NSE ScannerComparison · NSE · data 2026-10-31
Thermax Limited. vs Voltas Limited
In plain words
Size: Thermax Limited. is about 1.1 times the market value of Voltas Limited.
Valuation (P/E): Voltas Limited 75.7 vs Thermax Limited. 59.1.
Return on equity: Thermax Limited. 13.7% vs Voltas Limited 5.8%.
Profit growth over 3 years: Voltas Limited 40.7% a year vs Thermax Limited. 17% a year.
Debt to equity: Thermax Limited. 0.42 vs Voltas Limited 0.16.
Differences in the numbers, not a recommendation of either stock.
Side by side
| THERMAX | VOLTAS | |
|---|---|---|
| Price | ₹3,112.2 | ₹1,028 |
| Market cap | ₹37,083 cr | ₹34,015 cr |
| P/E | 59.1 | 75.7 |
| P/B | — | — |
| ROE | 13.7% | 5.8% |
| ROCE | 12.6% | 8.6% |
| Debt / equity | 0.42 | 0.16 |
| Operating margin | 6.4% | 4.3% |
| Dividend yield | 0.45% | 0.39% |
| Sales growth, 3 years (yearly) | 9.8% | 14.4% |
| Profit growth, 3 years (yearly) | 17.0% | 40.7% |
| 1-year return | -4.2% | -27.1% |
| Revenue, last 12 months | ₹10,839 cr | ₹14,979 cr |
| Net profit, last 12 months | ₹593 cr | ₹449 cr |
| Latest quarter | Mar 2026 | — |
| Quarter net profit | ₹244 cr | — |
| Quarter profit vs a year earlier | — | — |
| Promoter holding | 61.98% | 30.30% |
| Health check | Weak (3.4/10) | Average (4/10) |
Common questions
Which has a higher P/E, Thermax Limited. or Voltas Limited?
Voltas Limited trades at the higher P/E (75.7 against 59.1). A higher P/E means the market pays more for each rupee of past earnings; on its own it does not say which is better.
Which earns a higher return on equity?
Thermax Limited. (13.7% against 5.8%).
Which carries more debt?
Thermax Limited. has the higher debt-to-equity ratio (0.42 against 0.16).