Thermax Limited
PosiFunda Ratios Only on PositoAI
PositoAI's own ratios from Thermax Limited's yearly results (2023–2026), compared with Industrials companies in India. Tap ? on any ratio for what it means.
Where ₹100 of sales goes
Latest year (Mar 2026). Taxes and other income are not shown, so the parts need not add up to 100.
Cash quality
Profit Cash Ratio
₹93Over the last 3 years, every ₹100 of reported profit came with ₹93 of operating cash.
Higher than 59% of Industrials companies in India.
Self-Funding Ratio
0.7×Over the last 3 years its own operating cash paid for 69% of its investment spending (capex); the rest came from other sources such as borrowing, cash reserves or new shares.
Lower than 62% of Industrials companies in India.
Cash Locked Ratio
₹5For every ₹100 of sales, ₹5 is tied up in day-to-day operations (money owed by customers + stock − money owed to suppliers), against ₹10 tied up three years earlier.
Less money tied up than 83% of Industrials companies in India.
Growth quality
Steadiness Ratio
3/3 · 2/3Sales grew in 3 of the last 3 years; profit grew in 2 of 3.
Steadier than 61% of Industrials companies in India.
Growth Efficiency Ratio
₹10Sales grew 32% in 3 years; of every extra ₹100 of sales, ₹10 became extra profit.
Higher than 55% of Industrials companies in India.
Asset Productivity Ratio
+32% / +50%In 3 years sales changed by +32% while total assets changed by +50%. Assets grew faster than sales.
Balance-sheet strength
Debt Due Cover Ratio
0.8×Debt due within a year is covered 0.8 times by its yearly operating cash.
Higher than 55% of Industrials companies in India.
Cash Cushion Ratio
+0%Cash, after subtracting all debt, equals 0% of its market value (net cash).
Higher than 62% of Industrials companies in India.
Tangible Assets Ratio
98%Of every ₹100 the company owns, ₹98 is in tangible assets such as plants, cash, stock and receivables; the rest is goodwill and other intangibles.
Less tangible than 69% of Industrials companies in India.
Tangible Net Worth Ratio
96%Of every ₹100 of net worth, ₹96 is tangible; the rest is goodwill and other intangibles, often from buying other companies.
Less tangible than 70% of Industrials companies in India.
Shareholders
Standard fundamentals
P/E, P/B, ROE, debt, growth and more (14)
Thermax Limited owes ₹0.58 for every ₹1 it owns. Net profit rose 14% in the year to Mar 2026, and grew 17% a year on average over 3 years.
Compared with Industrials companies in India · latest annual results Mar 2026.
P/E ratio
60.0Investors pay ₹60.0 for every ₹1 of Thermax Limited's yearly profit, higher than 82% of Industrials companies in India.
P/B ratio
6.42The share price is 6.42 times Thermax Limited's book value per share, higher than 78% of Industrials companies in India.
Market cap
₹35,612 CrThe total market value of all of Thermax Limited's shares at today's price (share price × number of shares), larger than 93% of Industrials companies in India. PosiCap size class: Meso Cap.
Net worth (book value)
₹5,550 CrWhat Thermax Limited would have left on paper if it sold everything it owns and paid everything it owes, from its latest balance sheet (31 Mar 2026).
Book value per share
₹492.68Net worth divided by the number of shares. The share price of ₹3,161 is 6.4 times this, which is the P/B above.
Return on equity (ROE)
10.7%Thermax Limited earned 10.7% on its shareholders' money over the last year, lower than 53% of Industrials companies in India.
Owes vs Owns
0.58×Thermax Limited owes ₹0.58 for every ₹1 it owns (moderate), higher than 76% of Industrials companies in India.
Dividend yield
0.43%Thermax Limited pays 0.43% of its share price as dividends a year, lower than 55% of dividend-paying Industrials companies in India.
Revenue growth
+4%Revenue rose 4% in the year to Mar 2026, and grew 10% a year on average over 3 years.
Profit growth
+14%Net profit rose 14% in the year to Mar 2026, and grew 17% a year on average over 3 years.
Profit margin
6.8%Thermax Limited keeps ₹7 of every ₹100 of revenue as net profit.
Cash quality
0.8×Cash from Thermax Limited's business was 0.8× its reported profit in the year to Mar 2026 — less cash came in than the profit reported.
Interest cover
7.0×Thermax Limited's operating profit covered its interest costs 7.0 times in the year to Mar 2026.
Cash vs debt
Net cashThermax Limited held ₹89 Cr more cash than debt (net cash) at Mar 2026.
Questions
What is Thermax Limited's P/E ratio?
Investors pay ₹60.0 for every ₹1 of Thermax Limited's yearly profit, higher than 82% of Industrials companies in India.
How is P/B calculated on PositoAI?
P/B is market cap divided by net worth from the latest balance sheet. For Thermax Limited: ₹35,612 Cr ÷ ₹5,550 Cr (31 Mar 2026) = 6.4.
What is Thermax Limited's return on equity?
Thermax Limited earned 10.7% on its shareholders' money over the last year, lower than 53% of Industrials companies in India.
How much does Thermax Limited owe compared with what it owns?
Thermax Limited owes ₹0.58 for every ₹1 it owns (moderate), higher than 76% of Industrials companies in India.
Does Thermax Limited pay a dividend?
Yes. Thermax Limited pays 0.43% of its share price as dividends a year, lower than 55% of dividend-paying Industrials companies in India.
Is Thermax Limited's revenue growing?
Revenue rose 4% in the year to Mar 2026, and grew 10% a year on average over 3 years.
Figures from the company's yearly results and PositoAI's own data. Full tables are on the Go Deep tab. What each figure means. PositoAI is for research and education only and is not investment advice.