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Thermax Limited (THERMAX) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Thermax Limited ₹1,343, price ₹3,465, upside -61.2%, quality 45 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
  3. Add to watchlist

Industrials · IN · ISIN INE152A01029

TL Broad data Sep 24, 2026

Thermax Limited

THERMAX · NSE

Weakest SetupStrongly overvalued and low quality.

!Fair value ₹1,343 · Strongly overvalued (−61%)
!Quality 45/100
!Expensive Growth (revenue 5y +17.8 %/yr)
!Thin margins · 6.7% net margin (TTM)
!Low debt · negative free cash flow
·0.58% dividend yield
!Trails peers (5/13)
!Moderate moat 46/100
!Insider activity 45/100
!Weak on dividend: 12 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

₹5,618 ₹1,291 Fair Value ₹1,343 Jun 2021 Sep 2026

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 ₹1,291 – ₹5,618 · fair‑value band ₹441.32 – ₹1,679 · the ₹3,465 price screens above the ₹1,343 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Thermax Limited provides energy, environmental, and chemical solutions in India and internationally. It operates in Industrial Products, Industrial Infra, Green Solutions, and Chemical segments.

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Thermax Limited provides energy, environmental, and chemical solutions in India and internationally. It operates in Industrial Products, Industrial Infra, Green Solutions, and Chemical segments. The Industrial Products segment offers manufacturing, installation, sales and services related to boilers and heating equipment, absorption chillers/heat pumps, air pollution control equipment/ systems, water & waste recycling, including associated services and engineering, procurement and construction. The Industrial Infra segment provides engineering, procurement, and construction (EPC) of power plants, infra projects, and flue gas desulphurisation projects, along with associated services and manufacturing, installation, sales and services related to boiler and heater plants. The Green solutions segment builds, owns and operates BOO models, energy management solutions, oil and gas-fired, green hydrogen projects and renewable energy (Solar/Wind). The Chemical segment offers manufacturing, installation, sales and services related to ion exchange resins, performance chemicals, construction chemicals, water treatment chemicals, oil field chemicals, paper and construction chemicals, and related services. It also operates cogeneration, waste heat recovery power, captive power, and independent power plants, as well as offers operation and maintenance services. In addition, the company offers steam boilers; waste heat recovery units; fired heaters and process furnaces; thermic fluid, hot air, and hot water heaters; and waste heat recovery. It serves automobiles, cement, chemicals and fertilizers, commercial/construction, dairy, distillery, paper and pulp, pharmaceuticals, plywood, power generation, food, refineries and petrochemicals, soft beverages, metals, sugar, textiles, and tyre industries. Thermax Limited was incorporated in 1966 and is headquartered in Pune, India. Thermax Limited is a subsidiary of RDA Holdings Private Limited.

Stock analysis

Thermax Limited (THERMAX) currently trades at ₹3,465, while our model-based Fair Value estimate is ₹1,343, implying the stock looks roughly 158.0% overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of ₹1,087 per share, and 0 of the 8 models we run sit above the ₹3,465 price.

Bear case: the Dividend Discount group reads lowest at ₹205.61, and 8 of the 8 models stay below the price. Evidence for this calculation is high.

Scenario range: ₹441.32 (bear) to ₹1,679 (bull), the price of ₹3,465 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 45/100 (below-average quality), in the Industrials sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Thermax Limited reported revenue of ₹107B in FY2026 versus ₹60.6B in FY2022, a compound +15.2%/yr. Reported net income was ₹7.2B in FY2026, compounding +23.2%/yr from FY2022.

Key figures

Market cap ₹542B (≈ $5.6B) · P/E ratio 54.2 · P/S ratio 3.65 · EPS (TTM) ₹63.96 · Dividend yield 0.6% · Net margin 6.7% · Return on equity 13.7% · Return on assets (EBIT) 6.0%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).

What moves the price

The share trades about 33% below its 52-week high and 26% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at 38% fair-value upside, at −61%, THERMAX screens richer than that median.

