Thermax enterprise value

Share price at each year-end

Tap a line for its trend	Currentlast 12M	FY26Mar 2026	FY25Mar 2025	FY24Mar 2024	FY23Mar 2023	FY22 and earlierAlpha Plus


35,970	—	—	—	—	FY22 and earlierEvery year the company has filed comes with Alpha Plus.
1,951	1,951	1,986	1,850	1,846
29.2	29.2	5.7	0.0	2.2
2,288	2,288	1,693	1,256	811
36,336	—	—	—	—
337	337	−292	−594	−1,035
₹3,225.59	—	—	—	—

7,867	7,867	6,636	5,696	4,681
29.1%	29.1%	25.5%	22.1%	17.3%
0.06×	—	—	—	—

3.35×	—	—	—	—
41.78×	—	—	—	—
55.77×	—	—	—	—
10,839	10,694	10,389	9,323	8,090
870	1,026	908	797	598
652	819	749	649	481
—	542	1,043	247	460
−411	−411	140	−597	−190
—	−457	88.9	−618	−197
—	952	903	844	650

Open the chart

From the company's filings with NSE and BSE (Ind-AS), consolidated. For information only, not investment advice.

alphave

THERMAX₹3,193.10

Thermax Ltd.

· Capital Goods & Defence

₹ CrorePeersBHEL TRITURBINE AIAENG APARINDS ESCORTS HONAUT PREMIERENE KEIMcap ₹35,970 Cr

HighlightsEnterprise Value Multiples Per ShareAnnuals · FY-end closes

In ₹ Crore except Per Share 12 Months Ending	FY23 31/03/2023	FY24 31/03/2024	FY25 31/03/2025	FY26 31/03/2026	Current/LTM TTM · last close
Market Capitalization	—	—	—	—	35,970.3
- Cash, Equiv & ST Investments	1,845.7	1,850.0	1,985.6	1,951.2	1,951.2
+ Minority Interest	2.2	0.0	5.7	29.2	29.2
+ Total Debt	810.5	1,256.0	1,693.3	2,288.0	2,288.0
Enterprise Value	—	—	—	—	36,336.3
Net Debt (memo)	-1,035.2	-594.1	-292.3	336.8	336.8
EV per Share	—	—	—	—	3,225.59

Total Capital	4,680.8	5,695.8	6,635.9	7,867.2	7,867.2
Total Debt/Total Capital	17.32	22.05	25.52	29.08	29.08
Total Debt/EV	—	—	—	—	0.06

EV/Sales	—	—	—	—	3.35
EV/EBITDA	—	—	—	—	41.78
EV/EBIT	—	—	—	—	55.77
Reference Items — Trailing FY Values
Sales	8,089.8	9,323.5	10,388.7	10,694.2	10,839.4
EBITDA	597.6	797.4	907.8	1,026.3	869.8
EBIT	480.7	649.3	749.3	818.6	651.5
Operating Cash Flow	459.6	247.3	1,042.8	541.5	—
Free Cash Flow	-190.4	-596.6	140.1	-410.9	-410.9
FCFF (free cash flow to the firm)	-196.8	-617.9	88.9	-457.0	—
Capital Expenditure	649.9	843.9	902.7	952.4	—

Market Cap/EV/multiples pair each (split/bonus-adjusted) FY-end close with the latest filed share count; Current column uses the last close. Market Capitalization is a market-level figure — identical across Consolidated/Standalone (the accounting rows below differ). No consensus estimates → no Est columns. Click any row to chart it.

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Data & compliance. Descriptive financial information from official NSE/BSE filings — for information and education only, not investment advice, a recommendation, or a valuation. Standalone = parent entity; consolidated includes subsidiaries. Historical multiples pair each fiscal year's filed figures with that FY-end market close; the Current column uses the last close with the latest filed annuals. Figures are cross-verified via accounting identities and NSE×BSE agreement — XBRL cross-verified ✓ 95%.