Thermax (THERMAX) Share Price Hits Fresh 52-Week Low of Rs 2,670, Trades Down 18.8%

Q: Why is Thermax falling today?

Univest data confirms the move itself, though no company-specific trigger has been identified. The stock is down 18.8% at Rs 2,698 as of 11:36 AM IST against a previous close of Rs 3,322.50.

November 6, 2026
Posted by: Kunal Singla
Category: News

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Thermax Ltd. (THERMAX) share price fell to a fresh 52-week low of Rs 2,670 today and later stood at Rs 2,698, down 18.8% from the previous close. Market cap was Rs 39,094.59 crore.

Thermax Share Price traded at Rs 2,698 on 06 November 2026, down 18.8% as of 11:36 AM IST, after the stock touched a fresh 52-week low of Rs 2,670. Thermax Ltd. has a market capitalisation of Rs 39,094.59 crore.

The event is relevant because an 18.8% fall from the previous close has taken the stock to a one-year low. The fall has put Thermax among the Stocks at 52 Week Low in the Indian stock market today.

Key ratios stand at a P/E ratio of 66.72, a P/B ratio of 7.11, ROE of 13.76% and ROCE of 15.85%. Investors can monitor how the Thermax Share Price moves relative to today’s low of Rs 2,670 and how its valuation compares with Capital Goods peers, covered in the sections below.

Table of Contents

Thermax Share Price Today: Price Action Analysis

Metric	Value
Current Price	Rs 2,698
Previous Close	Rs 3,322.5
Today's Move	Rs -624.5 (-18.8%)
Open	Rs 3,010
High	Rs 3,033.35
Low	Rs 2,670
Market Capitalisation	Rs 39,094.59 crore

Thermax Ltd. (THERMAX) traded at Rs 2,698 versus the previous close of Rs 3,322.5, a fall of 18.8%. The stock opened at Rs 3,010, reached a high of Rs 3,033.35, touched a low of Rs 2,670.

Thermax Share Price was at Rs 2,698 as of 06 November 2026 at 11:36 AM IST, a fall of Rs 624.50 from the previous close of Rs 3,322.50. The stock opened at Rs 3,010, touched a high of Rs 3,033.35 and touched a low of Rs 2,670, which is its fresh 52-week low.

The opening price was Rs 312.50 below the previous close, and the stock has since moved lower, with the current price Rs 28 above the day’s low. The gap between the day’s high and low is Rs 363.35, while the Thermax 52 Week Low and the day’s low are the same Rs 2,670. Market capitalisation stands at Rs 39,094.59 crore. These Thermax Stock Performance numbers confirm what happened. The Thermax Fundamental Analysis below shows the valuation and return ratios behind that price.

Why Thermax Ltd. (THERMAX) May Be Moving Today

According to recent news reports, four items are linked with Thermax Ltd. around today’s fall. At 11:34 am on 06 Nov, the company was reported to anticipate revenue above Rs 70 billion across Q3 and Q4, compared with Rs 28 billion in Q2. At 06:07 pm on 05 Nov, three Q2 results items were reported: revenue of 27.56 billion rupees against 24.74 billion rupees a year earlier, EBITDA of 1.94 billion rupees against 1.72 billion rupees with the EBITDA margin at 7.04% from 6.95%, and a consolidated net profit of 1.15 billion rupees against 1.2 billion rupees, described as an earnings miss. The profit item could be linked to the decline, while the outlook, revenue and EBITDA items point the other way and were reported on the same or previous day. The market data itself does not establish a single confirmed cause. Thermax Ltd. has a market capitalisation of Rs 39,094.59 crore, which gives readers a sense of company size before judging valuation. On valuation, P/E at 66.72x, P/B at 7.11x should be read against the sector and peer benchmarks rather than as a standalone signal. Profitability is represented by ROE of 13.76% and ROCE of 15.85%, helping investors compare shareholder returns and capital efficiency. According to latest Univest data, additional metrics include EPS of Rs 49.8, book value per share of Rs 467.02, dividend yield of 0.6%, adding context to earnings, balance-sheet value and historical payout. Against the latest Univest same industry benchmark, these figures can be compared with benchmark median P/E of 27x, median ROE of 12.33%, median ROCE of 15.61%. These numbers explain the fundamental backdrop without converting the article into a buy or sell view.