Fair Value models

Bear ₹441.32 Fair Value ₹1,343 Bull ₹1,679
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. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹21.32 per share) are deliberately not added. 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. 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.
Highest evidence
Residual Income ₹460.41 ₹557.69 ₹1,211 71
Gordon GGM ₹122.94 ₹244.97 ₹370.96 67
DDM Multi-Stage ₹122.94 ₹205.61 ₹258.59 67
All 8 models by family
Earnings-Based
Graham-Dodd ₹434.93 ₹1,442 ₹1,930 64
Lynch FV ₹325.94 ₹465.63 ₹605.32 61
Dividend Discount
Gordon GGM ₹122.94 ₹244.97 ₹370.96 67
DDM Multi-Stage ₹122.94 ₹205.61 ₹258.59 67
Multiples
P/E Multiple ₹1,007 ₹1,343 ₹1,679 63
P/B Multiple ₹815.49 ₹1,087 ₹1,359 55
Asset-Based
NCAV (Graham) ₹246.34 ₹330.10 ₹492.68 54
Economic Profit
Residual Income ₹460.41 ₹557.69 ₹1,211 71

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Quality Score breakdown

Overall quality 45/100

Of which business quality 45 · Market factors (momentum, volatility) 49

Profitability 44
Margins and returns on capital today
Quality Growth 35
Are margins and returns improving?
Cashflow 11
Earnings quality: real cash, not paper profit
Fin. Strength 65
Balance sheet, leverage, solvency risk
Investment 42
Disciplined investing over empire-building
Low Volatility 77
Calm price path (market factor)
Momentum 39
Price trend over the last 3–12 months (market factor)
52W Momentum 34
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

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Revenue & earnings trend

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
+4.3%
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.
+10.0%
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.
+17.8%
Start year 2021 (pandemic). Over 10 years: +7.8% a year
Revenue growth 21 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.
+10.6%
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.
+28.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+27.6%
Dividend (yield on the price)0.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.28% vs 12%, picking up
Profit margin 2021 to 2026 ⓘ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% → 9%
Start year 2021 (pandemic)

THERMAX screens 158% overvalued. Compare with 3M Company →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Conglomerates · 378 stocks

Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score 45 · Below median
Fair Value upside −61% · Bottom 25%
Profitability
Return on equity (TTM) 14% · Top 25%
Return on assets 4% · Above median
Net margin (TTM) 7% · Above median
Operating margin (TTM) 9% · Above median
Growth and dividend
Revenue growth 11% · Above median
Dividend yield (TTM) 0.6% · Bottom 25%
Balance sheet
Debt / equity 0.29× · Above median

Valuation Multiplesvs Conglomerates median · lower = cheaper

P/E (TTM) 54.2× · Priciest 25%
P/B 9.76× · Priciest 25%
P/S (TTM) 5.07× · Priciest 25%
EV/EBITDA 53.2× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 33
FUTURE (revenue growth)56 · sector 16
PAST (return on equity)55 · sector 19
HEALTH (low debt)85 · sector 89
DIVIDEND (yield)12 · sector 40

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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Thermax Limited · Fair Value
₹1,343 −158%Fair Value
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Cite: Fair Value Calculator (2026). "Thermax Limited Fair Value". https://www.fairvalue-calculator.com/stock/THERMAX

