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Last Updated: April 2, 2026, 3:49 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 500411 | NSE: THERMAX

Thermax Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹2,881.41Overvalued by 13.86%vs CMP ₹3,345.00

P/E (62.2) × ROE (13.6%) × BV (₹424.00) × DY (0.42%)

₹1,334.70Overvalued by 60.10%vs CMP ₹3,345.00
MoS: -150.6% (Negative)Confidence: 63/100 (Moderate)Models: 1 Fair, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹3,368.6223%Fair (+0.7%)
Graham NumberEarnings₹738.9717%Over (-77.9%)
Earnings PowerEarnings₹267.8311%Over (-92%)
DCFCash Flow₹1,094.1711%Over (-67.3%)
Net Asset ValueAssets₹424.017%Over (-87.3%)
EV/EBITDAEnterprise₹924.469%Over (-72.4%)
Earnings YieldEarnings₹572.407%Over (-82.9%)
ROCE CapitalReturns₹486.227%Over (-85.5%)
Revenue MultipleRevenue₹1,307.656%Over (-60.9%)
Consensus (9 models)₹1,334.70100%Overvalued
Key Drivers: Wide model spread (₹268–₹3,369) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 16.9%

*Investments are subject to market risks

Investment Snapshot

59
Thermax Ltd scores 59/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health77/100 · Strong
ROCE 16.2% GoodROE 13.6% GoodD/E 0.09 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money45/100 · Moderate
FII holding down -3.50% (6mo) SellingDII holding up 2.59% MF buyingPromoter holding at 62.0% Stable
Earnings Quality60/100 · Moderate
OPM stable around 9% SteadyWorking capital: -37 days (improving) Efficient
Quarterly Momentum58/100 · Moderate
Revenue (4Q): 3% YoY FlatProfit (4Q): +12% YoY Positive
Industry Rank30/100 · Weak
P/E 62.2 vs industry 35.5 Premium to peersROCE 16.2% vs industry 37.7% Below peers3Y sales CAGR: 19% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:49 am

Market Cap 39,863 Cr.
Current Price 3,345
Intrinsic Value₹1,334.70
High / Low 4,092/2,743
Stock P/E62.2
Book Value 424
Dividend Yield0.42 %
ROCE16.2 %
ROE13.6 %
Face Value 2.00
PEG Ratio3.68

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Thermax Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Thermax Ltd 39,863 Cr. 3,345 4,092/2,74362.2 4240.42 %16.2 %13.6 % 2.00
Craftsman Automation Ltd 16,312 Cr. 6,838 8,220/3,70046.4 1,2700.07 %11.7 %9.41 % 5.00
Ircon International Ltd 11,794 Cr. 125 226/11419.2 68.72.11 %11.6 %11.3 % 2.00
Engineers India Ltd 11,296 Cr. 201 255/14914.6 48.11.99 %25.0 %23.2 % 5.00
Azad Engineering Ltd 9,911 Cr. 1,535 1,899/1,12880.5 2290.00 %12.2 %8.58 % 2.00
Industry Average3,678.83 Cr421.0935.53118.780.36%37.74%16.87%6.04

All Competitor Stocks of Thermax Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 2,0492,3111,9332,3022,3242,7642,1842,6162,5293,0852,1582,4742,635
Expenses 1,8882,1111,8012,0982,1372,4912,0442,3382,3402,7851,9332,3022,380
Operating Profit 161200132204187273141278188300225172255
OPM % 8%9%7%9%8%10%6%11%7%10%10%7%10%
Other Income 425826618555846032786685121
Interest 9141320272827292931303234
Depreciation 29292933365036423545495153
Profit before tax 16521491217309251161266156301211174289
Tax % 23%27%34%27%23%25%32%26%27%32%28%31%29%
Net Profit 12615660159237188109198114206151119205
EPS in Rs 10.5913.094.9413.2420.0015.979.7216.549.7317.2712.7910.0417.14

Last Updated: February 3, 2026, 8:46 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 26, 2026, 4:46 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 5,0815,3045,1454,4834,4655,9735,7314,7916,1288,0909,32310,38910,351
Expenses 4,6314,8424,7124,0494,0885,5165,3314,4355,7157,4898,5269,4799,400
Operating Profit 450462433434377457401356414601797910951
OPM % 9%9%8%10%8%8%7%7%7%7%9%9%9%
Other Income 7073118951156010554135156307250350
Interest 3982121013141521253888117128
Depreciation 9213472828292117115113117148159199
Profit before tax 389319467438397410375275410603869884974
Tax % 44%54%31%36%42%21%43%25%24%25%26%29%
Net Profit 220148282216231325212207312451643627681
EPS in Rs 20.6417.6023.6918.7219.4827.3117.8317.3426.2137.7954.1553.2557.24
Dividend Payout % 29%40%24%30%29%24%37%38%32%25%21%25%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-32.73%90.54%-23.40%6.94%40.69%-34.77%-2.36%50.72%44.55%42.57%-2.49%
Change in YoY Net Profit Growth (%)0.00%123.27%-113.94%30.35%33.75%-75.46%32.41%53.08%-6.17%-1.98%-45.06%

