Thermax PE ratio, market cap and valuation
NSE: THERMAXBSE: 500411Electrical EquipmentMid Cap
Last close ₹3,096.00down ₹65.30 (2.07%)BSE ₹3,095.60
Share price at the NSE close on 23 Oct 2026. Previous close ₹3,161.30.
52-week range of traded prices to 23 Oct 2026
₹2,742.70Low, 8 Dec 2025₹5,277.80High, 29 Jun 2026
- Next results date: the board meets on 5 Nov 2026 to consider: financial results.
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies.
- ₹36,891 Cr212th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. The filing of 30 Jul 2026
- 62.2
- P/E without one-offsPrice to earnings without one-off items. Market cap divided by core profit: the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, less one-off items (exceptional items and the result of businesses sold or closed). Shown where the one-off items move that profit by more than a tenth. The last twelve months' profit includes ₹61 crore of one-off items, the largest of them in the quarter to Dec 2025.
- 69.3
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. The filing of 7 May 2026
- 6.6
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.65%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it. The filing of 30 Jul 2026
- 11.3%
- ROE without one-offsReturn on equity without one-off items. Core profit, the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders less one-off items (exceptional items and the result of businesses sold or closed), as a percentage of the same net worth as the return on equity. Shown where the one-off items move that profit by more than a tenth. The last twelve months' profit includes ₹61 crore of one-off items, the largest of them in the quarter to Dec 2025.
- 10.1%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet. The filing of 30 Jul 2026
- 8.3%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026. The filing of 7 May 2026
- 0.41
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 1,76,73957.6% delivered
Thermax PE ratio and valuation against its own history
Each ratio on 23 Oct 2026 beside its median over each window. The ratios are on standalone accounts to Mar 2017 and consolidated from Mar 2018. The PE ratio is the market cap over the profit of the last twelve months.
- P/E without one-off itemsPrice to earnings without one-off items. Market cap divided by core profit: the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, less one-off items (exceptional items and the result of businesses sold or closed). Shown where the one-off items move that profit by more than a tenth.69.32today
1 year
Median 70.82Today is at or above 47% of the 247 days
3 years
Median 71.25Today is at or above 46% of the 744 days
5 years
Median 70.07Today is at or above 47% of the 1,240 days
10 years
Median 64.06Today is at or above 66% of the 2,240 days
- Price to bookPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet.6.65today
1 year
Median 7.69Today is at or above 2% of the 247 days
3 years
Median 9.08Today is at or above 1% of the 744 days
5 years
Median 8.00Today is at or above 8% of the 1,240 days
10 years, since Nov 2018
Median 7.03Today is at or above 42% of the 1,967 days
- Price to salesPrice to sales, trailing. Market cap divided by the revenue of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly): what investors pay for each rupee of a year's sales.3.40today
1 year
Median 3.77Today is at or above 14% of the 247 days
3 years
Median 4.31Today is at or above 5% of the 744 days
5 years
Median 3.98Today is at or above 12% of the 1,240 days
10 years
Median 3.36Today is at or above 51% of the 2,480 days
- EV to EBITDAEnterprise value to EBITDA. Market cap plus borrowings less cash and bank balances, divided by operating profit before depreciation (revenue less operating expenses, without other income and one-off items) over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly): what the whole business costs against the profit its operations make. Lease liabilities are not counted: the results filings do not state them.43.68today
1 year
Median 46.11Today is at or above 46% of the 247 days
3 years
Median 51.64Today is at or above 24% of the 744 days
5 years
Median 51.07Today is at or above 17% of the 1,240 days
10 years, since Nov 2018
Median 45.82Today is at or above 43% of the 1,967 days
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price. When a year's dividend goes ex later than the year before's, the yield reads zero for the days between; a run of under 60 such trading days is left out of the yield's medians and percentiles. The ex-date is the day from which a buyer of the share no longer gets the dividend.0.65%today
1 year
Median 0.46%Today is at or above 100% of the 247 days
3 years
Median 0.35%Today is at or above 100% of the 744 days
5 years
Median 0.37%Today is at or above 100% of the 1,240 days
10 years
Median 0.42%Today is at or above 82% of the 2,480 days
- Earnings yieldEarnings yield. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) as a percentage of market cap, the P/E turned upside down.1.61%today
1 year
Median 1.52%Today is at or above 54% of the 247 days
3 years
Median 1.43%Today is at or above 74% of the 744 days
5 years
Median 1.42%Today is at or above 80% of the 1,240 days
10 years
Median 1.55%Today is at or above 56% of the 2,240 days
Each track ranks every trading day in the window from the day the ratio was lowest to the day it was highest; the dot is today. The share under it is how many of those days the ratio was at or below today's level, so a high share means today is higher than on most days in the window. A window is shown only when the ratio is held on most of its trading days; a day after a loss-making year has no P/E. Dividend yield is in per cent. When a year's dividend goes ex later than the year before's, the yield reads zero for the days between; a run of under 60 such trading days is left out of the yield's medians and percentiles. The ex-date is the day from which a buyer of the share no longer gets the dividend.
