Thermax Limited (500411) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Thermax Limited ₹680, price ₹3,364, upside -79.8%, quality 46 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range ₹1,299 – ₹5,625 · fair‑value band ₹362.08 – ₹1,162 · the ₹3,364 price screens above the ₹679.90 fair value. Dashed = 300-day average. As of Sep 24, 2026.
Thermax Limited provides engineering solutions in India and internationally. It operates through three segments: Energy, Environment, and Chemical.
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Thermax Limited provides engineering solutions in India and internationally. It operates through three segments: Energy, Environment, and Chemical. The company offers vapor absorption chillers, heat pumps and transformers, and solar-based and process cooling products; waste heat recovery systems, industrial boilers, solar-based heating, and fired heaters; and power plants, balance of plant, and operation and maintenance services. It also provides solar thermal and photovoltaic systems; and steam boilers, thermic fluid heaters, hot water and air heaters/generators, waste HRB, and energy plants. In addition, the company offers steam accessories, such as condensate recovery systems, steam traps, pre-fabricated modules, pressure reducing stations, pressure reducing and desuper heating systems, valves, steam line mountings, boiler house products, and monitoring equipment. Further, it provides electrostatic precipitators, bag filters, particulate and gaseous scrubbers, combo filters, flue gas desulphurization, selective catalytic and non-catalytic reduction, and modular gas coolers; water and waste management systems and solutions, such as water treatment, effluent and sewage treatment and recycling, and incineration; and chemicals, such as water treatment, fireside, green, sugar industry, paper, and oil field chemicals, as well as fuel additives and ion exchange resins. Additionally, it offers energy, retrofit and revamp, utility outsourcing, and specialized services and solutions; and spares. It serves automobiles, cement, chemicals and fertilizers, commercial/construction, dairy, distillery, paper and pulp, pharmaceuticals, plywood, power generation, processed food, refineries and petrochemicals, soft beverages, metals, sugar, textiles, and tire industries. The company was founded in 1966 and is headquartered in Pune, India. Thermax Limited is a subsidiary of RDA Holdings Private Limited.
Stock analysis
Thermax Limited (500411) currently trades at ₹3,364, while our model-based Fair Value estimate is ₹679.90, 79.8% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹975.43 per share, and 0 of the 25 models we run sit above the ₹3,364 price.
Bear case: the Growth DCF group reads lowest at ₹123.26, and 25 of the 25 models stay below the price. Evidence for this calculation is low.
Scenario range: ₹362.08 (bear) to ₹1,162 (bull), the price of ₹3,364 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 46/100 (below-average quality), in the Industrial Goods sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Thermax Limited reported revenue of ₹104B in FY2025 versus ₹47.9B in FY2021, a compound +21.3%/yr. Reported net income was ₹6.3B in FY2025, compounding +32.4%/yr from FY2021.
Key figures
Market cap ₹88.2B (≈ $916M) · P/E ratio 63.2 · P/S ratio 3.86 · EPS (TTM) ₹12.43 · Dividend yield 1.8% · Net margin 6.1% · Return on equity 4.6% · Return on assets (EBIT) 4.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 35% below its 52-week high and 22% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrial Goods peers we cover trades at −37% fair-value upside, at −80%, 500411 screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (₹123.26 to ₹1,606). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear ₹362.08Fair Value ₹679.90Bull ₹1,162
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+11.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+19.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.6%
Start year 2020 (pandemic). Over 10 years: +7.0% a year
Revenue growth 11 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.7%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+24.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+23.1%
Dividend (yield on the price)1.8%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.5% → 7%
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its sector: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median. (Industry “Diversified Machinery” was too small, so the broader sector is used.)Industrials · 5314 stocks
Beats the sector median on 0/13 measures
Overall it trails its sector peers.
Valuation
Quality Score46 · Below median
Fair Value upside−63.0% · Bottom 25%
Profitability
Return on equity (TTM)4.6% · Below median
Return on assets1.2% · Below median
Net margin (TTM)3.1% · Below median
Operating margin (TTM)2.7% · Below median
Growth and dividend
Revenue growth−28.9% · Bottom 25%
Dividend yield (TTM)1.8% · Below median
Balance sheet
Debt / equity0.24× · Above median
Valuation Multiplesvs Industrials median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Thermax Limited Fair Value". https://www.fairvalue-calculator.com/stock/500411
Frequently asked questions
Is Thermax Limited (500411) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ₹679.90 versus a price of ₹3,364, about −80% upside (overvalued).
