Thermax
Thermax Ltd valuation: P/E, P/B and sector benchmarks.
Twelve years of multiples investors have paid for Thermax Ltd, framed against the sector median so the premium or discount is obvious at a glance.
Thermax Ltd trades at a P/E of 73.62× and P/B of 9.54×.
Valuation
Profitability
Growth
Financial Health
Thermax Ltd financials: P&L, balance sheet, cash flow, ratios.
Twelve years of audited numbers for Thermax Ltd, switchable between annual and quarterly views, consolidated or standalone.
Thermax Ltd reports its full P&L, balance sheet, cash flow and ratios on this page — current market capitalisation of ₹56,694.57 Cr and reported EPS of ₹63.81.
| Period | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue from Operations | 4,486 | 5,973 | 5,731 | 4,791 | 6,128 | 8,090 | 9,323 | 10,389 | 10,694 |
| Other Income | 116 | 150 | 100 | 108 | 127 | 160 | 233 | 252 | 267 |
| Total Income | 4,602 | 6,123 | 5,831 | 4,899 | 6,255 | 8,250 | 9,556 | 10,641 | 10,962 |
| Cost of Goods Sold (COGS) | 2,349 | 3,337 | 3,086 | 2,539 | 3,485 | 4,625 | 5,220 | 5,814 | 5,560 |
| Gross Profit | 2,136 | 2,637 | 2,646 | 2,253 | 2,643 | 3,465 | 4,104 | 4,575 | 5,135 |
| +Operating Expenses | 1,735 | 2,179 | 2,239 | 1,897 | 2,222 | 2,868 | 3,307 | 3,667 | 4,108 |
| EBITDA | 401 | 457 | 406 | 355 | 421 | 598 | 797 | 908 | 1,026 |
| +Non-Operating Expenses | 95 | 17 | 132 | 83 | 138 | 154 | 311 | 275 | 408 |
| Profit Before Tax (PBT) | 422 | 411 | 375 | 275 | 410 | 603 | 870 | 885 | 1,008 |
| +Tax Expense | 166 | 85 | 162 | 69 | 98 | 152 | 226 | 258 | 288 |
| Profit After Tax (PAT) | 231 | 325 | 212 | 207 | 312 | 451 | 643 | 627 | 720 |
| Earnings Per Share (EPS) | 19.48 | 27.31 | 17.83 | 17.34 | 26.21 | 37.79 | 54.15 | 53.25 | 60.47 |
| Diluted Shares Outstanding (Nos.) | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 |
| +Additional Disclosures | 6,530 | 8,936 | 8,534 | 7,127 | 9,338 | 12,272 | 13,970 | 15,559 | 15,555 |
| Sales Growth % | — | 33.16 | -4.05 | -16.40 | 27.91 | 32.01 | 15.25 | 11.43 | 2.94 |
| YoY Sales Growth % | — | 33.16 | -4.05 | -16.40 | 27.91 | 32.01 | 15.25 | 11.43 | 2.94 |
| Material Cost % | 51 | 54 | 52 | 51 | 57 | 55 | 55 | 53 | 51 |
| Employee Cost % | 16 | 13 | 14 | 16 | 13 | 12 | 12 | 12 | 13 |
| Other Cost % | 23 | 24 | 25 | 24 | 23 | 24 | 23 | 23 | 25 |
| OPM % | 9 | 8 | 7 | 7 | 7 | 7 | 9 | 9 | 10 |
| Tax % | 39 | 21 | 43 | 25 | 24 | 25 | 26 | 29 | 29 |
| Profit Growth % | — | 40.82 | -34.72 | -2.76 | 51.18 | 44.31 | 42.71 | -2.56 | 14.93 |
| Gross Margin % | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA Margin % | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Interest Coverage Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Additional Fields | 319 | 365 | 290 | 241 | 308 | 481 | 649 | 749 | 819 |
Thermax segment analysis: revenue and profit mix.
Disclosed business segments at Thermax with their share of revenue and profit, switchable between consolidated and standalone reporting.
Thermax discloses revenue and profit across multiple business segments — toggle between consolidated and standalone views to see the mix.
Segment-wise Financial Analysis
Thermax Ltd investment thesis: bull case, bear case, and the flip lines.
Why someone would buy Thermax Ltd, why someone wouldn't, and the quantitative tripwires that would force the call to flip.
Thermax Ltd's investment case rests on 10 positive markers and 8 flagged concerns drawn from the latest reported filings.
What you're getting.
Strong promoter confidence with a consistent holding of 62%.
Robust Return on Capital Employed (ROCE) at 16.20%, indicating efficient capital utilization.
Healthy Return on Equity (ROE) of 13.60% reflects efficient use of shareholder investments.
Consistent net profit growth from ₹103 Cr (2022) to ₹206 Cr (2025).
Low debt-to-equity ratio of 0.35 suggests a healthy financial structure.
What can break it.
High Price-to-Earnings (P/E) ratio of 53.54 suggests potential overvaluation.
