Thermax (THERMAX) Share Price Falls 2.04% Today to Rs 3,653.65

Thermax Share Price fell to Rs 3,653.65 on 04 September 2026, down 2.04% for the day. The stock was lower by Rs 76.05 versus the previous close of Rs 3,729.70, leaving the Large Cap company with a market capitalisation of Rs 44,714 crore.

The supplied market data shows a straightforward weak session. The stock opened at Rs 3,744.95, touched an intraday high of Rs 3,747.35, then moved down to Rs 3,645.55 before trading near that lower band. The numbers confirm the decline, but they do not identify a company-specific catalyst. As a result, the current market discussion is centred more on price action, valuation and industry positioning than on any verified trigger.

For investors following the stock, the key datapoints now include the current price versus its moving averages, an RSI of 28.41, P/E of 74.9, P/B of 7.99, ROE of 13.76, ROCE of 15.85, EPS of 49.8, book value of 467.02 and dividend yield of 0.54. These figures give a useful framework for reading the day’s weakness without speculating about reasons not present in the data.

Thermax (THERMAX) Share Price Today: Price Action Analysis

Metric	Value
Current Price	Rs 3,653.65
Previous Close	Rs 3,729.7
Today's Move	-Rs 76.05 (-2.04%)
Open	Rs 3,744.95
High	Rs 3,747.35
Low	Rs 3,645.55
Turnover	Rs 3.95 crore
Market Capitalisation	Rs 44,714 crore
Market Cap Category	Large Cap

Thermax Share Price Today reflects a session where early strength did not hold. The stock opened above the previous close, briefly added to that move, and then lost ground through the session. Trading near the day’s low suggests sellers had the upper hand by the time this update was captured.

From the opening price of Rs 3,744.95, the stock only stretched to Rs 3,747.35 before turning lower. It later fell to Rs 3,645.55 and was quoted at Rs 3,653.65, down Rs 76.05 or 2.04% on the day. Turnover stood at Rs 3.95 crore. For a Large Cap name, that combination makes this a meaningful one-session decline rather than a minor drift around the prior close.

The technical backdrop also looks weaker because the stock is trading below the 50-day moving average of Rs 4,016.88 and below the 200-day moving average of Rs 3,840.47. In addition, the RSI stands at 28.41, a reading that will naturally draw attention from traders tracking momentum and short-term price pressure.

Thermax (THERMAX) Fundamental Analysis

Metric	Value
Market Capitalisation	Rs 44,714 crore
P/E Ratio	74.9x
P/B Ratio	7.99x
ROE	13.76%
ROCE	15.85%
EPS	Rs 49.8
Book Value Per Share	Rs 467.02
Dividend Yield	0.54%

Thermax’s fundamentals show a company that still commands a premium valuation in absolute terms. At the same time, its return ratios are closer to industry middle levels than to the strongest names in the peer group. That combination often keeps market attention high during weak sessions, because valuation and operating returns are being judged together.

The company’s market capitalisation of Rs 44,714 crore is far above the same-industry median market cap of Rs 324.88 crore and the average of Rs 2,982.26 crore across 164 companies. On valuation, the P/E ratio of 74.9 is slightly above the industry average of 74.04 and well above the median of 28.94. The P/B ratio of 7.99 is also above the industry median of 2.84, though below the average of 9.42.

On profitability, ROE is 13.76 while ROCE is 15.85. Those are both just below the same-industry medians of 14.11 and 16.06, and also below the averages of 20.41 and 19.28. EPS stands at Rs 49.8, book value per share at Rs 467.02 and dividend yield at 0.54%. Taken together, the numbers indicate that the stock carries a premium multiple even though returns are around, but a little below, the benchmark median levels.

Sector and Industry Context

Metric	Value
Sector	Capital Goods
Industry	Engineering – Industrial Equipments
Benchmark Scope	same industry
Company P/E Ratio	74.9x
Benchmark Median P/E	28.94x
Benchmark Average P/E	74.04x
Benchmark P/E Range	0.4x to 3,902.2x
Company P/B Ratio	7.99x
Benchmark Median P/B	2.84x
Benchmark Average P/B	9.42x
Company ROE	13.76%
Benchmark Median ROE	14.11%
Benchmark Average ROE	20.41%
Company ROCE	15.85%
Benchmark Median ROCE	16.06%
Benchmark Average ROCE	19.28%
Company Market Capitalisation	Rs 44,714 crore
Benchmark Median Market Cap	Rs 324.88 crore
Benchmark Average Market Cap	Rs 2,982.26 crore

Thermax belongs to the Capital Goods sector and the Engineering – Industrial Equipments industry. In that industry benchmark, valuation dispersion is very wide, which matters when a stock is under pressure because premium multiples often invite closer scrutiny.

