Valuation Thermax Limited

Equities

Delayed NSE India S.E. Other stock markets 05:19:47 11/12/2025 pm IST			5-day change	1st Jan Change
2,798.70 ^INR	+0.90%		-2.45%	-30.72%

10/12	Rashtriya Chemicals and Fertilizers got order to refund 2.18 billion rupees deposited by Thermax with 6% per annum interest rate	RE
09/12	Bombay High Court sets aside arbitral award against Thermax	RE

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	3,12,441	-	-
Change	-	44.32%	18.24%	82.86%	-12.83%	-24.08%	-	-
Enterprise Value (EV) ¹	1,34,962	2,12,385	2,54,982	4,74,927	4,16,915	3,23,476	3,11,689	3,24,305
Change	-	57.37%	20.06%	86.26%	-12.21%	-22.41%	-3.64%	4.05%
P/E ratio	73.3x	69.9x	57.3x	73.2x	64.9x	48.7x	36x	29.6x
PBR	4.65x	6.25x	6.68x	10.6x	8.34x	5.96x	5.32x	4.72x
PEG	-	1.4x	1.3x	1.7x	-38.32x	39.18x	1x	1.4x
Capitalization / Revenue	3.16x	3.56x	3.19x	5.06x	3.96x	2.89x	2.47x	2.16x
EV / Revenue	2.82x	3.47x	3.15x	5.09x	4.01x	2.99x	2.46x	2.25x
EV / EBITDA	38x	50.4x	42.7x	59.6x	45.9x	33.5x	24x	20.6x
EV / EBIT	56.1x	68.9x	53x	73.2x	55.7x	42x	28.9x	24.7x
EV / FCF	19.7x	88x	-134x	-79.6x	298x	45.3x	73.9x	51.3x
FCF Yield	5.08%	1.14%	-0.75%	-1.26%	0.34%	2.21%	1.35%	1.95%
Dividend per Share ²	7	9	10	12	14	15.03	17.89	22.58
Rate of return	0.52%	0.46%	0.44%	0.29%	0.38%	0.54%	0.64%	0.81%
EPS ²	18.34	27.73	39.98	57.28	56.31	57.01	77.09	93.69
Distribution rate	38.2%	32.5%	25%	20.9%	24.9%	26.4%	23.2%	24.1%
Net sales ¹	47,912	61,283	80,898	93,235	1,03,887	1,08,199	1,26,508	1,44,361
EBITDA ¹	3,552	4,214	5,976	7,966	9,075	9,658	12,995	15,729
EBIT ¹	2,406	3,081	4,807	6,485	7,490	7,694	10,780	13,123
Net income ¹	2,066	3,123	4,503	6,453	6,345	6,545	8,816	10,760
Net Debt ¹	-16,341	-5,981	-3,210	2,806	5,388	11,035	-751.6	11,865
Reference price ²	1,343.55	1,939.05	2,292.70	4,192.35	3,654.10	2,773.80	2,773.80	2,773.80
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	48.65x	2.99x	33.49x	0.54%	347.6Cr
PARKER-HANNIFIN CORPORATION	33.7x	5.69x	21.14x	0.81%	11TCr
FANUC CORPORATION	35.11x	6.13x	22.38x	1.69%	3.66TCr
XYLEM INC.	37.43x	3.79x	17.1x	1.15%	3.37TCr
INGERSOLL RAND INC.	46.8x	4.62x	16.9x	0.1%	3.2TCr
DOVER CORPORATION	24.23x	3.46x	15.18x	1.06%	2.68TCr
SMC CORPORATION	23.86x	3.74x	13.27x	1.74%	2.34TCr
TECHTRONIC INDUSTRIES COMPANY LIMITED	17.43x	1.36x	11.04x	2.65%	2.14TCr
JIANGSU HENGLI HYDRAULIC CO.,LTD	52.98x	13.32x	41.2x	0.71%	2.14TCr
WÄRTSILÄ OYJ	30.64x	2.44x	17.14x	1.66%	2.15TCr
Average	35.08x	4.75x	20.88x	1.21%	3.33TCr
Weighted average by Cap.	34.19x	5.10x	19.93x	1.12%