Thermax (NSE:THERMAX) Construction In Progress: ₹13,918 Mil (As of Mar. 2026)


NSE:THERMAX Thermax Ltd NSE:THERMAX
76 GF Score
Price ₹4,917.00
GF Value ₹3,885.02
Valuation Modestly Overvalued
! 7 Warning Signs
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What is Thermax Construction In Progress?

Thermax NSE:THERMAX -3.97% 76 Construction In Progress is ₹13,918 Mil as of Mar. 2026. GuruFocus rates NSE:THERMAX with a GF Score™ of 76/100 and a GF Value™ of ₹3,885.02 (Modestly Overvalued). The stock has 7 warning signs investors should review.

Thermax's quarterly construction in progress declined from Sep. 2025 (₹6,820 Mil) to Dec. 2025 (₹0 Mil) but then increased from Dec. 2025 (₹0 Mil) to Mar. 2026 (₹13,918 Mil).

Thermax's annual construction in progress increased from Mar. 2024 (₹6,253 Mil) to Mar. 2025 (₹7,179 Mil) and increased from Mar. 2025 (₹7,179 Mil) to Mar. 2026 (₹13,918 Mil).

Thermax Construction In Progress Historical Data

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The historical data trend for Thermax's Construction In Progress can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Thermax Construction In Progress Chart

Thermax Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Construction In Progress
Get a 7-Day Free Trial Premium Member Only Premium Member Only 585.00 5,809.40 6,252.70 7,178.80 13,918.30

Thermax Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Construction In Progress Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7,178.80 0.00 6,820.30 0.00 13,918.30
NSE:THERMAX
76GF Score
Thermax Ltd NSE:THERMAX
Construction In Progress is just one metric. See GF Score™, valuation, warning signs, and more.
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Thermax Construction In Progress Calculation

It records the cost of construction work, which is not yet completed (typically, applied to capital budget items). A construction in progress item is not depreciated until the asset is placed in service. Normally, upon completion, a construction in progress item is reclassified, and the reclassified asset is capitalized and depreciated.

What does a Construction In Progress of ₹13,918 Mil mean?
Thermax (NSE:THERMAX) has a Construction In Progress of ₹13,918 Mil as of Mar. 2026. Construction in Progress records the amount of construction work that is not complete. View historical data on Thermax and its competitors.
Is Thermax's Construction In Progress too high?
Thermax's current Construction In Progress is ₹13,918 Mil. Overall, Thermax has a GF Score™ of 76/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Thermax's Construction In Progress compare to HON and MMM?
Thermax's Construction In Progress of ₹13,918 Mil can be compared against companies in the Conglomerates industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Construction In Progress for a Conglomerates company?
A good Construction In Progress depends on the Conglomerates industry context. However, Construction In Progress should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Construction In Progress mean?
A high Construction In Progress can signal that a stock is expensive relative to its fundamentals. Construction in Progress records the amount of construction work that is not complete. View historical data on Thermax and its competitors. Thermax's current Construction In Progress is ₹13,918 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thermax stock overvalued right now?
Based on GuruFocus' analysis, Thermax (NSE:THERMAX) is currently considered Modestly Overvalued. The stock's GF Value™ is ₹3,885.02, compared to a current price of ₹4,917.00 — trading 26.6% above its estimated fair value. The current Construction In Progress is ₹13,918 Mil. Thermax's overall GF Score™ is 76/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Construction In Progress calculated?
Construction In Progress is calculated from a company's financial statements. For Thermax (NSE:THERMAX), the current Construction In Progress is ₹13,918 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Thermax (NSE:THERMAX) Overvalued in 2026?

Based on GuruFocus' analysis, Thermax stock appears to be overvalued. The current stock price of ₹4,917.00 is trading 26.6% above its estimated GF Value™ of ₹3,885.02. GuruFocus considers Thermax to be Modestly Overvalued.

Key valuation signals for NSE:THERMAX:

  • Construction In Progress: ₹13,918 Mil
  • GF Value™: ₹3,885.02 vs. price of ₹4,917.00 (26.6% above fair value)
  • GF Score™: 76/100 with 7 warning signs

No single metric tells the full story. See the NSE:THERMAX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Thermax Business Description

Other Exchanges 500411:India
Address 14, Mumbai-Pune Road, Thermax House, Wakdewadi, Pune, MH, IND, 411 003
Thermax Ltd is a company that provides engineering solutions. The company operates through four reportable segments which are industrial products, industrial infra, green solutions, and chemicals. It earns the majority of its revenue from the Industrial Infra segment. The Company's portfolio includes boilers and heaters, absorption chillers/heat pumps, power plants, solar equipment, related services, air pollution control equipment/system, water and waste recycle plants, ion exchange resins and performance chemicals and related services The company generates more than half of its revenue from India.
76GF Score

Get the complete analysis for NSE:THERMAX

Construction In Progress is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₹4,917.00
Price
₹3,885.02
GF Value