Thermax Limited (NSE:THERMAX)

Thermax Ratios and Metrics

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

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jan 27, 2026	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021
Market Capitalization	323,322	411,527	472,121	258,192	218,366	151,304
Market Cap Growth	-29.93%	-12.83%	82.86%	18.24%	44.32%	81.45%
Enterprise Value	316,252	396,925	459,331	240,218	203,371	132,574
Last Close Price	2870.40	3639.42	4166.03	2268.94	1910.76	1317.35
PE Ratio	54.49	64.86	73.17	57.34	69.92	73.24
Forward PE	43.53	53.42	68.78	46.19	51.70	47.10
PS Ratio	3.16	3.96	5.06	3.19	3.56	3.16
PB Ratio	6.39	8.33	10.63	6.67	6.25	4.65
P/TBV Ratio	6.67	8.67	10.72	6.73	6.33	4.70
P/FCF Ratio	-	293.70	-	-	90.64	22.05
P/OCF Ratio	54.81	39.46	190.91	56.18	67.25	19.66
PEG Ratio	2.32	2.77	2.72	1.47	1.86	1.84
EV/Sales Ratio	3.09	3.82	4.93	2.97	3.32	2.77
EV/EBITDA Ratio	35.88	44.33	58.51	40.98	49.79	38.72
EV/EBIT Ratio	44.60	52.68	69.19	49.57	65.57	54.89
EV/FCF Ratio	-178.61	283.27	-	-	84.41	19.32
Debt / Equity Ratio	0.36	0.35	0.29	0.22	0.11	0.10
Debt / EBITDA Ratio	2.05	1.90	1.61	1.40	0.91	0.95
Debt / FCF Ratio	-	12.26	-	-	1.56	0.48
Asset Turnover	0.88	0.94	0.98	0.99	0.88	0.77
Inventory Turnover	6.36	7.83	6.87	6.24	6.16	5.91
Quick Ratio	1.01	1.05	1.06	1.09	0.96	1.19
Current Ratio	1.33	1.30	1.37	1.38	1.26	1.46
Return on Equity (ROE)	12.18%	13.36%	15.48%	12.24%	9.26%	6.58%
Return on Assets (ROA)	3.83%	4.24%	4.37%	3.72%	2.78%	2.42%
Return on Invested Capital (ROIC)	12.00%	14.59%	17.69%	16.74%	12.84%	10.29%
Return on Capital Employed (ROCE)	10.50%	11.80%	12.20%	10.90%	8.40%	7.00%
Earnings Yield	1.84%	1.54%	1.37%	1.74%	1.43%	1.36%
FCF Yield	-0.55%	0.34%	-1.26%	-0.79%	1.10%	4.54%
Dividend Yield	0.49%	0.39%	0.29%	0.44%	0.47%	0.53%
Payout Ratio	26.58%	21.31%	17.47%	22.68%	25.24%	-
Buyback Yield / Dilution	-0.02%	-0.01%	-0.02%	-	-0.02%	-
Total Shareholder Return	0.47%	0.37%	0.27%	0.44%	0.45%	0.53%

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.