Thermax Limited
THERMAX · Capital Goods · NSE
₹4,126
Current Market Price
Fair Value (DCF)
₹1,241
Margin of Safety
-69.9%
Updated just now
YieldIQ Score
53/100
Piotroski F-Score
4/9
Economic Moat
Narrow
Confidence
25%
ROE
12.8%
Debt/Equity
0.00
WACC
9.8%
Market Cap
₹0.46 Lakh Cr
Quality & Valuation
Neutral model outputs — no recommendations.
ROCE
15.6%
Return on capital employed
EV / EBITDA
42.6×
Enterprise multiple
Debt / EBITDA
1.6×
Leverage vs earnings
Interest Coverage
8.7×
EBIT covers interest
Current Ratio
1.30×
Short-term liquidity
Asset Turnover
0.84×
Revenue per ₹ of assets
Revenue CAGR (3Y)
36.7%
3-year revenue growth
Revenue CAGR (5Y)
—
5-year revenue growth
DCF Scenario Analysis
vs CMP ₹4,125.6
Bear case
₹741.18
MoS -456.6%
Base case
₹1,240.68
MoS -232.5%
Bull case
₹1,672.73
MoS -146.6%
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 | 2021 | 2022 | 2023 | 2024 | 2025 | CAGR |
|---|---|---|---|---|---|---|
| Revenue | ₹3131 Cr | ₹4015 Cr | ₹8034 Cr | ₹9237 Cr | ₹10.3K Cr | +34.5% |
| EBITDA | — | ₹549 Cr | ₹757 Cr | ₹1103 Cr | ₹1157 Cr | +20.5% |
| EBIT | ₹191 Cr | ₹269 Cr | ₹181 Cr | ₹279 Cr | — | +9.8% |
| PAT | ₹141 Cr | ₹201 Cr | ₹450 Cr | ₹645 Cr | ₹634 Cr | +45.6% |
| EPS (diluted) | ₹11.83 | ₹16.85 | ₹10.25 | ₹16.88 | — | +9.3% |
| CFO | ₹409 Cr | ₹325 Cr | ₹419 Cr | ₹247 Cr | ₹1043 Cr | +26.4% |
| CapEx | — | — | — | — | ₹-903 Cr | — |
| FCF | — | — | — | — | ₹140 Cr | +0.0% |
| Total Assets | — | ₹7461 Cr | ₹6151 Cr | ₹10.2K Cr | ₹12.0K Cr | +12.7% |
| Total Debt | — | — | ₹220 Cr | ₹466 Cr | ₹1734 Cr | +67.5% |
| Shareholders' Equity | — | — | ₹3218 Cr | ₹4440 Cr | ₹4943 Cr | +11.3% |
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 | 25.8% | — |
| SRF SRF | — | — | Pending | 9.9% | — |
| GODREJIND GODREJIND | — | — | Pending | 4.6% | — |
| NAVA NAVA | — | — | Pending | 11.6% | — |
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
0.34%
Amounts parsed from NSE subject lines; percent-of-face-value declarations are not converted and shown as missing.
Reverse DCF
Market-implied growth
What FCF growth is priced in →
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 →
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Head-to-head with peers
Compare THERMAX side by side →
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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.