Thermax Ltd: Intrinsic Value & Share Price Analysis

Share Price and Basic Stock Data

Last Updated: June 25, 2025, 8:03 pm

Market Cap	41,037 Cr.
Current Price	3,444
High / Low	5,840/2,930
Stock P/E	65.5
Book Value	414
Dividend Yield	0.41 %
ROCE	16.2 %
ROE	13.4 %
Face Value	2.00
PEG Ratio	2.60

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

Stock P/E Current Price Intrinsic Value

View Share Price Target for Thermax Ltd

Competitors of Thermax Ltd

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
KPT Industries Ltd	309 Cr.	910	1,360/541	22.2	201	0.27 %	25.5 %	22.5 %	5.00
Miven Machine Tools Ltd	22.8 Cr.	76.0	117/67.0		18.4	0.00 %	%	%	10.0
Incon Engineers Ltd	4.85 Cr.	11.2	20.3/10.9		0.83	0.00 %	63.6 %	%	10.0
Hittco Tools Ltd	8.59 Cr.	14.0	16.0/10.3		5.54	0.00 %	3.08 %	0.29 %	10.0
Harshil Agrotech Ltd	100 Cr.	1.41	19.3/1.29	9.65	1.62	0.00 %	17.3 %	16.4 %	1.00
Industry Average	3,632.21 Cr	484.22		60.59	122.33	0.54%	43.71%	16.50%	6.27

All Competitor Stocks of Thermax Ltd

Quarterly Result

Metric	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
Sales	1,992	1,654	2,075	2,049	2,311	1,933	2,302	2,324	2,764	2,184	2,612	2,508	3,085
Expenses	1,857	1,559	1,935	1,888	2,111	1,801	2,098	2,137	2,491	2,044	2,334	2,319	2,785
Operating Profit	135	96	140	161	200	132	204	187	273	141	278	188	300
OPM %	7%	6%	7%	8%	9%	7%	9%	8%	10%	6%	11%	8%	10%
Other Income	36	21	40	42	58	2	66	185	55	84	60	32	78
Interest	10	7	8	9	14	13	20	27	28	27	29	29	31
Depreciation	29	29	30	29	29	29	33	36	50	36	42	35	45
Profit before tax	132	81	142	165	214	91	217	309	251	161	266	156	301
Tax %	22%	28%	23%	23%	27%	34%	27%	23%	25%	32%	26%	27%	32%
Net Profit	103	59	109	126	156	60	159	237	188	109	198	114	206
EPS in Rs	8.61	4.95	9.16	10.59	13.09	4.94	13.24	20.00	15.97	9.72	16.54	9.73	17.27

Last Updated: May 31, 2025, 7:31 am

Below is a detailed analysis of the quarterly data for Thermax Ltd based on the most recent figures (Mar 2025) and their trends compared to the previous period:

For Sales, as of Mar 2025, the value is 3,085.00 Cr.. The value appears strong and on an upward trend. It has increased from 2,508.00 Cr. (Dec 2024) to 3,085.00 Cr., marking an increase of 577.00 Cr..
For Expenses, as of Mar 2025, the value is 2,785.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 2,319.00 Cr. (Dec 2024) to 2,785.00 Cr., marking an increase of 466.00 Cr..
For Operating Profit, as of Mar 2025, the value is 300.00 Cr.. The value appears strong and on an upward trend. It has increased from 188.00 Cr. (Dec 2024) to 300.00 Cr., marking an increase of 112.00 Cr..
For OPM %, as of Mar 2025, the value is 10.00%. The value appears strong and on an upward trend. It has increased from 8.00% (Dec 2024) to 10.00%, marking an increase of 2.00%.
For Other Income, as of Mar 2025, the value is 78.00 Cr.. The value appears strong and on an upward trend. It has increased from 32.00 Cr. (Dec 2024) to 78.00 Cr., marking an increase of 46.00 Cr..
For Interest, as of Mar 2025, the value is 31.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 29.00 Cr. (Dec 2024) to 31.00 Cr., marking an increase of 2.00 Cr..
For Depreciation, as of Mar 2025, the value is 45.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 35.00 Cr. (Dec 2024) to 45.00 Cr., marking an increase of 10.00 Cr..
For Profit before tax, as of Mar 2025, the value is 301.00 Cr.. The value appears strong and on an upward trend. It has increased from 156.00 Cr. (Dec 2024) to 301.00 Cr., marking an increase of 145.00 Cr..
For Tax %, as of Mar 2025, the value is 32.00%. The value appears to be increasing, which may not be favorable. It has increased from 27.00% (Dec 2024) to 32.00%, marking an increase of 5.00%.
For Net Profit, as of Mar 2025, the value is 206.00 Cr.. The value appears strong and on an upward trend. It has increased from 114.00 Cr. (Dec 2024) to 206.00 Cr., marking an increase of 92.00 Cr..
For EPS in Rs, as of Mar 2025, the value is 17.27. The value appears strong and on an upward trend. It has increased from 9.73 (Dec 2024) to 17.27, marking an increase of 7.54.

