Valuation Thermax Limited

Equities

Market Closed - NSE India S.E. Other stock markets 04:35:04 10/04/2026 pm IST			5-day change	1st Jan Change
3,643.00 ^INR	+3.05%		+10.54%	+20.53%

09/04	Thermax Limited completed the acquisition of an additional unknown minority stake in ExactSpace Technologies Private limited.	CI
02/04	The Weir Group PLC Announces Board and Committee Changes, Effective April 30, 2026	CI

Data adjusted to current consolidation scope

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Capitalization ¹	1,51,304	2,18,366	2,58,192	4,72,121	4,11,527	4,10,347	-	-
Change	-	44.32%	18.24%	82.86%	-12.83%	-0.29%	-	-
Enterprise Value (EV) ¹	1,34,962	2,12,385	2,54,982	4,74,927	4,16,915	4,19,803	4,15,603	4,18,211
Change	-	57.37%	20.06%	86.26%	-12.21%	0.69%	-1%	0.63%
P/E ratio	73.3x	69.9x	57.3x	73.2x	64.9x	67x	50.8x	41.3x
PBR	4.65x	6.25x	6.68x	10.6x	8.34x	7.95x	7.12x	6.31x
PEG	-	1.4x	1.3x	1.7x	-38.32x	-19.55x	1.6x	1.8x
Capitalization / Revenue	3.16x	3.56x	3.19x	5.06x	3.96x	3.86x	3.33x	2.9x
EV / Revenue	2.82x	3.47x	3.15x	5.09x	4.01x	3.95x	3.37x	2.95x
EV / EBITDA	38x	50.4x	42.7x	59.6x	45.9x	44.1x	33.1x	27.1x
EV / EBIT	56.1x	68.9x	53x	73.2x	55.7x	55.5x	39.4x	32x
EV / FCF	19.7x	88x	-134x	-79.6x	298x	108x	138x	74.1x
FCF Yield	5.08%	1.14%	-0.75%	-1.26%	0.34%	0.93%	0.72%	1.35%
Dividend per Share ²	7	9	10	12	14	14.13	16.83	21.01
Rate of return	0.52%	0.46%	0.44%	0.29%	0.38%	0.39%	0.46%	0.58%
EPS ²	18.34	27.73	39.98	57.28	56.31	54.38	71.78	88.12
Distribution rate	38.2%	32.5%	25%	20.9%	24.9%	26%	23.4%	23.8%
Net sales ¹	47,912	61,283	80,898	93,235	1,03,887	1,06,288	1,23,276	1,41,722
EBITDA ¹	3,552	4,214	5,976	7,966	9,075	9,521	12,569	15,417
EBIT ¹	2,406	3,081	4,807	6,485	7,490	7,560	10,560	13,053
Net income ¹	2,066	3,123	4,503	6,453	6,345	6,356	8,438	10,354
Net Debt ¹	-16,341	-5,981	-3,210	2,806	5,388	9,455	5,256	7,863
Reference price ²	1,343.55	1,939.05	2,292.70	4,192.35	3,654.10	3,643.00	3,643.00	3,643.00
Nbr of stocks (in thousands)	1,12,615	1,12,615	1,12,615	1,12,615	1,12,621	1,12,640	-	-
Announcement Date	25/05/21	20/05/22	17/05/23	10/05/24	09/05/25	-	-	-

¹INR in Million²INR

Estimates

Add to a list 0 selected To use this feature you must be a member Log in Sign up	P/E (Y)	EV / Sales (Y)	EV / EBITDA (Y)	Dividend Yield (Y)	Capi.($)
THERMAX LIMITED	66.99x	3.95x	44.09x	0.39%	441.21Cr
PARKER-HANNIFIN CORPORATION	36.53x	6.25x	23.04x	0.74%	12TCr
FANUC CORPORATION	36.16x	6.13x	23.04x	1.69%	3.66TCr
INGERSOLL RAND INC.	32.23x	4.53x	16.59x	0.1%	3.34TCr
XYLEM INC.	28.28x	3.39x	14.65x	1.32%	3.13TCr
DOVER CORPORATION	23.64x	3.54x	15.14x	0.98%	2.93TCr
SMC CORPORATION	27.96x	4.59x	16.42x	1.43%	2.8TCr
WÄRTSILÄ OYJ	31.18x	2.71x	17.69x	1.72%	2.46TCr
ALFA LAVAL AB	25.67x	3.26x	15.78x	1.77%	2.45TCr
JIANGSU HENGLI HYDRAULIC CO.,LTD	47.48x	11.9x	36.76x	0.79%	1.99TCr
Average	35.61x	5.02x	22.32x	1.09%	3.56TCr
Weighted average by Cap.	33.50x	5.31x	20.69x	1.04%