Thermax Ltd. (THERMAX) Fundamental Analysis

Metric	Value
Market Capitalisation	Rs 39,094.59 crore
P/E Ratio	66.72x
P/B Ratio	7.11x
ROE	13.76%
ROCE	15.85%
EPS	Rs 49.8
Book Value Per Share	Rs 467.02
Dividend Yield	0.6%

Thermax Ltd. (THERMAX) fundamental metrics show P/E 66.72x, P/B 7.11x, ROE 13.76%, ROCE 15.85%. Read together, these ratios describe the company’s position rather than a recommendation.

Sector and Industry Context

Metric	Value
Sector	Capital Goods
Industry	Engineering – Industrial Equipments
Benchmark Scope	same industry
Company P/E Ratio	66.72x
Benchmark Median P/E	27x
Benchmark Average P/E	43.98x
Benchmark P/E Range	1x to 688.15x
Company P/B Ratio	7.11x
Benchmark Median P/B	3x
Company ROE	13.76%
Benchmark Median ROE	12.33%
Company ROCE	15.85%
Benchmark Median ROCE	15.61%
Company Market Capitalisation	Rs 39,094.59 crore
Benchmark Median Market Cap	Rs 342.55 crore

Thermax Ltd. (THERMAX) operates in the Capital Goods sector, within the Engineering – Industrial Equipments industry.

Thermax Ltd. (THERMAX) has a P/E ratio of 66.72x, which is above the benchmark median of 27x, a difference of +147.11%. The P/E comparison frames valuation; it is not a signal to buy or sell.

Thermax Ltd. (THERMAX) has a ROE of 13.76%, which is above the benchmark median of 12.33%, a difference of +11.6%. Thermax Ltd. (THERMAX) has a ROCE of 15.85%, which is above the benchmark median of 15.61%, a difference of +1.54%.

Track stocks falling to yearly lows through the Univest 52-week-low screener. The peer table below provides the company-level comparison.

Peer Comparison

Company	Symbol	Market Cap (Cr)	P/E	P/B	ROE (%)	ROCE (%)
Jyoti CNC Automation Ltd.	JYOTICNC	23,514.41	75.25	10.87	18.22	21.34
Inox India Ltd.	INOXINDIA	17,565.14	69.68	14.79	26.11	33.54
Azad Engineering Ltd.	AZAD	16,664.35	119.98	10.66	9.14	12.04
Triveni Turbine Ltd.	TRITURBINE	15,868.28	48.69	10.96	26.32	35.95
Lloyds Engineering Works Ltd.	LLOYDSENGG	12,872.64	59.44	5.53	13.59	17.99

Thermax Ltd. (THERMAX) has a P/E ratio of 66.72x compared with the displayed peer median of 69.68x. Peer multiples give relative context only, not a buy or sell view. Its ROE of 13.76% compares with a peer median of 18.22% across the companies shown in the table. ROCE stood at 15.85% versus the displayed peer median of 21.34%, providing a capital-efficiency comparison. Thermax Ltd. (THERMAX) has a market capitalisation of Rs 39,094.59 crore. It is larger by market capitalisation than all 5 peers shown.

Why Investors Are Watching Thermax

Price action: the Thermax Share Price traded at Rs 2,698, down 18.8%, after touching a fresh 52-week low of Rs 2,670.
Valuation: the P/E ratio of 66.72 and P/B ratio of 7.11 compare with industry medians of 27 and 3.
Returns: ROE of 13.76% and ROCE of 15.85% are above industry medians of 12.33% and 15.61%.
Per-share data: EPS is Rs 49.8, book value is Rs 467.02 and dividend yield is 0.6%.
Peer position: market cap of Rs 39,094.59 crore is above all five listed peers, while the P/E ratio is below three of them.

About Thermax

Thermax Ltd. (THERMAX) is a listed company in the Capital Goods sector, classified under the Engineering – Industrial Equipments industry. Peers in the same industry include Jyoti CNC Automation, Inox India, Azad Engineering, Triveni Turbine and Lloyds Engineering Works.

