Thermax Limited (THERMAX) Fair Value & Analysis
Industrials · IN · Market cap ₹542B
Fair value as of: Aug 14, 2026
From 8 valuation models · updated today
Fair value updated Aug 14, 2026, revised from ₹1,087 to ₹1,343 (+23.5%) since Jul 13, 2026. Share price −11.1% over the past month.
Below-average quality, and screening another 67% overvalued on our models.
What matters 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 (₹454.19 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.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 14, 2026.
How to read this chart
60‑month range ₹1,291 – ₹5,618 · fair‑value band ₹454.19 – ₹1,679 · the ₹4,045 price screens above the ₹1,343 fair value. Dashed = 300-day average. As of Aug 14, 2026.
Analysis
Thermax Limited (THERMAX) currently trades at ₹4,045, while our model-based Fair Value estimate is ₹1,343, implying the stock looks roughly 66.8% overvalued today. The Quality Score stands at 45/100 (below-average quality), in the Industrials 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 ₹107B at a net margin of 6.7%. Revenue grew 11.1% year over year. It earns a return on equity of 13.7%. Net debt stands at ₹11.6B. Fundamentals as of Aug 14, 2026
Our scenario range runs from ₹454.19 (bear case) to ₹1,679 (bull case); at ₹4,045, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 20% below its 52-week high and 47% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at 11% fair-value upside, at -67%, THERMAX 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 8 models by family
Widest divergence: Multiples (₹1,087) versus Dividend Discount (₹233.77). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 14, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 45 · Market factors (momentum, volatility) 65
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 energy, environmental, and chemical solutions in India and internationally. It operates in Industrial Products, Industrial Infra, Green Solutions, and Chemical segments.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
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.
of which total revenue +8.3 pp · buybacks/dilution +0.2 pp
Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).
THERMAX screens 67% overvalued. Compare with ITOCHU Corporation →
Peer Group
Conglomerates · 385 stocks
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.
Valuation Multiples vs Conglomerates median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 45/100
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 Conglomerates stocks, each showing price versus our Fair Value estimate (as of Aug 14, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| ITOCHU Corporation ITOCHU19 | 7.20 THB | 14.40 THB | +100% |
| SK Inc 034730 | 553,000 KRW | 615,077 KRW | +11% |
| PT Astra International Tbk, ASII | 4,860 IDR | 9,720 IDR | +100% |
| Koç Holding KCHOL | 205.80 TRY | 182.26 TRY | -11% |
| SRF Limited SRF | ₹2,585 | ₹859.71 | -67% |
| Empresas Copec S.A COPEC | 6,030 CLP | 10,809 CLP | +79% |
| Posco International Corporation 047050 | 54,300 KRW | 71,119 KRW | +31% |
| Tube Investments of India Limited TIINDIA | ₹2,839 | ₹723.80 | -75% |
| Doosan Corporation 000155 | 436,000 KRW | 93,413 KRW | -79% |
| Hanwha Corporation 000880 | 96,000 KRW | 88,608 KRW | -8% |
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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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