Thermax PE ratio history and valuation
NSE: THERMAXBSE: 500411Electrical EquipmentMid Cap
Share price at the NSE close on 28 Oct 2026. Previous close ₹3,153.30.
28 Oct: open ₹3,127.00, high ₹3,206.00, low ₹3,125.00
- Next results date: the board meets on 5 Nov 2026 to consider: financial results. The notice · Results calendar
- 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. Market capitalisation: how it is worked out
- ₹37,898 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. Price to earnings, trailing: how it is worked out
- 63.87
- 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.
- 71.22
- 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. Price to book: how it is worked out
- 6.83
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.63%
- 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.
- 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.
- 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.
- 0.41
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 69,01254.8% delivered
Thermax's P/E without one-off items, price to book, price to sales, EV to EBITDA, dividend yield and earnings yield on 28 Oct 2026, each against its own history of up to 10 years. The P/E is the market cap over the profit of the twelve months to Jun 2026. The ratios use standalone accounts to Mar 2017 and consolidated from Mar 2018.
Thermax PE ratio and valuation against its own history
- 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.71.22today
1 year
Median 71.22Today is at or above 50% of the 247 days
3 years
Median 71.28Today is at or above 50% of the 744 days
5 years
Median 70.19Today is at or above 53% of the 1,239 days
10 years
Median 64.14Today is at or above 70% of the 2,238 days
- Price to book6.83today
1 year
Median 7.66Today is at or above 13% of the 247 days
3 years
Median 9.08Today is at or above 4% of the 744 days
5 years
Median 8.01Today is at or above 13% of the 1,239 days
10 years, since Nov 2018
Median 7.03Today is at or above 45% of the 1,970 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.3.50today
1 year
Median 3.76Today is at or above 24% of the 247 days
3 years
Median 4.31Today is at or above 8% of the 744 days
5 years
Median 3.98Today is at or above 16% of the 1,239 days
10 years
Median 3.37Today is at or above 54% of the 2,478 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.44.83today
1 year
Median 46.11Today is at or above 47% of the 247 days
3 years
Median 51.57Today is at or above 28% of the 744 days
5 years
Median 51.09Today is at or above 22% of the 1,239 days
10 years, since Nov 2018
Median 45.81Today is at or above 47% of the 1,970 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.0.63%today
1 year
Median 0.46%Today is at or above 98% of the 247 days
3 years
Median 0.35%Today is at or above 99% of the 744 days
5 years
Median 0.37%Today is at or above 99.6% of the 1,239 days
10 years
Median 0.42%Today is at or above 79% of the 2,478 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.1.57%today
1 year
Median 1.52%Today is at or above 53% of the 247 days
3 years
Median 1.43%Today is at or above 68% of the 744 days
5 years
Median 1.42%Today is at or above 75% of the 1,239 days
10 years
Median 1.54%Today is at or above 52% of the 2,238 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
- 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. Net worth in the glossary₹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. Borrowings in the glossary₹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 earnings | 42.8 | Owners' profit not stated | 42.2 | 29.4 | 115.8 | 72.9 | 68.8 | 81.8 | 70.3 | 57.0 |
| Price to book | No balance sheet | No balance sheet | 4.1 | 2.9 | 5.2 | 7.0 | 7.7 | 12.5 | 9.4 | 7.7 |
| Price to sales | 3.1 | 3.0 | 2.2 | 1.4 | 3.5 | 4.0 | 3.5 | 5.6 | 4.3 | 3.8 |
| EV to EBITDA | No balance sheet | No balance sheet | 27.3 | 16.8 | 53.0 | 52.4 | 49.9 | 69.1 | 50.2 | 41.3 |
| Dividend yield | 0.61% | 0.00% | 0.62% | 1.89% | 0.00% | 0.36% | 0.39% | 0.24% | 0.33% | 0.43% |
| Earnings yield | 2.3% | Owners' profit not stated | 2.4% | 3.4% | 0.9% | 1.4% | 1.5% | 1.2% | 1.4% | 1.8% |
Thermax market cap, ten years
The last trading day of each month.
Market cap, ₹ crore
- Market cap
Earnings per share, book value and enterprise value
From the close on 28 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.
- ₹38,995 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.
- ₹14,409 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.
- 34.9Across 37 other companies
- Listed companies with this P/E or lowerP/E among all listed companies. The share of the 3,403 listed companies with a trailing P/E on 28 Oct 2026 whose P/E is at or below Thermax's.
- 86%Of 3,403 companies with a P/E
- 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.
- 26.7Across 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.
- 0.35%Across 25 other companies
| Company | |||||
|---|---|---|---|---|---|
 SiemensSIEMENS | 1,20,119 | 36.67 | 8.68 | 59.8 | 0.53% |
 GE Vernova T&D IndiaGVT&D | 1,03,955 | 79.66 | 38.64 | 58.3 | 0.25% |
 Siemens Energy IndiaENRIN | 1,01,138 | 67.97 | 21.02 | 48.3 | 0.14% |
 Suzlon EnergySUZLON | 51,274 | 16.31 | 5.42 | 16.7 | 0.00% |
| ThermaxTHERMAX | 37,898 | 63.87 | 6.83 | 44.8 | 0.63% |
 Schneider Electric InfrastructureSCHNEIDER | 27,413 | 149.18 | 35.40 | 82.0 | 0.00% |
 TD Power SystemsTDPOWERSYS | 23,101 | 84.01 | 21.55 | 59.9 | 0.15% |
 Azad EngineeringAZAD | 16,645 | 119.76 | 10.89 | 70.4 | 0.00% |
 Triveni TurbineTRITURBINE | 14,484 | 43.07 | 10.02 | 33.2 | 0.93% |