Obermatt
See Similar Stocks →

Thermax

NSI:THERMAX · INE152A01029
MachineryLarge

360

13
EV / EBIT3
Price / Owner Earnings100
Owner Earnings Yield1
Dividend Yield65
Price/Sales23
EV / Gross Profit20
Price/Book15
Return on Capital34
Cash Return on Capital12
Return on Equity63
EBIT Margin21
Gross Profitability67
Cash Conversion10
Owner Earnings Margin12
Sales growth78
Profit Growth42
Long-Term EPS Growth88
Reinvestment7
Price momentum75
Debt load45
Refinancing11
Debt Payback1
Liquidity54
Analyst ratings13
Opinion Changes25
Price Target Upside9
Market mood81
Value Creation13/20creating some value
  • Creates more value than its capital costs
  • Owner earnings growing
  • Owner earnings per share growing
  • Reinvests at strong returns
  • Solid earnings base

What this means

Thermax clears its cost of capital, but the record is mixed across the five tests. Real value creation, just not yet consistent.

Based on 3/5 components.

Profile

CountryIndia
IndustryMachinery
SizeLarge
TypePublic Company
ExchangeNSEI
Founded1966
Employees5,844
Websitethermaxglobal.com
ISININE152A01029
Last UpdateApr 2, 2026
Index & Theme
Environmental EngineeringEnergy ManagementWater PurificationEnergy EfficiencyPollution ControlCleanTechClean EnergyClimateTechBiomass EnergyEnergySolar

Description

Thermax Limited is engaged in providing end-to-end solutions in energy and environment sectors. The company specializes in manufacturing and supplying equipment, machinery, and technology related to renewable energy systems, such as wind, solar, and…

Analysis

Story stock

Thermax Limited trades at an expensive price on a weak set of business metrics, a combination we flag as a story stock.

Valuation data is not available for this company.

Growth is solid; the safety picture is stretched. The company scores 13/20 on our value-creation score: creating some value. Analyst sentiment is cautious.

Flags to be aware of: Reported profits have run ahead of actual cash for several periods. As always: this describes the company's numbers; it is not a recommendation.

360° rank · history

1007550250
18
2023202420252026

All-time high

77

Jan 2023

All-time low

1

Mar 2026

Average rank

29

across all years

Detailed & Historical Ranks

Deep dive into 15 detailed ranks and 3 years of history.

Current202520242023
Price/Sales
23
36
34
29
Price/Earnings
1
13
17
13
Price/Book
15
25
27
26
Dividend Yield
65
25
23
25
Value (overall)
18
17
19
21

Cells are coloured by rank band (red weak → green strong). Sentiment & 360° history begins 2023.

Similar Stocks

The companies this stock is ranked against.

Compare Thermax with its peers
Jaya Konstruksi Manggala Pratama
JKT:JKON
72
CountryIndonesia
IndustryConstruction & Engineering
SizeSmall
Full Stock Analysis →
STP & I
SET:STPI
65
CountryThailand
IndustryMetals & Mining
SizeSmall
Full Stock Analysis →
Voltas
NSI:VOLTAS
22
CountryIndia
IndustryConstruction & Engineering
SizeLarge
Full Stock Analysis →
Amara Raja Energy & Mobility
NSI:ARE&M
86
CountryIndia
IndustryElectrical Equipment
SizeLarge
Full Stock Analysis →
VKTR Teknologi Mobilitas
JKT:VKTR
37
CountryIndonesia
IndustryMachinery
SizeSmall
Full Stock Analysis →
Sigdo Koppers
SGO:SK
57
CountryChile
IndustryIndustrial Conglomerates
SizeLarge
Full Stock Analysis →

Make Sense of the Ranks

Every rank runs 1–100 against true peers. Higher is always better.

360° View
1 · Watch OutGood· 100
Value
1 · ExpensiveGood Value· 100
Quality
1 · Weak FundamentalsHigh Quality· 100
Growth
1 · Tough TimesHigh Growth· 100
Safety
1 · High LeverageWell-Financed· 100
Sentiment
1 · SkepticismPositive· 100
Learn More →