Valuation Thermax Limited

Equities

Market Closed - NSE India S.E. Other stock markets 03:50:06 08/07/2025 pm IST			5-day change	1st Jan Change
3,453.50 ^INR	+0.21%		+1.00%	-14.51%

07:45pm	Thermax says First Energy 11 to cease as unit	RE
27/06	Thermax Limited Appoints Sangeet Hunjan as the Company Secretary, Compliance Officer and Key Managerial Personnel, Effective June 27, 2025	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	3,89,002	-	-
Change	-	44.32%	18.24%	82.86%	-12.83%	-5.47%	-	-
Enterprise Value (EV) ¹	1,34,962	2,12,385	2,54,982	4,74,927	4,16,915	3,95,076	3,90,121	3,80,834
Change	-	57.37%	20.06%	86.26%	-12.21%	-5.24%	-1.25%	-2.38%
P/E ratio	73.3x	69.9x	57.3x	73.2x	64.9x	49.3x	40.5x	34.5x
PBR	4.65x	6.25x	6.68x	10.6x	8.34x	7.26x	6.39x	-
PEG	-	1.4x	1.3x	1.7x	-38.32x	2x	1.9x	2x
Capitalization / Revenue	3.16x	3.56x	3.19x	5.06x	3.96x	3.3x	2.86x	2.7x
EV / Revenue	2.82x	3.47x	3.15x	5.09x	4.01x	3.35x	2.87x	2.64x
EV / EBITDA	38x	50.4x	42.7x	59.6x	45.9x	34.5x	27.9x	23.7x
EV / EBIT	56.1x	68.9x	53x	73.2x	55.7x	41x	32.7x	27.4x
EV / FCF	19.7x	88x	-134x	-79.6x	298x	80.6x	59.9x	36.4x
FCF Yield	5.08%	1.14%	-0.75%	-1.26%	0.34%	1.24%	1.67%	2.74%
Dividend per Share ²	7	9	10	12	14	16.57	17.95	22.05
Rate of return	0.52%	0.46%	0.44%	0.29%	0.38%	0.48%	0.52%	0.64%
EPS ²	18.34	27.73	39.98	57.28	56.31	70.01	85.25	100.2
Distribution rate	38.2%	32.5%	25%	20.9%	24.9%	23.7%	21.1%	22%
Net sales ¹	47,912	61,283	80,898	93,235	1,03,887	1,17,898	1,36,138	1,44,255
EBITDA ¹	3,552	4,214	5,976	7,966	9,075	11,447	14,003	16,037
EBIT ¹	2,406	3,081	4,807	6,485	7,490	9,630	11,943	13,903
Net income ¹	2,066	3,123	4,503	6,453	6,345	8,073	9,893	11,502
Net Debt ¹	-16,341	-5,981	-3,210	2,806	5,388	6,074	1,119	-8,168
Reference price ²	1,343.55	1,939.05	2,292.70	4,192.35	3,654.10	3,453.50	3,453.50	3,453.50
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 (N)	EV / Sales (N)	EV / EBITDA (N)	Dividend Yield (N)	Capi.($)
THERMAX LIMITED	61.23x	3.73x	42.75x	0.42%	452.56Cr
PARKER-HANNIFIN CORPORATION	27.8x	4.98x	19.17x	0.93%	9.03TCr
INGERSOLL RAND INC.	34.59x	5x	17.95x	0.09%	3.5TCr
XYLEM INC.	36.8x	3.69x	17.1x	1.22%	3.19TCr
DOVER CORPORATION	23.1x	3.25x	14.85x	1.11%	2.57TCr
FANUC CORPORATION	22.87x	3.53x	13.34x	2.67%	2.41TCr
SMC CORPORATION	18.91x	2.95x	9.81x	2.09%	2.12TCr
TECHTRONIC INDUSTRIES COMPANY LIMITED	15.59x	1.25x	9.93x	2.74%	1.99TCr
FORTIVE CORPORATION	31.04x	4.81x	16.36x	0.6%	1.8TCr
ALFA LAVAL AB	19.84x	2.51x	12.38x	2.25%	1.79TCr
Average	29.18x	3.57x	17.36x	1.41%	2.88TCr
Weighted average by Cap.	27.53x	3.98x	16.37x	1.29%