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Thermax Ltd Financial Statements & Historical Data

Updated NSE: THERMAXBSE: 500411
Report details
Last Updated:
Author: |Social: XLinkedIn

Thermax Ltd: Higher sales were accompanied by lower earnings in the quarter ending Jun 2026. Sales rose 6.7% to ₹2,303 crore against Jun 2025. Net profit fell 85.4% to ₹22 crore against the same period a year earlier. Operating margin fell from 10.4% to 3.0% (7.4 percentage points lower). In the year ending Mar 2026, operations generated ₹542 crore but reported free cash flow remained negative at −₹401 crore. Check the cash-flow statement and the source definition of free cash flow.

Calculated from the stored statements below · Reporting periods remain separate
COMPANY FINANCIAL DATA

Market snapshot

Stored figures, not live quotes. Price record: 14 October 2026, 7:35 pm +05:30. Financial reporting periods are shown in the tables below.

Stored share price3,313₹ per share
Reported P/E71.7Times
Book value per share466₹ per share
Reported ROCE13.9 %Reported return

Stored market and accounting figures

Price record: 14 October 2026, 7:35 pm +05:30. Not a live quote.

MeasureStored figure
Market Cap39,438 Cr.
Current Price3,313
High / Low5,278/2,743
Stock P/E71.7
Book Value466
Dividend Yield0.42 %
ROCE13.9 %
ROE10.6 %
Face Value2.00

Market cap is in ₹ crore; prices and per-share values are in ₹. P/E is a multiple; yield, ROCE and ROE are percentages. Book value is an accounting figure, not an estimate of the share's investment value.

Data sources and reporting basis

Sources: Company data source. Check the company filings linked by the source for the reporting basis and exceptional items.

Different tables can have different reporting dates and accounting bases. Verify the company filings before comparing figures. Missing data is not treated as zero.

How Getaka handles sources, dates and corrections. Page revision dates describe the page, not the age of every financial figure.

DAILY STORED OBSERVATIONS

Share price history

₹ per share

Last stored price for each available date, not a live quote or an official closing-price series. Missing dates are not filled. Verify corporate-action adjustments against the source.

Chart loads as you scroll.

EARNINGS

Quarterly performance

Jun 2026

Higher sales were accompanied by lower earnings in the quarter ending Jun 2026. Sales rose 6.7% to ₹2,303 crore against Jun 2025. Net profit fell 85.4% to ₹22 crore against the same period a year earlier. Operating margin fell from 10.4% to 3.0% (7.4 percentage points lower). Less operating profit was retained from each rupee of sales; compare the expense rows before attributing the change to a cause.

Sales, expenses & profits

₹ crore

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All reported periods
Quarterly statementAll reported figures · use a chart icon for peer comparison

Quarterly Chart Table

MetricJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales 1,9332,3022,3242,7642,1842,6162,5293,0462,1582,4742,6353,4282,303
Expenses 1,8012,0982,1372,4912,0442,3382,3402,7471,9332,3022,3803,0542,234
Operating Profit 13220418727314127818830022517225537469
OPM % 7%9%8%10%6%11%7%10%10%7%10%11%3.0%
Other Income 266185558460327866851215668
Interest 13202728272929313032344235
Depreciation 29333650364235454951535460
Profit before tax 9121730925116126615630121117428933442
Tax % 34%27%23%25%32%26%27%32%28%31%29%27%48%
Net Profit 6015923718810919811420615111920524422
EPS in Rs 4.9413.2420.0015.979.7216.549.7317.2712.7910.0417.1420.502.12

Last Updated: September 29, 2026, 5:07 pm

EARNINGS

Annual performance

Mar 2026

Earnings grew faster than sales in the year ending Mar 2026. Sales rose 3.7% to ₹10,774 crore against Mar 2025. Net profit rose 14.8% to ₹720 crore against the same period a year earlier. Operating margin rose from 8.8% to 9.6% (0.9 percentage points higher). More operating profit was retained from each rupee of sales; check whether that improvement holds across other reporting periods.

Sales, expenses & profits

₹ crore

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All reported periods
PER-SHARE EARNINGS

Earnings per share

Reported annual earnings per share use ₹ per share, while the earnings charts use ₹ crore. Changes in share count and corporate actions can affect the comparison between years.

