Thermax Limited

BSE:500411 Stock Report

Market Cap: ₹500.3b

Thermax Valuation

Is 500411 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 500411 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 500411 (₹4440) is trading above our estimate of fair value (₹1819.59)

Significantly Below Fair Value: 500411 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 500411?

Key metric: As 500411 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 500411. This is calculated by dividing 500411's market cap by their current earnings.
What is 500411's PE Ratio?
PE Ratio67.5x
Earnings₹7.42b
Market Cap₹500.32b

Price to Earnings Ratio vs Peers

How does 500411's PE Ratio compare to its peers?

The above table shows the PE ratio for 500411 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average65.1x
505790 Schaeffler India
57.1x17.6%₹520.0b
AIAENG AIA Engineering
30.1x6.2%₹318.0b
522113 Timken India
61.3x20.7%₹242.2b
JYOTICNC Jyoti CNC Automation
111.9xn/a₹306.9b
500411 Thermax
67.5x17.8%₹500.3b

Price-To-Earnings vs Peers: 500411 is expensive based on its Price-To-Earnings Ratio (67.5x) compared to the peer average (65.1x).

Price to Earnings Ratio vs Industry

How does 500411's PE Ratio compare vs other companies in the IN Machinery Industry?

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
504220 W.S. Industries (India)
5xn/aUS$89.64m
DIL Debock Industries
4.7xn/aUS$5.89m
531911 Galaxy Agrico Exports
4.8xn/aUS$1.51m
No more companies available in this PE range
500411 67.5xIndustry Avg. 39.2xNo. of Companies23PE020406080100+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 500411 is expensive based on its Price-To-Earnings Ratio (67.5x) compared to the Indian Machinery industry average (39.2x).

Price to Earnings Ratio vs Fair Ratio

What is 500411's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

500411 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio67.5x
Fair PE Ratio43.1x

Price-To-Earnings vs Fair Ratio: 500411 is expensive based on its Price-To-Earnings Ratio (67.5x) compared to the estimated Fair Price-To-Earnings Ratio (43.1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 500411 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current₹4,440.00
₹4,405.95
-0.8%
22.4%₹6,100.00₹2,400.00n/a19
Dec ’25₹4,592.20
₹4,405.95
-4.1%
22.4%₹6,100.00₹2,400.00n/a19
Nov ’25₹5,001.05
₹4,270.28
-14.6%
22.6%₹6,075.00₹2,400.00n/a18
Oct ’25₹5,097.75
₹4,311.37
-15.4%
22.1%₹6,075.00₹2,400.00n/a19
Sep ’25₹4,376.70
₹4,258.70
-2.7%
24.0%₹6,075.00₹1,780.00n/a20
Aug ’25₹5,175.95
₹3,949.95
-23.7%
25.0%₹5,480.00₹1,780.00n/a21
Jul ’25₹5,298.00
₹3,924.71
-25.9%
24.9%₹5,480.00₹1,780.00n/a21
Jun ’25₹5,400.25
₹3,741.29
-30.7%
23.8%₹5,480.00₹1,780.00n/a21
May ’25₹4,670.70
₹3,272.60
-29.9%
20.1%₹4,445.00₹1,780.00n/a20
Apr ’25₹4,287.20
₹3,187.45
-25.7%
19.4%₹4,445.00₹1,780.00n/a20
Mar ’25₹3,628.10
₹3,187.45
-12.1%
19.4%₹4,445.00₹1,780.00n/a20
Feb ’25₹3,130.85
₹2,888.74
-7.7%
18.9%₹4,130.00₹1,780.00n/a19
Jan ’25₹3,087.25
₹2,836.00
-8.1%
17.1%₹3,800.00₹1,780.00n/a20
Dec ’24₹2,608.10
₹2,752.43
+5.5%
18.5%₹3,800.00₹1,780.00₹4,592.2021
Nov ’24₹2,888.90
₹2,557.42
-11.5%
16.7%₹3,250.00₹1,780.00₹5,001.0519
Oct ’24₹3,114.25
₹2,484.20
-20.2%
15.8%₹3,235.00₹1,780.00₹5,097.7520
Sep ’24₹2,800.10
₹2,432.96
-13.1%
16.7%₹3,235.00₹1,780.00₹4,376.7023
Aug ’24₹2,519.45
₹2,271.48
-9.8%
16.0%₹2,723.00₹1,440.00₹5,175.9523
Jul ’24₹2,281.85
₹2,157.09
-5.5%
21.9%₹2,723.00₹740.00₹5,298.0022
Jun ’24₹2,364.35
₹2,157.09
-8.8%
21.9%₹2,723.00₹740.00₹5,400.2522
May ’24₹2,290.05
₹2,082.10
-9.1%
22.7%₹2,677.00₹740.00₹4,670.7021
Apr ’24₹2,290.00
₹2,064.40
-9.9%
23.1%₹2,677.00₹740.00₹4,287.2020
Mar ’24₹2,191.55
₹2,084.23
-4.9%
22.1%₹2,677.00₹740.00₹3,628.1022
Feb ’24₹1,956.30
₹2,053.18
+5.0%
22.7%₹2,556.00₹740.00₹3,130.8522
Jan ’24₹1,960.65
₹2,073.23
+5.7%
23.6%₹2,880.00₹740.00₹3,087.2522
Dec ’23₹2,052.00
₹2,073.23
+1.0%
23.6%₹2,880.00₹740.00₹2,608.1022

Analyst Forecast: Target price is lower than the current share price.

Discover undervalued companies

7D

1Y

7D

1Y

7D

1Y

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/25 06:26
End of Day Share Price 2024/12/24 00:00
Earnings2024/09/30
Annual Earnings2024/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Thermax Limited is covered by 53 analysts. 18 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullAnand Rathi Shares and Stock Brokers Limited
Amol RaoAnand Rathi Shares and Stock Brokers Limited
Puneet BambhaAngel Broking Private Limited