Thermax P/B Ratio
Thermax (THERMAX) P/B ratio is 8.59 (High), book value per share ₹2425.65 vs Capital Goods average P/B of -1.26 — 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 8.59 (High). For live price, earnings yield and the full fundamental profile, see Thermax screener.
- Stock appears overvalued with PB of 8.59, 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 418.1% above historical average
- Trading at premium to sector average PB of -1.26
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. Review THERMAX earnings valuation to evaluate earnings-based valuation against sector peers.
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 | 1.66 | ₹2425.65 | ₹4025.50 | ₹5,579 | 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 8.59 vs Capital Goods average -1.26, median 0.5 — range -43.46–1.1.
| Company | Symbol | P/B Ratio | Market Cap (₹ Cr) | Valuation |
|---|---|---|---|---|
| John Cockerill | COCKERILL | -43.46 | ₹3,955 | Low |
| Tarapur Transformers | TARAPUR | -15.02 | ₹28 | Low |
| Incon Engineers | INCON | -5.26 | ₹12 | Low |
| Switching Technologies G… | SWITCHTE | -4.79 | ₹28 | Low |
| Jyoti | JYOTI | -4.73 | ₹120 | Low |
| Miven Machine Tools | MIVENMACH | -4.36 | ₹26 | Low |
| Mipco Seamless Rings | MPCOSEMB | -2.94 | ₹10 | Low |
| Thakral Services | THAKRAL | -1.59 | ₹14 | Low |
| HMT | HMT | -1.01 | ₹2,765 | Low |
| TRF | TRF | -0.76 | ₹254 | Low |