Is Thermax (THERMAX) overvalued or fairly valued?

MarketChacha shows Thermax's valuation in context — a forward P/E of about 48.7, a price-to-book of about 9.6 — alongside its revenue and profit growth and whether reported profit converts into operating cash, so you can judge value for yourself. MarketChacha does not issue ratings, price targets, or buy/sell advice.

What is Thermax's revenue?

Thermax reported revenue of ₹10,694 Cr for FY2026, with net profit of ₹721 Cr, per official filings.

What is the share price of Thermax (THERMAX)?

Thermax last traded at ₹4,848.50 (+2.9% on the day), as of 7/21/2026 — a delayed quote shown for education, not investment advice.

Thermax

THERMAX · NSE · Capital Goods · India

₹4,848.50+2.9%

Delayed · as reported by Yahoo Finance · as of Jul 21, 2026, 5:37 AM

Snapshot

TickerTHERMAX

ExchangeNSE

SectorCapital Goods

IndustryConglomerates

CountryIndia

HeadquartersPune, India

Market cap₹53,063 Cr

P/B9.6

Volume1.06L

Websitewww.thermaxglobal.com

Filings tracked0

About Thermax

Thermax Limited provides energy, environmental, and chemical solutions in India and internationally. It operates in Industrial Products, Industrial Infra, Green Solutions, and Chemical segments. The Industrial Products segment offers manufacturing, installation, sales and services related to boilers and heating equipment, absorption chillers/heat pumps, air pollution control equipment/ systems, water & waste recycling, including associated services and engineering, procurement and construction. The Industrial Infra segment provides engineering, procurement, and construction (EPC) of power plants, infra projects, and flue gas desulphurisation projects, along with associated services and manufacturing, installation, sales and services related to boiler and heater plants. The Green solutions segment builds, owns and operates BOO models, energy management solutions, oil and gas-fired, green hydrogen projects and renewable energy (Solar/Wind). The Chemical segment offers manufacturing, installation, sales and services related to ion exchange resins, performance chemicals, construction chemicals, water treatment chemicals, oil field chemicals, paper and construction chemicals, and related services. It also operates cogeneration, waste heat recovery power, captive power, and independent power plants, as well as offers operation and maintenance services. In addition, the company offers steam boilers; waste heat recovery units; fired heaters and process furnaces; thermic fluid, hot air, and hot water heaters; and waste heat recovery. It serves automobiles, cement, chemicals and fertilizers, commercial/construction, dairy, distillery, paper and pulp, pharmaceuticals, plywood, power generation, food, refineries and petrochemicals, soft beverages, metals, sugar, textiles, and tyre industries. Thermax Limited was incorporated in 1966 and is headquartered in Pune, India. Thermax Limited is a subsidiary of RDA Holdings Private Limited.

Profile as reported by Yahoo Finance.

Who owns it

Promoters73.7%
Institutions21.2%
Public & other5.2%

88 institutional holders

As reported by Yahoo Finance. Promoter pledge is not included here — that comes from exchange shareholding filings.

Forensic scorecard

No major accounting red flags in the fundamentals we have — profit is backed by cash and returns look healthy.

Net margin trend5.6% → 6.7%

Margin has expanded by about 1.2 points — the business is getting more profitable.

Growth qualityrev 10% · PAT 17%

Profit growth is broadly tracking revenue growth — the earnings trend looks operational rather than one-off.

Computed by MarketChacha from reported figures (Yahoo Finance). Education, not a rating or recommendation.

What's expected next

Next quarter

Rev ₹2,934 Cr · EPS 17.06

Next fiscal year

Rev ₹14,834 Cr · EPS 96.67

Est. earnings growth +31.0%

Analyst consensus estimates — not the company's own guidance. As reported by Yahoo Finance.

₹2,742.7052-wk range₹5,277.80

Delayed · as reported by Yahoo Finance

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Financials at a glance

Source: Yahoo Finance

Annual

Quarterly · last 4

Market cap

₹53,063 Cr

Day change

+2.9%

Fwd P/E

48.7

P/B

9.6

Div yield

0.30%

Beta

0.30

Revenue (FY2026)

₹10,694 Cr

Net margin

6.7%

Revenue CAGR (3y)

+9.7%

Profit CAGR (3y)

+17.0%

Net profit (FY2026)

₹721 Cr

Market figures: Delayed · as reported by Yahoo Finance. Financials as reported in company filings.

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Financials

Yearly

Period	Revenue	Net profit	Net margin
FY2026	₹10,694 Cr	₹721 Cr	6.7%
FY2025	₹10,389 Cr	₹634 Cr	6.1%
FY2024	₹9,323 Cr	₹645 Cr	6.9%
FY2023	₹8,090 Cr	₹450 Cr	5.6%

Quarterly

Period	Revenue	Net profit	Net margin
2026Q1	₹3,428 Cr	₹244 Cr	7.1%
2025Q4	₹2,635 Cr	₹204 Cr	7.7%
2025Q3	₹2,474 Cr	₹120 Cr	4.8%
2025Q2	₹2,150 Cr	₹152 Cr	7.1%

Figures as reported, in ₹ (crore). Source: Yahoo Finance.

In the news

Education and discussion only — not investment advice. Financials from official filings (SEC/BSE) and reported company statements; market figures (delayed · as reported by yahoo finance) are delayed and shown for reference only. Verify with the linked sources before acting.