THERMAX
OVERVALUEDThermax
Capital Goods · NSE
↓ 425.1% vs fair value
52W Low
₹2,743
+62.1% from low
52W High
₹4,880
-8.9% from high
Valuation Gauge
Current Price
₹4,446
Fair Value
₹847
Fair Value Analysis
₹847
Based on balance sheet strength analysis and earnings growth potential for Capital Goods sector companies | ROCE improving (latest 13.7%) — capital allocation becoming more efficient.
Balance Sheet Value
71% weight
Growth Valuation
29% weight
Price vs Market
Shareholding Pattern
Stock Health Score
Solid Fundamentals
Profitability
ROE of 13.7% is acceptable for Capital Goods sector (benchmark: 15%)
Debt & Leverage
D/E ratio of 0.4x is well within the Capital Goods sector norm of 2.0x — strong balance sheet
Valuation vs Peers
P/E of 74.3x trades at a 34% discount to Capital Goods sector median (112x) — attractively valued
Cash Flow
FCF margin of 1.4% — very thin despite positive FCF (₹140 Cr)
Earnings Growth
5yr EPS CAGR of 26.6% is below the Capital Goods sector average of 42.2%
Dividend
Dividend yield of 0.3% is symbolic — low but positive
Company Health Timeline
10-year financial health at a glance
Sentiment Trend — Last 30 Days
Historical Returns
Key Ratios & Growth
FCF Yield
-0.1%
Free cash flow / market cap
Revenue Growth (YoY)
+12.5%
Year-on-year revenue change
Profit Growth (YoY)
+18.4%
Year-on-year PAT change
Operating Cash Flow
₹542 Cr
TTM cash from operations
Key Financials
EPS (TTM)
₹60.5
P/E Ratio
74.4x
P/B Ratio
9.6x
ROE
13.7%
ROCE
15.6%
Debt / Equity
0.42x
Beta
—
Div Yield
0.3%
FCF (Cr)
₹140 Cr
Revenue (Cr)
₹10,256 Cr
EPS Growth 5Y
26.7%
Mkt Cap (Cr)
₹50,696 Cr
52W High
₹4,880
52W Low
₹2,742.7
Book Value/Share
₹466.3
Financial History
| Period | Revenue | Op Profit | OPM% | PAT | EPS |
|---|---|---|---|---|---|
| 2026-03-31 | ₹10.7K Cr | ₹1.0K Cr | 10.0% | ₹720 Cr | ₹60.47 |
| 2025-03-31 | ₹10.4K Cr | ₹910 Cr | 9.0% | ₹627 Cr | ₹53.25 |
| 2024-03-31 | ₹9.3K Cr | ₹797 Cr | 9.0% | ₹643 Cr | ₹54.15 |
| 2023-03-31 | ₹8.1K Cr | ₹601 Cr | 7.0% | ₹451 Cr | ₹37.79 |
| 2022-03-31 | ₹6.1K Cr | ₹414 Cr | 7.0% | ₹312 Cr | ₹26.21 |
| 2021-03-31 | ₹4.8K Cr | ₹356 Cr | 7.0% | ₹207 Cr | ₹17.34 |
| 2020-03-31 | ₹5.7K Cr | ₹401 Cr | 7.0% | ₹212 Cr | ₹17.83 |
| 2019-03-31 | ₹6.0K Cr | ₹457 Cr | 8.0% | ₹325 Cr | ₹27.31 |
| 2018-03-31 | ₹4.5K Cr | ₹377 Cr | 8.0% | ₹231 Cr | ₹19.48 |
| 2017-03-31 | ₹4.5K Cr | ₹434 Cr | 10.0% | ₹216 Cr | ₹18.72 |
| 2016-03-31 | ₹5.1K Cr | ₹433 Cr | 8.0% | ₹282 Cr | ₹23.69 |
| 2015-03-31 | ₹5.3K Cr | ₹462 Cr | 9.0% | ₹148 Cr | ₹17.60 |
Compounded Growth Rates
Sales Growth
Profit Growth
EPS Growth
Peer Comparison
Capital Goods| Stock | Price | Fair Value | MoS% | P/E | ROE | Signal |
|---|---|---|---|---|---|---|
Electrosteel Castings Limited | ₹78.2 | ₹228.8 | +65.8% | 16.1 | 13.2% | UNDERVALUED |
Vesuvius India Limited | ₹466 | ₹1,325.9 | +64.8% | 37.2 | 17.1% | UNDERVALUED |
Power Finance Corporation | ₹430.4 | ₹824.5 | +47.8% | 5.7 | 20.5% | FAIRLY_VALUED |
REC | ₹336.9 | ₹618.3 | +45.5% | 5.6 | 20.0% | FAIRLY_VALUED |
Surya Roshni Limited | ₹245.1 | ₹381.4 | +35.7% | 16.6 | 12.8% | FAIRLY_VALUED |
Shakti Pumps (India) Limited | ₹504.1 | ₹695.5 | +27.5% | 24.2 | 18.0% | UNDERVALUED |
AGI Greenpac Limited | ₹578.6 | ₹663.1 | +12.8% | 10.7 | 15.6% | FAIRLY_VALUED |
Elecon Engineering | ₹534 | ₹544.2 | +1.9% | 31.9 | 15.8% | FAIRLY_VALUED |
Institutional Activity
Bulk deals, block deals, short selling & delivery volume — NSE data
Insider Trading
Community Pulse
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