Overall, while many items appear to show a positive trend, any significant downward movement warrant further investigation.

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: May 15, 2025, 5:00 am

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales	5,081	5,304	5,145	4,483	4,465	5,973	5,731	4,791	6,128	8,090	9,323	10,389
Expenses	4,631	4,842	4,712	4,049	4,088	5,516	5,331	4,435	5,715	7,489	8,526	9,481
Operating Profit	450	462	433	434	377	457	401	356	414	601	797	908
OPM %	9%	9%	8%	10%	8%	8%	7%	7%	7%	7%	9%	9%
Other Income	70	73	118	95	115	60	105	54	135	156	307	252
Interest	39	82	12	10	13	14	15	21	25	38	88	117
Depreciation	92	134	72	82	82	92	117	115	113	117	148	159
Profit before tax	389	319	467	438	397	410	375	275	410	603	869	884
Tax %	44%	54%	31%	36%	42%	21%	43%	25%	24%	25%	26%	29%
Net Profit	220	148	282	216	231	325	212	207	312	451	643	627
EPS in Rs	20.64	17.60	23.69	18.72	19.48	27.31	17.83	17.34	26.21	37.79	54.15	53.25
Dividend Payout %	29%	40%	24%	30%	29%	24%	37%	38%	32%	25%	21%	25%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
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:	11%

Compounded Profit Growth
10 Years:	15%
5 Years:	25%
3 Years:	27%
TTM:	7%

Stock Price CAGR
10 Years:	12%
5 Years:	36%
3 Years:	19%
1 Year:	-36%

Return on Equity
10 Years:	11%
5 Years:	12%
3 Years:	13%
Last Year:	13%

Last Updated: Unknown

Balance Sheet

Last Updated: May 13, 2025, 2:34 pm

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	24	24	23	23	23	23	23	23	23	23	23	23
Reserves	2,014	2,123	2,394	2,515	2,692	2,992	3,005	3,229	3,470	3,846	4,417	4,914
Borrowings	761	688	195	136	234	240	230	328	368	831	1,277	1,718
Other Liabilities	3,142	3,255	2,554	2,371	2,980	3,535	2,693	2,921	3,598	4,137	4,424	5,383
Total Liabilities	5,942	6,089	5,166	5,044	5,929	6,790	5,951	6,500	7,458	8,836	10,141	12,038
Fixed Assets	1,527	1,431	827	811	973	1,312	1,283	1,242	1,195	1,248	1,906	2,808
CWIP	54	43	60	141	103	40	56	24	44	434	525	561
Investments	708	822	1,050	1,083	1,472	829	875	234	1,477	1,626	1,765	1,699
Other Assets	3,654	3,793	3,228	3,009	3,381	4,609	3,737	4,999	4,742	5,528	5,945	6,971
Total Assets	5,942	6,089	5,166	5,044	5,929	6,790	5,951	6,500	7,458	8,836	10,141	12,038

Below is a detailed analysis of the balance sheet data for Thermax Ltd based on the most recent figures (Mar 2025) and their trends compared to the previous period:

