Thermax Peer Comparison

NSE: THERMAX | BSE: 500411

₹3,578.20

₹26.30 (0.74%)

As on 21-Sep-2026IST

Market cap

₹42,669 Cr

Revenue (TTM)

₹10,839 Cr

P/E Ratio

71.9

P/B Ratio

7.7

Div. Yield

0.6 %

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	Thermax	AIA Engineering	ABB India	Bharat Heavy Elect	Kirloskar Oil
Market cap (₹ Cr)	42,669	36,781	1,54,078	1,50,860	31,026
Revenue (₹ Cr)	10,839	4,549	13,611	35,993	7,937
Net Profit (₹ Cr)	590.83	1,250.44	2,987.84	2,373.63	534.60
Net Margin (%)	5.32	24.88	11.14	6.44	6.69
RoE (%)	10.38	16.49	18.11	9.62	16.32
Price to Earnings	71.91	29.05	51.57	62.02	56.81
Price-To-Book	7.67	4.42	16.50	5.69	8.38

Income Statement (₹ Cr)

	Thermax	AIA Engineering	ABB India	Bharat Heavy Elect	Kirloskar Oil
Operating Revenue	10,694.15	4,419.86	13,202.73	33,782.18	7,701.01
Total Income	10,961.63	4,893.91	13,587.99	40,784.27	7,777.67
Total Expenditure	9,667.89	3,158.38	11,192.63	37,404.83	6,285.72
EBITDA	1,026.26	1,261.49	2,010.10	-3,622.65	1,415.29
Depreciation	207.64	112.69	145.53	315.87	174.04
EBIT	818.62	1,148.79	1,864.57	-3,938.52	1,241.25
Interest	138.96	41.70	19.89	986.01	529.19
Other Income	267.48	474.05	385.26	7,002.09	76.66
Exceptional Items	61.21	-3.28	--	--	-32.45
Profit before Tax	1,007.94	1,591.77	2,229.94	2,138.61	756.27
Provision for Tax	287.68	322.84	560.54	538.35	198.55
Profit after Tax	720.26	1,268.93	1,669.40	1,600.26	557.72

	Thermax	AIA Engineering	ABB India	Bharat Heavy Elect	Kirloskar Oil
Shareholder's Funds	5,549.97	8,025.35	7,835.99	26,146.60	3,620.19
Minority Interest	29.22	8.88	--	--	-45.06
Non-Current Liabilities	1,707.86	126.34	12.58	14,204.03	3,371.17
Current Liabilities	5,820.36	371.82	5,733.45	32,311.95	3,899.60
Total Liabilities	13,241.96	8,532.38	13,638.48	76,195.38	10,845.90

	Thermax	AIA Engineering	ABB India	Bharat Heavy Elect	Kirloskar Oil
Non-Current Assets	5,998.61	1,436.14	1,832.31	21,197.46	5,417.79
Current Assets	7,108.80	7,096.24	11,749.71	51,465.12	5,428.11
Total Assets	13,241.96	8,532.38	13,638.48	76,195.38	10,845.90
Total Debt*	2,288.01	0.00	0.00	7,950.00	5,313.78
Net Current Assets	1,288.44	6,724.43	6,016.26	19,153.17	1,528.51
Contingent Liabilities	371.71	742.87	570.53	6,609.85	234.24

	Thermax	AIA Engineering	ABB India	Bharat Heavy Elect	Kirloskar Oil
Cash From Operating Activities	541.55	591.50	1,219.51	5,837.38	932.21
Cash Flow from Investing Activities	-587.06	-124.21	363.31	-3,035.41	-320.68
Cash from Financing Activities	247.63	-659.86	-966.23	-1,805.73	-588.96
Net Cash Inflow / Outflow	202.12	-192.56	616.59	996.24	22.57

	Thermax	AIA Engineering	ABB India	Bharat Heavy Elect	Kirloskar Oil
ROCE (%)	15.85	21.16	30.18	9.24	14.46
ROE (%)	13.76	16.97	22.39	6.29	16.75
ROA (%)	5.91	15.51	12.90	2.34	5.23
EBIT Margin (%)	12.10	39.27	18.14	10.00	19.37
Net Margin (%)	6.57	25.93	12.29	3.92	7.17
Cash Profit Margin (%)	8.68	31.23	13.67	4.76	9.50

	Thermax	AIA Engineering	ABB India	Bharat Heavy Elect	Kirloskar Oil
Revenue Growth (%)	3.13	3.09	8.32	19.21	21.68
EBIT Growth (%)	11.53	16.84	-9.90	81.24	20.54
Net Profit Growth (%)	14.93	19.70	-10.95	199.73	17.77
EPS Growth (%)	13.56	19.74	-10.87	199.73	17.29
Book Value Growth (%)	12.39	15.86	10.75	5.76	17.20

	Thermax	AIA Engineering	ABB India	Bharat Heavy Elect	Kirloskar Oil
Price / Earnings	51.44	26.73	65.67	53.43	33.58
Price / Book Value	6.69	4.23	13.98	3.27	5.37
Dividend Yield (%)	0.61	0.44	0.76	0.57	0.53
EV/EBITDA	29.50	19.43	43.30	24.14	15.65
Market Cap (₹ Cr)	37,063.79	33,952.95	1,09,558.89	85,502.70	19,284.87

	Thermax	AIA Engineering	ABB India	Bharat Heavy Elect	Kirloskar Oil
Debt to Equity	0.41	0.00	0.00	0.30	1.48
Short term debt to equity ratio	0.11	0.07	--	0.30	0.21
Current Ratio	1.22	19.09	2.05	1.59	1.39
Quick Ratio	1.07	15.71	1.69	1.18	1.25
Interest Coverage	8.25	39.17	113.11	3.17	2.43

	Thermax	AIA Engineering	ABB India	Bharat Heavy Elect	Kirloskar Oil
Debtors to sales (%)	20.62	26.44	24.06	20.12	12.38
Asset Turnover	0.88	0.54	1.03	0.59	0.72
Receivable days	71.81	82.30	84.65	57.53	39.08
Inventory Days	27.75	93.78	52.65	105.27	31.64
Payable days	123.11	44.81	159.26	219.46	65.92
Cash Conversion Cycle	-23.55	131.27	-21.96	-56.66	4.80

*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.