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Thermax Limited. (IN:THERMAX)
:THERMAX
India Market
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Thermax Limited. (THERMAX) Ratios

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Thermax Limited. Ratios

IN:THERMAX's free cash flow for Q4 2025 was ₹0.43. For the 2025 fiscal year, IN:THERMAX's free cash flow was decreased by ₹ and operating cash flow was ₹0.11. See a summary of the company’s cash flow.
Ratios
TTM
Dec 25Dec 24Dec 23Dec 22
Liquidity Ratios
Current Ratio
1.30 1.36 1.36 1.38 1.26
Quick Ratio
1.17 1.20 1.20 1.21 1.07
Cash Ratio
0.20 0.10 0.10 0.10 0.08
Solvency Ratio
0.12 0.14 0.14 0.11 0.11
Operating Cash Flow Ratio
0.00 0.05 0.05 0.10 0.09
Short-Term Operating Cash Flow Coverage
0.00 0.53 0.53 1.18 1.08
Net Current Asset Value
₹ 2.27B₹ 7.35B₹ 7.35B₹ 11.12B₹ 7.69B
Leverage Ratios
Debt-to-Assets Ratio
0.14 0.13 0.13 0.09 0.05
Debt-to-Equity Ratio
0.35 0.29 0.29 0.21 0.11
Debt-to-Capital Ratio
0.26 0.23 0.23 0.18 0.10
Long-Term Debt-to-Capital Ratio
0.19 0.15 0.15 0.10 0.02
Financial Leverage Ratio
2.44 2.29 2.29 2.29 2.14
Debt Service Coverage Ratio
1.35 1.58 1.54 1.39 1.34
Interest Coverage Ratio
6.87 43.89 33.27 17.04 12.24
Debt to Market Cap
0.04 0.03 0.03 0.03 0.02
Interest Debt Per Share
163.12 121.73 122.82 77.09 35.91
Net Debt to EBITDA
0.49 0.75 0.75 0.51 0.16
Profitability Margins
Gross Profit Margin
45.19%39.91%43.49%42.83%28.53%
EBIT Margin
10.23%10.34%10.34%7.91%7.18%
EBITDA Margin
11.10%11.70%11.70%9.22%8.85%
Operating Profit Margin
7.97%35.79%31.55%7.92%5.08%
Pretax Profit Margin
9.08%9.41%9.41%7.45%6.76%
Net Profit Margin
6.52%6.99%6.99%5.57%5.15%
Continuous Operations Profit Margin
6.50%6.96%6.96%5.57%5.15%
Net Income Per EBT
71.80%74.26%74.26%74.67%76.15%
EBT Per EBIT
113.93%26.28%29.81%94.13%133.09%
Return on Assets (ROA)
5.57%6.36%6.36%5.09%4.19%
Return on Equity (ROE)
14.41%14.53%14.53%11.64%8.94%
Return on Capital Employed (ROCE)
12.81%60.91%53.70%14.46%8.32%
Return on Invested Capital (ROIC)
8.46%41.46%36.55%9.93%5.85%
Return on Tangible Assets
5.67%6.38%6.38%5.11%4.21%
Earnings Yield
1.85%1.34%1.34%1.74%1.43%
Efficiency Ratios
Receivables Turnover
4.20 3.53 3.51 3.56 3.31
Payables Turnover
3.33 3.62 3.41 3.09 2.97
Inventory Turnover
7.84 7.26 6.82 6.12 5.96
Fixed Asset Turnover
3.24 3.70 3.70 4.90 5.06
Asset Turnover
0.86 0.91 0.91 0.92 0.81
Working Capital Turnover Ratio
12.21 5.44 5.44 6.10 5.11
Cash Conversion Cycle
23.88 52.77 50.14 43.81 48.69
Days of Sales Outstanding
87.01 103.27 103.84 102.39 110.41
Days of Inventory Outstanding
46.57 50.30 53.49 59.64 61.23
Days of Payables Outstanding
109.70 100.80 107.19 118.22 122.95
Operating Cycle
133.58 153.56 157.33 162.03 171.64
Cash Flow Ratios
Operating Cash Flow Per Share
0.00 21.96 21.96 40.81 28.83
Free Cash Flow Per Share
0.00 -52.98 -52.98 -16.91 21.39
CapEx Per Share
0.00 74.94 74.94 57.71 7.44
Free Cash Flow to Operating Cash Flow
0.00 -2.41 -2.41 -0.41 0.74
Dividend Paid and CapEx Coverage Ratio
0.00 0.26 0.26 0.61 2.00
Capital Expenditure Coverage Ratio
0.00 0.29 0.29 0.71 3.88
Operating Cash Flow Coverage Ratio
0.00 0.19 0.19 0.55 0.86
Operating Cash Flow to Sales Ratio
0.00 0.03 0.03 0.06 0.05
Free Cash Flow Yield
0.00%-1.24%-1.24%-0.74%1.10%
Valuation Ratios
Price-to-Earnings (P/E) Ratio
54.00 74.84 74.84 57.34 69.92
Price-to-Sales (P/S) Ratio
3.72 5.23 5.23 3.19 3.60
Price-to-Book (P/B) Ratio
7.34 10.88 10.88 6.67 6.25
Price-to-Free Cash Flow (P/FCF) Ratio
0.00 -80.94 -80.94 -135.62 90.63
Price-to-Operating Cash Flow Ratio
0.00 195.27 195.27 56.18 67.25
Price-to-Earnings Growth (PEG) Ratio
9.36 1.73 1.73 1.30 1.37
Price-to-Fair Value
7.34 10.88 10.88 6.67 6.25
Enterprise Value Multiple
34.05 45.45 45.45 35.13 40.85
Enterprise Value
389.08B 491.00B 491.00B 261.97B 219.21B
EV to EBITDA
34.05 45.45 45.45 35.13 40.85
EV to Sales
3.78 5.32 5.32 3.24 3.61
EV to Free Cash Flow
0.00 -82.29 -82.29 -137.60 90.99
EV to Operating Cash Flow
0.00 198.54 198.54 57.00 67.51
Tangible Book Value Per Share
421.77 390.96 390.96 340.81 306.53
Shareholders’ Equity Per Share
438.35 394.25 394.25 343.48 310.13
Tax and Other Ratios
Effective Tax Rate
0.28 0.26 0.26 0.25 0.24
Revenue Per Share
914.43 820.25 820.25 718.36 538.48
Net Income Per Share
59.59 57.30 57.30 39.98 27.73
Tax Burden
0.72 0.74 0.74 0.75 0.76
Interest Burden
0.89 0.91 0.91 0.94 0.94
Research & Development to Revenue
0.00 <0.01 <0.01 <0.01 <0.01
SG&A to Revenue
0.00 0.02 0.02 0.02 0.02
Stock-Based Compensation to Revenue
0.00 <0.01 <0.01 <0.01 0.00
Income Quality
0.00 0.38 0.38 0.76 0.79
Currency in INR
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