For Equity Capital, as of Mar 2025, the value is 23.00 Cr.. The value remains steady. There is no change compared to the previous period (Mar 2024) which recorded 23.00 Cr..
For Reserves, as of Mar 2025, the value is 4,914.00 Cr.. The value appears strong and on an upward trend. It has increased from 4,417.00 Cr. (Mar 2024) to 4,914.00 Cr., marking an increase of 497.00 Cr..
For Borrowings, as of Mar 2025, the value is 1,718.00 Cr.. The value appears to be increasing, which may not be favorable. Additionally, since Reserves exceed Borrowings, this is considered a positive sign. It has increased from 1,277.00 Cr. (Mar 2024) to 1,718.00 Cr., marking an increase of 441.00 Cr..
For Other Liabilities, as of Mar 2025, the value is 5,383.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 4,424.00 Cr. (Mar 2024) to 5,383.00 Cr., marking an increase of 959.00 Cr..
For Total Liabilities, as of Mar 2025, the value is 12,038.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 10,141.00 Cr. (Mar 2024) to 12,038.00 Cr., marking an increase of 1,897.00 Cr..
For Fixed Assets, as of Mar 2025, the value is 2,808.00 Cr.. The value appears strong and on an upward trend. It has increased from 1,906.00 Cr. (Mar 2024) to 2,808.00 Cr., marking an increase of 902.00 Cr..
For CWIP, as of Mar 2025, the value is 561.00 Cr.. The value appears strong and on an upward trend. It has increased from 525.00 Cr. (Mar 2024) to 561.00 Cr., marking an increase of 36.00 Cr..
For Investments, as of Mar 2025, the value is 1,699.00 Cr.. The value appears to be declining and may need further review. It has decreased from 1,765.00 Cr. (Mar 2024) to 1,699.00 Cr., marking a decrease of 66.00 Cr..
For Other Assets, as of Mar 2025, the value is 6,971.00 Cr.. The value appears strong and on an upward trend. It has increased from 5,945.00 Cr. (Mar 2024) to 6,971.00 Cr., marking an increase of 1,026.00 Cr..
For Total Assets, as of Mar 2025, the value is 12,038.00 Cr.. The value appears strong and on an upward trend. It has increased from 10,141.00 Cr. (Mar 2024) to 12,038.00 Cr., marking an increase of 1,897.00 Cr..

Notably, the Reserves (4,914.00 Cr.) exceed the Borrowings (1,718.00 Cr.), indicating a solid financial buffer.

Overall, while many items appear to show a positive trend, any significant downward movement or items where Borrowings exceed Reserves warrant further investigation.

Reserves and Borrowings Chart

Cash Flow

Month	Month		Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Cash from Operating Activity +	321	311	253	335	534	-115	326	769	325	460	247	1,043
Cash from Investing Activity +	-382	80	-127	-99	-507	266	-140	-627	-420	-664	-514	-1,241
Cash from Financing Activity +	191	-351	-112	-126	-20	-65	-232	77	-21	349	285	124
Net Cash Flow	130	39	13	110	7	85	-47	220	-115	144	19	-74

Free Cash Flow

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Free Cash Flow	-311.00	-226.00	238.00	298.00	143.00	217.00	171.00	28.00	46.00	-230.00	796.00	907.00

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

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	103	105	122	95	84	102	84	88	94	85	80	83
Inventory Days	36	53	55	39	46	57	56	54	58	76	60	53
Days Payable	107	119	135	126	162	161	150	114	164	153	118	107
Cash Conversion Cycle	31	40	42	7	-32	-3	-10	28	-11	8	21	29
Working Capital Days	3	14	-12	-2	-0	-26	8	5	-28	-26	-21	-6
ROCE %	22%	15%	14%	18%	18%	15%	17%	12%	10%	12%	15%	17%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
Promoters	61.98%	61.98%	61.98%	61.98%	61.99%	61.99%	61.99%	61.99%	61.99%	61.99%	61.99%	61.99%
FIIs	12.35%	12.28%	11.84%	11.93%	12.35%	12.27%	12.29%	12.35%	12.54%	12.01%	12.24%	15.15%
DIIs	15.00%	15.02%	15.68%	15.77%	15.34%	15.35%	15.63%	15.50%	15.46%	15.86%	15.82%	12.88%
Public	5.18%	5.23%	5.01%	4.83%	4.84%	4.90%	4.59%	4.67%	4.54%	4.66%	4.48%	4.50%
Others	5.49%	5.49%	5.49%	5.49%	5.49%	5.49%	5.49%	5.49%	5.48%	5.48%	5.48%	5.48%
No. of Shareholders	32,015	34,088	34,440	36,255	37,910	39,943	36,103	39,815	35,616	39,547	40,819	48,966