How each ratio is worked out, with today's figures
The twelve months: Filed 30 JulThe balance sheet: Filed 7 May
- Price to earnings =Market cap÷Net profit, last twelve monthsNet profit, last twelve months. Net profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly).₹593 Cr
- Price to book =Market cap÷Net worthNet worth. Shareholders' equity in the latest balance sheet.₹5,550 Cr
- Price to sales =Market cap÷Revenue, last twelve monthsRevenue, last twelve months. Revenue from operations over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly).₹10,839 Cr
- Enterprise value =Market cap+BorrowingsBorrowings. Total borrowings in the latest balance sheet.₹2,288 Cr−CashCash. Cash and bank balances in the latest balance sheet.₹1,191 Cr
- EV to EBITDA =Enterprise value÷Operating profit, last twelve monthsOperating profit, last twelve months. Profit before depreciation, interest and tax over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly).₹870 Cr
- Market cap =Close×Shares in issueShares in issue. The shares in issue in the latest shareholding filing.11,91,56,300at 30 Sep 2026
Consolidated accounts, the twelve months to Jun 2026, balance sheet at Mar 2026, ₹ crore.Thermax financials ›
Thermax valuation at each year end
On the last trading day of each March, the month the company's year ends.Thermax dividend history
| Ratio | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market cap (₹ crore)Market capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. | 11,677 | 13,519 | 11,576 | 8,823 | 16,009 | 23,105 | 27,319 | 49,954 | 43,541 | 38,853 |
| Price to earningsPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. | 42.8 | Owners' profit not stated | 42.2 | 29.4 | 115.8 | 72.9 | 68.8 | 81.8 | 70.3 | 57.0 |
| Price to bookPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. | No balance sheet | No balance sheet | 4.1 | 2.9 | 5.2 | 7.0 | 7.7 | 12.5 | 9.4 | 7.7 |
| Price to salesPrice to sales, trailing. Market cap divided by the revenue of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly): what investors pay for each rupee of a year's sales. | 3.1 | 3.0 | 2.2 | 1.4 | 3.5 | 4.0 | 3.5 | 5.6 | 4.3 | 3.8 |
| EV to EBITDAEnterprise value to EBITDA. Market cap plus borrowings less cash and bank balances, divided by operating profit before depreciation (revenue less operating expenses, without other income and one-off items) over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly): what the whole business costs against the profit its operations make. Lease liabilities are not counted: the results filings do not state them. | No balance sheet | No balance sheet | 27.3 | 16.8 | 53.0 | 52.4 | 49.9 | 69.1 | 50.2 | 41.3 |
| Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price. | 0.61% | 0.00% | 0.62% | 1.89% | 0.00% | 0.36% | 0.39% | 0.24% | 0.33% | 0.43% |
| Earnings yieldEarnings yield. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) as a percentage of market cap, the P/E turned upside down. | 2.3% | Owners' profit not stated | 2.4% | 3.4% | 0.9% | 1.4% | 1.5% | 1.2% | 1.4% | 1.8% |
A ratio that does not exist on the day says why in its cell. The ratios are on standalone accounts to Mar 2017 and consolidated from Mar 2018.
Thermax market cap, ten years
The last trading day of each month.
Market cap, ₹ crore
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price.
Earnings per share, book value and enterprise value
From the close on 23 Oct 2026, with the last twelve months' results.
- Enterprise valueEnterprise value. Market cap plus borrowings less cash and bank balances: what it would cost to buy the whole business, its debts included.
- ₹37,988 Cr
- Earnings per shareEarnings per share, trailing. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) divided by the number of shares in issue.
- ₹49.80
- Book value per shareBook value per share. Net worth, the company's assets less everything it owes, divided by the number of shares in issue.
- ₹465.77
- Dividends, last 12 monthsDividends per share, last 12 months. Dividends per share with an ex-date in the last twelve months, restated for any split or bonus since.
- ₹20.00
- Public's market capPublic's market cap. The market value of the shares held by everyone other than the promoters, the group that set up or controls the company.
- ₹14,026 Cr
Against Heavy Electrical Equipment
48 listed companies in Heavy Electrical Equipment, each priced on its last trading day; Thermax is 9th among them by market cap. Each median leaves out Thermax itself and takes the other companies that have the figure.
- Industry median P/EIndustry median trailing P/E. The middle trailing P/E of the listed companies in the same industry that have one, leaving out the company itself and any P/E above 200.
- 31.1Across 37 other companies
- Industry median P/BIndustry median P/B. The middle P/B of the listed companies in the same industry that have one, leaving out the company itself.
- 5.4Across 39 other companies
- Industry median EV/EBITDAIndustry median EV/EBITDA. The middle EV/EBITDA of the listed companies in the same industry that have one, leaving out the company itself.
- 23.6Across 34 other companies
- Industry median dividend yieldIndustry median dividend yield. The middle dividend yield of the listed companies in the same industry that paid a dividend in the last twelve months, leaving out the company itself.
- 0.36%Across 25 other companies