Thermax Limited
THERMAX · Capital Goods · NSE
₹4,699
Current Market Price
Under Review— We don’t have enough data to publish a fair value estimate for THERMAX yet. Reason: Data Limited.
Updated just now
YieldIQ Score
—
Piotroski F-Score
5/9
Economic Moat
Narrow
Confidence
31%
ROE
12.8%
Debt/Equity
0.35
WACC
9.8%
Market Cap
₹52,931 Cr
Quality & Valuation
Neutral model outputs — no recommendations.
ROCE
17.3%
Return on capital employed
EV / EBITDA
42.7×
Enterprise multiple
Debt / EBITDA
1.7×
Leverage vs earnings
Interest Coverage
8.3×
EBIT covers interest
Current Ratio
1.22×
Short-term liquidity
Asset Turnover
0.84×
Revenue per ₹ of assets
Revenue CAGR (3Y)
10.0%
3-year revenue growth
Revenue CAGR (5Y)
—
5-year revenue growth
Ratio Trends
THERMAX · last 7 annual periods
ROE
12.8%
ROCE
17.3%
Operating Margin
—
Debt / Equity
0.35×
PE
211.4×
EV / EBITDA
34.2×
Historical Financials
THERMAX · Annual, last 5 years· amounts in ₹Cr unless noted
| Metric | 2022 NSE_XBRL | 2023 NSE_XBRL | 2024 NSE_XBRL | 2025 yfinance | 2026 yfinance | CAGR |
|---|---|---|---|---|---|---|
| Revenue | ₹6064 Cr | ₹8034 Cr | ₹9237 Cr | ₹10.4K Cr | ₹10.7K Cr | +15.2% |
| EBITDA | ₹549 Cr | ₹757 Cr | ₹1103 Cr | ₹1160 Cr | ₹1355 Cr | +25.4% |
| EBIT | ₹435 Cr | ₹641 Cr | ₹957 Cr | — | — | +21.8% |
| PAT | ₹312 Cr | ₹450 Cr | ₹645 Cr | ₹634 Cr | ₹721 Cr | +23.2% |
| EPS (diluted) | ₹27.73 | ₹39.98 | ₹57.28 | — | — | +19.9% |
| CFO | ₹325 Cr | ₹460 Cr | ₹247 Cr | ₹1080 Cr | ₹542 Cr | +13.6% |
| CapEx | ₹-83.8 Cr | ₹-664 Cr | ₹-844 Cr | ₹-903 Cr | ₹-952 Cr | — |
| FCF | ₹241 Cr | ₹-205 Cr | ₹-597 Cr | ₹177 Cr | ₹-411 Cr | — |
| Total Assets | ₹7461 Cr | ₹8839 Cr | ₹10.2K Cr | ₹12.0K Cr | ₹13.3K Cr | +15.5% |
| Total Debt | ₹379 Cr | ₹851 Cr | ₹1296 Cr | ₹1734 Cr | ₹2353 Cr | +57.8% |
| Shareholders' Equity | ₹3492 Cr | ₹3868 Cr | ₹4440 Cr | ₹4937 Cr | ₹5550 Cr | +12.3% |
CAGR computed across the visible window. Signs reverse if start value is zero or negative.
Peer Comparison
THERMAX vs 5 closest peers by market-cap band
| Peer | MoS | Score | Verdict | ROE | PE |
|---|---|---|---|---|---|
 TIINDIA TIINDIA | — | — | Pending | 8.8% | — |
 3MINDIA 3MINDIA | — | — | Pending | 29.5% | 65.0× |
 SRF SRF | — | — | Pending | 9.9% | — |
 GODREJIND GODREJIND | — | — | Pending | 11.1% | 20.3× |
 NAVA NAVA | — | — | Pending | 9.0% | — |
Click a ticker to view its fair-value analysis.
Dividend History
10 ex-dividend events on file. Source: NSE corporate-actions feed.
Total paid (5Y)
₹52.00/sh
Last payout
2025-07-04
₹14.00
Peak payout
₹14.00
Trailing yield
0.30%
Amounts parsed from NSE subject lines. Percent-of-face-value declarations are converted using the per-ticker face value (defaults to ₹10).
Risk Analysis
Volatility & drawdown
Risk profile of THERMAX →
DuPont
ROE decomposition
Why ROE is what it is →
Technicals
RSI, MACD, MAs
Reference indicators →
News & Filings
Recent activity
BSE filings + news for THERMAX →
Compare
Head-to-head with peers
Compare THERMAX side by side →
Run Full Interactive Analysis
Interactive DCF sliders, sensitivity heatmap, peer comparison, and more.
Analyse THERMAXNow →Model estimates using publicly available data. Not investment advice. YieldIQ is not registered with SEBI as an investment adviser or research analyst. Past performance does not guarantee future results.