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Thermax Ltd
NSE: THERMAX BSE: 500411
â‚ą4306
(1.28%)
Sun, 09 Aug 2026, 05:25 pm
Market Cap (in Cr)51530.34
PE Ratio81.75
Dividend0.32
Producer Manufacturing
Industrial Machinery
24.5KThermax Analysis
dividend
- Dividends per share have increased over the past 10 years.
- Dividends paid are well covered by earnings (3.8x coverage).
- Dividends after 3 years are expected to be well covered by earnings (3.4x coverage).
- Dividends per share have been stable in the past 10 years.
- Thermax's pays a higher dividend yield than the bottom 25% of dividend payers in India (0.76%).
- Thermax's dividend is below the markets top 25% of dividend payers in India (3.08%).
future
- Cash flow for Thermax is expected to increase by more than 50% in 2 years time.
- Thermax's earnings growth is expected to exceed the low risk savings rate of 7.2%.
- An improvement in Thermax's performance (ROE) is expected over the next 3 years.
- Thermax's earnings are expected to grow by 17.7% yearly, however this is not considered high growth (20% yearly).
- Thermax's earnings growth is positive but not above the India market average.
- Thermax's earnings are expected to increase but not above the low risk growth rate next year.
- Thermax's net income is expected to increase but not above the 50% threshold in 2 years time.
- Thermax is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
- Performance (ROE) is not expected to exceed the current IN Machinery industry average.
- Thermax's revenue is expected to decrease over the next 2 years.
- Thermax's revenue is expected to grow by 3.4% yearly, however this is not considered high growth (20% yearly).
- Thermax's revenue growth is positive but not above the India market average.
health
- Thermax is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
- Thermax is profitable, therefore cash runway is not a concern.
- Thermax is profitable, therefore cash runway is not a concern.
- Debt is covered by short term assets, assets are 26.7x debt.
- Thermax's cash and other short term assets cover its long term commitments.
- The level of debt compared to net worth has been reduced over the past 5 years (34% vs 5.4% today).
- Thermax earns more interest than it pays, coverage of interest payments is not a concern.
- Thermax's level of debt (5.4%) compared to net worth is satisfactory (less than 40%).
- Debt is not well covered by operating cash flow (19.8%, less than 20% of total debt).
- High level of physical assets or inventory.
management
- The tenure for the Thermax board of directors is about average.
- Unny's compensation has been consistent with company performance over the past year, both up more than 20%.
- The average tenure for the Thermax management team is over 5 years, this suggests they are a seasoned and experienced team.
- Unny's remuneration is higher than average for companies of similar size in India.
past
- Thermax's 1-year earnings growth exceeds its 5-year average (9.5% vs 4.2%)
- Thermax's year on year earnings growth rate has been positive over the past 5 years.
- Thermax has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
- Thermax's earnings growth has exceeded the IN Machinery industry average in the past year (9.5% vs -7.2%).
- Thermax used its assets less efficiently than the IN Machinery industry average last year based on Return on Assets.
- Thermax has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
value
- Thermax's share price is above the future cash flow value, it's not available at a moderate discount (< 20%).
- Thermax's share price is above the future cash flow value, it's not available at a substantial discount (< 40%).
- Thermax is overvalued based on assets compared to the IN Machinery industry average.
- Thermax is poor value based on expected growth next year.
- Thermax is overvalued based on earnings compared to the IN Machinery industry average.
- Thermax is overvalued based on earnings compared to the India market.
- THERMAX underperformed the Machinery industry which returned -23.7% over the past year.
- THERMAX underperformed the Market in India which returned -14.5% over the past year.
- NSEI:THERMAX is up 4.5% underperforming the Machinery industry which returned 8.3% over the past month.
- NSEI:THERMAX is up 4.5% underperforming the market in India which returned 8% over the past month.