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 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	May '26 May 22, 2026	Mar '26 Mar 31, 2026	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022
Market Capitalization	499,648	367,285	411,527	472,121	258,192	218,366
Market Cap Growth	36.80%	-10.75%	-12.83%	82.86%	18.24%	44.32%
Enterprise Value	498,792	360,216	396,925	459,331	240,218	203,371
Last Close Price	4431.65	3290.15	3639.32	4169.16	2266.27	1914.52
PE Ratio	69.35	50.98	64.86	73.17	57.34	69.92
PS Ratio	4.67	3.43	3.96	5.06	3.19	3.56
PB Ratio	8.96	6.58	8.33	10.63	6.67	6.25
P/TBV Ratio	9.39	6.90	8.67	10.72	6.73	6.33
P/FCF Ratio	-	-	293.70	-	-	90.64
P/OCF Ratio	92.26	67.82	39.46	190.91	56.18	67.25
EV/Sales Ratio	4.66	3.37	3.82	4.93	2.97	3.32
EV/EBITDA Ratio	48.62	35.10	44.33	58.51	40.98	49.79
EV/EBIT Ratio	60.96	44.00	52.68	69.19	49.57	65.57
EV/FCF Ratio	-121.40	-	283.27	-	-	84.41
Debt / Equity Ratio	0.42	0.42	0.35	0.29	0.22	0.11
Debt / EBITDA Ratio	2.29	2.29	1.90	1.61	1.40	0.91
Debt / FCF Ratio	-	-	12.26	-	-	1.56
Net Debt / Equity Ratio	-0.02	-0.02	-0.20	-0.24	-0.44	-0.38
Net Debt / EBITDA Ratio	-0.11	-0.11	-1.12	-1.35	-2.89	-3.29
Net Debt / FCF Ratio	0.28	0.28	-7.15	1.78	8.27	-5.58
Asset Turnover	0.85	0.85	0.94	0.98	0.99	0.88
Inventory Turnover	8.54	8.54	7.83	6.87	6.24	6.16
Quick Ratio	0.94	0.94	1.05	1.06	1.09	0.96
Current Ratio	1.22	1.22	1.30	1.37	1.38	1.26
Return on Equity (ROE)	13.69%	13.69%	13.36%	15.48%	12.24%	9.26%
Return on Assets (ROA)	4.04%	4.04%	4.24%	4.37%	3.72%	2.78%
Return on Invested Capital (ROIC)	11.93%	12.44%	14.59%	17.69%	16.74%	12.84%
Return on Capital Employed (ROCE)	11.00%	11.00%	11.80%	12.20%	10.90%	8.40%
Earnings Yield	1.44%	1.96%	1.54%	1.37%	1.74%	1.43%
FCF Yield	-0.82%	-1.12%	0.34%	-1.26%	-0.79%	1.10%
Dividend Yield	0.45%	-	0.39%	0.29%	0.44%	0.47%
Payout Ratio	21.89%	21.89%	21.31%	17.47%	22.68%	25.24%
Buyback Yield / Dilution	-0.01%	-0.01%	-0.01%	-0.02%	-	-0.02%
Total Shareholder Return	0.44%	-0.01%	0.37%	0.27%	0.44%	0.45%

Source: S&P Global Market Intelligence. Standard template. Financial Sources.