Thermax Limited Stock

Thermax Limited P/S

The (Price-Sales Ratio) is an important metric for stock valuation. It is calculated by dividing the current share price by the revenue per share. The P/S indicates how many years a company needs to generate the revenue per share as profit. A low P/S suggests that a stock may be undervalued, while a high P/S could indicate overvaluation. However, it is important to always consider the P/S in the context of the industry and the company. of Thermax Limited (THERMAX.NS) as of Aug 23, 2026 is 3.76. In the previous year, (Price-Sales Ratio) is an important metric for stock valuation. It is calculated by dividing the current share price by the revenue per share. The P/S indicates how many years a company needs to generate the revenue per share as profit. A low P/S suggests that a stock may be undervalued, while a high P/S could indicate overvaluation. However, it is important to always consider the P/S in the context of the industry and the company. was 4.19 — a change of -10.25% (lower).

P/S

3.76

YoY

-10.25%

Last updated:

As of Aug 23, 2026, Thermax Limited's P/S ratio stood at 3.76, a -10.25% change from the 4.19 P/S ratio recorded in the previous year.

The Thermax Limited P/S history

  • 3 Years

  • 10 Years

  • 25 Years

  • Max

P/S
Date
P/S
Jan 1, 2019
6.54 INR
Jan 1, 2020
6.81 INR
Jan 1, 2021
8.15 INR
Jan 1, 2022
6.37 INR
Jan 1, 2023
4.83 INR
Jan 1, 2024
4.19 INR
Jan 1, 2025
3.76 INR
Jan 1, 2026 (e)
4.30 INR
The Thermax Limited P/S history
YEARP/SYoY
est4.30+14.43%
3.76-10.25%
4.19-13.23%
4.83-24.25%
6.37-21.82%
8.15+19.62%
6.81+4.22%
6.54-24.90%
8.70+2.32%
8.51+14.73%
7.41+0.74%
7.36-3.86%
7.65+403.61%
1.52+26.67%
1.20+34.83%
0.89-71.38%
3.11+49.52%
2.08+235.48%
0.62-84.99%
4.13+45.42%
2.84—
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Thermax Limited Valuation

Details

Historical Valuation Multiples

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Price-to-Earnings Ratio (P/E)

The P/E ratio divides Thermax Limited's share price by its earnings per share. It tells you how many years of current earnings you are "paying for" when you buy the stock. A P/E of 20 means you pay $20 for every $1 of annual earnings. The S&P 500 historically trades at an average P/E of roughly 15–17. A P/E significantly above that may signal high growth expectations; one below may indicate undervaluation — or declining business quality.

Price-to-Sales Ratio (P/S)

The P/S ratio divides market capitalization by total revenue. Unlike the P/E ratio, it works even for companies that are not yet profitable, making it essential for evaluating high-growth firms. A P/S below 1.0 may indicate undervaluation, while ratios above 10 are typically reserved for fast-growing tech or SaaS companies with high expected future margins.

Price-to-EBIT Ratio

This ratio relates Thermax Limited's market price to its operating earnings, excluding the effects of debt structure and tax jurisdiction. It is particularly useful for comparing companies across different countries or with different levels of leverage, because it focuses purely on operational profitability. Lower values suggest cheaper operational earnings.

How to Use This Chart

This chart plots Thermax Limited's valuation multiples over time. Compare the current P/E, P/S, and P/EBIT to their own historical averages — if the current ratio is well below the multi-year average, the stock may be relatively cheap compared to its own track record. Combine this with industry comparisons: a P/E that looks high in absolute terms may be justified if Thermax Limited grows earnings faster than its peers.

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.

P/S Details

Decoding Thermax Limited's P/S Ratio

Thermax Limited's Price to Sales (P/S) Ratio is a crucial financial metric that measures the company's market valuation relative to its total sales revenue. It's calculated by dividing the company's market capitalization by its total sales over a specific period. A lower P/S ratio can indicate that the company is undervalued, while a higher ratio may suggest overvaluation.

Year-to-Year Comparison

Comparing Thermax Limited's P/S ratio yearly provides insights into how the market perceives the company’s value relative to its sales. An increasing ratio over time can indicate growing investor confidence, while a decreasing trend might reflect concerns about the company’s revenue generation capabilities or market conditions.

Impact on Investments

The P/S ratio is instrumental for investors evaluating Thermax Limited's stock. It offers insights into the company’s efficiency in generating sales and its market valuation. Investors use this ratio to compare similar companies within the same industry, aiding in selecting stocks that offer the best value for investment.

Interpreting P/S Ratio Fluctuations

Variations in Thermax Limited’s P/S ratio can result from changes in the stock price, sales revenue, or both. Understanding these fluctuations is crucial for investors to evaluate the company’s current valuation and future growth potential, aligning their investment strategies accordingly.

Frequently Asked Questions about Thermax Limited stock

(Price-Sales Ratio) is an important metric for stock valuation. It is calculated by dividing the current share price by the revenue per share. The P/S indicates how many years a company needs to generate the revenue per share as profit. A low P/S suggests that a stock may be undervalued, while a high P/S could indicate overvaluation. However, it is important to always consider the P/S in the context of the industry and the company. of Thermax Limited is 3.76 in 2026.

(Price-Sales Ratio) is an important metric for stock valuation. It is calculated by dividing the current share price by the revenue per share. The P/S indicates how many years a company needs to generate the revenue per share as profit. A low P/S suggests that a stock may be undervalued, while a high P/S could indicate overvaluation. However, it is important to always consider the P/S in the context of the industry and the company. of Thermax Limited changed from 4.19 to 3.76, representing a -10.25% change. The value is lower than the previous year.