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
Kotak Flexicap Fund - Regular Plan	2,430,971	2.55	1300.81	2,430,971	2025-04-22 14:53:35	0%
Kotak Emerging Equity Fund - Regular Plan	1,886,028	2.06	1009.21	1,886,028	2025-04-22 17:25:18	0%
SBI Blue Chip Fund	1,729,334	1.88	925.37	1,729,334	2025-04-22 17:25:18	0%
SBI Focused Equity Fund	1,540,865	2.35	824.52	1,540,865	2025-04-22 15:17:20	0%
SBI Magnum Midcap Fund	1,200,000	3.16	642.12	1,200,000	2025-04-22 17:25:18	0%
Kotak Equity Opportunities Fund - Regular Plan	700,000	1.56	374.57	700,000	2025-04-22 17:25:18	0%
DSP Mid Cap Fund	555,366	1.55	297.18	555,366	2025-04-22 17:25:18	0%
Aditya Birla Sun Life Midcap Fund	257,069	2.37	137.56	257,069	2025-04-22 17:25:18	0%
SBI ESG Exclusionary Strategy Fund	225,435	2.05	120.63	225,435	2025-04-22 17:25:18	0%
Tata Mid Cap Growth Fund - Regular Plan	217,412	2.77	116.34	217,412	2025-04-22 17:25:18	0%

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21
FaceValue	2.00	2.00	2.00	2.00	2.00
Basic EPS (Rs.)	56.33	57.30	39.98	27.73	18.34
Diluted EPS (Rs.)	56.31	57.28	39.98	27.73	18.34
Cash EPS (Rs.)	69.72	70.35	50.43	37.78	28.52
Book Value[Excl.RevalReserv]/Share (Rs.)	438.25	394.30	343.71	310.17	288.76
Book Value[Incl.RevalReserv]/Share (Rs.)	438.25	394.30	343.71	310.17	288.76
Revenue From Operations / Share (Rs.)	922.21	828.02	718.46	544.26	425.51
PBDIT / Share (Rs.)	102.97	91.47	67.29	48.70	41.11
PBIT / Share (Rs.)	88.90	78.32	56.92	38.64	30.94
PBT / Share (Rs.)	78.54	77.25	53.58	36.41	24.44
Net Profit / Share (Rs.)	55.65	57.19	40.05	27.72	18.35
NP After MI And SOA / Share (Rs.)	56.32	57.31	39.99	27.74	18.35
PBDIT Margin (%)	11.16	11.04	9.36	8.94	9.66
PBIT Margin (%)	9.64	9.45	7.92	7.10	7.27
PBT Margin (%)	8.51	9.32	7.45	6.68	5.74
Net Profit Margin (%)	6.03	6.90	5.57	5.09	4.31
NP After MI And SOA Margin (%)	6.10	6.92	5.56	5.09	4.31
Return on Networth / Equity (%)	12.85	14.53	11.64	8.94	6.35
Return on Capital Employeed (%)	15.64	16.24	14.46	11.75	10.13
Return On Assets (%)	5.27	6.35	5.09	4.18	3.17
Long Term Debt / Equity (X)	0.23	0.17	0.10	0.01	0.01
Total Debt / Equity (X)	0.34	0.28	0.20	0.10	0.09
Asset Turnover Ratio (%)	0.93	0.98	0.99	0.67	0.56
Current Ratio (X)	1.30	1.36	1.38	1.26	1.45
Quick Ratio (X)	1.17	1.20	1.21	1.07	1.32
Inventory Turnover Ratio (X)	7.48	6.70	5.99	6.04	4.66
Dividend Payout Ratio (NP) (%)	0.00	17.46	22.66	0.00	0.00
Dividend Payout Ratio (CP) (%)	0.00	14.20	17.99	0.00	0.00
Earning Retention Ratio (%)	0.00	82.54	77.34	0.00	0.00
Cash Earning Retention Ratio (%)	0.00	85.80	82.01	0.00	0.00
Interest Coverage Ratio (X)	9.93	11.76	20.16	21.79	22.43
Interest Coverage Ratio (Post Tax) (X)	6.37	7.49	13.00	13.40	13.55
Enterprise Value (Cr.)	44084.20	47521.96	25466.51	21278.41	13522.38
EV / Net Operating Revenue (X)	4.01	5.10	3.15	3.47	2.82
EV / EBITDA (X)	35.95	46.14	33.61	38.80	29.21
MarketCap / Net Operating Revenue (X)	3.96	5.07	3.19	3.57	3.16
Retention Ratios (%)	0.00	82.53	77.33	0.00	0.00
Price / BV (X)	8.34	10.64	6.67	6.26	4.66
Price / Net Operating Revenue (X)	3.96	5.07	3.19	3.57	3.16
EarningsYield	0.01	0.01	0.01	0.01	0.01

