Thermax Limited

NSEI:THERMAX Stock Report

Market Cap: ₹602.0b

Thermax Valuation

Is THERMAX 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 THERMAX when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: THERMAX (₹5345.55) is trading above our estimate of fair value (₹1629.66)

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

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

THERMAX key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue6.2x
Enterprise Value/EBITDA70.9x
PEG Ratio4.8x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for THERMAX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average61.1x
505790 Schaeffler India
66x16.4%₹598.7b
AIAENG AIA Engineering
36.1x5.8%₹405.1b
522113 Timken India
73x20.7%₹290.9b
506076 Grindwell Norton
69.3x12.9%₹263.2b
THERMAX Thermax
85.7x17.8%₹602.0b

Price-To-Earnings vs Peers: THERMAX is expensive based on its Price-To-Earnings Ratio (85.7x) compared to the peer average (61.1x).

Price to Earnings Ratio vs Industry

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

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a16.5%
 n/an/an/a
No. of CompaniesPE048121620

Fetching data

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a16.5%
 n/an/an/a
No more companies

Price-To-Earnings vs Industry: THERMAX is expensive based on its Price-To-Earnings Ratio (85.7x) compared to the Indian Machinery industry average (39.6x).

Price to Earnings Ratio vs Fair Ratio

What is THERMAX'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.

THERMAX PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio85.7x
Fair PE Ratio47.5x

Price-To-Earnings vs Fair Ratio: THERMAX is expensive based on its Price-To-Earnings Ratio (85.7x) compared to the estimated Fair Price-To-Earnings Ratio (47.5x).

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 THERMAX forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current₹5,345.55
₹4,311.37
-19.3%
22.1%₹6,075.00₹2,400.00n/a19
Sep ’25₹4,372.80
₹4,258.70
-2.6%
24.0%₹6,075.00₹1,780.00n/a20
Aug ’25₹5,180.20
₹3,949.95
-23.7%
25.0%₹5,480.00₹1,780.00n/a21
Jul ’25₹5,298.15
₹3,924.71
-25.9%
24.9%₹5,480.00₹1,780.00n/a21
Jun ’25₹5,404.65
₹3,741.29
-30.8%
23.8%₹5,480.00₹1,780.00n/a21
May ’25₹4,669.60
₹3,272.60
-29.9%
20.1%₹4,445.00₹1,780.00n/a20
Apr ’25₹4,288.15
₹3,187.45
-25.7%
19.4%₹4,445.00₹1,780.00n/a20
Mar ’25₹3,630.15
₹3,187.45
-12.2%
19.4%₹4,445.00₹1,780.00n/a20
Feb ’25₹3,136.20
₹2,888.74
-7.9%
18.9%₹4,130.00₹1,780.00n/a19
Jan ’25₹3,091.40
₹2,836.00
-8.3%
17.1%₹3,800.00₹1,780.00n/a20
Dec ’24₹2,609.65
₹2,752.43
+5.5%
18.5%₹3,800.00₹1,780.00n/a21
Nov ’24₹2,886.10
₹2,557.42
-11.4%
16.7%₹3,250.00₹1,780.00n/a19
Oct ’24₹3,110.50
₹2,484.20
-20.1%
15.8%₹3,235.00₹1,780.00n/a20
Sep ’24₹2,800.15
₹2,432.96
-13.1%
16.7%₹3,235.00₹1,780.00₹4,372.8023
Aug ’24₹2,516.35
₹2,271.48
-9.7%
16.0%₹2,723.00₹1,440.00₹5,180.2023
Jul ’24₹2,281.75
₹2,157.09
-5.5%
21.9%₹2,723.00₹740.00₹5,298.1522
Jun ’24₹2,367.40
₹2,157.09
-8.9%
21.9%₹2,723.00₹740.00₹5,404.6522
May ’24₹2,286.65
₹2,082.10
-8.9%
22.7%₹2,677.00₹740.00₹4,669.6021
Apr ’24₹2,292.70
₹2,064.40
-10.0%
23.1%₹2,677.00₹740.00₹4,288.1520
Mar ’24₹2,195.50
₹2,084.23
-5.1%
22.1%₹2,677.00₹740.00₹3,630.1522
Feb ’24₹1,955.60
₹2,053.18
+5.0%
22.7%₹2,556.00₹740.00₹3,136.2022
Jan ’24₹1,968.20
₹2,073.23
+5.3%
23.6%₹2,880.00₹740.00₹3,091.4022
Dec ’23₹2,051.55
₹2,073.23
+1.1%
23.6%₹2,880.00₹740.00₹2,609.6522
Nov ’23₹2,225.45
₹1,959.57
-11.9%
22.2%₹2,615.00₹740.00₹2,886.1021
Oct ’23₹2,169.50
₹1,948.14
-10.2%
22.0%₹2,615.00₹740.00₹3,110.5021
Sep ’23₹2,421.75
₹1,922.04
-20.6%
21.1%₹2,615.00₹740.00₹2,800.1523

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

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