Thermax Limited
Thermax Limited (THERMAX) financial statements and selected valuation metrics from NSE/BSE exchange filings through 30 June 2026.
Industrials›Capital Goods›Electrical Equipment›Heavy Electrical Equipment
thermaxglobal.com(opens the company website in a new tab)Key metrics
Price as of 2026-09-02
Stock price
₹3752.50
Market cap
42,283 Cr
Stock P/E
62.5
P/B
7.58
Dividend yield
0.4%
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Share price
NSE closing price from historical market data.
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Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · NSE preferred when both exchanges report the same period · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,302 Cr | 2,324 Cr | 2,764 Cr | 2,184 Cr | 2,612 Cr | 2,508 Cr | 3,085 Cr | 2,150 Cr | 2,474 Cr | 2,635 Cr | 3,428 Cr | 2,303 Cr |
| Operating expenses (approx.) | 2,098 Cr | 2,137 Cr | 2,491 Cr | 2,043 Cr | 2,334 Cr | 2,319 Cr | 2,785 Cr | 1,925 Cr | 2,302 Cr | 2,380 Cr | 3,054 Cr | 2,234 Cr |
| EBITDA | 205 Cr | 187 Cr | 273 Cr | 141 Cr | 278 Cr | 189 Cr | 300 Cr | 225 Cr | 172 Cr | 255 Cr | 374 Cr | 69 Cr |
| OPM % | 8.9% | 8.1% | 9.9% | 6.5% | 10.6% | 7.5% | 9.7% | 10.5% | 7.0% | 9.7% | 10.9% | 3.0% |
| Other income | 66 Cr | 58 Cr | 55 Cr | 84 Cr | 60 Cr | 32 Cr | 77 Cr | 66 Cr | 85 Cr | 63 Cr | 54 Cr | 68 Cr |
| Interest | 20 Cr | 27 Cr | 28 Cr | 27 Cr | 29 Cr | 29 Cr | 31 Cr | 30 Cr | 32 Cr | 34 Cr | 42 Cr | 35 Cr |
| Depreciation | 33 Cr | 36 Cr | 50 Cr | 36 Cr | 42 Cr | 35 Cr | 45 Cr | 49 Cr | 51 Cr | 53 Cr | 54 Cr | 60 Cr |
| Profit before tax | 217 Cr | 309 Cr | 251 Cr | 161 Cr | 266 Cr | 156 Cr | 301 Cr | 211 Cr | 174 Cr | 289 Cr | 334 Cr | 42 Cr |
| Tax % | 27.1% | 23.3% | 25.2% | 32.2% | 25.6% | 27.2% | 31.6% | 28.4% | 31.2% | 29.0% | 26.9% | 48.3% |
| Net profit | 159 Cr | 237 Cr | 188 Cr | 109 Cr | 198 Cr | 114 Cr | 206 Cr | 151 Cr | 119 Cr | 205 Cr | 244 Cr | 22 Cr |
| EPS (₹) | ₹14.00 | ₹21.17 | ₹16.90 | ₹10.28 | ₹17.49 | ₹10.29 | ₹18.27 | ₹13.53 | ₹10.62 | ₹18.12 | ₹21.68 | ₹2.24 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2019 | Mar 2020 | Mar 2021BSE balance sheet (this exchange's own filing had none for this period) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 5,973 Cr | 5,731 Cr | 4,791 Cr | 6,128 Cr | 8,090 Cr | 9,323 Cr | 10,389 Cr | 10,694 Cr | Sign in for TTM |
| Operating expenses (approx.) | 5,516 Cr | 5,325 Cr | 4,436 Cr | 5,707 Cr | 7,492 Cr | 8,526 Cr | 9,481 Cr | 9,668 Cr | Sign in for TTM |
| EBITDA | 457 Cr | 406 Cr | 355 Cr | 421 Cr | 598 Cr | 797 Cr | 908 Cr | 1,026 Cr | Sign in for TTM |
| OPM % | 7.7% | 7.1% | 7.4% | 6.9% | 7.4% | 8.6% | 8.7% | 9.6% | Sign in for TTM |
| Other income | 150 Cr | 100 Cr | 108 Cr | 127 Cr | 160 Cr | 233 Cr | 252 Cr | 267 Cr | Sign in for TTM |
| Interest | 14 Cr | 15 Cr | 21 Cr | 25 Cr | 38 Cr | 88 Cr | 117 Cr | 139 Cr | Sign in for TTM |
| Depreciation | 92 Cr | 117 Cr | 115 Cr | 113 Cr | 117 Cr | 148 Cr | 159 Cr | 208 Cr | Sign in for TTM |
| Profit before tax | 410 Cr | 375 Cr | 275 Cr | 410 Cr | 603 Cr | 869 Cr | 884 Cr | 1,008 Cr | Sign in for TTM |
| Tax % | 20.7% | 43.3% | 24.9% | 23.8% | 25.3% | 26.0% | 29.1% | 28.5% | Sign in for TTM |
| Net profit | 325 Cr | 212 Cr | 207 Cr | 312 Cr | 451 Cr | 643 Cr | 627 Cr | 720 Cr | Sign in for TTM |
