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The BSE, founded in 1875, is Asia's oldest stock exchange — it started under a banyan tree on Dalal Street, where the bronze bull stands today.
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The BSE, founded in 1875, is Asia's oldest stock exchange — it started under a banyan tree on Dalal Street, where the bronze bull stands today.
The BSE, founded in 1875, is Asia's oldest stock exchange — it started under a banyan tree on Dalal Street, where the bronze bull stands today.
Thermax Limited is an India-based energy and environment solutions provider. The Company's segments include Industrial Products, Industrial Infra, Green Solutions and Chemical. Industrial Products segment includes air pollution control, cooling, heating, water and waste…
Weekly engine runs — movement reflects the numbers, not analyst opinion.
A middling, steadily growing business, trading cheap versus its own history.
Thermax is scored on the general / industrial framework. It keeps a slim 6.6% of every rupee of sales as net profit. Cash conversion lags the reported profit (CFO/PAT 0.75×) — worth a closer look. Free cash flow is worth about -0.1% of its market value.
Over the last 3 years revenue compounded at 10%/yr and profit at 17%/yr. Book value has grown 13%/yr. Return on equity is a modest 10.7%. In the latest quarter profit fell 91% versus the prior quarter.
At 43× earnings, the stock sits at the 1st percentile of its own 3.6-year range — the cheap end of where it has historically traded. Today's price already implies ~23%/yr earnings growth sustained for a decade — a demanding bar. The books come through clean — a forensic grade of A, and Altman puts distress risk in the safe zone.
A plain-English restatement of the figures on this page — rules-based, for education and research context, not investment advice or a recommendation.
| Ratio | Company | Sector | Read |
|---|---|---|---|
| P/E | 55.95 | — | — |
| P/B | 5.96 | 5.05 | worse |
| EV/EBITDA | 33.39 | 12.75 | worse |
| ROE | 10.73 | 10.19 | better |
| ROCE | 11.47 | 12.02 | worse |
| ROA | 4.19 | 4.74 | worse |
| Quick Ratio | 1.07 | 3.69 | worse |
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| BHEL | 50.7 | 5.5 | 10.8% |
| ABB India | 70.7 | 47.9 | 22.4% |
| CG Power | 89.3 | 13.9 | 15.7% |
Revenue has grown every year across all 4 financial years shown. 10% CAGR — growing but slowly. Growth is decelerating — latest year grew slower than the year before.
Profit is growing faster than revenue (17% vs 10%) — margin expansion is at work.
Operating margin has expanded from 7% to 9% — the business is keeping more of each rupee earned.
ROE at 13% — a respectable return on shareholder capital. Low variance across years — a predictable business that earns steadily on its equity base.
17% EPS CAGR — this is the rate at which each share's claim on earnings is compounding.
Operating cash flow has been positive every year — the business generates real cash, not just accounting profit. Investing outflows exceed operating cash — the company relies on external funding to finance expansion. Raising capital despite positive cash flow — could signal expansion plans or opportunistic fundraising.
When operating cash keeps pace with reported profit, earnings are cash-backed; a persistent shortfall is a quality flag.
Revenue fell 32% QoQ — could be seasonality or a genuine slowdown. Wide quarterly swings (32% spread) — likely seasonality, lumpy orders, or project-based revenue. Run-rate stepping up — recent quarters average 11% above earlier ones.
Profit fell 91% QoQ — one-quarter drops can be noise, but a pattern matters. Quarterly margins are compressing (5% → 1%) — more revenue isn't translating to proportionally more profit.
How today's P/E compares to the stock's own historical range. Dashed line = the 3.6y median.
Promoter holding at 62.0% — majority control intact.
Produced by a rules-based engine over licensed exchange fundamentals — every sentence above is derived from the numbers shown, no analyst or AI opinion involved. Education and research context, not investment advice. We are not SEBI-registered as an Investment Adviser or Research Analyst.