Thermax Intrinsic Value
Thermax intrinsic value. Thermax (THERMAX) median intrinsic value is ₹2425.65 from 10 valuation models (range ₹968–₹5941), vs current price ₹3228.20 — -24.9% downside (Trading Above Calculated Value), margin of safety -33.1%. Compare with THERMAX stock valuation models to assess whether the stock is under or overvalued.
THERMAX Valuation Methods Summary — DCF, Graham Number & P/E
Thermax intrinsic value across 10 models vs current price ₹3228.20 — upside/downside and value range per method. Read THERMAX dividend yield for the complete payout history and dividend yield track record.
| Method | Type | Intrinsic Value | Range | Upside/Downside | Details |
|---|---|---|---|---|---|
| P/E Based Valuation | earnings | ₹1040.64 | ₹832.51 - ₹1248.77 | -67.8% | EPS: ₹86.72, Sector P/E: 12x |
| Book Value Method | asset | ₹2425.65 | ₹2183.09 - ₹2668.22 | -24.9% | Book Value/Share: ₹2425.65, P/B: 1.0x |
| Revenue Multiple Method | revenue | ₹4847.30 | ₹4362.57 - ₹5332.03 | +50.2% | Revenue/Share: ₹6059.13, P/S: 0.8x |
| EBITDA Multiple Method | earnings | ₹4497.39 | ₹4047.65 - ₹4947.13 | +39.3% | EBITDA: ₹1724.00Cr, EV/EBITDA: 6x |
| Simple DCF (5Y) | dcf | ₹3042.92 | ₹2434.34 - ₹3651.50 | -5.7% | CF Growth: 13.6%, Discount: 15% |
| PEG Ratio Method | growth | ₹968.46 | ₹871.61 - ₹1065.31 | -70.0% | EPS Growth: 8.0%, Fair P/E: 6.4x |
| Growth Adjusted P/E | growth | ₹968.46 | ₹871.61 - ₹1065.31 | -70.0% | Revenue Growth: 6.0%, Adj P/E: 8.2x |
| ROE Based Valuation | profitability | ₹5940.87 | ₹5346.78 - ₹6534.96 | +84.0% | ROE: 17.5%, P/E Multiple: 14x |
| Graham Defensive Method | conservative | ₹2175.53 | ₹1957.98 - ₹2393.08 | -32.6% | EPS: ₹86.72, BVPS: ₹2425.65 |
| Dividend Yield Method | dividend | ₹968.46 | ₹871.61 - ₹1065.31 | -70.0% | DPS: ₹20.00, Target Yield: 3.5% |
THERMAX Intrinsic Value vs Market Price — All Valuation Models
Thermax fair value range ₹968–₹5941 vs current market price ₹3228.20 across 10 valuation models. For current market price and key ratios, visit Thermax share price chart.
THERMAX Intrinsic Value Analysis — Undervalued or Overvalued?
Thermax median intrinsic value ₹2425.65, current price ₹3228.20 — Trading Above Calculated Value by 24.9%, margin of safety -33.1%.
What is the intrinsic value of THERMAX?
Based on our comprehensive analysis using 10 different valuation methods, the estimated intrinsic value of Thermax (THERMAX) is ₹2425.65 (median value). With the current market price of ₹3228.20, this represents a -24.9% variance from our estimated fair value.
The valuation range spans from ₹968.46 to ₹5940.87, indicating ₹968.46 - ₹5940.87.
Is THERMAX undervalued or overvalued?
Based on our multi-method analysis, Thermax (THERMAX) appears to be trading above calculated value by approximately 24.9%.
THERMAX Financial Health — Key Ratios vs Industry Benchmarks
Thermax financial ratios — ROE, debt-to-equity, profit margins and liquidity vs industry benchmarks and their impact on intrinsic value.
| Financial Metric | Current Value | Industry Benchmark | Assessment | Impact on Valuation |
|---|---|---|---|---|
| Current Ratio | 3.78 | Industry Standard: 2.0+ | Above 2.0 | Measures short-term liquidity capacity |
| Return on Equity | 17.5% | Industry Standard: 15%+ | Above 15% | Measures shareholder return efficiency |
| Operating Margin | 11.0% | Industry Standard: 20%+ | Above 10% | Indicates operational efficiency level |
| Asset Turnover Ratio | 1.05x | Industry Standard: 1.0x+ | Above 1.0x | Measures asset utilization efficiency |
THERMAX Cash Flow Quality — Operating & Free Cash Flow
Thermax operating cash flow, free cash flow, quality rating and sustainability score by period — key inputs to DCF intrinsic value calculation.
| Period | Operating Cash Flow | Free Cash Flow | Cash Flow Quality | Sustainability Score |
|---|---|---|---|---|
| March 2026 | ₹542 Cr | ₹260 Cr | Positive Free Cash Flow | 7/10 |
| March 2025 | ₹1,080 Cr | ₹452 Cr | Positive Free Cash Flow | 7/10 |
| March 2024 | ₹247 Cr | ₹-10 Cr | Positive Operating Cash Flow | 6/10 |
| March 2023 | ₹460 Cr | ₹128 Cr | Positive Free Cash Flow | 7/10 |
| March 2022 | ₹325 Cr | ₹115 Cr | Positive Free Cash Flow | 7/10 |