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Thermax Key Ratios

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NSE: THERMAX | BSE: 500411

₹2,785.90

up-down-arrow ₹-53.90 (-1.90%)

As on 09-Nov-2026IST

Market cap

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₹33,168 Cr

Revenue (TTM)

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₹11,121 Cr

P/E Ratio

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56.4

P/B Ratio

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6

Div. Yield

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0.7 %

Key Ratios and Highlights

Growth Score (%) Quarterly Annual (TTM)
Particulars QoQ YoY 1-Year 3-Years 5-Years
Revenue 19.68 11.40 8.96 8.97 15.09
EBIT 1,262.53 2.85 -7.11 4.32 13.51
Net Profit 353.80 -4.28 -8.21 0.85 9.80
EPS 353.80 -4.28 -0.91 5.64 12.87
Book Value -- -- 12.39 12.74 11.24
Key Ratios (%) Average Annual (TTM)
Particulars3-Years5-YearsTTMMar-26Mar-25
EBIT-Margin info 6.476.505.897.657.23
Net Margin info 8.515.935.136.575.90
Return on equity info 14.5812.839.8813.7613.38
Return on Capital info 18.1715.46--15.8516.25
Return on Assets info 8.135.774.475.915.88
Debt to Equity (x) info ----0.380.410.34

Profitability

View Detailed Peer Comparison

ROCE

--

--

Earning before interest and taxes / (Average net worth + Average total Debt) * 100

Company Name
TTM
Mar-26
Mar-25
Mar-24
Mar-23
Thermax
--
15.85
16.25
18.44
15.03
Peer Median
--
18.42
21.32
--
--
*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.
ROE

9.88

Lower than Peers by 4.22

Profit after tax / Average Net worth * 100

Company Name
TTM
Mar-26
Mar-25
Mar-24
Mar-23
Thermax
9.88
13.76
13.38
15.50
12.25
Peer Median
14.09
15.85
17.53
--
--
*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.
ROA

4.47

Lower than Peers by 5.02

Profit after tax / Average Total assets * 100

Company Name
TTM
Mar-26
Mar-25
Mar-24
Mar-23
Thermax
4.47
5.91
5.88
6.85
5.61
Peer Median
9.49
9.49
8.98
--
--
*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.
EBIT Margin

5.89

Lower than Peers by 6.16

Operating profit (EBIT) / Net Sales * 100

Company Name
TTM
Mar-26
Mar-25
Mar-24
Mar-23
Thermax
5.89
7.65
7.23
6.95
5.94
Peer Median
12.05
13.93
13.66
--
--
*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.
Net Margin

5.13

Lower than Peers by 4.61

Net profit / Total Income (Net sales plus other income) * 100

Company Name
TTM
Mar-26
Mar-25
Mar-24
Mar-23
Thermax
5.13
6.57
5.90
6.73
5.46
Peer Median
9.74
10.74
9.53
--
--
*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.
Cash Profit Margin

--

--

(Net profit + Depreciation) / Gross Sales * 100

Company Name
TTM
Mar-26
Mar-25
Mar-24
Mar-23
Thermax
--
8.68
7.57
8.49
7.02
Peer Median
--
--
--
--
--
*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.

Growth

View Detailed Peer Comparison

Revenue Growth

8.96

Lower than Peers by 2.46

Year on year growth in net sales

Company Name
TTM
Mar-26
Mar-25
Mar-24
Mar-23
Thermax
8.96
3.13
11.22
15.25
32.01
Peer Median
11.43
36.30
13.34
--
--
*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.
EBIT Growth

-7.11

Lower than Peers by 18.28

Year on year growth in operating profit (EBIT)

Company Name
TTM
Mar-26
Mar-25
Mar-24
Mar-23
Thermax
-7.11
9.26
15.69
34.74
65.14
Peer Median
11.18
53.81
29.75
--
--
*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.
Net Profit Growth

-8.21

Lower than Peers by 20.88

Year on year growth in profit after tax

Company Name
TTM
Mar-26
Mar-25
Mar-24
Mar-23
Thermax
-8.21
14.93
-2.56
42.71
44.31
Peer Median
12.67
23.89
32.83
--
--
*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.
EPS Growth

-0.91

Lower than Peers by 8.23

Year on year growth in earnings per share

Company Name
TTM
Mar-26
Mar-25
Mar-24
Mar-23
Thermax
-0.91
13.56
-1.72
43.30
44.18
Peer Median
7.31
46.15
21.80
--
--
*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.
Book Value Growth

--

--

Year on year growth in book value per share

Company Name
TTM
Mar-26
Mar-25
Mar-24
Mar-23
Thermax
--
12.39
11.21
14.70
10.68
Peer Median
--
--
--
--
--
*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.

