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Thermax (NSE:THERMAX) Forward PE Ratio Explanation
The Forward PE Ratio of a company is often used to compare current earnings to estimated future earnings, as well as gaining a clearer picture of what earnings will look like without charges and other accounting adjustments. If earnings are expected to grow in the future, the Forward PE Ratio will be lower than the current PE Ratio. This measure is also used to compare one company to another with a forward-looking focus.
Trailing PE Ratio relies on what is already done. It uses the current share price and divides by the total EPS (Basic) over the past 12 months. PE Ratio can be affected by Non Operating Income such as the sale of part of businesses. This may increase for the current year or quarter dramatically. But it cannot be repeated over and over. Therefore PE Ratio without NRI is a more accurate indication of valuation than PE Ratio .
Thermax Forward PE Ratio Related Terms
Thermax Forward PE Ratio Historical Data
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The historical data trend for Thermax's Forward PE Ratio 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 Forward PE Ratio Chart
Thermax Annual Data
Trend
2017-03
2018-03
2019-03
2020-03
2021-03
2022-03
2023-03
2025-03
2026-03
Forward PE Ratio
37.04
35.21
28.99
20.08
36.76
48.08
40.82
50.00
43.26
Thermax Quarterly Data
2017-03
2017-06
2017-09
2017-12
2018-03
2018-06
2018-09
2018-12
2019-03
2019-06
2019-09
2019-12
2020-03
2020-06
2020-09
2020-12
2021-03
2021-06
2021-09
2021-12
2022-03
2022-06
2022-09
2022-12
2023-03
2023-06
2023-09
2023-12
2024-12
2025-03
2025-06
2025-09
2025-12
2026-03
2026-06
Forward PE Ratio
37.04
35.34
35.59
36.50
35.21
34.72
29.76
33.44
28.99
32.89
33.00
27.93
20.08
37.31
42.37
34.25
36.76
41.67
45.45
43.29
48.08
47.39
57.47
34.97
40.82
40.49
55.25
45.05
54.41
50.00
48.22
47.09
39.21
43.26
64.88
NSE:THERMAX vs MMM, HON: Forward PE Ratio Comparison
For the Conglomerates subindustry, Thermax's Forward PE Ratio, along with its competitors' market caps and Forward PE Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Thermax Forward PE Ratio vs Conglomerates Industry
For the Conglomerates industry and Industrials sector, Thermax's Forward PE Ratio distribution charts can be found below:
* The bar in red indicates where Thermax's Forward PE Ratio falls into.
It's a measure of the price-to-earnings ratio (PE Ratio) using forecasted earnings for the calculation. While the earnings used are just an estimate and are not as reliable as current earnings data, there is still benefit in estimated P/E analysis. The forecasted earnings used in the formula can either be for the next 12 months or for the next full-year fiscal period.
Thermax (NSE:THERMAX) has a Forward PE Ratio of 57.13 as of Aug. 24, 2026. Forward P/E ratio is the share price dividend by the expected per-share earnings in the next 12 months. View historical data on Thermax and its competitors. According to the industry distribution chart, Thermax ranks #204 out of 212 companies in the Conglomerates industry, placing it in the top 96.2%.
Is Thermax's Forward PE Ratio too high?
Thermax's current Forward PE Ratio is 57.13. The Conglomerates industry median Forward PE Ratio is 13.36. Thermax's value of 57.13 is 327.6% above this industry median. Based on the distribution chart, Thermax ranks #204 out of 212 companies in the Conglomerates industry, which is in the bottom quartile relative to peers. Overall, Thermax has a GF Score™ of 82/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Thermax's Forward PE Ratio compare to MMM and HON?
According to the Conglomerates industry distribution chart, Thermax ranks #204 out of 212 companies for Forward PE Ratio. This places Thermax in the lower half of its industry. The industry median Forward PE Ratio is 13.36. Thermax's value of 57.13 is 327.6% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Forward PE Ratio for a Conglomerates company?
The median Forward PE Ratio among Conglomerates companies is 13.36, based on 212 companies in the industry. Companies in the top quartile (top 25%) have a Forward PE Ratio significantly above this median, while those in the bottom quartile fall well below. However, Forward PE Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Thermax's current Forward PE Ratio of 57.13 is 327.6% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Forward PE Ratio mean?
A high Forward PE Ratio can signal that a stock is expensive relative to its fundamentals. Forward P/E ratio is the share price dividend by the expected per-share earnings in the next 12 months. View historical data on Thermax and its competitors. For the Conglomerates industry, the median Forward PE Ratio is 13.36 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Thermax's current Forward PE Ratio is 57.13. 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 Fairly Valued. The stock's GF Value™ is ₹4,065.19, compared to a current price of ₹3,967.80 — trading 2.4% below its estimated fair value. The current Forward PE Ratio is 57.13 and 327.6% above the Conglomerates industry median of 13.36. Thermax's overall GF Score™ is 82/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Forward PE Ratio calculated?
Forward PE Ratio is calculated from a company's financial statements. For Thermax (NSE:THERMAX), the current Forward PE Ratio is 57.13 as of Aug. 24, 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 undervalued.
The current stock price of ₹3,967.80 is trading 2.4% below its estimated GF Value™ of ₹4,065.19.
GuruFocus considers Thermax to be Fairly Valued.
Key valuation signals for NSE:THERMAX:
Forward PE Ratio: 57.13
GF Value™: ₹4,065.19 vs. price of ₹3,967.80 (2.4% below fair value)
Industry Position: 327.6% above the Conglomerates median (#204 of 212)
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 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.
82GF Score
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