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

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Thermax Limited. Ratios

IN:THERMAX's free cash flow for Q2 2026 was ₹0.47. For the 2026 fiscal year, IN:THERMAX's free cash flow was decreased by ₹ and operating cash flow was ₹0.08. See a summary of the company’s cash flow.
Ratios
TTM
Mar 26Mar 25Mar 24Mar 23
Liquidity Ratios
Current Ratio
 1.22 1.22 1.30 1.36 1.38
Quick Ratio
 1.07 1.07 1.17 1.20 1.21
Cash Ratio
 0.20 0.20 0.07 0.10 0.10
Solvency Ratio
 0.12 0.12 0.11 0.14 0.11
Operating Cash Flow Ratio
 0.01 0.09 0.19 0.05 0.10
Short-Term Operating Cash Flow Coverage
 0.09 0.76 1.96 0.53 1.18
Net Current Asset Value
₹ -5.15B₹ -5.15B₹ 2.27B₹ 7.35B₹ 11.12B
Leverage Ratios
Debt-to-Assets Ratio
 0.18 0.18 0.14 0.13 0.09
Debt-to-Equity Ratio
 0.42 0.42 0.35 0.29 0.21
Debt-to-Capital Ratio
 0.30 0.30 0.26 0.23 0.18
Long-Term Debt-to-Capital Ratio
 0.23 0.23 0.19 0.15 0.10
Financial Leverage Ratio
 2.39 2.39 2.44 2.29 2.29
Debt Service Coverage Ratio
 1.25 1.02 1.41 1.58 1.39
Interest Coverage Ratio
 5.99 6.56 7.88 9.02 13.09
Debt to Market Cap
 0.05 0.06 0.04 0.03 0.03
Interest Debt Per Share
 221.12 221.14 161.67 121.73 77.09
Net Debt to EBITDA
 0.89 1.04 1.12 0.75 0.51
Profitability Margins
Gross Profit Margin
39.48%19.73%41.12%41.02%38.43%
EBIT Margin
10.39%8.53%9.74%10.23%7.83%
EBITDA Margin
12.34%10.47%11.28%11.70%9.28%
Operating Profit Margin
7.83%8.53%7.98%7.35%6.13%
Pretax Profit Margin
9.48%9.43%8.62%9.41%7.51%
Net Profit Margin
6.78%6.74%6.19%6.99%5.60%
Continuous Operations Profit Margin
6.78%6.74%6.11%6.96%5.61%
Net Income Per EBT
71.48%71.48%71.73%74.26%74.67%
EBT Per EBIT
121.15%110.51%108.06%127.95%122.53%
Return on Assets (ROA)
5.42%5.42%5.27%6.36%5.09%
Return on Equity (ROE)
14.07%12.98%12.85%14.53%11.64%
Return on Capital Employed (ROCE)
11.15%12.22%12.78%12.51%11.11%
Return on Invested Capital (ROIC)
7.30%8.01%8.36%8.52%7.63%
Return on Tangible Assets
5.52%5.52%5.36%6.38%5.11%
Earnings Yield
1.42%1.96%1.59%1.34%1.74%
Efficiency Ratios
Receivables Turnover
 3.52 3.54 4.18 3.53 3.54
Payables Turnover
 3.13 4.17 3.56 3.55 3.30
Inventory Turnover
 7.07 9.44 8.38 7.12 6.55
Fixed Asset Turnover
 2.50 2.51 3.23 3.70 4.47
Asset Turnover
 0.80 0.81 0.85 0.91 0.91
Working Capital Turnover Ratio
 6.84 7.19 6.02 5.44 6.06
Cash Conversion Cycle
 38.51 54.22 28.35 51.81 48.33
Days of Sales Outstanding
 103.64 103.03 87.37 103.27 103.10
Days of Inventory Outstanding
 51.60 38.67 43.54 51.25 55.76
Days of Payables Outstanding
 116.72 87.48 102.56 102.70 110.52
Operating Cycle
 155.24 141.70 130.91 154.51 158.86
Cash Flow Ratios
Operating Cash Flow Per Share
 5.62 45.78 92.55 21.96 40.81
Free Cash Flow Per Share
 -29.51 -38.75 12.44 -52.98 -16.91
CapEx Per Share
 35.14 84.53 80.11 74.94 57.71
Free Cash Flow to Operating Cash Flow
 -5.25 -0.85 0.13 -2.41 -0.41
Dividend Paid and CapEx Coverage Ratio
 0.11 0.46 1.00 0.26 0.61
Capital Expenditure Coverage Ratio
 0.16 0.54 1.16 0.29 0.71
Operating Cash Flow Coverage Ratio
 0.03 0.22 0.61 0.19 0.55
Operating Cash Flow to Sales Ratio
 <0.01 0.05 0.10 0.03 0.06
Free Cash Flow Yield
-0.66%-1.19%0.35%-1.24%-0.74%
Valuation Ratios
Price-to-Earnings (P/E) Ratio
 70.31 50.99 63.04 74.84 57.34
Price-to-Sales (P/S) Ratio
 4.76 3.44 3.90 5.23 3.21
Price-to-Book (P/B) Ratio
 9.13 6.62 8.10 10.88 6.67
Price-to-Free Cash Flow (P/FCF) Ratio
 -152.30 -84.14 285.46 -80.94 -135.62
Price-to-Operating Cash Flow Ratio
 799.79 71.22 38.36 195.27 56.18
Price-to-Earnings Growth (PEG) Ratio
 5.20 3.77 -37.24 1.73 1.30
Price-to-Fair Value
 9.13 6.62 8.10 10.88 6.67
Enterprise Value Multiple
 39.50 33.85 35.69 45.45 35.13
Enterprise Value
 518.09B 378.99B 412.99B 491.00B 261.97B
EV to EBITDA
 39.50 33.85 35.69 45.45 35.13
EV to Sales
 4.87 3.54 4.03 5.32 3.26
EV to Free Cash Flow
 -155.79 -86.80 294.74 -82.29 -137.60
EV to Operating Cash Flow
 817.95 73.48 39.60 198.54 57.00
Tangible Book Value Per Share
 481.80 481.83 421.58 390.96 340.81
Shareholders’ Equity Per Share
 492.56 492.60 438.16 394.25 343.48
Tax and Other Ratios
Effective Tax Rate
 0.29 0.29 0.29 0.26 0.25
Revenue Per Share
 943.51 949.19 910.22 820.26 713.40
Net Income Per Share
 63.94 63.95 56.31 57.30 39.98
Tax Burden
 0.71 0.71 0.72 0.74 0.75
Interest Burden
 0.91 1.11 0.89 0.92 0.96
Research & Development to Revenue
 0.00 0.00 0.00 <0.01 <0.01
SG&A to Revenue
 0.07 0.12 0.13 0.02 0.02
Stock-Based Compensation to Revenue
 <0.01 0.00 <0.01 <0.01 <0.01
Income Quality
 0.08 0.72 1.64 0.38 0.76
Currency in INR