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Market cap is the total market value to buy the whole company. It is equal to the share price times the number of Shares Outstanding (EOP). Thermax's share price for the quarter that ended in Mar. 2026 was ₹3290.15. Thermax's Shares Outstanding (EOP) for the quarter that ended in Mar. 2026 was 113 Mil. Therefore, Thermax's market cap for the quarter that ended in Mar. 2026 was ₹370,632 Mil.
Thermax's quarterly market cap
declined
from Sep. 2025 (₹356,756 Mil) to Dec. 2025 (₹339,898 Mil) but then
increased
from Dec. 2025 (₹339,898 Mil) to Mar. 2026 (₹370,632 Mil).
Thermax's annual market cap
declined
from Mar. 2024 (₹472,501 Mil) to Mar. 2025 (₹411,587 Mil) and
declined
from Mar. 2025 (₹411,587 Mil) to Mar. 2026 (₹370,632 Mil).
Enterprise Value is the theoretical takeover price. It is more comprehensive than market capitalization (market cap), which only includes common equity. Enterprise Value is calculated as the market cap plus debt and minority interest and preferred shares, minus total cash and cash equivalents. Thermax's Enterprise Value for Today is ₹524,573 Mil.
Thermax (BOM:500411) Market Cap Explanation
Market cap is not the real price you pay for a company. If you buy the company and become its owner, you become the owner of the cash the company has, and you also assume the companys debt. The real price you pay is the Enterprise Value.
Warren Buffett uses the ratio of total market cap of all public traded companies over GDP to measure if the market is expensive. As of April 2012, the US total market cap is about $14.7 trillion, while the US GDP is about $15 trillion. The market was modestly overvalued.
Thermax Market Cap Related Terms
Thermax Market Cap Historical Data
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The historical data trend for Thermax's Market Cap 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.
For the Conglomerates subindustry, Thermax's Market Cap, along with its competitors' market caps and Market Cap 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 Market Cap vs Conglomerates Industry
For the Conglomerates industry and Industrials sector, Thermax's Market Cap distribution charts can be found below:
* The bar in red indicates where Thermax's Market Cap falls into.
Market cap is the short version of market capitalization. It is the total market value to buy the whole company. It is equal to the share price times the number of shares outstanding.
Thermax's Market Cap for the fiscal year that ended in Mar. 2026 is calculated as
* 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 (BOM:500411) has a Market Cap of ₹525,168 Mil as of Jul. 19, 2026. Market cap equals the total value of a company's shares: price times shares outstanding. View historical data on Thermax and its competitors. According to the industry distribution chart, Thermax ranks #61 out of 579 companies in the Conglomerates industry, placing it in the top 10.5%.
Is Thermax's Market Cap too high?
Thermax's current Market Cap is ₹525,168 Mil. Based on the distribution chart, Thermax ranks #61 out of 579 companies in the Conglomerates industry, which is in the top quartile — a strong position relative to peers. Overall, Thermax has a GF Score™ of 81/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Thermax's Market Cap compare to HON and MMM?
According to the Conglomerates industry distribution chart, Thermax ranks #61 out of 579 companies for Market Cap. This places Thermax in the top 11% of its industry — outperforming the majority of peers. The industry median Market Cap is 231.01. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Market Cap for a Conglomerates company?
The median Market Cap among Conglomerates companies is 231.01, based on 579 companies in the industry. Companies in the top quartile (top 25%) have a Market Cap significantly above this median, while those in the bottom quartile fall well below. However, Market Cap 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 Market Cap mean?
A high Market Cap can signal that a stock is expensive relative to its fundamentals. Market cap equals the total value of a company's shares: price times shares outstanding. View historical data on Thermax and its competitors. For the Conglomerates industry, the median Market Cap is 231.01 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Thermax's current Market Cap is ₹525,168 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 (BOM:500411) is currently considered Modestly Overvalued. The stock's GF Value™ is ₹3,942.98, compared to a current price of ₹4,662.10 — trading 18.2% above its estimated fair value. The current Market Cap is ₹525,168 Mil. Thermax's overall GF Score™ is 81/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Market Cap calculated?
Market Cap is calculated from a company's financial statements. For Thermax (BOM:500411), the current Market Cap is ₹525,168 Mil as of Jul. 19, 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 (BOM:500411) Overvalued in 2026?
Based on GuruFocus' analysis, Thermax stock appears to be overvalued.
The current stock price of ₹4,662.10 is trading 18.2% above its estimated GF Value™ of ₹3,942.98.
GuruFocus considers Thermax to be Modestly Overvalued.
Key valuation signals for BOM:500411:
Market Cap: ₹525,168 Mil
GF Value™: ₹3,942.98 vs. price of ₹4,662.10 (18.2% above fair value)
No single metric tells the full story. See the BOM:500411 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.
81GF Score
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