Thermax Limited

Thermax Limited EV/FCF

The EV/FCF (Enterprise Value to Free Cash Flow) of Thermax Limited (THERMAX.NS) as of Oct 19, 2026 is 252.48. In the previous year, EV/FCF (Enterprise Value to Free Cash Flow) was -63.56 — a change of -497.26% (higher).

EV/FCF

252.48

YoY

-497.26%

Last updated:

EV/FCF (Enterprise Value to Free Cash Flow) of Thermax Limited is 2025 252.48 . EV/FCF (Enterprise Value to Free Cash Flow) of Thermax Limited was 2024 -63.56 . It decreases by -497.26% higher compared to the previous year.

The Thermax Limited EV/FCF history

  • 3 Years

  • 10 Years

  • 25 Years

  • Max

EV/FCF
Date
EV/FCF
Jan 1, 2018
113.27 INR
Jan 1, 2019
-141.13 INR
Jan 1, 2020
128.87 INR
Jan 1, 2021
54.36 INR
Jan 1, 2022
156.33 INR
Jan 1, 2023
-196.01 INR
Jan 1, 2024
-63.56 INR
Jan 1, 2025
252.48 INR
The Thermax Limited EV/FCF history
YEAREV/FCFYoY
252.48-497.26%
-63.56-67.57%
-196.01-225.38%
156.33+187.59%
54.36-57.82%
128.87-191.31%
-141.13-224.60%
113.27-35.94%
176.81-44.17%
316.70+121.27%
143.13-82.04%
797.10—

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Thermax Limited Stock analysis

What does Thermax Limited do? Thermax Limited is an Indian company based in Pune and has been in existence since 1966. The company is part of the Thermax Group and is one of the leading companies in India in the field of energy and environmental technology. The company's roots are in the production of steam boilers and thermal oil heaters. Since then, the company has continuously evolved and now offers a wide range of products and services. Thermax's business model is based on the integration of technological expertise, engineering know-how, and environmental responsibility. The company aims to increase the energy efficiency and sustainability of industries through innovative technologies and solutions. In this way, companies are encouraged to reduce environmental impact while maximizing their profits. Thermax Limited is divided into different divisions, each focused on a specific area of ​​energy and environmental technology. One of the main divisions is the construction of thermal energy plants. This involves the planning, construction, and commissioning of steam boilers, waste heat boilers, hot water boilers, burners, and heating systems. The aim is to increase energy efficiency by using waste heat and contribute to emission reduction. The second division is the business of cooling systems. Thermax specializes in the development and production of absorption chillers. These systems use thermal energy sources, such as waste heat, to generate cooling. They are used in many industries, especially in the food industry, pharmaceutical production, and airport terminals. The third division is the business of environmental plants. The company is involved in the development and production of systems for the treatment of exhaust gases, wastewater, and waste. These plants use innovative technologies to reduce environmental impact and emissions from industrial plants. Another important area is after-sales service. Thermax offers a wide range of services to its customers, including maintenance, repairs, and upgrades. These services help extend the lifespan of the equipment and improve energy efficiency. In addition to the mentioned divisions, Thermax is also specialized in the field of solar energy. The company offers a wide range of solutions aimed at using solar energy for electricity and heat generation. The product portfolio includes solar generators, solar heat exchangers, and photovoltaic modules. Thermax is committed to expanding its global presence and has managed to establish itself in more than 75 countries. In addition to the Indian market, the nearby Asian region is also important for the company. Thermax has significantly expanded its activities in this region in recent years, opening branches in Singapore, Thailand, Indonesia, Vietnam, and Malaysia. Overall, Thermax Limited has become a key player in the Indian market for energy and environmental technology. The company is committed to further expanding its global ambitions and playing a leading role in creating sustainable solutions for the industry, with the goal of reducing environmental impact and providing added value to customers. Thermax Limited is one of the most popular companies on Eulerpool.

Frequently Asked Questions about Thermax Limited stock

EV/FCF (Enterprise Value to Free Cash Flow) of Thermax Limited is 252.48 in 2025.

EV/FCF (Enterprise Value to Free Cash Flow) of Thermax Limited changed from -63.56 to 252.48, representing a -497.26% change. The value is higher than the previous year.

On Eulerpool you can find the complete historical development of EV/FCF (Enterprise Value to Free Cash Flow) Thermax Limited since 2006 – with annual values, charts, and detailed analysis.

The EV/FCF ratio measures the enterprise value relative to free cash flow. It captures the true cash-generating ability of a business.

To evaluate EV/FCF (Enterprise Value to Free Cash Flow)'s, it is essential to compare it with peers in the same industry and sector. On Eulerpool, you can find direct industry comparisons for EV/FCF (Enterprise Value to Free Cash Flow).

A 'good' varies by industry and company stage. On Eulerpool, you can compare EV/FCF (Enterprise Value to Free Cash Flow)'s Thermax Limited with sector peers and the industry average to assess whether it is attractive.

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