Thermax Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:7%
5 Years:13%
3 Years:19%
TTM:8%
Compounded Profit Growth
10 Years:11%
5 Years:25%
3 Years:28%
TTM:11%
Stock Price CAGR
10 Years:14%
5 Years:34%
3 Years:12%
1 Year:-22%
Return on Equity
10 Years:11%
5 Years:12%
3 Years:13%
Last Year:14%

Last Updated: September 5, 2025, 1:46 pm

Balance Sheet

Last Updated: December 4, 2025, 2:07 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 24242323232323232323232323
Reserves 2,0142,1232,3942,5152,6922,9923,0053,2293,4703,8464,4174,9145,030
Borrowings 7616881951362342402303283688311,2771,7181,811
Other Liabilities 3,1423,2552,5542,3712,9803,5352,6932,9213,5984,1374,4245,3535,325
Total Liabilities 5,9426,0895,1665,0445,9296,7905,9516,5007,4588,83610,14112,00812,188
Fixed Assets 1,5271,4318278119731,3121,2831,2421,1951,2481,9062,8062,984
CWIP 54436014110340562444434525563682
Investments 7088221,0501,0831,4728298752341,4771,6261,7651,6991,455
Other Assets 3,6543,7933,2283,0093,3814,6093,7374,9994,7425,5285,9456,9417,067
Total Assets 5,9426,0895,1665,0445,9296,7905,9516,5007,4588,83610,14112,00812,188

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 321311253335534-1153267693254602471,043
Cash from Investing Activity + -38280-127-99-507266-140-627-420-664-514-1,220
Cash from Financing Activity + 191-351-112-126-20-65-23277-21349285124
Net Cash Flow 1303913110785-47220-11514419-54
Free Cash Flow 51282120216333-270278686241-190-471143
CFO/OP 116%98%98%114%188%16%114%243%103%102%54%135%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-311.00-226.00238.00298.00143.00217.00171.0028.0046.00-230.00796.00909.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 105122958410284889485808385
Inventory Days 535539465756545876605345
Days Payable 119135126162161150114164153118107107
Cash Conversion Cycle 40427-32-3-1028-118212924
Working Capital Days -2-20-12-7-40-4-7-50-44-39-24-37
ROCE %15%14%18%18%15%17%12%10%12%15%17%16%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 61.99%61.99%61.99%61.99%61.99%61.99%61.99%61.99%61.99%61.99%61.99%61.99%
FIIs 12.29%12.35%12.54%12.01%12.24%15.15%15.38%15.49%15.86%16.02%13.44%12.36%
DIIs 15.63%15.50%15.46%15.86%15.82%12.88%12.72%12.66%12.25%11.74%13.95%14.84%
Public 4.59%4.67%4.54%4.66%4.48%4.50%4.45%4.39%4.43%4.77%5.16%5.35%
Others 5.49%5.49%5.48%5.48%5.48%5.48%5.47%5.47%5.47%5.47%5.46%5.46%
No. of Shareholders 36,10339,81535,61639,54740,81948,96651,87650,75553,68762,98671,20877,455