Frequently asked questions

Is Thermax Limited (THERMAX) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ₹1,343 versus a price of ₹3,465, about −61% upside (overvalued).
What is the fair value of THERMAX?
Our model-based fair value for Thermax Limited is ₹1,343 (as of Sep 24, 2026), built from audited fundamentals. The current price: ₹3,465.
What is the quality score of THERMAX?
Thermax Limited has a Quality Score of 45/100. 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 (THERMAX)?
Our model-based price target is the fair value of ₹1,343 (as of Sep 24, 2026) from 8 valuation models. Cautious scenario ₹441.32, optimistic scenario ₹1,679. 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 ₹1,343, about −61% upside versus a price of ₹3,465 (overvalued). Cautious scenario ₹441.32, optimistic scenario ₹1,679. The calculation is refreshed regularly with new filings.
What is the revenue of Thermax Limited (THERMAX)?
Thermax Limited reported trailing-twelve-month revenue of about ₹107B (latest available figure, as of Sep 24, 2026).
Does Thermax Limited pay a dividend?
Thermax Limited currently shows a dividend yield of about 0.58% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Thermax Limited (THERMAX)?
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 ₹1,343 per share (as of Sep 24, 2026), against a price of ₹3,465. It is the blended result of 8 valuation models (cash flow, earnings, asset, dividend).
Is Thermax Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, THERMAX trades above its calculated fair value: price ₹3,465, fair value ₹1,343, a gap of about −61% (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 THERMAX?
No. The price is what the market pays today (₹3,465); the fair value is what the company's own numbers justify (₹1,343). For Thermax Limited the two are ₹2,122 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 ₹542B (market capitalisation, as of Sep 24, 2026). Per share that is ₹3,465; our models calculate a fair value of ₹1,343 per share.
What do the bullish and bearish scenarios say about THERMAX?
Our models span a range for Thermax Limited: cautious scenario ₹441.32, base ₹1,343, optimistic ₹1,679 per share (as of Sep 24, 2026, price ₹3,465). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of THERMAX?
Thermax Limited trades at a price-to-earnings ratio of 54.2 (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 ₹1,343 is built from several models across several years. Other multiples: P/B 9.8, P/S 5.1, EV/EBITDA 53.2.
How solid is the balance sheet of Thermax Limited (THERMAX)?
Balance-sheet figures for Thermax Limited (as of Sep 24, 2026): return on equity 13.7%, debt of 0.29 per unit of equity. They feed the Quality Score of 45/100, which measures business quality independently of the share price.
How far is THERMAX from its 52-week high?
Thermax Limited trades at ₹3,465, about 33% below its 52-week high of ₹5,159 and 26% above the low of ₹2,760 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of ₹1,343 is for.
Which stocks are comparable to Thermax Limited?
From the same area (Industrials) we also value 3M Company, Honeywell International Inc, CITIC Limited, Poste Italiane S.p.A, 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 ₹3,465, calculated fair value ₹1,343 (−61%), Quality Score 45/100, from 8 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 THERMAX calculated?
We run Thermax Limited through 8 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 ₹1,343, 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 14.1 % 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 (THERMAX)?
The closing price on Sep 23, 2026 was ₹3,465. Our model-based fair value is ₹1,343, about −61% 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 (₹1,679). The favourable scenario is already priced in. The model range is unusually wide (₹441.32 to ₹1,679). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (45/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Thermax Limited (THERMAX) come from?
Earnings per share at Thermax Limited grew +12.3 % a year from 2015 to 2026. Broken into its drivers: revenue per share +8.6 %, EBIT margin +0.0 %, tax rate +2.0 %, residual (interest, one-offs) +1.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Thermax Limited

How large is the market capitalisation of Thermax Limited (THERMAX)?
The market capitalisation of Thermax Limited is ₹542B (≈ $5.6B). 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 (THERMAX)?
The price-to-sales ratio of Thermax Limited is 3.65 (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 (THERMAX)?
Earnings per share at Thermax Limited are ₹63.96 (price ÷ EPS = P/E 54.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Thermax Limited (THERMAX)?
The dividend yield of Thermax Limited is 0.6% (payout 31.3%). 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 (THERMAX)?
The net margin of Thermax Limited is 6.7% (fiscal year 2026). 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 (THERMAX)?
The return on equity (ROE) of Thermax Limited is 13.7% (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 (THERMAX)?
On an EBIT basis the return on assets of Thermax Limited is 6.0% (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 (THERMAX)?
The operating margin of Thermax Limited is 9.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Thermax Limited (THERMAX)?
Revenue at Thermax Limited is growing +11.1% versus a year earlier (3y avg +10.0%). 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 (THERMAX)?
Earnings per share at Thermax Limited are growing +18.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Thermax Limited (THERMAX) generate?
The free cash flow of Thermax Limited is −₹4.4B (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Thermax Limited (THERMAX) carry?
The net debt of Thermax Limited is ₹11.6B (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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