Thermax Limited (500411) Fair Value & Analysis
Industrial Goods · IN · Market cap ₹88.2B
Fair value as of: Aug 2, 2026
From 25 valuation models · updated today
Share price −15.0% over the past month.
A solid business, but the price sits 84% above our fair value.
What matters 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 (₹371.78 to ₹1,162). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- Solid but not exceptional quality (51/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 2, 2026.
How to read this chart
60‑month range ₹1,247 – ₹5,625 · fair‑value band ₹371.78 – ₹1,162 · the ₹4,325 price screens above the ₹679.90 fair value. Dashed = 300-day average. As of Aug 2, 2026.
Analysis
Thermax Limited (500411) currently trades at ₹4,325, while our model-based Fair Value estimate is ₹679.90, implying the stock looks roughly 84.3% overvalued today. We read business quality at 51/100 (solid quality), in the Industrial Goods sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Thermax Limited generated revenue of ₹45.4B at a net margin of 3.1%. Revenue declined 28.9% year over year. It earns a return on equity of 4.6%. The stock trades on a trailing P/E of 63.2. Fundamentals as of Aug 2, 2026
Our scenario range runs from ₹371.78 (bear case) to ₹1,162 (bull case); at ₹4,325, the current price sits above that range. The share trades about 18% below its 52-week high and 58% above its 52-week low. For context, the median of 10 Industrial Goods peers we cover trades at -27% fair-value upside, at -84%, 500411 screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 25 models by family
Widest divergence: Growth Earnings (₹949.37) versus Dividend Discount (₹182.70). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 2, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 48 · Market factors (momentum, volatility) 68
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Thermax Limited provides engineering solutions in India and internationally. It operates through three segments: Energy, Environment, and Chemical.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
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.
500411 sits 84% above fair value. Compare with Siemens Limited →
Peer Group
Industrials · 5663 stocks
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.)
Valuation Multiples vs Industrials median · lower = cheaper
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Diversified Machinery stocks, each showing price versus our Fair Value estimate (as of Aug 2, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Siemens Limited 500550 | ₹3,759 | ₹933.40 | -75% |
| Yuken India Limited 522108 | ₹783.95 | ₹381.13 | -51% |
| Disa India Limited 500068 | ₹12,340 | ₹6,268 | -49% |
| Axtel Industries Limited 523850 | ₹450.45 | ₹327.90 | -27% |
| Singer India Limited 505729 | ₹69.75 | ₹40.38 | -42% |
| Transformers and Rectifiers (India) Limited 532928 | ₹296.70 | ₹318.52 | +7% |
| Shilchar Technologies Limited 531201 | ₹4,408 | ₹6,447 | +46% |
| Rajoo Engineers Limited 522257 | ₹52.48 | ₹8.21 | -84% |
| T & I Global Limited 522294 | ₹167.15 | ₹233.60 | +40% |
| Rexnord Electronics and Controls Limited 531888 | ₹83.95 | ₹92.54 | +10% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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