Shareholding Pattern Chart

No. of Shareholders

Thermax Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
SBI Large Cap Fund 2,900,000 1.64 904.16N/AN/AN/A
SBI Focused Fund 2,300,000 1.66 717.09N/AN/AN/A
Kotak Flexicap Fund 2,175,000 1.19 678.122,200,0002026-02-23 02:12:39-1.14%
SBI Midcap Fund 1,200,000 1.62 374.14N/AN/AN/A
ICICI Prudential Multi Asset Fund 660,328 0.25 205.88481,8452026-03-24 01:56:1037.04%
SBI ELSS Tax Saver Fund 600,000 0.58 187.07N/AN/AN/A
Kotak Large & Midcap Fund 550,000 0.56 171.48625,0002026-03-24 00:24:29-12%
Aditya Birla Sun Life Midcap Fund 539,138 2.74 168.09512,0652026-01-26 01:46:465.29%
Tata Large & Mid Cap Fund 402,134 1.54 125.38N/AN/AN/A
ICICI Prudential Infrastructure Fund 363,737 1.4 113.41347,5192026-03-23 00:41:134.67%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 2.002.002.002.002.00
Basic EPS (Rs.) 56.3357.3039.9827.7318.34
Diluted EPS (Rs.) 56.3157.2839.9827.7318.34
Cash EPS (Rs.) 69.7270.3550.4337.7828.52
Book Value[Excl.RevalReserv]/Share (Rs.) 438.25394.30343.71310.17288.76
Book Value[Incl.RevalReserv]/Share (Rs.) 438.25394.30343.71310.17288.76
Revenue From Operations / Share (Rs.) 922.21828.02718.46544.26425.51
PBDIT / Share (Rs.) 102.9791.4767.2948.7041.11
PBIT / Share (Rs.) 88.9078.3256.9238.6430.94
PBT / Share (Rs.) 78.5477.2553.5836.4124.44
Net Profit / Share (Rs.) 55.6557.1940.0527.7218.35
NP After MI And SOA / Share (Rs.) 56.3257.3139.9927.7418.35
PBDIT Margin (%) 11.1611.049.368.949.66
PBIT Margin (%) 9.649.457.927.107.27
PBT Margin (%) 8.519.327.456.685.74
Net Profit Margin (%) 6.036.905.575.094.31
NP After MI And SOA Margin (%) 6.106.925.565.094.31
Return on Networth / Equity (%) 12.8514.5311.648.946.35
Return on Capital Employeed (%) 15.6416.2414.4611.7510.13
Return On Assets (%) 5.276.355.094.183.17
Long Term Debt / Equity (X) 0.230.170.100.010.01
Total Debt / Equity (X) 0.340.280.200.100.09
Asset Turnover Ratio (%) 0.930.980.990.670.56
Current Ratio (X) 1.301.361.381.261.45
Quick Ratio (X) 1.171.201.211.071.32
Inventory Turnover Ratio (X) 13.996.705.996.044.66
Dividend Payout Ratio (NP) (%) 21.3017.4622.660.000.00
Dividend Payout Ratio (CP) (%) 17.0414.2017.990.000.00
Earning Retention Ratio (%) 78.7082.5477.340.000.00
Cash Earning Retention Ratio (%) 82.9685.8082.010.000.00
Interest Coverage Ratio (X) 9.9311.7620.1621.7922.43
Interest Coverage Ratio (Post Tax) (X) 6.377.4913.0013.4013.55
Enterprise Value (Cr.) 41706.8047521.9625466.5121278.4113522.38
EV / Net Operating Revenue (X) 4.015.103.153.472.82
EV / EBITDA (X) 35.9546.1433.6138.8029.21
MarketCap / Net Operating Revenue (X) 3.965.073.193.573.16
Retention Ratios (%) 78.6982.5377.330.000.00
Price / BV (X) 8.3410.646.676.264.66
Price / Net Operating Revenue (X) 3.965.073.193.573.16
EarningsYield 0.010.010.010.010.01

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Thermax Ltd. is a Public Limited Listed company incorporated on 30/06/1980 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L29299PN1980PLC022787 and registration number is 022787. Currently Company is involved in the business activities of Treatment of waste water or sewer by means of physical, chemical or biological processes. Company's Total Operating Revenue is Rs. 6254.07 Cr. and Equity Capital is Rs. 23.83 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Engineering - GeneralD-13, MIDC, Industrial Area, R D Aga Road, Pune Maharashtra 411019Contact not found
Management
NamePosition Held
Mrs. Meher PudumjeeChairperson
Mr. Ashish BhandariManaging Director & CEO
Mr. Pheroz PudumjeeNon Exe.Non Ind.Director
Mr. Harsh MariwalaNon-Executive, Lead Independent Director
Ms. Rajani KesariInd. Non-Executive Director
Mr. S B Ravi PanditInd. Non-Executive Director
Dr. Ravi GopinathInd. Non-Executive Director
Mr. Shyamak R TataInd. Non-Executive Director
Mr. Parag ShahInd. Non-Executive Director

FAQ

What is the intrinsic value of Thermax Ltd and is it undervalued?

As of 16 April 2026, Thermax Ltd's intrinsic value is ₹1334.70, which is 60.10% lower than the current market price of ₹3,345.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (13.6 %), book value (₹424), dividend yield (0.42 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Thermax Ltd?

Thermax Ltd is trading at ₹3,345.00 as of 16 April 2026, with a FY2026-2027 high of ₹4,092 and low of ₹2,743. The stock is currently in the middle of its 52-week range. Market cap stands at ₹39,863 Cr..

How does Thermax Ltd's P/E ratio compare to its industry?

Thermax Ltd has a P/E ratio of 62.2, which is above the industry average of 35.53. The premium over industry average may reflect growth expectations or speculative interest.

Is Thermax Ltd financially healthy?

Key indicators for Thermax Ltd: ROCE of 16.2 % indicates efficient capital utilization. Dividend yield is 0.42 %.

Is Thermax Ltd profitable and how is the profit trend?

Thermax Ltd reported a net profit of ₹627 Cr in Mar 2025 on revenue of ₹10,389 Cr. Compared to ₹312 Cr in Mar 2022, the net profit shows an improving trend.

Does Thermax Ltd pay dividends?

Thermax Ltd has a dividend yield of 0.42 % at the current price of ₹3,345.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Thermax Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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