Quarterly sales declined by -1.57%, indicating a potential slowdown in revenue.
Current price significantly below 52-week high, indicating recent market risk.
Low dividend yield of 0.38% may not attract income-focused investors.
Negative price returns over 5-day (-3.81%) and 13-week (-10.54%) periods.
What would change my mind.
Trim if P/E re-rates above 96. The valuation cushion thins from there.
Reassess if quarterly profit growth prints below 0% for two consecutive quarters. The bull case relies on compounding earnings.
Watch interest coverage if debt-to-equity climbs above 42.67. Balance sheet risk re-prices growth multiples fast.
Exit if ROE slips below 9%. The operating engine is no longer compounding capital efficiently.
Thermax Ltd peer comparison — same-sector benchmarks.
Same-sector listed peers ranked on P/E, market cap, dividend yield and growth — Thermax Ltd is highlighted for quick read-across.
Quick Compare
Peer Comparison
Thermax Ltd technical analysis: indicators, pivots and CPR.
Live RSI, MACD and moving-average signals plus today's pivot and Central Pivot Range levels for Thermax Ltd — derived from the live tape, not yesterday's close.
Thermax Ltd last traded at ₹4,741 with an intraday range of ₹4,665.7–₹4,821 — live indicator, pivot and CPR signals below.
Pivot points
Standard pivot — most widely referenced.
Pivot levels · Classic
Live: ₹4741.00| Level | Price (₹) | Distance | % Δ |
|---|---|---|---|
| R4 | 5130.03 | +389.03 | +8.21% |
| R3 | 4974.73 | +233.73 | +4.93% |
| R2 | 4897.87 | +156.87 | +3.31% |
| R1 | 4819.43 | +78.43 | +1.65% |
| PIVOT | 4742.57 | 1.57 | 0.03% |
| CURRENT | 4741.00 | — | — |
| S1 | 4353.53 | -387.47 | -8.17% |
| S2 | 4508.83 | -232.17 | -4.90% |
| S3 | 4587.27 | -153.73 | -3.24% |
| S4 | 4664.13 | -76.87 | -1.62% |
THERMAX is trading Below CPR, indicating Bearishness
CPR is Narrower, suggesting likely for trending moves
Day's range: 4665.7 ~ 4821
Trading Inside opening range
Thermax Ltd delivery volume — last 20 sessions of conviction.
Daily traded volume and delivery percentage for Thermax Ltd over 20 sessions — the gap between intraday flipping and genuine accumulation.
Latest session delivery in Thermax Ltd stood at 50.3% of traded volume, against a 20-day average of 45.7%.
Thermax announcements: results, concalls, ratings, M&A.
Filings Thermax sent to the exchanges, sequenced as they hit the tape — concall transcripts, results, credit ratings and presentations.
Thermax files concall transcripts, results, credit ratings and corporate-action notices on the NSE and BSE exchange portals — latest 146 documents below.
General Updates
Thermax Limited has informed the Exchange about order passed by the Hon'ble National Company Law Tribunal, Mumbai Bench approving the Scheme of…
Copy of Newspaper Publication
Thermax Limited has informed the Exchange about Copy of Newspaper Publication
Analysts/Institutional Investor Meet/Con. Call Updates
Thermax Limited has informed the Exchange about Schedule of meet
Analysts/Institutional Investor Meet/Con. Call Updates
Thermax Limited has informed the Exchange about Transcript
Analysts/Institutional Investor Meet/Con. Call Updates
Thermax Limited has informed the Exchange about Link of Recording
Investor decks & rating reports.
Investor Presentation
Investor Presentation
Investor Presentation
Investor Presentation
Investor Presentation
Thermax dividend history, splits and bonus issues.
Every dividend, stock split and bonus issue Thermax has declared, sequenced by announce and record date.
Thermax corporate-action history below covers all declared dividends, stock splits and bonus issues recorded with NSE and BSE.
About Thermax Ltd: business, sector, key facts.
What Thermax Ltd does, where it operates, the people running it, and the numbers that describe the entity behind the ticker.
Thermax Ltd operates in the Industrials, listed as NSE: THERMAX, BSE: 500411.
Thermax Limited is a multinational company headquartered in Pune, India, specializing in energy, environmental, and chemical solutions. The company's diverse portfolio caters to a wide range of industries, contributing to its substantial market presence both domestically and internationally. Its business model is structured around four key segments: Industrial Products, Industrial Infra, Green Solutions, and Chemicals, each offering a distinct array of products and services.
The Industrial Products segment focuses on providing advanced thermal solutions. This includes a comprehensive range of chillers (vapor absorption, hybrid, triple effect, heat pump), heat exchangers (evaporative condensers, air-cooled, etc.), industrial refrigeration systems, and renewable energy solutions. Their offerings aim to improve energy efficiency and reduce operational costs for their diverse clientele.
