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    Thermax Limited

    Pune engineering major making industrial boilers, chillers, water plants and specialty chemicals.

    Capital Goods
    Industrials
    View THERMAX earnings calls
    ₹4,662
    -0.79% from avg

    Overview

    Price

    ₹4,662

    Market Cap

    ₹53.0k Cr

    Sector

    Capital Goods

    Industrials

    Rank

    2

    Performance

    Financials

    Income Statement

    Financial Trajectories

    11
    Quarterly

    Balance Sheet

    Balance Sheet

    ₹ Cr · Annual
    Line itemFY20FY21FY22FY23FY24FY25FY26FY26
    LiabilitiesEquity Capital2424242424242324
    Reserves2.7k2.9k3.0k3.2k3.5k3.9k5.0k4.4k
    Borrowings73142185224314901.8k132
    Other Liabilities1.6k2.0k2.2k2.7k2.9k2.9k5.3k3.0k
    Total Liabilities4.4k5.0k5.4k6.2k6.7k6.9k12.2k7.6k
    AssetsFixed Assets7487717467147509773.0k1.0k
    CWIP552315451128368270
    Investments1.4k9032.0k2.3k2.4k2.7k1.5k2.8k
    Other Assets2.2k3.3k2.7k3.1k3.5k3.1k7.1k3.7k
    Total Assets4.4k5.0k5.4k6.2k6.7k6.9k12.2k7.6k

    Valuation

    Assumptions

    Current — THERMAX
    Price
    ₹4,514
    EPS (TTM)
    ₹43.01
    PE (TTM)
    105.0
    Profit growth
    7.1%

    The Earnings Per Share over the last 12 months.

    %

    Your assumption of the company's expected yearly EPS growth (e.g., 6 for 6%).

    Pre-filled with the lower of median (95.8×) and current (105.0×) PE — the conservative anchor.

    %

    The annualized return you aim to achieve. We solve for the price that delivers it, then compare to today's price.

    Valuation

    Current price
    ₹4,514
    vs
    Fair value · 15% return
    ₹2,470
    45%Overvalued

    At 7.1% growth and a 96× exit, ₹4514 only delivers your return if you pay ₹2,470. The price is currently baking in 19% growth.

    EPS grows 7.1%/yr for 5 years, then fades to 6% over 2, exits at 96×.

    YearGrowthEPS (₹)
    FY277.1%46.06
    FY287.1%49.33
    FY297.1%52.84
    FY307.1%56.59
    FY317.1%60.61
    FY326.6% ·fade64.58
    FY336.0% ·fade68.45

    Methodology: we discount normalized net profit as a proxy for owner earnings (an earnings-power approximation — not full free cash flow). Terminal growth is capped at 6% (≈ nominal GDP) regardless of the required return. This is an analytical tool, not investment advice.

    Learn to analyse Thermax Limited

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