Within the same-industry set, Thermax’s P/E of 74.9 is far above the median of 28.94 but close to the average of 74.04. The benchmark P/E range extends from 0.4 to 3,902.2 across 145 companies with available P/E data, underlining just how broad sector valuations are. On P/B, the company’s 7.99 sits above the median of 2.84 and below the average of 9.42.

For returns, ROE of 13.76 is slightly below the median of 14.11 and clearly below the average of 20.41. ROCE of 15.85 is similarly just below the median of 16.06 and below the average of 19.28. Even so, the company’s market cap remains much larger than the typical listed player in this industry, which is part of why the stock continues to attract attention during weak sessions.

Peer Comparison

Company	Symbol	Market Cap (Cr)	P/E	P/B	ROE (%)	ROCE (%)
Bharat Heavy Electricals	BHEL	1,48,649.28	61.96	5.68	6.29	9.24
Kirloskar Oil Engines	KIRLOSENG	31,444.66	60.41	8.91	16.75	14.46
Jyoti CNC Automation	JYOTICNC	21,830.34	72.57	11.34	20.72	23.88
Inox India	INOXINDIA	19,040.82	77.65	16.97	26.11	33.54
Azad Engineering	AZAD	17,977.94	128.52	11.42	8.49	12.28

Against major listed peers, Thermax sits in a middle position on both scale and profitability. It is smaller than Bharat Heavy Electricals at Rs 1,48,649.28 crore, but larger than Kirloskar Oil Engines at Rs 31,444.66 crore, Jyoti CNC Automation at Rs 21,830.34 crore, Inox India at Rs 19,040.82 crore and Azad Engineering at Rs 17,977.94 crore.

On valuation, the company’s P/E of 74.9 is above BHEL at 61.96, above Kirloskar Oil Engines at 60.41 and above Jyoti CNC Automation at 72.57, while remaining below Inox India at 77.65 and well below Azad Engineering at 128.52. Its P/B of 7.99 is higher than BHEL’s 5.68 but lower than Kirloskar Oil Engines at 8.91, Jyoti CNC Automation at 11.34, Inox India at 16.97 and Azad Engineering at 11.42.

Return ratios are also mixed. ROE of 13.76 is ahead of BHEL’s 6.29 and Azad Engineering’s 8.49, but below Kirloskar Oil Engines at 16.75, Jyoti CNC Automation at 20.72 and Inox India at 26.11. ROCE of 15.85 is above BHEL’s 9.24 and Azad Engineering’s 12.28, close to Kirloskar Oil Engines at 14.46, but below Jyoti CNC Automation at 23.88 and Inox India at 33.54. That leaves the stock trading at a premium multiple without leading this peer set on profitability.

Why Investors Are Watching Thermax

• The stock fell 2.04% to Rs 3,653.65, with an intraday range of Rs 3,747.35 to Rs 3,645.55.
• The current price is below the 50-day moving average of Rs 4,016.88 and the 200-day moving average of Rs 3,840.47.
• RSI is 28.41, adding momentum context to the session.
• Valuation remains elevated with a P/E of 74.9 and P/B of 7.99.
• ROE of 13.76 and ROCE of 15.85 are near, but slightly below, industry medians.
• The company’s Rs 44,714 crore market cap keeps it relevant within Capital Goods and Engineering – Industrial Equipments.

About Thermax

Thermax operates in the Capital Goods sector and is classified under the Engineering – Industrial Equipments industry. Based on the supplied peer set and benchmark snapshot, it is part of a listed segment where valuation, market-cap size and profitability vary widely from one company to another. That makes stock-specific moves worth reading in a broader sector context, especially when the company is one of the larger names in its industry universe.

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On Univest, investors can follow Thermax Share Price alongside daily price action, market capitalisation, valuation ratios and broader market context. That makes it easier to compare the latest decline with peer metrics and industry benchmarks using one dataset.

Frequently Asked Questions

Why is Thermax stock falling today?

Ans. Thermax Share Price fell 2.04% to Rs 3,653.65, down Rs 76.05 from the previous close of Rs 3,729.70. The supplied data confirms the decline and intraday weakness, but it does not establish any company-specific catalyst.

How is Thermax valued on P/E and P/B basis?

Ans. Thermax trades at a P/E ratio of 74.9 and a P/B ratio of 7.99. Its P/E is above the same-industry median of 28.94, while its P/B is above the median of 2.84.

How does Thermax compare with key peers?

Ans. Thermax has a market cap of Rs 44,714 crore, larger than Kirloskar Oil Engines, Jyoti CNC Automation, Inox India and Azad Engineering, but smaller than BHEL. Its P/E of 74.9 sits within the peer range rather than at either extreme.