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Model Note · THERMAX LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
THERMAX LTD Discounted cash flow · base FY26
THERMAX LTD
Value per share, this model₹499
CMP 2026-09-10₹3,692.50
Difference(86.5)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of THERMAX LTD, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
3% a year
FY26 2.9% · 5-yr CAGR 17.4%
EBITDA margin
10.2%
FY26 10.2% · 5-yr average 8.5%
Depreciation · capex, % of revenue
1.9% · 8.9%, fading to 1.2× depreciation
FY26 1.9% · 8.9%
Working capital, % of added revenue · tax
9.9% · 28.5%
36 working-capital days · effective 28.5%
Discount rate
11.00%
1-yr beta 0.49
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,614 · ₹0 · ₹0 cr
FY26 net debt ₹1,614 cr
Shares
11.92 crore
11.92 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
10,694
11,015
11,345
11,686
12,036
12,397
growth %
2.9
3.0
3.0
3.0
3.0
3.0
EBITDA
1,087
1,124
1,157
1,192
1,228
1,265
Depreciation
(208)
(209)
(216)
(222)
(229)
(236)
NOPAT
629
654
673
693
714
736
less capex
(952)
(980)
(822)
(653)
(474)
(283)
less working-capital build
—
(32)
(33)
(34)
(35)
(36)
Free cash flow to firm
—
(149)
34
229
435
653
Present value
(142)
29
176
302
408
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · THERMAX LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
774
PV of the terminal value (90% of EV)
6,780
Enterprise value
7,554
less net debt
(1,614)
less non-controlling interest
0
add non-operating investments
0
Equity value
5,940
÷ 11.92 crore shares
₹499
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
522
578
647
730
834
10.5%
463
510
566
633
714
11.0%
413
452
499
553
619
11.5%
369
403
442
487
541
12.0%
331
360
393
432
476
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
