Thermax (NSE:THERMAX) ROCE %: 20.18% (As of Mar. 2026)

What is Thermax ROCE %?

Thermax NSE:THERMAX +1.50% 76 ROCE % is 20.18% as of Mar. 2026. GuruFocus rates NSE:THERMAX with a GF Score™ of 76/100 and a GF Value™ of ₹3,872.91 (Modestly Overvalued). The stock has 7 warning signs investors should review.

ROCE % measures how well a company generates profits from its capital. It is calculated as EBIT divided by Capital Employed, where Capital Employed is calculated as Total Assets minus Total Current Liabilities. Thermax's annualized ROCE % for the quarter that ended in Mar. 2026 was 20.18%.

Thermax (NSE:THERMAX) ROCE % Explanation

ROCE % can be especially useful when comparing the performance of capital-intensive companies. Unlike ROE %, which indicates the profitability of Shareholders Equity, ROCE % also considers long-term debt in Capital Employed. This can be helpful when analyzing companies with significant debt, as the result is neutralized by taking debt into consideration.

Generally speaking, a higher ROCE % indicates a stonger profitability for a company. Moreover, it is important to look at the ratio from a long term perspective. Investors tend to favor companies with stable and rising ROCE % trend over those with volatile ones.

Thermax ROCE % Related Terms

Thermax ROCE % Historical Data

* Premium members only.

The historical data trend for Thermax's ROCE % 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 ROCE % Chart

Thermax Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

ROCE %

Get a 7-Day Free Trial

12.19

15.74

19.38

16.93

16.54

Thermax Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
ROCE %	Get a 7-Day Free Trial															20.73	15.10	12.21	19.15	20.18

76GF Score

Thermax Ltd NSE:THERMAX

ROCE % is just one metric. See GF Score™, valuation, warning signs, and more.

View Full Analysis

Thermax ROCE % Calculation

Thermax's annualized ROCE % for the fiscal year that ended in Mar. 2026 is calculated as:

ROCE %	=	EBIT	/	( (Capital Employed	+	Capital Employed)	/ count )
		(A: Mar. 2026 )		(A: Mar. 2025 )		(A: Mar. 2026 )
	=	EBIT	/	( ( (Total Assets - Total Current Liabilities)	+	(Total Assets - Total Current Liabilities) )	/ count )
		(A: Mar. 2026 )		(A: Mar. 2025 )		(A: Mar. 2026 )
	=	11469	/	( ( (120380.2 - 56350.9)	+	(132821.1 - 58203.6) )	/ 2 )
	=	11469	/	( (64029.3	+	74617.5)	/ 2 )
	=	11469	/	69323.4
	=	16.54 %

Thermax's ROCE % of for the quarter that ended in Mar. 2026 is calculated as:

ROCE %	=	EBIT ⁽¹⁾	/	( (Capital Employed	+	Capital Employed)	/ count )
		(Q: Mar. 2026 )		(Q: Dec. 2025 )		(Q: Mar. 2026 )
	=	EBIT	/	( ( (Total Assets - Total Current Liabilities)	+	(Total Assets - Total Current Liabilities) )	/ count )
		(Q: Mar. 2026 )		(Q: Dec. 2025 )		(Q: Mar. 2026 )
	=	15059.2	/	( ( (0 - 0)	+	(132821.1 - 58203.6) )	/ 1 )
	=	15059.2	/	( ( 0	+	74617.5 )	/ 1 )
	=	15059.2	/	74617.5
	=	20.18 %

(1) Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

Frequently Asked Questions Learn more about ROCE % →

What does a ROCE % of 20.18% mean?

Thermax (NSE:THERMAX) has a ROCE % of 20.18% as of Mar. 2026.

Is Thermax's ROCE % too high?

Thermax's current ROCE % is 20.18%. The Conglomerates industry median ROCE % is 6.92. Thermax's value of 20.18% is 191.6% above this industry median. 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 ROCE % compare to HON and MMM?

Thermax's ROCE % of 20.18% can be compared against companies in the Conglomerates industry. The industry median ROCE % is 6.92. Thermax's value of 20.18% is 191.6% 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 ROCE % for a Conglomerates company?

The median ROCE % among Conglomerates companies is 6.92, based on 556 companies in the industry. Companies in the top quartile (top 25%) have a ROCE % significantly above this median, while those in the bottom quartile fall well below. However, ROCE % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Thermax's current ROCE % of 20.18% is 191.6% 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 ROCE % mean?

A high ROCE % can signal that a stock is expensive relative to its fundamentals. For the Conglomerates industry, the median ROCE % is 6.92 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Thermax's current ROCE % is 20.18%. 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 ₹3,872.91, compared to a current price of ₹4,828.80 — trading 24.7% above its estimated fair value. The current ROCE % is 20.18% and 191.6% above the Conglomerates industry median of 6.92. 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 ROCE % calculated?

ROCE % is calculated from a company's financial statements. For Thermax (NSE:THERMAX), the current ROCE % is 20.18% 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 ₹4,828.80 is trading 24.7% above its estimated GF Value™ of ₹3,872.91. GuruFocus considers Thermax to be Modestly Overvalued.

Key valuation signals for NSE:THERMAX:

ROCE %: 20.18%
GF Value™: ₹3,872.91 vs. price of ₹4,828.80 (24.7% above fair value)
GF Score™: 76/100 with 7 warning signs
Industry Position: 191.6% above the Conglomerates median

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

Industry Industrials Conglomerates

Comparable Companies BOM:540762 BOM:500164 BOM:523395 NSE:SRF BOM:513375 BOM:513023 BOM:523367 BOM:500048 BOM:532642 BOM:513377 ADX:IHC HON TSE:6501 TSE:8058 MMM TSE:8001 TSE:8031 TSE:5803 TSE:8002 TSE:8053

Other Exchanges 500411:India

Address 14, Mumbai-Pune Road, Thermax House, Wakdewadi, Pune, MH, IND, 411 003

Website https://www.thermaxglobal.com

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

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

₹4,828.80

Price

₹3,872.91

GF Value

View NSE:THERMAX Analysis

See ROCE % data for all stocks →