% | 5.49% | 5.49% | 5.49% | 5.49% | 5.49% | 5.49% | 5.49% | 5.49% | 5.49% | 5.49% | 5.49% | 5.49% | 5.49% | 5.49% | 5.49% | 5.49% | 5.49% | 5.49% | 5.49% | 5.49% | 5.49% | 5.48% | 5.48% | 5.48% | 5.48% | 5.47% | 5.47% | 5.47% | 5.47% | 5.46% | 5.46% | 5.46% | 5.46% | 5.45% |
| Shares in issue | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 | 11,91,56,300 |
Filings before Sep 2022 are on an older form, which did not split institutions into foreign and Indian and grouped some holders differently, so those columns show only the lines both forms state alike. A dash is a line the filing did not state. “Under 0.01%” is a holding of shares too small to show at two decimals.
Thermax promoters
Promoters are the founders, families and companies that control the company, as its filings name them. Every member of the promoter group holding shares in the filing for Sep 2026; the largest is RDA HOLDINGS PRIVATE LTD, 53.99%. The filing names 14 more members with no shares.Promoter buying and selling
| Holder | ||
|---|---|---|
| RDA HOLDINGS PRIVATE LTDIndian companies, trusts and others | 53.99% | 6,43,28,500 |
| ARA TRUSTEESHIP COMPANY PRIVATE LIMITEDIndian companies, trusts and others | 7.99% | 95,20,805 |
| PHEROZ N PUDUMJEEIndividuals and Hindu undivided families | 0.01% | 6,000 |
No promoter shares are reported as pledged.
Largest public holders of Thermax, filing by filing
Per cent, on the same shares as the split above.Mutual funds holding Thermax
| Holder | Dec 2016 | Mar 2017 | Jun 2017 | Sep 2017 | Dec 2017 | Mar 2018 | Jun 2018 | Sep 2018 | Dec 2018 | Mar 2019 | Jun 2019 | Sep 2019 | Dec 2019 | Mar 2020 | Jun 2020 | Sep 2020 | Dec 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| NALANDA INDIA EQUITY FUND LIMITEDForeign portfolio investors, category I | – | – | – | – | – | – | – | – | – | – | – | – | – | 2.82% | 6.26% | 6.26% | 6.86% | 6.86% | 6.86% | 6.86% | 6.86% | 6.86% | 6.86% | 6.86% | 6.86% | 6.86% | 6.86% | 6.86% | 6.86% | 6.86% | 5.51% | 5.13% | 5.13% | 5.13% | 5.13% | 5.13% | 5.13% | 5.13% | 5.13% | 5.13% |
| SBI LIFE INSURANCE CO. LTDInsurance companies | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | 1.09% | 1.09% |
| KOTAK FUNDS - INDIA MIDCAP FUNDForeign portfolio investors, category I | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | 1.29% | 1.35% | 1.36% | 1.36% | 1.36% | 1.35% | 1.35% | 1.35% | 1.40% | 1.32% | 1.04% | – | – |
| TATA AIA LIFE INSURANCE COMPANY LIMITED A/C GROUPInsurance companies | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | 1.28% | – | – | – | – | – | – | – | – | – | – |
| TATA AIA LIFE INSURANCE COMPANY LIMITED A/C EMERGIInsurance companies | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | 1.30% | 1.32% | 1.37% | 1.37% | – | – | – | – | – | – | – | – | – | – | – |
| TATA AIA LIFE INSURANCE COMPANY LIMITED A/C DIAMONInsurance companies | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | 1.53% | 1.74% | 1.74% | – | – | – | 1.27% | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| TATA AIA LIFE INSURANCE COMPANY LIMITED AC UNIT REInsurance companies | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | 1.08% | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| TATA AIA LIFE INSURANCE COMPANY LTD - NON UNIT LINOther Institutions | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | 1.30% | – | – | – | – | – | 1.65% | 1.63% | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| LIFE INSURANCE CORPORATION OF INDIAOther Institutions | – | 1.48% | 1.48% | – | – | 1.48% | 1.48% | 1.48% | 1.48% | 1.48% | 1.48% | 1.73% | 1.73% | 1.73% | 1.73% | 1.73% | 1.73% | 1.73% | 1.56% | 1.07% | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| TATA AIA LIFE INSURANCE CO LTD-WHOLE LIFE MID CAPOther Institutions | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | 1.63% | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| TATA AIA LIFE INSURANCE CO LTD-INFRASTRUCTURE FUNDOther Institutions | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | 1.64% | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| PINEBRIDGE INVESTMENTS GF MAURITIUS LIMITEDInstitutions Foreign Portfolio Investor | – | 2.43% | 2.43% | 2.34% | 2.17% | 2.07% | 2.07% | 1.47% | 1.09% | 1.09% | 1.09% | 1.06% | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| GOLDMAN SACHS INDIA LIMITEDInstitutions Foreign Portfolio Investor | – | 1.32% | 1.35% | – | – | 1.35% | 1.35% | 1.22% | 1.22% | 1.14% | 1.14% | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| MATTHEWS PACIFIC TIGER FUNDInstitutions Foreign Portfolio Investor | 4.46% | 4.46% | 4.46% | 4.46% | 4.46% | 4.46% | 4.46% | 4.46% | 4.46% | 3.16% | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| LIFE INSURANCE CORPORATION INDIAInsurance companies | 1.48% | – | – | 1.48% | 1.48% | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| GOLDMAN SACHS INDIA FUND LIMITEDInstitutions Foreign Portfolio Investor | 1.32% | – | – | 1.35% | 1.35% | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| AMANSA HOLDING PRIVATE LIMITEDInstitutions Foreign Portfolio Investor | 1.45% | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| PINEBRIDGE INVESTMENTS INDIA LIMITEDInstitutions Foreign Portfolio Investor | 1.30% | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
A filing names every holder above one per cent, in the company's own words: an insurer's holding can carry one of its funds' names. Mutual funds are left out here: each fund's holding is on the Mutual funds tab, from its own portfolio. A dash is a filing that did not name the holder, which includes holding under one per cent.