Track Thermax Share Price on Univest

Use Thermax Ltd. (THERMAX) live share-price page, Univest 52-week-low screener, Univest market blogs to review live stock data, yearly-low lists and related market analysis.

Univest brings the Thermax Share Price Live, fundamental ratios, 52-week levels and market insights together in one place, with sector and peer context alongside. Readers following Thermax Stock News and each Thermax Share Price Update can check ratios and levels together as the Thermax Share Price changes through the day.

Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Uniresearch Global Pvt. Ltd. (Research Analyst, SEBI Reg. No. INH000013776, a subsidiary of Univest Communication Technologies Private Limited).

Frequently Asked Questions

What is the Thermax Share Price today?

Ans. The Thermax Share Price was Rs 2,698 as of 06 November 2026 at 11:36 AM IST, down Rs 624.50 or 18.8% from the previous close of Rs 3,322.50. The stock opened at Rs 3,010 today.

Why is Thermax falling today?

Ans.The stock is down 18.8% at Rs 2,698 as of 11:36 AM IST against a previous close of Rs 3,322.50.

How far is the Thermax Share Price from its 52-week low?

Ans. The Thermax Share Price of Rs 2,698 is Rs 28 above the fresh 52-week low of Rs 2,670 touched today. The stock opened at Rs 3,010 and touched a high of Rs 3,033.35.

What is the Thermax market cap?

Ans. Thermax has a market capitalisation of Rs 39,094.59 crore. Market cap indicates company size, not quality. Within the same-industry benchmark of 169 companies, the median market cap is Rs 342.55 crore and average is Rs 2,666.96 crore.

How does the Thermax Share Price valuation compare with its industry?

Ans. Thermax has a P/E ratio of 66.72 against a same-industry median of 27 and average of 43.98, so it sits 147.11% above the median. Its P/B ratio is 7.11 against a median of 3.

What are the ROE and ROCE of Thermax?

Ans. Thermax has an ROE of 13.76% and ROCE of 15.85%. The industry median ROE is 12.33% and median ROCE is 15.61%, so both ratios are above the benchmark medians, by 11.6% and 1.54% respectively.

What are the EPS, book value and dividend yield of Thermax?

Ans. Thermax has an EPS of Rs 49.8 and a book value of Rs 467.02 per share. Its dividend yield is 0.6%, which is a historical payout relative to the current price, not a guaranteed future payout.

How does Thermax compare with its listed peers?

Ans. The market cap of Thermax, Rs 39,094.59 crore, is above Jyoti CNC, Inox India, Azad Engineering, Triveni Turbine and Lloyds Engineering Works. Its P/E ratio of 66.72 is below three of those five peers.

Should investors track the Thermax Share Price?

Ans. Investors can track the Thermax Share Price relative to its fresh 52-week low of Rs 2,670, its P/E ratio of 66.72 and ROE of 13.76%, along with peer and sector benchmarks, for information only.

Author: Kunal Singla

Kunal Singla is the Associate Director - Research at Univest, leading quantitative equity research, intraday trading setups, and derivatives strategy. With 4+ years of experience in Indian equity markets, he combines rigorous quantitative methods with classical technical analysis to build high-conviction research frameworks for retail and advisory clients. He holds an MSc from the Indian Institute of Technology (IIT) Delhi — one of India's most selective institutions — and has completed the Certificate in Quantitative Finance (CQF), a globally recognised programme covering derivatives pricing, risk modelling, machine learning for finance, and advanced portfolio theory. This combination places him in a small group of Indian analysts with both deep academic training in quantitative methods and SEBI-recognised research credentials. Kunal holds seven SEBI-recognised NISM certifications spanning research, derivatives, portfolio management, and securities operations: Series-XV (Research Analyst), Series-XXI-A (Portfolio Managers), Series-XVI (Commodity Derivatives), Series-VIII (Equity Derivatives), Series-VII (SORM), Series-V-A (Mutual Fund Distributors), and Series-I (Currency Derivatives). At Univest — India's SEBI-registered research and advisory platform — Kunal leads research inputs for Pro Lite, Pro Super, Pro Gold, and Pro Commodity advisory services, alongside publishing intraday stock picks on Univest Blogs.