Thermax P/B Ratio
Thermax (THERMAX) P/B ratio is 10.32 (High), book value per share ₹2413.04 vs Capital Goods average P/B of -0.63 — Very High - Significant premium, high growth expectations or speculative. View THERMAX price range for the annual high/low range and current price position.
Current Valuation Metrics
Book Value Breakdown (2026)
Valuation Signal
Sector Context
THERMAX P/B Ratio — Valuation Insights & Book Value Analysis
Thermax price-to-book ratio interpretation, valuation status and historical context — current P/B 10.32 (High). Compare with THERMAX stock valuation models to assess whether the stock is under or overvalued.
- Stock appears overvalued with PB of 10.32, trading at significant premium to book value
- Trading at high premium to book value - indicates strong growth expectations or asset-light business model
- Current PB is 497.9% above historical average
- Trading at premium to sector average PB of -0.63
Thermax P/B Ratio Historical Trend
THERMAX annual price-to-book ratio — 5 years, book value per share and year-end price. P/B below 1.0 indicates the stock trades below net asset value. For live price, earnings yield and the full fundamental profile, see Thermax screener.
THERMAX Historical P/B Ratio — Book Value Per Share & Year-End Price
Thermax annual P/B ratio, book value per share (₹), year-end price and total equity in ₹ Crores.
| Year | P/B Ratio | Book Value/Share (₹) | Year-end Price (₹) | Total Equity (₹ Cr) | Valuation |
|---|---|---|---|---|---|
| 2026 | 2.0 | ₹2413.04 | ₹4828.80 | ₹5,550 | Moderate |
| 2025 | 1.41 | ₹2149.13 | ₹3022.60 | ₹4,943 | Moderate |
| 2024 | 2.09 | ₹1930.43 | ₹4039.75 | ₹4,440 | Moderate |
| 2023 | 1.83 | ₹1682.61 | ₹3081.50 | ₹3,870 | Moderate |
| 2022 | 1.3 | ₹1518.7 | ₹1968.20 | ₹3,493 | Moderate |
THERMAX vs Capital Goods Peers — P/B Ratio Comparison
Thermax P/B 10.32 vs Capital Goods average -0.63, median 0.58 — range -21.36–1.12.
| Company | Symbol | P/B Ratio | Market Cap (₹ Cr) | Valuation |
|---|---|---|---|---|
| Tarapur Transformers | TARAPUR | -21.36 | ₹38 | Low |
| Lexoraa Industries | LEXORAA | -8.38 | ₹7 | Low |
| Jyoti | JYOTI | -5.73 | ₹142 | Low |
| Miven Machine Tools | MIVENMACH | -5.04 | ₹29 | Low |
| Switching Technologies G… | SWITCHTE | -3.76 | ₹23 | Low |
| Incon Engineers | INCON | -3.64 | ₹8 | Low |
| Mipco Seamless Rings | MPCOSEMB | -2.94 | ₹10 | Low |
| Thakral Services | THAKRAL | -1.81 | ₹17 | Low |
| HMT | HMT | -1.3 | ₹3,311 | Low |
| Benara Bearings | BENARA | -0.72 | ₹19 | Low |