Thermax Peer Comparison

NSE: THERMAX | BSE: 500411

₹2,785.90

₹-53.90 (-1.90%)

As on 09-Nov-2026IST

Market cap

₹33,168 Cr

Revenue (TTM)

₹11,121 Cr

P/E Ratio

56.4

P/B Ratio

Div. Yield

0.7 %

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	Thermax	AIA Engineering	Bharat Heavy Elect	Jyoti Cnc	Kirloskar Oil
Market cap (₹ Cr)	33,168	29,265	1,46,943	23,522	23,621
Revenue (₹ Cr)	11,121	4,614	37,782	2,286	8,272
Net Profit (₹ Cr)	584.41	1,215.89	2,815.58	308.80	505.72
Net Margin (%)	5.13	24.01	7.27	13.30	6.08
RoE (%)	9.88	15.08	10.88	14.92	14.59
Price to Earnings	56.39	23.63	51.05	76.17	45.85
Price-To-Book	6.05	3.47	5.49	11.00	6.25

Income Statement (₹ Cr)

	Thermax	AIA Engineering	Bharat Heavy Elect	Jyoti Cnc	Kirloskar Oil
Operating Revenue	11,121.32	4,613.95	37,781.54	2,285.54	8,272.40
Total Income	11,387.74	5,063.56	38,710.22	2,322.65	8,321.25
Total Expenditure	10,229.43	3,369.92	33,953.48	1,743.42	6,927.55
EBITDA	891.89	1,244.02	3,828.06	542.12	1,344.85
Depreciation	236.96	116.64	330.85	58.51	192.47
EBIT	654.93	1,127.38	3,497.21	483.61	1,152.38
Interest	148.66	23.67	644.64	81.73	484.58
Other Income	266.42	449.61	928.68	37.11	48.85
Exceptional Items	61.21	-3.28	0.00	0.00	-32.45
Profit before Tax	833.90	1,550.04	3,781.25	438.99	684.20
Provision for Tax	249.49	334.15	965.67	130.19	178.48
Profit after Tax	584.41	1,215.89	2,815.58	308.80	505.72

	Thermax	AIA Engineering	Bharat Heavy Elect	Jyoti Cnc	Kirloskar Oil
Shareholder's Funds	5,484.39	8,432.84	26,752.47	2,138.15	3,779.14
Minority Interest	3.93	1.82	0.00	0.00	9.44
Non-Current Liabilities	2,384.93	143.67	19,866.41	542.87	3,562.18
Current Liabilities	6,037.90	519.00	30,221.66	1,299.31	4,159.70
Total Liabilities	13,241.96	8,532.38	76,195.38	3,615.33	10,845.90

	Thermax	AIA Engineering	Bharat Heavy Elect	Jyoti Cnc	Kirloskar Oil
Non-Current Assets	5,057.39	1,342.32	7,472.11	988.71	5,389.65
Current Assets	7,952.69	7,649.03	50,569.95	2,866.20	5,758.76
Total Assets	13,241.96	8,532.38	76,195.38	3,615.33	10,845.90
Total Debt*	2,288.01	0.00	7,950.00	849.63	5,313.78
Net Current Assets	1,914.79	7,130.04	20,348.29	1,566.89	1,599.06
Contingent Liabilities	371.71	742.87	6,609.85	463.04	234.24

	Thermax	AIA Engineering	Bharat Heavy Elect	Jyoti Cnc	Kirloskar Oil
Cash From Operating Activities	541.55	591.50	5,837.38	54.39	932.21
Cash Flow from Investing Activities	-587.06	-124.21	-3,035.41	-302.05	-320.68
Cash from Financing Activities	247.63	-659.86	-1,805.73	287.15	-588.96
Net Cash Inflow / Outflow	202.12	-192.56	996.24	39.49	22.57

	Thermax	AIA Engineering	Bharat Heavy Elect	Jyoti Cnc	Kirloskar Oil
ROCE (%)	15.85	21.16	9.24	21.34	14.46
ROE (%)	9.88	15.08	10.88	14.92	14.59
ROA (%)	4.47	13.52	3.78	8.73	4.56
EBIT Margin (%)	5.89	24.43	9.26	21.16	13.93
Net Margin (%)	5.13	24.01	7.27	13.30	6.08
Cash Profit Margin (%)	0.00	0.00	0.00	0.00	0.00

	Thermax	AIA Engineering	Bharat Heavy Elect	Jyoti Cnc	Kirloskar Oil
Revenue Growth (%)	8.96	7.05	29.08	17.61	19.70
EBIT Growth (%)	-7.11	4.56	298.85	2.14	3.29
Net Profit Growth (%)	-0.99	9.45	460.50	-10.78	4.04
EPS Growth (%)	-8.21	10.13	415.36	-10.78	11.17
Book Value Growth (%)	12.39	15.86	5.76	18.69	17.20

	Thermax	AIA Engineering	Bharat Heavy Elect	Jyoti Cnc	Kirloskar Oil
Price / Earnings	60.87	23.58	51.05	76.17	43.72
Price / Book Value	6.05	3.47	5.49	11.00	6.25
Dividend Yield (%)	0.72	0.51	0.33	0.00	0.43
EV/EBITDA	36.99	20.00	37.36	44.70	20.34
Market Cap (₹ Cr)	37,063.79	33,952.95	85,502.70	16,421.65	19,284.87

	Thermax	AIA Engineering	Bharat Heavy Elect	Jyoti Cnc	Kirloskar Oil
Debt to Equity	0.38	0.00	0.00	0.24	0.88
Short term debt to equity ratio	0.11	--	0.30	0.19	0.21
Current Ratio	1.32	14.74	1.67	2.21	1.38
Quick Ratio	1.12	12.08	1.16	1.10	1.11
Interest Coverage	6.61	66.49	6.87	6.37	2.41

	Thermax	AIA Engineering	Bharat Heavy Elect	Jyoti Cnc	Kirloskar Oil
Debtors to sales (%)	15.96	20.92	19.16	22.14	13.16
Asset Turnover	0.85	0.51	0.51	0.65	0.75
Receivable days	71.81	82.30	57.53	94.66	39.08
Inventory Days	27.75	93.78	105.27	180.17	31.64
Payable days	123.11	44.81	219.46	178.73	65.92
Cash Conversion Cycle	-23.55	131.27	-56.66	96.10	4.80

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