After reviewing the key financial ratios for Thermax Ltd, here is a detailed analysis based on the latest available data and recent trends:

For FaceValue, as of Mar 25, the value is 2.00. This value is within the healthy range. There is no change compared to the previous period (Mar 24) which recorded 2.00.
For Basic EPS (Rs.), as of Mar 25, the value is 56.33. This value is within the healthy range. It has decreased from 57.30 (Mar 24) to 56.33, marking a decrease of 0.97.
For Diluted EPS (Rs.), as of Mar 25, the value is 56.31. This value is within the healthy range. It has decreased from 57.28 (Mar 24) to 56.31, marking a decrease of 0.97.
For Cash EPS (Rs.), as of Mar 25, the value is 69.72. This value is within the healthy range. It has decreased from 70.35 (Mar 24) to 69.72, marking a decrease of 0.63.
For Book Value[Excl.RevalReserv]/Share (Rs.), as of Mar 25, the value is 438.25. It has increased from 394.30 (Mar 24) to 438.25, marking an increase of 43.95.
For Book Value[Incl.RevalReserv]/Share (Rs.), as of Mar 25, the value is 438.25. It has increased from 394.30 (Mar 24) to 438.25, marking an increase of 43.95.
For Revenue From Operations / Share (Rs.), as of Mar 25, the value is 922.21. It has increased from 828.02 (Mar 24) to 922.21, marking an increase of 94.19.
For PBDIT / Share (Rs.), as of Mar 25, the value is 102.97. This value is within the healthy range. It has increased from 91.47 (Mar 24) to 102.97, marking an increase of 11.50.
For PBIT / Share (Rs.), as of Mar 25, the value is 88.90. This value is within the healthy range. It has increased from 78.32 (Mar 24) to 88.90, marking an increase of 10.58.
For PBT / Share (Rs.), as of Mar 25, the value is 78.54. This value is within the healthy range. It has increased from 77.25 (Mar 24) to 78.54, marking an increase of 1.29.
For Net Profit / Share (Rs.), as of Mar 25, the value is 55.65. This value is within the healthy range. It has decreased from 57.19 (Mar 24) to 55.65, marking a decrease of 1.54.
For NP After MI And SOA / Share (Rs.), as of Mar 25, the value is 56.32. This value is within the healthy range. It has decreased from 57.31 (Mar 24) to 56.32, marking a decrease of 0.99.
For PBDIT Margin (%), as of Mar 25, the value is 11.16. This value is within the healthy range. It has increased from 11.04 (Mar 24) to 11.16, marking an increase of 0.12.
For PBIT Margin (%), as of Mar 25, the value is 9.64. This value is below the healthy minimum of 10. It has increased from 9.45 (Mar 24) to 9.64, marking an increase of 0.19.
For PBT Margin (%), as of Mar 25, the value is 8.51. This value is below the healthy minimum of 10. It has decreased from 9.32 (Mar 24) to 8.51, marking a decrease of 0.81.
For Net Profit Margin (%), as of Mar 25, the value is 6.03. This value is within the healthy range. It has decreased from 6.90 (Mar 24) to 6.03, marking a decrease of 0.87.
For NP After MI And SOA Margin (%), as of Mar 25, the value is 6.10. This value is below the healthy minimum of 8. It has decreased from 6.92 (Mar 24) to 6.10, marking a decrease of 0.82.
For Return on Networth / Equity (%), as of Mar 25, the value is 12.85. This value is below the healthy minimum of 15. It has decreased from 14.53 (Mar 24) to 12.85, marking a decrease of 1.68.
For Return on Capital Employeed (%), as of Mar 25, the value is 15.64. This value is within the healthy range. It has decreased from 16.24 (Mar 24) to 15.64, marking a decrease of 0.60.
For Return On Assets (%), as of Mar 25, the value is 5.27. This value is within the healthy range. It has decreased from 6.35 (Mar 24) to 5.27, marking a decrease of 1.08.
