Thermax Ratios and Metrics

Market cap in millions INR. Fiscal year is April - March.

Millions INR. Fiscal year is Apr - Mar.

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 5, 2026	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022	Mar '21 Mar 31, 2021
Market Capitalization	356,156	411,527	472,121	258,192	218,366	151,304
Market Cap Growth	-0.47%	-12.83%	82.86%	18.24%	44.32%	81.45%
Enterprise Value	349,087	396,925	459,331	240,218	203,371	132,574
Last Close Price	3159.35	3639.32	4169.16	2266.27	1914.52	1319.80
PE Ratio	52.23	64.86	73.17	57.34	69.92	73.24
PS Ratio	3.45	3.96	5.06	3.19	3.56	3.16
PB Ratio	7.04	8.33	10.63	6.67	6.25	4.65
P/TBV Ratio	7.35	8.67	10.72	6.73	6.33	4.70
P/FCF Ratio	-	293.70	-	-	90.64	22.05
P/OCF Ratio	-	39.46	190.91	56.18	67.25	19.66
EV/Sales Ratio	3.38	3.82	4.93	2.97	3.32	2.77
EV/EBITDA Ratio	37.83	44.33	58.51	40.98	49.79	38.72
EV/EBIT Ratio	46.11	52.68	69.19	49.57	65.57	54.89
EV/FCF Ratio	-	283.27	-	-	84.41	19.32
Debt / Equity Ratio	0.36	0.35	0.29	0.22	0.11	0.10
Debt / EBITDA Ratio	1.96	1.90	1.61	1.40	0.91	0.95
Debt / FCF Ratio	-	12.26	-	-	1.56	0.48
Net Debt / Equity Ratio	-0.14	-0.20	-0.24	-0.44	-0.38	-0.53
Net Debt / EBITDA Ratio	-0.78	-1.12	-1.35	-2.89	-3.29	-5.03
Net Debt / FCF Ratio	-	-7.15	1.78	8.27	-5.58	-2.51
Asset Turnover	-	0.94	0.98	0.99	0.88	0.77
Inventory Turnover	-	7.83	6.87	6.24	6.16	5.91
Quick Ratio	-	1.05	1.06	1.09	0.96	1.19
Current Ratio	-	1.30	1.37	1.38	1.26	1.46
Return on Equity (ROE)	-	13.36%	15.48%	12.24%	9.26%	6.58%
Return on Assets (ROA)	-	4.24%	4.37%	3.72%	2.78%	2.42%
Return on Invested Capital (ROIC)	12.18%	14.59%	17.69%	16.74%	12.84%	10.29%
Return on Capital Employed (ROCE)	-	11.80%	12.20%	10.90%	8.40%	7.00%
Earnings Yield	1.91%	1.54%	1.37%	1.74%	1.43%	1.36%
FCF Yield	-	0.34%	-1.26%	-0.79%	1.10%	4.54%
Dividend Yield	0.45%	0.39%	0.29%	0.44%	0.47%	0.53%
Payout Ratio	-	21.31%	17.47%	22.68%	25.24%	-
Buyback Yield / Dilution	0.03%	-0.01%	-0.02%	-	-0.02%	-
Total Shareholder Return	0.47%	0.37%	0.27%	0.44%	0.45%	0.53%

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.