AI Summary
✦ ClarthaThermax is an industrial solutions company serving energy, environmental, and chemical markets. Industrial Products drives revenue through boilers, heating equipment, chillers, pollution-control systems, and water-treatment services. Industrial Infra adds EPC projects for power plants, infrastructure, and flue-gas desulphurisation. June 2026 consolidated sales rose 7.1% year-on-year, accelerating from 3.6% annual revenue growth and supporting improving margins. Profit growth of 13.6% exceeds revenue growth, indicating operating leverage and better earnings conversion. However, ROE is unavailable, while debt-to-equity of 42.17 implies leverage can amplify shareholder returns and financial risk. At 76.9 times earnings, the stock is expensive relative to its modest growth rate and faces negative market sentiment. The valuation is rich, with execution across EPC projects and margin durability remaining key open questions.
Price Forecast
Probabilistic Range
Probabilistic lognormal cone using 1Y realized volatility and analyst-target drift when available.
Revenue Forecast
₹ CrEPS Forecast
₹ / shareMulti-factor synthesis of 5 key dimensions
From 21 analysts
Fundamentals
Fundamentals institutional score is 65 using growth durability 65.4.
Valuation
Valuation institutional score is 56 using relative multiple z-scores where peer dispersion is available.
Analyst Consensus
Analyst View institutional score is 44 using mean target upside 8.4%; dispersion penalty 18.4; recommendation breadth from available consensus.
Technical Structure
Technicals institutional score is 20 using EMA-20 continuation within 5% tolerance; VCP range/volume contraction proxy.
Market Sentiment
Recent news flow is balanced or not decisive enough to tilt the tape. Based on 9 recent ticker-linked news items.
Signal Summary
Market intelligence remains Mixed. fundamentals provide support, while analyst consensus and technical structure remain considerations.
Composite weights: Fundamentals 25%, Valuation 20%, Analyst Consensus 20%, Technical Structure 20%, Market Sentiment 15%.
Key Data Points
Important Note: This is market intelligence, not investment advice. Always conduct your own research and consider your financial goals and risk tolerance.
Valuation Metrics
Trading 17.9% above historical median. Valuation is rising — currently in the fair zone (z-score: +0.37). Confidence: 78%.
Live forward EPS implies next-12-month EPS of ₹89.41. Applying the stock's normalized valuation corridor produces a fair range of ₹5,259.99 to ₹7,619.52, with base value near ₹5,834.90 (+44.0% vs current price).
Live forward estimate anchored to the company's historical valuation corridor.
Forward EPS
₹89.41
Forward P/E
45.3x
Base Fair Value
₹5,834.90
Fair Range
₹5,259.99 - ₹7,619.52
Upside To Base
+44.0%
Estimate Source
Live forward EPS
Growth Estimate
-83.4%
5Y Average
58.85
Current
76.92
Overvalued
85.22
Undervalued
58.83
5Y Average
39.90
Current
52.05
Overvalued
50.68
Undervalued
27.41
5Y Average
7.82
Current
8.23
Overvalued
8.24
Undervalued
7.15
Peers & Comparison
Sector: Industrials · Theme: Industrial Machinery
| Company | Rev. Growth | Margin | P/E | vs Avg | 52W Perf. |
|---|---|---|---|---|---|
LMW LIMITED LMWIndustrial Machinery | +24.0% | 5.2% | 108.2x Premium | +67% vs avg | +12.1% |
INGERSOLL-RAND INDIA LTD INGERRANDIndustrial Machinery | -3.7% | 18.4% | 52.6x Undervalued | -19% vs avg | +18.5% |
CUMMINS INDIA LTD CUMMINSINDIndustrial Machinery | +17.9% | 18.7% | 64.0x Fair | -1% vs avg | +43.1% |
CRAFTSMAN AUTOMATION LTD CRAFTSMANIndustrial Machinery | +36.3% | 5.3% | 53.0x Undervalued | -18% vs avg | +52.8% |
GRINDWELL NORTON LIMITED GRINDWELLIndustrial Machinery | +14.2% | 13.8% | 53.6x Undervalued | -17% vs avg | +43.1% |
KIRLOSKAR BROTHERS LTD KIRLOSBROSIndustrial Machinery | +12.9% | 8.0% | 41.3x Undervalued | -36% vs avg | +1.5% |
AIA ENGINEERING LIMITED AIAENGIndustrial Machinery | +9.4% | 28.7% | 35.2x Undervalued | -46% vs avg | +53.4% |
CARBORUNDUM UNIVERSAL LTD CARBORUNIVIndustrial Machinery | +20.7% | 3.8% | 108.7x Premium | +68% vs avg | +29.2% |
THERMAX LTD trades at a premium (76.8x vs peer avg 64.6x), implying higher growth or quality expectations from the Industrial Machinery cohort. Peers include LMW LIMITED, INGERSOLL-RAND INDIA LTD, CUMMINS INDIA LTD — selected based on business model, industry classification, market cap similarity, and business theme alignment.