| EPS (₹) | ₹28.90 | ₹18.87 | ₹18.34 | ₹27.73 | ₹39.98 | ₹57.30 | ₹56.33 | ₹63.95 | Sign in for TTM |
| Dividend payout % | — | — | — | 25.2% | 22.7% | 17.5% | 21.6% | 21.9% | Sign in for TTM |
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Trailing twelve months totals and margin rows
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2019 | Mar 2020 | Mar 2021BSE balance sheet (this exchange's own filing had none for this period) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 23 Cr | 23 Cr | 23 Cr | 23 Cr | 23 Cr | 23 Cr | 23 Cr | 23 Cr |
| Reserves | 2,992 Cr | 3,005 Cr | 3,229 Cr | 3,470 Cr | 3,846 Cr | 4,417 Cr | 4,914 Cr | 5,527 Cr |
| Borrowings | 220 Cr | — | 305 Cr | — | 811 Cr | 1,256 Cr | 1,693 Cr | 2,288 Cr |
| Other liabilities | 3,566 Cr | 2,928 Cr | 2,950 Cr | 3,969 Cr | 4,158 Cr | 4,457 Cr | 5,402 Cr | 5,415 Cr |
| Total liabilities | 6,800 Cr | 5,956 Cr | 6,507 Cr | 7,461 Cr | 8,839 Cr | 10,153 Cr | 12,038 Cr | 13,282 Cr |
| Fixed assets (net) | 1,255 Cr | — | 1,210 Cr | — | 1,216 Cr | 1,874 Cr | 2,615 Cr | 2,868 Cr |
| CWIP | 40 Cr | — | 21 Cr | — | 434 Cr | 519 Cr | 561 Cr | 1,392 Cr |
| Investments | 829 Cr | — | 234 Cr | — | 1,626 Cr | 1,765 Cr | 1,699 Cr | 1,784 Cr |
| Loans & advances | 7 Cr | — | 4 Cr | — | 2 Cr | 1 Cr | 1 Cr | 1 Cr |
| Inventories | 509 Cr | — | 405 Cr | — | 756 Cr | 765 Cr | 720 Cr | 910 Cr |
| Trade receivables | 1,378 Cr | — | 1,237 Cr | — | 1,762 Cr | 2,116 Cr | 2,418 Cr | 2,205 Cr |
| Cash & bank | 308 Cr | — | 461 Cr | — | 453 Cr | 487 Cr | 418 Cr | 674 Cr |
| Other assets | 2,473 Cr | 5,956 Cr | 2,934 Cr | 7,461 Cr | 2,590 Cr | 2,625 Cr | 3,607 Cr | 3,449 Cr |
| Total assets | 6,800 Cr | 5,956 Cr | 6,507 Cr | 7,461 Cr | 8,839 Cr | 10,153 Cr | 12,038 Cr | 13,282 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2019 | Mar 2020 | Mar 2021BSE balance sheet (this exchange's own filing had none for this period) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | — | — | — | 325 Cr | 460 Cr | 247 Cr | 1,043 Cr | 542 Cr |
| Cash from investing | — | — | — | -422 Cr | -680 Cr | -509 Cr | -1,241 Cr | -587 Cr |
| Cash from financing | — | — | — | -21 Cr | 349 Cr | 285 Cr | 124 Cr | 248 Cr |
| Net cash flow | — | — | — | -115 Cr | 144 Cr | 19 Cr | -74 Cr | 224 Cr |
| Free cash flow (OCF − Capex) | — | — | — | 241 Cr | -190 Cr | -597 Cr | 140 Cr | -411 Cr |
Ratios
Ratios as reported or derived per annual period.
| Metric | Mar 2019 | Mar 2020 | Mar 2021BSE balance sheet (this exchange's own filing had none for this period) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| ROCE % | 13.1% | 12.9% | 8.3% | 12.5% | 13.7% | 16.8% | 15.1% | 14.6% |
| ROE % | 10.8% | 7.0% | 6.7% | 8.9% | 11.6% | 14.5% | 12.8% | 12.9% |
| Debtor days | 84 | — | 94 | — | 79 | 83 | 85 | 75 |
| Inventory days | 57 | — | 60 | — | 62 | 55 | 47 | 61 |
| Days payable | 154 | — | 168 | — | 123 | 110 | 111 | 138 |
| Cash conversion cycle | -13 | — | -14 | — | 18 | 28 | 21 | -2 |
| Debt / equity | 0.07 | — | 0.09 | — | 0.21 | 0.28 | 0.34 | 0.41 |
| Current ratio | 1.30 | — | 1.45 | — | 1.38 | 1.36 | 1.30 | 1.22 |
| Net debt / EBITDA | -0.19 | 0.00 | 0.00 | 0.00 | 0.60 | 0.96 | 1.41 | 1.57 |
Compare with peers
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