Solvency

View Detailed Peer Comparison

Debt to Equity

0.38

Higher than Peers by 0.36

Total debt / Net worth

Company Name
TTM
Mar-26
Mar-25
Mar-24
Mar-23
Thermax
0.38
0.41
0.34
0.28
0.21
Peer Median
0.02
0.16
0.20
--
--
*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.
Short term debt to equity ratio

--

--

(Short term borrowings / Net worth)

Company Name
TTM
Mar-26
Mar-25
Mar-24
Mar-23
Thermax
--
0.11
0.10
0.09
0.09
Peer Median
--
--
--
--
--
*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.
Current Ratio

1.32

Lower than Peers by 0.58

Current Assets / Current Liabilities and Provisions

Company Name
TTM
Mar-26
Mar-25
Mar-24
Mar-23
Thermax
1.32
1.22
1.33
1.36
1.38
Peer Median
1.90
2.14
1.86
--
--
*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.
Quick Ratio

1.12

Lower than Peers by 0.05

(Current Assets - Inventory) / Current Liabilities and Provisions

Company Name
TTM
Mar-26
Mar-25
Mar-24
Mar-23
Thermax
1.12
1.07
1.19
1.20
1.21
Peer Median
1.17
1.59
1.23
--
--
*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.
Interest Coverage

6.61

Lower than Peers by 5.98

Earning before interest and taxes (EBIT) / Interest Expenses

Company Name
TTM
Mar-26
Mar-25
Mar-24
Mar-23
Thermax
6.61
8.25
8.57
10.92
17.04
Peer Median
12.59
10.47
9.44
--
--
*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.

Operating Efficiency

View Detailed Peer Comparison

Debtors to sales

15.96

Lower than Peers by 3.32

Debtors outstanding / Net Sales * 100

Company Name
TTM
Mar-26
Mar-25
Mar-24
Mar-23
Thermax
15.96
20.62
19.32
22.70
21.78
Peer Median
19.27
24.52
20.49
--
--
*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.
Asset Turnover

0.85

Higher than Peers by 0.00

Sales / Average Total Assets

Company Name
TTM
Mar-26
Mar-25
Mar-24
Mar-23
Thermax
0.85
0.88
0.97
0.99
1.01
Peer Median
0.85
0.95
0.92
--
--
*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.
Receivable days

--

--

Average Debtors / Sales * 365

Company Name
TTM
Mar-26
Mar-25
Mar-24
Mar-23
Thermax
--
71.81
72.50
75.92
71.87
Peer Median
--
--
--
--
--
*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.
Inventory Days

--

--

Average Inventory / Sales * 365

Company Name
TTM
Mar-26
Mar-25
Mar-24
Mar-23
Thermax
--
27.75
26.07
29.76
33.45
Peer Median
--
--
--
--
--
*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.
Payable days

--

--

Average Creditors / Cost of goods sold * 365

Company Name
TTM
Mar-26
Mar-25
Mar-24
Mar-23
Thermax
--
123.11
101.60
105.97
116.71
Peer Median
--
--
--
--
--
*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.
Cash Conversion Cycle

--

--

Receivable Days + Inventory Days - Payable Days

Company Name
TTM
Mar-26
Mar-25
Mar-24
Mar-23
Thermax
--
-23.55
-3.03
-0.29
-11.40
Peer Median
--
--
--
--
--
*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.

Valuation

View Detailed Peer Comparison

Price / Earnings

56.39

Higher than Peers by 10.53

Current share price divided by earning per share in the last twelve months

Company Name
TTM
Mar-26
Mar-25
Mar-24
Mar-23
Thermax
56.39
51.44
64.88
73.21
57.26
Peer Median
45.85
43.98
40.01
--
--
*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.
Price / Book Value

6.05

Higher than Peers by 1.67

Current share price divided by book value per share in the latest financial year

Company Name
TTM
Mar-26
Mar-25
Mar-24
Mar-23
Thermax
6.05
6.69
8.35
10.65
6.67
Peer Median
4.38
5.63
4.49
--
--
*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.
Dividend Yield

0.72

Higher than Peers by 0.45

Dividend per share in the past twelve months divided by current share price

Company Name
TTM
Mar-26
Mar-25
Mar-24
Mar-23
Thermax
0.72
0.61
0.38
0.29
0.44
Peer Median
0.26
0.16
0.18
--
--
*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.
EV/EBITDA

30.24

--

Enterprise Value (Current Market Capitalisation + Total Debt - Cash & Equivalents) / Earnings before interest, taxes, depreciation and taxes (EBITDA)

Company Name
TTM
Mar-26
Mar-25
Mar-24
Mar-23
Thermax
30.24
29.50
35.96
46.14
33.61
Peer Median
--
31.41
28.08
--
--
*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.
Market Cap

33,168

Higher than Peers by 30,242

Current Share price multiplied by latest total number of shares outstanding

Company Name
TTM
Mar-26
Mar-25
Mar-24
Mar-23
Thermax
33,168
37,064
41,162
47,241
25,785
Peer Median
2,926
2,204
1,252
--
--
*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.
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