Earnings per share

₹ per share

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All reported periods
Annual statementAll reported figures · use a chart icon for peer comparison

Profit & Loss Chart Table

Last Updated: October 12, 2026, 4:47 am

MetricMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales 5,3045,1454,4834,4655,9735,7314,7916,1288,0909,32310,38710,77410,839
Expenses 4,8424,7124,0494,0885,5165,3314,4355,7157,4898,5269,4779,7369,970
Operating Profit 4624334343774574013564146017979101,038870
OPM % 9%8%10%8%8%7%7%7%7%9%9%10%8%
Other Income 73118951156010554135156307250317331
Interest 82121013141521253888117139144
Depreciation 13472828292117115113117148159208218
Profit before tax 3194674383974103752754106038698841,008839
Tax % 54%31%36%42%21%43%25%24%25%26%29%29%
Net Profit 148282216231325212207312451643627720591
EPS in Rs 17.6023.6918.7219.4827.3117.8317.3426.2137.7954.1553.2560.4749.80
Dividend Payout % 40%24%30%29%24%37%38%32%25%21%25%3%
Year-on-year profit growth table

YoY Net Profit Growth

Year2015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-20252025-2026
YoY Net Profit Growth (%)90.54%-23.40%6.94%40.69%-34.77%-2.36%50.72%44.55%42.57%-2.49%14.83%
Change in YoY Net Profit Growth (%)0.00%-113.94%30.35%33.75%-75.46%32.41%53.08%-6.17%-1.98%-45.06%17.32%

Growth

Compounded Sales Growth
10 Years:7%
5 Years:13%
3 Years:19%
TTM:8%
Compounded Profit Growth
10 Years:11%
5 Years:25%
3 Years:28%
TTM:11%
Stock Price CAGR
10 Years:14%
5 Years:34%
3 Years:12%
1 Year:-22%
Return on Equity
10 Years:11%
5 Years:12%
3 Years:13%
Last Year:14%

Last Updated: September 5, 2025, 1:46 pm

CASH & FUNDING

Balance sheet

Mar 2026

Reported borrowings stood at ₹2,353 crore in Mar 2026. They increased from ₹1,718 crore in Mar 2025 (37.0% higher). Read the borrowing notes, repayment schedule and cash-flow statement together; the borrowing balance alone does not establish liquidity or repayment capacity.

Reserves & borrowings

₹ crore

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All reported periods
Balance-sheet statementAll reported figures · use a chart icon for peer comparison

Balance Sheet Data Table

Last Updated: July 24, 2026, 2:00 am

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital 242323232323232323232323
Reserves 2,1232,3942,5152,6922,9923,0053,2293,4703,8464,4174,9145,527
Borrowings 6881951362342402303283688311,2771,7182,353
Other Liabilities 3,2552,5542,3712,9803,5352,6932,9213,5984,1374,4244,7285,339
Total Liabilities 6,0895,1665,0445,9296,7905,9516,5007,4588,83610,14111,38213,242
Fixed Assets 1,4318278119731,3121,2831,2421,1951,2481,9062,8063,048
CWIP 4360141103405624444345255631,442
Investments 8221,0501,0831,4728298752341,4771,6261,7651,6991,784
Other Assets 3,7933,2283,0093,3814,6093,7374,9994,7425,5285,9456,3156,969
Total Assets 6,0895,1665,0445,9296,7905,9516,5007,4588,83610,14111,38213,242
CASH & FUNDING

Cash generation

Mar 2026

Operating activities generated ₹542 crore in Mar 2026. Reported free cash flow for the same period was −₹401 crore. Positive operating cash flow shows cash generated by operations in this period; examine its consistency and the capital expenditure needed to sustain the business. Operating cash flow was equivalent to 75.3% of the ₹720 crore reported annual profit for the same year ending Mar 2026, before capital expenditure.

Operating & free cash flow

₹ crore

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All reported periods
Cash-flow statementAll reported figures · use a chart icon for peer comparison

Cash Flows

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity + 311253335534-1153267693254602471,080542
Cash from Investing Activity + 80-127-99-507266-140-627-420-664-514-1,257-565
Cash from Financing Activity + -351-112-126-20-65-23277-21349285123248
Net Cash Flow 3913110785-47220-11514419-55224
Free Cash Flow 282120216333-270278686241-190-471180-401
CFO/OP 98%98%114%188%16%114%243%103%102%54%139%86%
Free cash flowAll reported figures · use a chart icon for peer comparison

Free Cash Flow Table

Free cash flow reported in the stored cash-flow statement (₹ Cr)
PeriodMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Free Cash Flow282.00120.00216.00333.00-270.00278.00686.00241.00-190.00-471.00180.00-401.00

This table and the chart use the Free Cash Flow row from the same stored cash-flow statement. Free cash flow generally measures operating cash flow after capital expenditure; check the source definition and reporting basis. It is not operating profit minus borrowings.