What is the fair value of 500411?
Our model-based fair value for Thermax Limited is ₹679.90 (as of Sep 24, 2026), built from audited fundamentals. The current price: ₹3,364.
What is the quality score of 500411?
Thermax Limited has a Quality Score of 46/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Thermax Limited (500411)?
Our model-based price target is the fair value of ₹679.90 (as of Sep 24, 2026) from 25 valuation models. Cautious scenario ₹362.08, optimistic scenario ₹1,162. It is a calculation from audited fundamentals, not an analyst target.
What is the Thermax Limited stock forecast for 2026?
Our models put fair value at ₹679.90, about −80% upside versus a price of ₹3,364 (overvalued). Cautious scenario ₹362.08, optimistic scenario ₹1,162. The calculation is refreshed regularly with new filings.
What is the revenue of Thermax Limited (500411)?
Thermax Limited reported trailing-twelve-month revenue of about ₹45.4B (latest available figure, as of Sep 24, 2026).
Does Thermax Limited pay a dividend?
Thermax Limited currently shows a dividend yield of about 1.78% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Thermax Limited (500411)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Thermax Limited it is ₹679.90 per share (as of Sep 24, 2026), against a price of ₹3,364. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Thermax Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 500411 trades above its calculated fair value: price ₹3,364, fair value ₹679.90, a gap of about −80% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 500411?
No. The price is what the market pays today (₹3,364); the fair value is what the company's own numbers justify (₹679.90). For Thermax Limited the two are ₹2,684 per share apart. That gap is exactly why we show both numbers side by side.
How much is Thermax Limited worth?
The market values Thermax Limited at about ₹88.2B (market capitalisation, as of Sep 24, 2026). Per share that is ₹3,364; our models calculate a fair value of ₹679.90 per share.
What do the bullish and bearish scenarios say about 500411?
Our models span a range for Thermax Limited: cautious scenario ₹362.08, base ₹679.90, optimistic ₹1,162 per share (as of Sep 24, 2026, price ₹3,364). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 500411?
Thermax Limited trades at a price-to-earnings ratio of 63.2 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹679.90 is built from several models across several years. Other multiples: P/B 1.8, P/S 1.9, EV/EBITDA 42.2.
How solid is the balance sheet of Thermax Limited (500411)?
Balance-sheet figures for Thermax Limited (as of Sep 24, 2026): return on equity 4.6%, debt of 0.24 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is 500411 from its 52-week high?
Thermax Limited trades at ₹3,364, about 35% below its 52-week high of ₹5,149 and 22% above the low of ₹2,766 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹679.90 is for.
Which stocks are comparable to Thermax Limited?
From the same area (Industrial Goods) we also value DISAQ, BATLIBOI, Axtel Industries Limited, T & I Global Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Thermax Limited stock attractive at the current price?
The data as of Sep 24, 2026: price ₹3,364, calculated fair value ₹679.90 (−80%), Quality Score 46/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 500411 calculated?
We run Thermax Limited through 25 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹679.90, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Thermax Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Thermax Limited (500411)?
The closing price on Oct 1, 2026 was ₹3,364. Our model-based fair value is ₹679.90, about −80% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Thermax Limited right now?
The price sits above even our optimistic bull case (₹1,162). The favourable scenario is already priced in. The model range is unusually wide (₹362.08 to ₹1,162). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (46/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Thermax Limited
How large is the market capitalisation of Thermax Limited (500411)?
The market capitalisation of Thermax Limited is ₹88.2B (≈ $916M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Thermax Limited (500411)?
The price-to-sales ratio of Thermax Limited is 3.86 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Thermax Limited (500411)?
Earnings per share at Thermax Limited are ₹12.43 (price ÷ EPS = P/E 63.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Thermax Limited (500411)?
The dividend yield of Thermax Limited is 1.8%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Thermax Limited (500411)?
The net margin of Thermax Limited is 6.1% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Thermax Limited (500411)?
The return on equity (ROE) of Thermax Limited is 4.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Thermax Limited (500411)?
On an EBIT basis the return on assets of Thermax Limited is 4.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Thermax Limited (500411)?
The operating margin of Thermax Limited is 2.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Thermax Limited (500411)?
Revenue at Thermax Limited is growing −28.9% versus a year earlier (3y avg +19.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Thermax Limited (500411)?
Earnings per share at Thermax Limited are growing +21.4% versus a year earlier. How much earnings per share grew versus a year earlier.
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