Thermax Limited (THERMAX) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Thermax Limited stock ₹1,343, price ₹2,746, that is 51.1% below the price, quality 45 out of 100. Rating: strongly overvalued. Calculated from audited financials with 8 of our 26 valuation models and 37 quality factors, updated daily.
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Thermax Limited
THERMAX · NSEOur calculation puts a fair price 51% below what the stock costs today.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range ₹1,291 – ₹5,618 · fair‑value band ₹444.79 – ₹1,679 · the ₹2,746 price screens above the ₹1,343 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 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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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 ₹2,746, while our model-based Fair Value estimate is ₹1,343, 51% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of ₹1,734 per share, and 0 of the 8 models we run sit above the ₹2,746 price.
Bear case: the Dividend Discount group reads lowest at ₹188.34, and 8 of the 8 models stay below the price. Data coverage for this calculation is high.
Scenario range: ₹444.79 (bear) to ₹1,679 (bull), the price of ₹2,746 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 ₹309B (≈ $3.3B) Mid · P/E ratio 52.6 · P/S ratio 2.86 · EPS (TTM) ₹52.20 · Dividend yield 0.7% · Net margin 5.5% · Return on equity 13.7% · Return on assets (EBIT) 6.0% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 41 out of 100 (low confidence).
What moves the price
The share trades about 47% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 8% fair-value upside, at −51%, THERMAX screens richer than that median.
Fair Value models
All 8 models by family
Quality Score breakdown
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Revenue & earnings trend
THERMAX screens overvalued: fair value 51% below the price. Compare with 3M Company →
Compare Thermax Limited with another stock
Price, fair value, quality and upside side by side.
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 · 304 stocks
Valuation Multiplesvs Conglomerates median · lower = cheaper
Strength profile in five axes (Snowflake)
VALUE 0: the price sits above our fair-value range.
Context: sector, industry, market
- Is the Industrials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- EBIT margin by industry
- P/S ratio by industry
- Piotroski F-Score screener with fair value
- Undervalued stocks: Industrials
- Undervalued stocks: Indian Stocks
- Valuation of the India market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Conglomerates stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value | Compare |
|---|---|---|---|---|
| PT Astra International Tbk, ASII | 5,000 IDR | 10,000 IDR | +100% | vs THERMAX |
| SK Inc 034730 | 445,000 KRW | 632,391 KRW | +42% | vs THERMAX |
| Honeywell International Inc HON | $220.05 | $245.42 | +12% | vs THERMAX |
| Jardine Matheson Holdings J36 | $60.84 | $66.74 | +10% | vs THERMAX |
| Kingdom Holding 4280 | 12.40 SAR | 13.40 SAR | +8% | vs THERMAX |
| SGH Limited SGH | A$42.62 | A$34.87 | −18% | vs THERMAX |
| Keppel Ltd BN4 | 9.45 SGD | 3.87 SGD | −59% | vs THERMAX |
| 3M Company MMM | $185.15 | $73.02 | −61% | vs THERMAX |
| Swire Pacific Limited 0019 | HK$112.20 | HK$27.75 | −75% | vs THERMAX |
| Doosan Corporation 000150 | 638,000 KRW | 95,752 KRW | −85% | vs THERMAX |
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Frequently asked questions
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Key figures of Thermax Limited
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