On Eulerpool you can find the complete historical development of (Price-Sales Ratio) is an important metric for stock valuation. It is calculated by dividing the current share price by the revenue per share. The P/S indicates how many years a company needs to generate the revenue per share as profit. A low P/S suggests that a stock may be undervalued, while a high P/S could indicate overvaluation. However, it is important to always consider the P/S in the context of the industry and the company. Thermax Limited since 2006 – with annual values, charts, and detailed analysis.

The Price-to-Sales Ratio (P/S Ratio) is a financial metric that represents the ratio between the current price of a stock and the sales per share of the company. It is commonly used to assess the valuation of a stock compared to other stocks in the same industry or compared to the overall average of the stock market.

P/S Formula:
P/S = Price of a stock / Sales of a stock
If you can't find the Sales per Share (SPS) right away, which is the equivalent term for Revenue per Share in English, you can also calculate this value by dividing the company's total sales by the number of issued shares.

SPS Formula:
Total sales of the company / Number of issued shares
The Sales per Share or Revenue per Share can usually be easily found on most financial websites.

The P/S ratio is often used to assess the valuation of a stock compared to other stocks in the same industry or the overall stock market average. It can provide insights into how well the company is performing in terms of revenue per share compared to its competitors. A low P/S ratio may indicate that the company is generating relatively high revenue per share compared to other companies in the industry, which can be positive. On the other hand, a high P/S ratio may indicate that the company is generating relatively low revenue per share compared to its competitors, which can be negative.

To evaluate (Price-Sales Ratio) is an important metric for stock valuation. It is calculated by dividing the current share price by the revenue per share. The P/S indicates how many years a company needs to generate the revenue per share as profit. A low P/S suggests that a stock may be undervalued, while a high P/S could indicate overvaluation. However, it is important to always consider the P/S in the context of the industry and the company.'s, it is essential to compare it with peers in the same industry and sector. On Eulerpool, you can find direct industry comparisons for (Price-Sales Ratio) is an important metric for stock valuation. It is calculated by dividing the current share price by the revenue per share. The P/S indicates how many years a company needs to generate the revenue per share as profit. A low P/S suggests that a stock may be undervalued, while a high P/S could indicate overvaluation. However, it is important to always consider the P/S in the context of the industry and the company..

A 'good' varies by industry and company stage. On Eulerpool, you can compare (Price-Sales Ratio) is an important metric for stock valuation. It is calculated by dividing the current share price by the revenue per share. The P/S indicates how many years a company needs to generate the revenue per share as profit. A low P/S suggests that a stock may be undervalued, while a high P/S could indicate overvaluation. However, it is important to always consider the P/S in the context of the industry and the company.'s Thermax Limited with sector peers and the industry average to assess whether it is attractive.

The P/S ratio when valuing a stock.

The price-to-sales ratio (P/S ratio) is an important tool of technical analysis that assists investors in evaluating stocks. It refers to the earnings per share of a company and its price movements. This indicator can be used to determine a stock's fair value, relative to the company's earnings.

History of the Price-to-Sales Ratio

The price-to-sales ratio is a relatively new indicator. It was first used in the 1980s by John Price when he developed the Price-to-Sales Index (PSI). Price wanted to find a way to value stocks taking into account their earnings. He noticed that many stock prices were not in line with their earnings situation. The PSI has since become an important analytical tool and is often referred to as the P/S ratio.

Calculation of the price-to-sales ratio

The price-to-sales ratio is easy to calculate. It is determined by dividing the current stock price by the company's earnings per share. P/S ratio = Stock price / Earnings per share. For example, if a company's stock price is $10 and the earnings per share is $2, then the P/S ratio is 5.

Application of the Price-to-Sales Ratio

The Price-to-Sales ratio is a useful tool for determining a fairly valued stock price. A low P/S ratio may indicate that a stock price is undervalued, which could be a good entry opportunity. However, a high Price-to-Sales ratio may indicate that a stock price is overvalued and investors should exercise caution.

An example: A company has a stock price of 20 USD and an earnings per share of 2 USD. The P/E ratio is 10. This could indicate that the stock price is overvalued and investors should be cautious before buying.

Investors and the price-to-sales ratio

Investors use the price-to-sales ratio to determine whether a company's stock price is fairly valued or not. They can compare the P/S ratio to see how the stock price relates to the company's earnings. Investors can also observe the P/S ratio over a longer period of time to see if the stock price changes in relation to the company's earnings.

Advantages and Disadvantages of the Price-to-Sales Ratio

The greatest advantage of the price-to-sales ratio is that it is a simple and understandable tool to determine the fair value of a stock price. It can also help investors identify stocks that are undervalued. One disadvantage is that the P/S ratio does not provide information about the company's profits. Therefore, investors should also consider other financial ratios before investing.

In today's time, the price-to-sales ratio is an important tool for investors to evaluate stocks and identify potential investment opportunities. It can help find a fairly valued stock price and identify stocks that are undervalued. However, investors should also consider other financial indicators before making an investment decision.

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Valuation — Thermax Limited

P/EP/SEV/EBITP/BP/CFP/FCFPEGEV/RevenueEV/EBITDAEV/FCFEarnings YieldFCF YieldMarket capitalizationEnterprise ValueEV/EBITForward P/EP/TBVShareholder YieldBuyback YieldDiv.-Adj. PEGEV/OCF

All Key Metrics — Thermax Limited