CG Power and Industrial Solutions vs Thermax: Share Price, Comparison and Key Differences
- August 10, 2026
- Posted by: Lakshit Sharma
- Category: News
CG Power MCap Rs 1,38,620 Cr, PE 111.82x, ROE 15.13%, D/E 0.01. Thermax MCap Rs 47,547 Cr, PE 80.50x, ROE 12.98%, D/E 0.42.
CG Power and Industrial Solutions vs Thermax is a comparison industrial engineering investors look up when evaluating two listed Indian electrical and energy engineering companies. CG Power, now owned by the Murugappa Group after its dramatic turnaround from a corporate governance crisis, makes motors, transformers, switchgear and power distribution equipment. Thermax is a Pune-based engineering company making boilers, heat exchangers, cooling systems, water treatment plants and specialty chemicals for industrial clients.
This CG Power and Industrial Solutions vs Thermax article covers reach and market position, key products, latest declared results and stock valuation. The CG Power and Industrial Solutions vs Thermax data below is sourced from Groww and public company filings and reflects the most recently available information at the time of writing.
CG Power and Industrial Solutions vs Thermax: Reach and Market Position
On the CG Power and Industrial Solutions side of the CG Power and Industrial Solutions vs Thermax comparison, CG Power serves utilities, industrial facilities and railways with motors, transformers (distribution and power), switchgear and rail signalling. Market capitalisation is Rs 1,38,620 Cr.
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On the Thermax side of the CG Power and Industrial Solutions vs Thermax comparison, Thermax serves refineries, cement, chemicals, food and pharmaceutical plants with boilers, heat exchangers, absorption chillers, water treatment and captive cogeneration. Market capitalisation is Rs 47,547 Cr.
CG Power and Industrial Solutions vs Thermax: Key Products and Business Mix
In the CG Power and Industrial Solutions vs Thermax product comparison, CG Power and Industrial Solutions offers: CG Power earns from motors, distribution and power transformers, switchgear, railway signalling and power control centres. EPS is Rs 7.87. PE is 111.82x (elevated due to premium pricing for Murugappa turnaround), ROE 15.13 percent, D/E 0.01.
For Thermax in this CG Power and Industrial Solutions vs Thermax breakdown: Thermax earns from boilers and heaters, cooling systems, water treatment systems and specialty chemicals. EPS is Rs 49.57. PE is 80.50x, ROE 12.98 percent, D/E 0.42.
CG Power and Industrial Solutions vs Thermax: Latest Results
The CG Power and Industrial Solutions vs Thermax results for CG Power and Industrial Solutions: CG Power has a market cap of Rs 1,38,620 Cr and PE of 111.82x. ROE is 15.13 percent with near-zero debt. CG Power is 2.9 times larger than Thermax by market cap. The high PE reflects the market’s premium for its turnaround and Murugappa Group credibility.
The CG Power and Industrial Solutions vs Thermax results for Thermax: Thermax has a market cap of Rs 47,547 Cr and PE of 80.50x. ROE is 12.98 percent. Thermax is cheaper on PE than CG Power with a broadly similar ROE.
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CG Power and Industrial Solutions vs Thermax: Stock and Valuation
The CG Power and Industrial Solutions vs Thermax stock comparison uses the latest available market data from Groww. Investors tracking CG Power and Industrial Solutions vs Thermax should verify current prices on NSE or BSE before trading.
CG Power vs Thermax at current valuations: CG Power trades at Rs 1,38,620 Cr market cap, PE 111.82x, ROE 15.13 percent. Thermax trades at Rs 47,547 Cr market cap, PE 80.50x, ROE 12.98 percent. CG Power is far larger and carries a higher PE premium. Thermax is cheaper on PE with a similar ROE.
CG Power and Industrial Solutions vs Thermax: Quick Comparison Table
The CG Power and Industrial Solutions vs Thermax comparison table below summarises the key metrics covered in this article side by side.
| Parameter | CG Power and Industrial Solutions | Thermax |
|---|---|---|
| Sector | Electrical: motors, transformers, switchgear, rail signalling | Energy and environment: boilers, chillers, water treatment |
| Market Cap | Rs 1,38,620 Cr | Rs 47,547 Cr |
| P/E Ratio | 111.82x (turnaround premium) | 80.50x |
| ROE | 15.13% | 12.98% |
| Debt to Equity | 0.01 | 0.42 |
| Ownership | Murugappa Group (post-turnaround) | Anu Aga/Meher Pudumjee family (Pune-based) |
| Dividend | 0.15% yield | 0.05% yield |
Conclusion
The CG Power and Industrial Solutions vs Thermax comparison above covers the key data points on reach, products, results and valuation. CG Power and Industrial Solutions vs Thermax covers two Indian industrial engineering companies in electrical power and energy equipment. CG Power has a Murugappa-led turnaround premium for its electrical transformation business. Thermax has a diversified industrial energy and environment solutions portfolio. CG Power vs Thermax investors should review order books, industrial capex, renewable energy equipment demand and execution track records. CG Power vs Thermax both benefit from India’s industrial and energy infrastructure build-out – consult a SEBI-registered advisor for personalised guidance.
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Disclaimer: Data and figures in this article are sourced from publicly available information, including company results filings and exchange data, and are current as of the time of writing. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions
What does CG Power make?
Ans. CG Power and Industrial Solutions makes electric motors (LT and HT), distribution and power transformers, switchgear, power control centres and railway signalling systems. It was acquired by the Murugappa Group after a governance crisis.
What does Thermax make?
Ans. Thermax makes industrial boilers, heat recovery systems, absorption chillers (cooling), water treatment plants, captive cogeneration systems and specialty chemicals for industrial water and environment management.
What is CG Power’s Murugappa turnaround?
Ans. CG Power went through a severe governance and financial crisis (2019 to 2020) with fraudulent transactions discovered at the promoter level. The Murugappa Group subsequently acquired a controlling stake and led a successful operational and financial turnaround.
Which has a higher ROE, CG Power or Thermax?
Ans. CG Power has a higher ROE of 15.13 percent versus Thermax at 12.98 percent, reflecting the efficiency gains from the Murugappa turnaround.
Does Thermax pay dividends?
Ans. Yes. Thermax pays a small dividend yield of approximately 0.05 percent.
Are CG Power and Thermax in Nifty 50?
Ans. Neither is in Nifty 50. Both are tracked in Nifty Capital Goods and Nifty 500 indices.
Which is larger, CG Power or Thermax?
Ans. CG Power at Rs 1,38,620 Cr is approximately 2.9 times larger than Thermax at Rs 47,547 Cr.