Thermax vs Peers
- Market cap
- ₹36,456 crore
- P/E
- 61.4
- P/B
- 6.57
- ROE
- 13.7%
- Dividend yield
- 0.62%
Thermax ranks 9th by market capitalisation among 28 Heavy Electrical Equipment companies tracked by ATS. Its largest peers are Bharat Heavy Electricals, ABB India and Hitachi Energy India. Its P/E of 61.4 compares with a peer median of 93.7.
Thermax vs Heavy Electrical Equipment peers
Sorted by market capitalisation.
| Company | Close (₹) | 1D | Market cap (₹ cr) | P/E | P/B | ROE | 1Y return |
|---|---|---|---|---|---|---|---|
| Bharat Heavy Electricals | 448.25 | -0.83% | 1,56,083 | 64.2 | 5.97 | 6.3% | +12.5% |
| ABB India | 7,014.00 | -1.52% | 1,48,633 | 94.0 | 15.91 | 22.4% | +12.5% |
| Hitachi Energy India | 31,690.00 | +0.16% | 1,41,250 | 122.8 | 27.29 | 21.0% | +12.5% |
| CG Power and Industrial Solutions | 893.85 | -1.99% | 1,40,774 | 112.6 | 17.66 | 20.4% | +12.5% |
| Siemens | 3,807.40 | -1.21% | 1,35,589 | 93.4 | 10.25 | 14.7% | +12.5% |
| Siemens Energy India | 3,364.40 | +1.72% | 1,19,813 | 80.5 | 24.90 | 29.0% | +12.5% |
| GE Vernova T&D India | 4,314.90 | +1.64% | 1,10,482 | 84.7 | 41.07 | 55.3% | +12.5% |
| Suzlon Energy | 38.50 | -1.69% | 52,914 | 16.8 | 5.59 | 40.6% | +12.5% |
| Thermax | 3,236.30 | +0.35% | 36,456 | 61.4 | 6.57 | 13.7% | +22.0% |
| Schneider Electric Infrastructure | 1,254.30 | -1.55% | 29,991 | 163.2 | 38.73 | 31.8% | +12.5% |
| TD Power Systems | 829.65 | +1.67% | 25,921 | 94.3 | 24.19 | 24.7% | +12.5% |
Source: NSE end-of-day prices; ratios from company filings. Data as of 7 October 2026. How this data is compiled.
Thermax peer comparison — frequently asked questions
Who are Thermax's competitors?
Thermax's listed peers in Heavy Electrical Equipment include Bharat Heavy Electricals, ABB India, Hitachi Energy India, CG Power and Industrial Solutions, Siemens and Siemens Energy India, ranked here by market capitalisation.
How does Thermax's P/E compare with its peers?
Thermax trades at a P/E of 61.4, against a median of 93.7 across the 10 Heavy Electrical Equipment peers shown.
Which is the largest company among Thermax's peers?
By market capitalisation, the largest company in the group is Bharat Heavy Electricals at ₹1.56 lakh crore, against ₹36,456 crore for Thermax.
Same Data For Peers
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Figures are for information only and are not investment advice or a recommendation to buy, sell or hold any security. Investments in securities are subject to market risks; read all related documents carefully before investing.