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Is Thermax Ltd. Shariah Compliant? | BarakFi | BarakFi
NIFTY 5023,842.75+0.54%SENSEX78,553.20+0.54%NIFTY BANK51,236.80-0.17%NIFTY IT33,156.40+0.75%NIFTY PHARMA19,872.35+0.28%NIFTY AUTO23,145.90-0.48%NIFTY FMCG56,234.15+0.32%INDIA VIX13.42-2.75%NIFTY 5023,842.75+0.54%SENSEX78,553.20+0.54%NIFTY BANK51,236.80-0.17%NIFTY IT33,156.40+0.75%NIFTY PHARMA19,872.35+0.28%NIFTY AUTO23,145.90-0.48%NIFTY FMCG56,234.15+0.32%INDIA VIX13.42-2.75%
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Home›Screener›THERMAX
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THERMAXNSE

Thermax Ltd.

Capital Goods · Large Cap · India
₹4,982.7
▲ ₹547 (+12.33%) today
Day Range: ₹4,650 – ₹5,075
Volume: 17.9 L · as of 30 May 2026, 2:35 am
Shariah Status
Shariah Compliant
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Last screened 29 May 2026, 7:39 pm IST.
Methodology
AAOIFI aligned · 2026.04.2
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Shariah Compliant
Compliance
Market Data
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Shariah Compliance Breakdown
Debt Ratio
Interest-bearing debt compared to methodology denominator (AAOIFI: total assets). Must stay below 30%.
Disclaimer:The information on this page is for educational purposes only and does not constitute a religious ruling (fatwa) or financial advice. Shariah compliance status is derived from publicly available financial data and BarakFi's methodology mapping. Individual scholars may reach different conclusions. Always consult a qualified Islamic finance scholar and a licensed financial advisor before making investment decisions.
BarakFi
Shariah-compliant stock research for Indian equities. Educational only.
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MethodologyAbout
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© 2026 BarakFi · Educational screening · Not a religious ruling or financial adviceMade in India
Threshold: 30%
17.2%
Pass
Interest Income
Interest and treasury-based income as a share of business income. Must stay below 5%.
Threshold: 5%
0.0%
Pass
Non-permissible Income
Non-halal income compared to total business income. Must stay below 5%.
Threshold: 5%
Not detected
Pass
Accounts Receivable
Receivables compared to methodology denominator (AAOIFI: total assets). Must stay below 49%.
Threshold: 49%
16.6%
Pass
Business Activity
Core business lines should avoid prohibited sectors and interest-driven revenue dependence.
Allowed
Pass
Cash & Interest-bearing Assets
Cash, equivalents, and interest-bearing balances compared to total assets. Must stay below 30%.
Threshold: 30%
14.7%
Pass
Why Shariah Compliant
Thermax Ltd. currently screens as Shariah compliant on BarakFi. All required checks pass with current data.
Market Data
Current Price
₹4,982.7
Day Range
₹4,650 – ₹5,075
52-Week Range
₹2,742.7 – ₹5,075
Volume
17.9 L
Market Cap
₹56,129 Cr
P/E Ratio
68.3×
About Thermax Ltd.

Thermax Ltd. engages in the provision of engineering solutions to the energy and environment sectors. The company is headquartered in Pune, Maharashtra and currently employs 3,497 full-time employees. is an India-based company. The firm offers integrated solutions in heating, cooling, power generation, water treatment and recycling, air pollution control, and chemicals. The company operates in four segments: Industrial Products, Industrial Infra, Green Solutions, and Chemical. The Industrial Products segment supplies packaged boilers and fired heaters, besides turnkey solutions for process heating, through a range of heating media, such as steam, thermic fluid, hot water, and hot air. The Industrial Infra segment covers its Projects and Energy Solutions and Thermax Babcock & Wilcox Energy Solutions businesses. The Green Solutions segment includes Thermax Onsite Energy Solutions Limited, which provides green utilities, such as steam, heat, treated water, chilled water, and cogeneration power, along with other utilities. The Chemical segment manufactures and markets a range of specialty chemicals to help improve processes and water use across various industries.

BarakFi combines that company context with filing-driven screening ratios, market-cap evidence, and live quote snapshots so you can review the stock through a Shariah-screening lens without losing the underlying business picture.

Index and universe context: Nifty 500 • Nifty MIDCAP 100.

Capital GoodsLarge CapIndiaNSENifty 500Nifty MIDCAP 100
Other Stocks in Capital Goods
BEL
Bharat Electronics Ltd.
Compliant
HAL
Hindustan Aeronautics Ltd.
Compliant
CUMMINSIND
Cummins India Ltd.
Requires Review
POWERINDIA
Hitachi Energy India Ltd.
Not Compliant
ABB
ABB India Ltd.
Compliant
Key Compliance Ratios
Debt Ratio17.2%
Interest Income0.0%
Non-permissible IncomeNot detected
Receivables Ratio16.6%
Overall StatusCompliant
Stock Information
TickerTHERMAX
ExchangeNSE
SectorCapital Goods
CountryIndia
Market Cap₹56,129 Cr
36M Avg MCap₹40,631 Cr
Cap SizeLarge Cap
About this Screening
This page uses an AAOIFI-aligned methodology version 2026.04.2, checking debt, interest income, non-permissible income, receivables, and balance-sheet context from the current filings dataset.

This is educational only — not a religious ruling or financial advice. Read the full methodology for threshold context and update cadence.

Read full methodology →
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