StoxKEI Industries vs Thermax: share price & financials comparison
NSE: KEI vs THERMAX · Capital Goods · as of 13 Nov 2026
Both prices rebased to 100 at the start of the selected period.
KEI Industries vs Thermax at a glance
KEI Industries (KEI) has a market capitalisation of ₹38,622 Cr, against ₹31,274 Cr for Thermax (THERMAX). Over the past year KEI Industries has returned +1.3%, compared with -15.1% for Thermax. On valuation, KEI Industries trades at a lower P/E of 36.6 versus 53.2. KEI Industries earns a higher return on equity (14.7% vs 10.7%). KEI Industries comes out ahead on size, valuation, profitability, growth, financial health, momentum and technicals. Across the scored metrics below, KEI Industries leads on 17 and Thermax on 1. On StoxGud's 10-point checklist, KEI Industries scores 5/10 and Thermax scores 2/10.
| Metric | KEI Industries | Thermax |
|---|---|---|
| Size | ||
| Market cap | ₹38,622 Cr | ₹31,274 Cr |
| Revenue (latest FY) | ₹11,748 Cr | ₹10,694 Cr |
| Net profit (latest FY) | ₹918 Cr | ₹720 Cr |
| Valuation | ||
| P/E | 36.6 | 53.2 |
| P/B | 5.36 | 5.70 |
| Dividend yield | 0.11% | 0.50% |
| Profitability | ||
| Return on equity | 14.7% | 10.7% |
| Net profit margin | 7.9% | 5.3% |
| Operating margin | 11.0% | 8.0% |
| Growth | ||
| Revenue growth (YoY) | +38.5% | +11.4% |
| Net profit growth (YoY) | +29.0% | -4.3% |
| Revenue CAGR (multi-year) | +22.9% | +17.4% |
| Financial health | ||
| Debt to equity | 0.04 | 0.52 |
| Momentum | ||
| 1-month return | -12.9% | -15.8% |
| 1-year return | +1.3% | -15.1% |
| 3-year CAGR | +16.1% | -1.5% |
| 5-year CAGR | +31.5% | +11.3% |
| 10-year CAGR | +42.4% | +12.6% |
| Distance from 52W high | -31.2% | -46.2% |
| Technicals | ||
| RSI (14) | 67 | 36 |
| Price vs 200-day avg | -15.9% | -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 | KEI Industries | 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 | 5/10 | 2/10 |
A rules-based screen for education only — not a buy or sell recommendation.
FAQs
Which is bigger, KEI Industries or Thermax?
KEI Industries has a market cap of ₹38,622 Cr and Thermax has a market cap of ₹31,274 Cr as of 13 Nov 2026.
Which has a lower P/E, KEI Industries or Thermax?
KEI Industries has the lower P/E: KEI Industries trades at 36.6 and Thermax at 53.2.
Which gave better returns in the last year, KEI Industries or Thermax?
KEI Industries did better: KEI Industries returned +1.3% and Thermax returned -15.1% over one year.
What is the difference between KEI Industries and Thermax?
Both are NSE-listed companies in Capital Goods. KEI Industries is about 1.2 times the size of Thermax by market cap. In the latest financial year KEI Industries reported revenue of ₹11,748 Cr and Thermax ₹10,694 Cr. Operating margin is 11.0% for KEI Industries and 8.0% for Thermax. Debt to equity is 0.04 for KEI Industries and 0.52 for Thermax.
Which is better, KEI Industries or Thermax?
It depends on what you are looking for, and StoxGud does not recommend either stock. On the metrics compared above, KEI Industries leads on 17 and Thermax on 1. KEI Industries is ahead on size, valuation, profitability, growth, financial health, momentum and technicals. On StoxGud's rules-based checklist KEI Industries scores 5/10 and Thermax scores 2/10. This is information, not advice: consult a SEBI-registered adviser before investing.