StoxBharat Dynamics vs Thermax: share price & financials comparison
NSE: BDL vs THERMAX · Capital Goods · as of 13 Nov 2026
Both prices rebased to 100 at the start of the selected period.
Bharat Dynamics vs Thermax at a glance
Bharat Dynamics (BDL) has a market capitalisation of ₹37,756 Cr, against ₹31,274 Cr for Thermax (THERMAX). Over the past year Thermax has returned -15.1%, compared with -30.5% for Bharat Dynamics. On valuation, Thermax trades at a lower P/E of 53.2 versus 77.3. Bharat Dynamics earns a higher return on equity (10.8% vs 10.7%). Bharat Dynamics comes out ahead on profitability, momentum and technicals. Thermax comes out ahead on size, valuation and growth. Across the scored metrics below, Bharat Dynamics leads on 9 and Thermax on 7. On StoxGud's 10-point checklist, Bharat Dynamics scores 4/10 and Thermax scores 2/10.
| Metric | Bharat Dynamics | Thermax |
|---|---|---|
| Size | ||
| Market cap | ₹37,756 Cr | ₹31,274 Cr |
| Revenue (latest FY) | ₹2,442 Cr | ₹10,694 Cr |
| Net profit (latest FY) | ₹420 Cr | ₹720 Cr |
| Valuation | ||
| P/E | 77.3 | 53.2 |
| P/B | 8.34 | 5.70 |
| Dividend yield | 0.50% | 0.50% |
| Profitability | ||
| Return on equity | 10.8% | 10.7% |
| Net profit margin | 14.9% | 5.3% |
| Operating margin | 8.1% | 8.0% |
| Growth | ||
| Revenue growth (YoY) | +45.1% | +11.4% |
| Net profit growth (YoY) | -15.0% | -4.3% |
| Revenue CAGR (multi-year) | +5.0% | +17.4% |
| Financial health | ||
| Debt to equity | 0.00 | 0.52 |
| Momentum | ||
| 1-month return | -8.5% | -15.8% |
| 1-year return | -30.5% | -15.1% |
| 3-year CAGR | +23.9% | -1.5% |
| 5-year CAGR | +37.5% | +11.3% |
| 10-year CAGR | — | +12.6% |
| Distance from 52W high | -36.2% | -46.2% |
| Technicals | ||
| RSI (14) | 52 | 36 |
| Price vs 200-day avg | -18.4% | -26.9% |
Highlighted cells lead on that metric. Market cap, revenue and RSI are shown for context and not scored.
10-point checklist side by side
| Check | Bharat Dynamics | Thermax |
|---|---|---|
| Price above 50-day average | ✗ | ✗ |
| Price above 200-day average | ✗ | ✗ |
| 50-day average above 200-day (uptrend) | ✗ | ✗ |
| RSI in healthy 40–70 zone | ✓ | ✗ |
| Positive 1-year return | ✗ | ✗ |
| Return on equity above 15% | ✗ | ✗ |
| Debt to equity below 1 | ✓ | ✓ |
| Revenue growing year on year | ✓ | ✓ |
| Net profit margin above 10% | ✓ | ✗ |
| P/E below industry median | ✗ | ✗ |
| Score | 4/10 | 2/10 |
A rules-based screen for education only — not a buy or sell recommendation.
FAQs
Which is bigger, Bharat Dynamics or Thermax?
Bharat Dynamics has a market cap of ₹37,756 Cr and Thermax has a market cap of ₹31,274 Cr as of 13 Nov 2026.
Which has a lower P/E, Bharat Dynamics or Thermax?
Thermax has the lower P/E: Bharat Dynamics trades at 77.3 and Thermax at 53.2.
Which gave better returns in the last year, Bharat Dynamics or Thermax?
Thermax did better: Bharat Dynamics returned -30.5% and Thermax returned -15.1% over one year.
What is the difference between Bharat Dynamics and Thermax?
Both are NSE-listed companies in Capital Goods. Bharat Dynamics is about 1.2 times the size of Thermax by market cap. In the latest financial year Bharat Dynamics reported revenue of ₹2,442 Cr and Thermax ₹10,694 Cr. Operating margin is 8.1% for Bharat Dynamics and 8.0% for Thermax. Debt to equity is 0.00 for Bharat Dynamics and 0.52 for Thermax.
Which is better, Bharat Dynamics or Thermax?
It depends on what you are looking for, and StoxGud does not recommend either stock. On the metrics compared above, Bharat Dynamics leads on 9 and Thermax on 7. Bharat Dynamics is ahead on profitability, momentum and technicals. Thermax is ahead on size, valuation and growth. On StoxGud's rules-based checklist Bharat Dynamics scores 4/10 and Thermax scores 2/10. This is information, not advice: consult a SEBI-registered adviser before investing.