Financials
Real statement data for revenue, earnings quality, conversion, and balance-sheet coverage. Monetary values are shown in Rs crore.
Latest revenue
₹1.60K CrDec 2025Latest net profit
₹90 CrDec 2025Latest EPS
₹14.73Dec 2025Net margin
7.0%Dec 2025Performance
Bars show revenue and net profit. The line shows net margin.
- Revenue
- Net income
- Net margin %
Earnings
Revenue is shown in crores. EPS is rupees per share.
- Revenue
- EPS
Revenue to profit conversion
Bridge from operating numbers to profit for the latest reported period.
Latest reported period: Dec 2025
Debt level and coverage
Debt, cash and free cash flow compared on the same crore scale.
- Debt
- Free cash flow
- Cash & equivalents
Results
| Metric | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,490 | 1,161 | 1,444 | 1,480 | 1,738 | 1,311 | 1,523 | 1,453 | 1,972 | 1,189 | 1,505 | 1,599 |
| Expenses | 1,344 | 1,077 | 1,303 | 1,359 | 1,603 | 1,239 | 1,396 | 1,342 | 1,755 | 1,134 | 1,399 | 1,460 |
| Operating Profit | 128 | 66.21 | 124 | 103 | 115 | 53.62 | 107 | 91.51 | 196 | 30.47 | 80.37 | 112 |
| OPM % | 8.56% | 5.7% | 8.56% | 6.96% | 6.65% | 4.09% | 7% | 6.3% | 9.96% | 2.56% | 5.34% | 7% |
| Other Income | 45.95 | 49.15 | 57.79 | 34.7 | 51.85 | 68.53 | 37.48 | 40.87 | 55.65 | 34.85 | 178 | 38.7 |
| Interest | 6.84 | 5.32 | 5.61 | 6.16 | 6.75 | 5.97 | 8.3 | 8.49 | 8.64 | 3.4 | 5.01 | 8.49 |
| Depreciation | 18.17 | 17.53 | 17.75 | 17.98 | 19.48 | 18.79 | 20.31 | 18.93 | 20.36 | 24.16 | 25.63 | 27.02 |
| Profit before tax | 167 | 110 | 176 | 132 | 161 | 116 | 136 | 124 | 243 | 61.92 | 253 | 142 |
| Tax % | 31.03% | 14.11% | 21.62% | 43.38% | 19.94% | 25.99% | 20.56% | 16.72% | 25.53% | 24.95% | 10.85% | 36.6% |
| Net Profit | 115 | 94.51 | 138 | 74.5 | 129 | 85.98 | 108 | 103 | 181 | 46.47 | 226 | 90.1 |
| EPS in Rs | 10.25 | 3.68 | 5.41 | 16.84 | 10.79 | 7.22 | 9.06 | 8.66 | 23.09 | 3.90 | 18.96 | 14.73 |
All values in Rs. Crore unless otherwise stated. Source: CMIE Prowess, Quarterly Interim Standalone.