Cummins India vs Thermax: share price, P/E, ROE and financials compared
Cummins India
Thermax
Cummins India and Thermax at a glance
Cummins India and Thermax are both listed in Capital Goods. Cummins India is the larger by market cap, at ₹1.1L Cr against ₹30,937 Cr for Thermax (3.6 times as large). On valuation, Cummins India has the lower P/E (49.8× against 52.2×), while Thermax has the lower price-to-book (5.58× against 13.52×). On returns and margins, Cummins India has the higher ROCE (35.0% against 15.3%), the higher ROE (29.5% against 13.7%) and the higher operating margin (20.6% against 12.4%). Over three years, Cummins India has faster 3-year sales growth (+16.1% against +9.8% a year) and faster 3-year profit growth (+24.3% against +17.0% a year). Cummins India carries less debt for its equity, with a debt-to-equity of 0.00× against 0.42×.
Key metrics, side by side
| Metric | Cummins IndiaCUMMINSIND | ThermaxTHERMAX |
|---|---|---|
| Price (₹) | 4,048.80 | 2,746.30 |
| Market cap (₹ Cr) | 1,12,233 | 30,937 |
| P/E | 49.8× (the lower figure, shaded) | 52.2× |
| P/B | 13.52× | 5.58× (the lower figure, shaded) |
| Dividend yield, trailing | 1.63% (the higher figure, shaded) | 0.73% |
| ROE | 29.5% (the higher figure, shaded) | 13.7% |
| ROCE | 35.0% (the higher figure, shaded) | 15.3% |
| Operating margin (OPM) | 20.6% (the higher figure, shaded) | 12.4% |
| Net margin (NPM) | 18.7% (the higher figure, shaded) | 5.5% |
| Sales CAGR 3Y | +16.1% (the higher figure, shaded) | +9.8% |
| Profit CAGR 3Y | +24.3% (the higher figure, shaded) | +17.0% |
| Debt to equity | 0.00× (the lower figure, shaded) | 0.42× |
| Interest cover | 249.7× (the higher figure, shaded) | 8.5× |
| Net profit TTM (₹ Cr) | – | 593 |
| 1Y return | −6.0% | +1.5% (the higher figure, shaded) |
| Promoter holding | 51.00% | 61.98% |
Cummins India vs Thermax: common questions
Which is bigger, Cummins India or Thermax?
By market cap, Cummins India is bigger at ₹1.1L Cr, against ₹30,937 Cr for Thermax (prices as of 6 Nov 2026).
Which has a lower P/E ratio, Cummins India or Thermax?
Cummins India trades at a P/E of 49.8× and Thermax at 52.2×. Cummins India has the lower P/E. P/E is the share price divided by earnings per share; it varies a lot between industries and with growth, so it says little on its own.
Which has a higher ROE, Cummins India or Thermax?
Cummins India reports a return on equity of 29.5% and Thermax 13.7%. Cummins India has the higher ROE. ROE is net profit as a share of shareholders’ equity.
Which is growing faster, Cummins India or Thermax?
Over the last three years: Sales grew +16.1% a year at Cummins India and +9.8% at Thermax, so Cummins India grew sales faster; profit grew +24.3% a year at Cummins India and +17.0% at Thermax, so Cummins India grew profit faster. Past growth doesn’t predict future growth.