Thermax (NSE:THERMAX) Moat Score: 0/10 (As of Jul. 16, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
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Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

NSE:THERMAX Thermax Ltd NSE:THERMAX
81 GF Score
Price ₹4,548.00
GF Value ₹3,902.14
Valuation Modestly Overvalued
! 6 Warning Signs
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What is Thermax Moat Score?

Thermax has the Moat Score of 0, which implies that the company might have No Moat - No discernible moat.

Thermax has

Moat Score is a ranking system developed by GuruFocus to assess a company's ability to sustain a competitive advantage, rated on a scale from 0 to 10. It takes into account key factors such as market leadership, cost advantages, network effects, customer switching costs, and more.

The company's Moat Score is based on these criteria:

1. Market leadership and sustainable market share
2. Network effects and significant customer switching costs
3. Valuable intellectual property and patents
4. Strong brand strength and deep customer loyalty
5. Durable cost advantages (e.g., economies of scale, proprietary technology)
6. Significant regulatory barriers and exclusive licenses
7. Superior distribution network
8. Strong and sustainable pricing power
9. Consistent and impactful innovation and R&D capabilities

Based on the research, GuruFocus believes Thermax might have No Moat - No discernible moat.

Thermax  (NSE:THERMAX) Moat Score Explanation

The Moat Score ranges from 0 to 10, with 10 as the highest. GuruFocus divided Moat Score into following 8 categories:

Moat Score Moat Level
10Wide Moat - Exceptionally dominant and durable wide moat
8 - 9Wide Moat - Clear and robust wide moat
7Wide Moat - Entry-level wide moat, clearly possessing durable advantages
6Narrow Moat - Strong narrow moat, clearly distinguishable but not wide
5Narrow Moat - Solid narrow moat
4Narrow Moat - Discernible but modest moat
1 - 3No Moat - Very weak/transient advantages
0No Moat - No discernible moat

Thermax Moat Score Related Terms

NSE:THERMAX
81GF Score
Thermax Ltd NSE:THERMAX
Moat Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Is Thermax (NSE:THERMAX) Overvalued in 2026?

Based on GuruFocus' analysis, Thermax stock appears to be overvalued. The current stock price of ₹4,548.00 is trading 16.6% above its estimated GF Value™ of ₹3,902.14. GuruFocus considers Thermax to be Modestly Overvalued.

Key valuation signals for NSE:THERMAX:

  • Moat Score: 0
  • GF Value™: ₹3,902.14 vs. price of ₹4,548.00 (16.6% above fair value)
  • GF Score™: 81/100 with 6 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.
81GF Score

Get the complete analysis for NSE:THERMAX

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

₹4,548.00
Price
₹3,902.14
GF Value