Capital Goods · NSE: THERMAX
Intrynsic's multi-model valuation estimates Thermax Limited's fair value at ₹2,407 per share (range ₹559–₹2,690) against a market price of ₹3,081 (close of 23 Oct 2026): the estimate is 22% below the price. Estimate updated 23 October 2026. This is an estimated fair value based on stated assumptions, not investment advice.
Market price
₹3,081
close of 23 Oct 2026
Est. fair value
₹2,407
₹559–₹2,690
Estimate vs price
-21.9%
estimate below price
Above fair-value est.
FY26
FY26
FY26
FY26
Over the last 3 years, revenue grew 9.7%/yr and profit grew 16.9%/yr. Over 9 years, revenue grew 10.1%/yr and profit 14.3%/yr.
Every ₹100 of shareholder money earned ₹13.0 in profit last year, vs a sector median of 11.4%.
It holds more cash than debt.
The market price is above our estimated fair-value range (based on stated assumptions).
About ₹0 of every ₹100 of reported profit turned into free cash (median, last 5 years); operating cash flow was positive in 5 of 5 years.
Intrynsic's multi-model valuation estimates Thermax Limited's fair value at ₹2,407 per share (range ₹559–₹2,690), last updated 23 October 2026. This is an estimate based on stated assumptions, not investment advice.
Thermax Limited trades at ₹3,081 against Intrynsic's estimated fair value of ₹2,407 - the market price is 22% above the estimate, i.e. above our estimated fair-value range. Different assumptions produce different estimates; see the model breakdown above.
Thermax Limited trades at about 51.0 times its latest annual earnings per share.
Intrynsic runs 4 valuation models for Thermax Limited (Forward DCF, EV/EBITDA, P/E Multiple, EV/EBIT) and blends them into one estimated fair-value range. Every assumption - growth, discount rate, terminal value - is shown openly on this page.
Thermax Limited operates in the Capital Goods sector (Industrial Manufacturing industry) and is listed on the NSE as THERMAX.
Disclaimer: Intrynsic provides educational and informational analysis only. Fair-value figures are estimates based on stated assumptions- they are not investment advice, research recommendations, or an offer to transact in any security. The models rely on assumptions (discount rates, growth, multiples) that may prove wrong and on past financials, which do not guarantee future results; prices also move on macro factors the models don't capture. Intrynsic is not a SEBI-registered investment adviser or research analyst. Markets carry risk; please do your own research or consult a registered adviser before making investment decisions. Prices shown may be delayed end-of-day values. Terms · Privacy