The Industrial Infra segment centers on the design, engineering, and installation of large-scale industrial systems. This involves the provision of various types of boilers (biomass, waste-to-energy, oil/gas fired, etc.), waste heat recovery units, fired heaters, process furnaces, and other related equipment critical for numerous industrial processes. This segment plays a key role in providing complete energy solutions for industrial clients.
Thermax's Green Solutions segment is dedicated to environmentally friendly technologies. This area focuses on air pollution control systems and water and waste management solutions, aligning with growing global sustainability concerns. These services are crucial for industries striving to minimize their environmental impact and comply with stringent regulations.
The Chemicals segment offers a variety of specialty chemicals for various industrial applications. These include ion exchange resins, and chemicals for construction, water treatment, oil fields, and paper production. This segment leverages Thermax's chemical expertise to provide essential components and solutions for diverse industrial processes.
Beyond the four core segments, Thermax also offers operation and maintenance services for the systems and equipment it provides, ensuring long-term client support and optimized performance. Their diverse clientele spans various sectors, including automobiles, cement, chemicals and fertilizers, commercial/construction, food processing, power generation, and many more, showcasing their comprehensive reach across numerous industries.
Questions investors ask about Thermax Ltd (THERMAX).
Quick answers grounded in this page's data — price action, fundamentals, ratios and ownership.
01What is the current share price of Thermax Ltd (THERMAX)?
The current share price of Thermax Ltd (THERMAX) is ₹4,741. Today, the stock has gained by ₹14.70 (0.31%), trading in a range of ₹4,665.7 to ₹4,821. The stock opened at ₹4,821 with a trading volume of 2,77,050 shares.
02Is Thermax Ltd stock a good investment for long-term?
Thermax Ltd can be considered for long-term investment based on several factors. The company has a market capitalization of ₹56,694.57 crores, P/E ratio of 73.62, ROE of 13.69%, and ROCE of 16.20%. The dividend yield stands at 0.30%. However, investment decisions should be based on your financial goals, risk appetite, and thorough research. It's recommended to consult with a SEBI-registered financial advisor before making investment decisions.
03What is the 52-week high and low price of Thermax Ltd stock?
The 52-week high price of Thermax Ltd (THERMAX) is ₹5,075, while the 52-week low is ₹2,742.7. Currently trading at ₹4,741, the stock is 85.7% away from its 52-week low and 6.6% below its 52-week high. These levels help investors understand the stock's price volatility and trading range over the past year.
04Should I buy Thermax Ltd stock at the current price?
Whether to buy Thermax Ltd stock at ₹4,741 depends on multiple factors. The stock is currently trading with a P/E ratio of 73.62 and P/B ratio of 9.54. Today's performance shows a gain of 0.31%. Consider analyzing the company's fundamentals, technical indicators, industry trends, and your investment horizon. Compare these metrics with industry peers and consult a financial advisor for personalized advice.
05What is the dividend yield of Thermax Ltd and when is the next dividend?
Thermax Ltd offers a dividend yield of 0.30%, which means for every ₹100 invested at the current price of ₹4,741, you can expect to receive approximately ₹0.30 annually as dividends. The face value of the stock is ₹2.00. For information about the next dividend announcement and ex-dividend date, please check the company's official announcements or visit the BSE/NSE websites.
06What are the key financial ratios and metrics of Thermax Ltd?
Thermax Ltd's key financial metrics include: P/E Ratio: 73.62, P/B Ratio: 9.54, ROE: 13.69%, ROCE: 16.20%, Dividend Yield: 0.30%, EPS: ₹63.81, Book Value: ₹492.56, and Debt-to-Equity: 42.17. The company's market cap stands at ₹56,694.57 crores. These metrics help evaluate the company's valuation, profitability, and financial health.
07How is Thermax Ltd stock performing today in the market?
Thermax Ltd stock opened at ₹4,821 and is currently trading at ₹4,741, showing a gain of ₹14.70 (0.31%). The intraday high is ₹4,821 and low is ₹4,665.7. The trading volume stands at 2,77,050 shares, indicating moderate market participation today.
08What is the P/E ratio of Thermax Ltd and what does it indicate?
Thermax Ltd has a Price-to-Earnings (P/E) ratio of 73.62, which means investors are willing to pay ₹73.62 for every ₹1 of earnings. With an EPS of ₹63.81, this P/E ratio suggests the stock may be trading at a premium, possibly due to high growth expectations. Compare this with industry peers and historical P/E ratios for better context.
The data, ratios and commentary about Thermax Ltd (THERMAX) on this page are published for educational and informational purposes only and are not investment, legal or tax advice. StockeZee is not a SEBI-registered investment adviser, research analyst or portfolio manager, and no content here should be construed as a recommendation to buy, hold or sell any security. Live and historical market data may be delayed, revised by the exchanges, or contain errors; figures sourced from third-party feeds and corporate disclosures may not always be current. Past performance is not indicative of future results, and equity investments carry the risk of capital loss. Before acting on anything you read here, please consult a SEBI-registered financial advisor and read all scheme-related documents carefully.
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