For Long Term Debt / Equity (X), as of Mar 25, the value is 0.23. This value is within the healthy range. It has increased from 0.17 (Mar 24) to 0.23, marking an increase of 0.06.
For Total Debt / Equity (X), as of Mar 25, the value is 0.34. This value is within the healthy range. It has increased from 0.28 (Mar 24) to 0.34, marking an increase of 0.06.
For Asset Turnover Ratio (%), as of Mar 25, the value is 0.93. It has decreased from 0.98 (Mar 24) to 0.93, marking a decrease of 0.05.
For Current Ratio (X), as of Mar 25, the value is 1.30. This value is below the healthy minimum of 1.5. It has decreased from 1.36 (Mar 24) to 1.30, marking a decrease of 0.06.
For Quick Ratio (X), as of Mar 25, the value is 1.17. This value is within the healthy range. It has decreased from 1.20 (Mar 24) to 1.17, marking a decrease of 0.03.
For Inventory Turnover Ratio (X), as of Mar 25, the value is 7.48. This value is within the healthy range. It has increased from 6.70 (Mar 24) to 7.48, marking an increase of 0.78.
For Dividend Payout Ratio (NP) (%), as of Mar 25, the value is 0.00. This value is below the healthy minimum of 20. It has decreased from 17.46 (Mar 24) to 0.00, marking a decrease of 17.46.
For Dividend Payout Ratio (CP) (%), as of Mar 25, the value is 0.00. This value is below the healthy minimum of 20. It has decreased from 14.20 (Mar 24) to 0.00, marking a decrease of 14.20.
For Earning Retention Ratio (%), as of Mar 25, the value is 0.00. This value is below the healthy minimum of 40. It has decreased from 82.54 (Mar 24) to 0.00, marking a decrease of 82.54.
For Cash Earning Retention Ratio (%), as of Mar 25, the value is 0.00. This value is below the healthy minimum of 40. It has decreased from 85.80 (Mar 24) to 0.00, marking a decrease of 85.80.
For Interest Coverage Ratio (X), as of Mar 25, the value is 9.93. This value is within the healthy range. It has decreased from 11.76 (Mar 24) to 9.93, marking a decrease of 1.83.
For Interest Coverage Ratio (Post Tax) (X), as of Mar 25, the value is 6.37. This value is within the healthy range. It has decreased from 7.49 (Mar 24) to 6.37, marking a decrease of 1.12.
For Enterprise Value (Cr.), as of Mar 25, the value is 44,084.20. It has decreased from 47,521.96 (Mar 24) to 44,084.20, marking a decrease of 3,437.76.
For EV / Net Operating Revenue (X), as of Mar 25, the value is 4.01. This value exceeds the healthy maximum of 3. It has decreased from 5.10 (Mar 24) to 4.01, marking a decrease of 1.09.
For EV / EBITDA (X), as of Mar 25, the value is 35.95. This value exceeds the healthy maximum of 15. It has decreased from 46.14 (Mar 24) to 35.95, marking a decrease of 10.19.
For MarketCap / Net Operating Revenue (X), as of Mar 25, the value is 3.96. This value exceeds the healthy maximum of 3. It has decreased from 5.07 (Mar 24) to 3.96, marking a decrease of 1.11.
For Retention Ratios (%), as of Mar 25, the value is 0.00. This value is below the healthy minimum of 30. It has decreased from 82.53 (Mar 24) to 0.00, marking a decrease of 82.53.
For Price / BV (X), as of Mar 25, the value is 8.34. This value exceeds the healthy maximum of 3. It has decreased from 10.64 (Mar 24) to 8.34, marking a decrease of 2.30.
For Price / Net Operating Revenue (X), as of Mar 25, the value is 3.96. This value exceeds the healthy maximum of 3. It has decreased from 5.07 (Mar 24) to 3.96, marking a decrease of 1.11.
For EarningsYield, as of Mar 25, the value is 0.01. This value is below the healthy minimum of 5. There is no change compared to the previous period (Mar 24) which recorded 0.01.

