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Clear AllValue Research Rating
Quality Score 
0/0
Growth Score
0/0
Valuation Score
0/0
Momentum Score
0/0
Today’s Range
52 Week Range
Liquidity
Market cap
₹39,560 Cr
Revenue (TTM)
₹10,344 Cr
Net Profit (TTM)
₹682 Cr
ROE
13.4 %
ROCE
16.2 %
P/E Ratio
58
P/B Ratio
7.5
Industry P/E
39.83
EV/EBITDA
32.2
Div. Yield
0.4 %
Debt to Equity
0.3
Book Value
₹441.3
EPS
₹53.7
Face value
2
Shares outstanding
119,156,300
CFO
₹4,174.75 Cr
EBITDA
₹5,168.65 Cr
Net Profit
₹3,613.22 Cr
|
Company
|
YTD
|
1 Month
|
3 Months
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
|---|---|---|---|---|---|---|---|
|
Thermax
| 10.6 | 8.1 | 17.3 | 2.0 | 13.1 | 19.5 | 15.7 |
|
BSE CG
| 2.6 | -2.8 | 4.1 | 14.6 | 25.4 | 26.4 | 18.5 |
|
Company
|
2025
|
2024
|
2023
|
2022
|
2021
|
2020
|
2019
|
|---|---|---|---|---|---|---|---|
|
Thermax
| -23.2 | 30.7 | 56.6 | 10.1 | 97.5 | -18.7 | -4.3 |
|
BSE Mid Cap
| 1.1 | 25.8 | 45.5 | 1.4 | 39.2 | 19.9 | -3.0 |
|
BSE CG
| -1.0 | 21.6 | 66.9 | 16.0 | 53.4 | 10.6 | -10.0 |
Is there a threat to the company's solvency?
Can creative accounting be detected through the financial numbers?
How did the company perform in the last one year?
5Y Avg -- 3Y Avg -- TTM --
P/E Ratio
--
--Min --Median --Max
P/B Ratio
--
--Min --Median --Max
Earnings Yield (%)
--
Earnings Yield (%) = EBIT / Enterprise value
PEG Ratio
--
Price = Price / Earnings to growth ratio
Company |
Price (₹) | Market Cap (₹ Cr) | Revenue (TTM) | Net Profit (TTM) | OPM (%) | ROE (%) | P/E | P/B |
|---|---|---|---|---|---|---|---|---|
|
Thermax
|
3,343.0 | 39,559.9 | 10,343.7 | 681.1 | 7.3 | 12.8 | 58 | 7.5 |
| 6,264.5 | 1,32,336.8 | 13,202.7 | 1,668.3 | 14.4 | 22.2 | 79.3 | -- | |
| 3,621.0 | 33,845.0 | 4,310.6 | 1,149.3 | 25.1 | 16.3 | 29.1 | 4.4 | |
| 254.6 | 88,357.4 | 30,465.2 | 760.1 | 3.6 | 3.3 | 108.5 | 3.6 | |
| 386.2 | 8,685.4 | 2,418.0 | 478.5 | 19.2 | 19.5 | 18 | 3.8 | |
| 887.2 | 6,532.0 | 6,515.0 | 277.3 | 8.0 | 12.3 | 27.6 | 2.3 | |
| 747.6 | 17,045.4 | 2,069.7 | 354.4 | 24.7 | 20.2 | 48.1 | 8.9 | |
| 1,421.8 | 20,611.9 | 7,337.7 | 533.8 | 16.2 | 16.8 | 37.7 | 5.9 | |
| 42.4 | 6,242.7 | 1,038.1 | 139.1 | 13.9 | 17.6 | 38.7 | 4.9 | |
| 1,655.3 | 12,509.1 | 1,701.3 | 196.0 | 13.2 | 14.1 | 62 | 3.9 |
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Thermax Limited provides energy, environment, and chemical solutions in India and internationally. It operates through Industrial Products, Industrial Infra, Green Solutions, and Chemical segments. The company offers vapour absorption and hybrid... chillers, triple effect chillers, chiller-heaters, heat pumps, heat pump chillers, and heat transformers; evaporative condensers, closed loop cooling towers, adiabatic and dry coolers, and air-cooled heat exchangers; industrial refrigeration; and renewable energy solutions. It also provides biomass fired, fixed plate, spent wash fired, waste to energy, oil and gas fired, lean gas fired, waste heat recovery, and steam boilers; waste heat recovery units; fired heaters and process furnaces; thermic fluid, hot air, and hot water heaters; and waste heat recovery. In addition, the company offers air pollution control, and water and waste solutions; chemicals, such as ion exchange resins, performance, construction, water treatment, oil field, and paper chemicals; and steam engineering solutions. Further, it operates cogeneration, waste heat recovery power, captive power, and independent power plants, as well as offers operation and maintenance services. It serves automobiles, cement, chemicals and fertilizers, commercial/construction, dairy, distillery, paper and pulp, pharmaceuticals, plywood, power generation, food, refineries and petrochemicals, soft beverages, metals, sugar, textiles, and tyre industries. The company was incorporated in 1966 and is headquartered in Pune, India. Thermax Limited is a subsidiary of RDA Holdings Private Limited. Read more
Incorporated
1980
Chairman
Meher Pudumjee
Managing Director
Ashish Bhandari
Group
Thermax
Headquarters
Pune, Maharashtra
Website
Our rating system has guided millions of investors in the past 20 years.
The share price of Thermax Ltd is ₹3,343.00 (NSE) and ₹3,344.00 (BSE) as of 19-Mar-2026 11:04 IST. Thermax Ltd has given a return of 13.1% in the last 3 years.
The P/E ratio of Thermax Ltd is 58.01 times as on 19-Mar-2026, a 46 premium to its peers’ median range of 39.83 times.
The P/B ratio of Thermax Ltd is 7.52 times as on 19-Mar-2026, a 93 premium to its peers’ median range of 3.89 times.
PE & PB ratio at the end of financial year.
| Year | P/E Ratio | P/B Ratio |
|---|---|---|
|
2025
|
64.88
|
8.35
|
|
2024
|
73.21
|
10.65
|
|
2023
|
57.26
|
6.67
|
|
2022
|
70.05
|
6.26
|
|
2021
|
73.37
|
4.66
|
The 52-week high and low of Thermax Ltd are Rs 4,091.80 and Rs 2,742.70 as of 19-Mar-2026.
Thermax Ltd has a market capitalisation of ₹ 39,560 Cr as on 19-Mar-2026. As per SEBI classification, it is a Mid Cap company.
Before investing in Thermax Ltd, assess your goals, risk tolerance, and if the company aligns with your long-term plan. Carefully review its business model, financials, and valuation. Avoid making decisions based on tips or short-term trends.
₹63.80
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