Thermax Limited
Financial trend (61/100) does the heavy lifting; valuation (1/100) is the drag.
ExpensiveOvervaluedStocksWizard rates Thermax Limited a Sell, scoring 38/100 on our blended model. We put fair value near ₹2,189; at ₹4,378 that leaves roughly 50% downside, so the stock screens overvalued by 50%. On 74.5x trailing earnings it sits pricier than the Industrials median of about 29.0x. The price is about 15% below its 52-week high of ₹5,138.51 and 58% above the low of ₹2,762.52. Financial health scores 100/100, in the safe band on the Altman Z-score, with a Piotroski F-score of 4/9. The average analyst target of ₹4,409.36 implies about 1% upside across 22 analysts. It clears 5 of 13 investability checks, with durability 48, valuation 1 and momentum 54 on our 0–100 scales.
Analysis by Ankit Sharma · StocksWizard's own estimates from end-of-day public data — see how we calculate them. For information only, not investment advice.
With a 20% margin of safety, our buy-below price is ₹1,751.2.
Analyst views
1-year price
EOD · 2026-07-2952-week range
-14.80% from the 52-week high.
Price above both moving averages reads as an intact uptrend; below both, the trend is against you.
Verdict pillars
Sell38Piotroski F-score 4/9 — quality of earnings & balance sheet.
Our scores
Durability rewards strong, low-debt, profitable businesses; Valuation rewards stocks cheap vs their sector; Momentum rewards strong price trends.
Investability checklist
- Fail: ROE above 15%: 13.7%
- Pass: Low debt (D/E < 0.5): 0.42x
- Fail: Positive free cash flow
- Pass: Revenue growth > 10%: 11%
- Pass: Earnings growing: 19%
- Fail: Net margin ≥ 10%: 6.7%
- Fail: Current ratio > 1.5: 1.22
- Fail: Below our fair value
- Fail: Margin of safety ≥ 20%
- Pass: Above 200-day average
- Fail: Above 50-day average
- No data: Positive 1-year return
- Pass: Altman Z in safe zone: Z 5.53
- Fail: Piotroski ≥ 7: 4/9
Quarterly results
Annual financials
Shareholding
- Promoter73.7%
- Institutions21.1%
- Public & other5.2%
Promoter holding via insider stake; institutional via reported holdings.
Key fundamentals
Bull case vs bear case
Bull case
Strengths
- Financially solid — Altman Z 5.53.
Opportunities
- Earnings growing (19% YoY).
Bear case
Threats
- Rich valuation versus sector peers.
- Trades ~50% above our estimated fair value.
About Thermax Limited
Thermax Limited offers energy, environmental, and chemical solutions across India and international markets. Operating through Industrial Products, Industrial Infra, Green Solutions, and Chemical segments, the company manufactures and services boilers, heating equipment, absorption chillers, air pollution control systems, and water and waste recycling solutions, along with associated engineering and procurement services.
Thermax Limited — frequently asked questions
Is Thermax Limited a buy, hold or sell?
StocksWizard currently rates Thermax Limited (THERMAX) a Sell, based on a blended score of 38/100 across valuation, quality, momentum and price trend. This is our own model-based view, not investment advice.
What is Thermax Limited's fair value?
Our blended DCF and relative-valuation model estimates Thermax Limited's fair value at about ₹2,189, versus a current price of ₹4,378 — roughly 50% downside. On that basis the stock looks overvalued by 50%.
Is Thermax Limited financially healthy?
Thermax Limited scores 100/100 on our financial-health model, placing it in the safe band on the Altman Z-score, with a Piotroski F-score of 4/9.
How has Thermax Limited's share price performed?
Thermax Limited is up 8% over three months, and last traded at ₹4,378. Past performance doesn't predict future returns.
More in Industrials
View allOur verdict, fair value, financial-health and checklist are StocksWizard's own estimates, computed from public end-of-day data using standard models (DCF, relative valuation, Altman Z, Piotroski). For information only — not investment advice or a recommendation. Verify independently before investing.