Overall, while many metrics show healthy performance, any figures highlighted in red or significant downward trends warrant further investigation.

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of Thermax Ltd as of June 30, 2025 is: 2,918.86

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of June 30, 2025, Thermax Ltd is Overvalued by 15.25% compared to the current share price 3,444.00

Intrinsic Value of Thermax Ltd as of June 30, 2025 is: 3,653.15

Calculation basis:

Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of June 30, 2025, Thermax Ltd is Undervalued by 6.07% compared to the current share price 3,444.00

Last 5 Year EPS CAGR: 25.16%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The stock has a high average ROCE of 15.42%, which is a positive sign. The stock has a low average Working Capital Days of -7.58, which is a positive sign. The company has higher reserves (3,134.25 cr) compared to borrowings (583.83 cr), indicating strong financial stability. The company has shown consistent growth in sales (5.83 cr) and profit (486.33 cr) over the years.	The stock has a high average Cash Conversion Cycle of 12.50, which may not be favorable.

Stock Analysis

Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in Thermax Ltd:
1. Net Profit Margin: 6.03%
  - Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
2. ROCE: 15.64% (Industry Average ROCE: 43.71%)
  - ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
3. ROE%: 12.85% (Industry Average ROE: 16.5%)
  - ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
4. Interest Coverage Ratio (Post Tax): 6.37
  - Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
5. Quick Ratio: 1.17
  - Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
6. Stock P/E: 65.5 (Industry average Stock P/E: 60.59)
  - Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
7. Total Debt / Equity: 0.34
  - Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
Stock Rating:

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.

INDUSTRY	ADDRESS	CONTACT
Engineering - General	D-13, MIDC, Industrial Area, Pune Maharashtra 411019	cservice@thermaxglobal.com http://www.thermaxglobal.com

Management
Name	Position Held
Mrs. Meher Pudumjee	Chairperson
Mr. Ashish Bhandari	Managing Director & CEO
Mr. Pheroz Pudumjee	Non Executive Director
Mr. Harsh Mariwala	Independent Director
Dr. Jairam Varadaraj	Independent Director
Mr. Nawshir Mirza	Independent Director
Ms. Rajani Kesari	Independent Director
Mr. S B Ravi Pandit	Independent Director
Dr. Ravi Gopinath	Independent Director
Mr. Shyamak R Tata	Independent Director

FAQ

What is the intrinsic value of Thermax Ltd?

Thermax Ltd's intrinsic value (as of 30 June 2025) is 2918.86 — 15.25% lower the current market price of 3,444.00, indicating overvalued. Calculated using the PE ratio method, this valuation considers the company's 41,037 Cr. market cap, FY2025-2026 high/low of 5,840/2,930, reserves of 4,914 Cr, and liabilities of 12,038 Cr.

What is the Market Cap of Thermax Ltd?

The Market Cap of Thermax Ltd is 41,037 Cr..

What is the current Stock Price of Thermax Ltd as on 30 June 2025?

The current stock price of Thermax Ltd as on 30 June 2025 is 3,444.

What is the High / Low of Thermax Ltd stocks in FY 2025-2026?

In FY 2025-2026, the High / Low of Thermax Ltd stocks is ₹5,840/2,930.

What is the Stock P/E of Thermax Ltd?

The Stock P/E of Thermax Ltd is 65.5.

What is the Book Value of Thermax Ltd?

The Book Value of Thermax Ltd is 414.

What is the Dividend Yield of Thermax Ltd?

The Dividend Yield of Thermax Ltd is 0.41 %.

What is the ROCE of Thermax Ltd?

The ROCE of Thermax Ltd is 16.2 %.

What is the ROE of Thermax Ltd?

The ROE of Thermax Ltd is 13.4 %.

What is the Face Value of Thermax Ltd?

The Face Value of Thermax Ltd is 2.00.