Thermax vs Triveni Turbine vs VA Tech Wabag: Which Stock Should You Track

Thermax PE 69.86, mkt cap Rs 41,262 crore. Triveni Turbine PE 53.20, mkt cap Rs 17,875 crore. VA Tech Wabag PE 32.48, mkt cap Rs 12,804 crore.

Updated: 24 Sept 2026 • 9:53 am

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Thermax vs Triveni Turbine vs VA Tech Wabag: Which Stock Should You Track

Quick Answer

Thermax vs Triveni Turbine vs VA Tech Wabag is a side-by-side comparison of three companies from the Water and Thermal Engineering space. On this comparison, Thermax carries a market capitalisation of about Rs 41,262 crore against Rs 17,875 crore for Triveni Turbine and Rs 12,804 crore for VA Tech Wabag, with return on equity of 12.98%, 24.18% and 14.42% respectively. Each company's numbers are presented here without a declared better pick, since the right stock depends on an investor's own criteria.

Thermax vs Triveni Turbine vs VA Tech Wabag starts with the core numbers most investors compare within the Water and Thermal Engineering segment: market capitalisation, valuation multiples, profitability and dividend yield. Figures below are sourced as of September 2026 and will shift with daily price moves.

All three names sit in the Water and Thermal Engineering bucket, which makes them a natural set to place side by side rather than a random trio of unrelated businesses.

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Table of Contents

Thermax, Triveni Turbine and VA Tech Wabag: Company Overview

Thermax is a listed Indian company in the Water and Thermal Engineering space, tracked here on book value, return ratios and valuation alongside its peers in this comparison.

Triveni Turbine is a listed Indian company in the Water and Thermal Engineering space, tracked here on book value, return ratios and valuation alongside its peers in this comparison.

VA Tech Wabag is a listed Indian company in the Water and Thermal Engineering space, tracked here on book value, return ratios and valuation alongside its peers in this comparison.

Thermax vs Triveni Turbine vs VA Tech Wabag: Valuation and Profitability Snapshot

Metric	Thermax	Triveni Turbine	VA Tech Wabag
Market Cap (approx.)	Rs 41,262 crore	Rs 17,875 crore	Rs 12,804 crore
PE Ratio (TTM)	69.86	53.20	32.48
PB Ratio	7.43	12.36	4.98
Return on Equity (ROE)	12.98%	24.18%	14.42%
EPS (TTM, Rs)	49.57	10.57	63.08
Dividend Yield	0.06%	0.76%	0.24%
Debt to Equity	0.42	0.02	0.09
Book Value per Share (Rs)	465.88	45.49	411.02

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On valuation, Thermax trades at a PE of 69.86 and a PB of 7.43, Triveni Turbine at a PE of 53.20 and a PB of 12.36, while VA Tech Wabag trades at a PE of 32.48 and a PB of 4.98. On return on equity, the three post 12.98%, 24.18% and 14.42% respectively, and on dividend yield they stand at 0.06%, 0.76% and 0.24%.

Thermax vs Triveni Turbine vs VA Tech Wabag: Latest Quarterly Results

Company	Latest Quarter Revenue	Latest Quarter Net Profit	YoY Change (Revenue)	QoQ Change (Revenue)
Thermax	Rs 2,370.92 crore	Rs 21.79 crore	+6.6%	-31.9%
Triveni Turbine	Rs 471.10 crore	Rs 51.10 crore	+19.7%	-32.3%
VA Tech Wabag	Rs 938.80 crore	Rs 90.10 crore	+26.0%	-35.1%

Quarterly figures above are the most recent reported quarter for each company (Q1 FY28, quarter ended June 2026), compared with the year-ago and preceding quarter.

Download the Univest iOS App or Univest Android App to track Thermax, Triveni Turbine and VA Tech Wabag live prices.

What Should Investors Look at Beyond These Numbers?

Beyond the metrics above, investors comparing these three water and thermal engineering names should track quarter-on-quarter revenue and margin trends, management commentary on demand and cost drivers, and any sector-specific regulatory developments, since a single-quarter snapshot can shift quickly.

Conclusion

Thermax vs Triveni Turbine vs VA Tech Wabag highlights how differently three companies in the same water and thermal engineering segment can score across valuation, profitability and dividend metrics, even when operating in a similar space. This comparison does not declare a winner; investors should weigh these figures against their own research and risk appetite. Please read the disclaimer below before making any investment decision.

Disclaimer: Data and figures in this article are sourced from publicly available information as of September 2026 and may not reflect real-time prices. Please verify all data independently before making any investment decision. This comparison does not recommend or endorse any single stock over another; 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).

FAQs on Thermax vs Triveni Turbine vs VA Tech Wabag

What is the market cap difference between Thermax, Triveni Turbine and VA Tech Wabag?

Ans. As of September 2026, Thermax has a market cap of approximately Rs 41,262 crore, Triveni Turbine is at approximately Rs 17,875 crore, and VA Tech Wabag is at approximately Rs 12,804 crore.

Which of the three has the highest PE ratio?

Ans. Among Thermax, Triveni Turbine and VA Tech Wabag, the PE ratios stand at 69.86, 53.20 and 32.48 respectively as of September 2026.

Which of the three has the highest ROE?

Ans. Thermax, Triveni Turbine and VA Tech Wabag post ROE of 12.98%, 24.18% and 14.42% respectively as of September 2026.

Which of these three stocks pays the highest dividend yield?

Ans. Thermax, Triveni Turbine and VA Tech Wabag carry dividend yields of 0.06%, 0.76% and 0.24% respectively.

What is the debt to equity ratio for Thermax, Triveni Turbine and VA Tech Wabag?

Ans. Thermax carries a debt to equity of 0.42, Triveni Turbine of 0.02, and VA Tech Wabag of 0.09.

Which of the three trades at the highest price to book value?

Ans. Thermax, Triveni Turbine and VA Tech Wabag trade at price to book ratios of 7.43, 12.36 and 4.98 respectively.

Is one of Thermax, Triveni Turbine or VA Tech Wabag better than the others?

Ans. This comparison does not declare one stock better than another; each company scores differently across valuation, profitability and dividend metrics, and the right fit depends on an individual investor's own criteria and research.