OPERATING CYCLE

Capital efficiency

Mar 2025

Financial efficiency feed. Source: www.screener.in. The source URL identifies consolidated accounts. Values from separate feeds can differ, even for the same period; they are not interchangeable. Use each table’s period labels. Data methodology.

Working-capital days were -37 in Mar 2025. That is 13 days lower than the same annual period a year earlier. Compare collection, inventory and payment cycles within this feed to understand the movement; these measures do not identify the cause by themselves.

Working capital

Days

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All reported periods
CAPITAL RETURNS

Returns on capital & equity

Financial efficiency feed. Source: www.screener.in. The source URL identifies consolidated accounts. Values from separate feeds can differ, even for the same period; they are not interchangeable. Use each table’s period labels. Data methodology.

Returns on capital & equity

%

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All reported periods
Efficiency tableAll reported figures · use a chart icon for peer comparison

Financial Efficiency Data Table

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 105122958410284889485808385
Inventory Days 535539465756545876605345
Days Payable 119135126162161150114164153118107107
Cash Conversion Cycle 40427-32-3-1028-118212924
Working Capital Days -2-20-12-7-40-4-7-50-44-39-24-37
ROCE %15%14%18%18%15%17%12%10%12%15%17%16%
SHAREHOLDERS

Ownership trends

Jun 2026

Promoters held 61.99% in Jun 2026. Their share was unchanged from Jun 2025. Ownership percentages can change through share issuance as well as transactions. Check exchange disclosures for the explanation and any pledging; the percentage alone is not evidence of investor conviction. FIIs held 11.46% in Jun 2026, 4.56 percentage points below their holding in Jun 2025. DIIs held 15.22% in Jun 2026, 3.48 percentage points above their holding in Jun 2025.

Shareholding comparison

%

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All reported periods
SHAREHOLDER PARTICIPATION

Shareholder count

Shareholder count

Shareholders

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All reported periods
Ownership tableAll reported figures · use a chart icon for peer comparison

Shareholding Pattern

MonthSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters 61.99%61.99%61.99%61.99%61.99%61.99%61.99%61.99%61.99%61.99%61.99%61.99%
FIIs 12.54%12.01%12.24%15.15%15.38%15.49%15.86%16.02%13.44%12.36%11.25%11.46%
DIIs 15.46%15.86%15.82%12.88%12.72%12.66%12.25%11.74%13.95%14.84%15.49%15.22%
Public 4.54%4.66%4.48%4.50%4.45%4.39%4.43%4.77%5.16%5.35%5.82%5.88%
Others 5.48%5.48%5.48%5.48%5.47%5.47%5.47%5.47%5.46%5.46%5.46%5.46%
No. of Shareholders 35,61639,54740,81948,96651,87650,75553,68762,98671,20877,45589,96491,857
Mutual fund holdingsReported fund ownership · Expand table

Mutual Fund Holdings Data Table

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Kotak Flexicap Fund 2,175,000 1.62 886.882,200,0002026-02-23 02:12:39-1.14%
Aditya Birla Sun Life Midcap Fund 501,972 3.25 204.68539,1382026-06-11 03:26:56-6.89%
Sundaram Mid Cap Fund 390,000 1.19 159.03N/AN/AN/A
Kotak Large & Midcap Fund 375,000 0.51 152.91550,0002026-06-09 02:59:39-31.82%
Tata Large & Mid Cap Fund 360,000 1.88 146.79402,1342026-06-11 13:57:02-10.48%
Bandhan Large & Mid Cap Fund 282,885 0.69 115.35N/AN/AN/A
ICICI Prudential Multicap Fund 279,644 0.67 114.03N/AN/AN/A
Franklin India Mid Cap Fund 200,000 0.67 81.55N/AN/AN/A
Tata Mid Cap Fund 191,737 1.4 78.18N/AN/AN/A
Edelweiss Small Cap Fund 136,604 0.94 55.7N/AN/AN/A
ALTERNATE FEED

Financial ratios

Alternate ratio feed. Source: www.way2wealth.com. The accounting basis and ratio definitions require verification against the source. Values from separate feeds can differ, even for the same period; they are not interchangeable. Use each table’s period labels. Data methodology.

Each card groups related ratios with the same unit. Reporting dates remain visible for every measure; the original ratio table follows the charts.

ALTERNATE RATIO FEED

Profitability ratios

%

Profitability ratios

%

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All reported periods
ALTERNATE RATIO FEED

Liquidity ratios

Multiple (×)

Liquidity ratios

Multiple (×)

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All reported periods
ALTERNATE RATIO FEED

Distributions & retention

%

Distributions & retention

%

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All reported periods
ALTERNATE RATIO FEED

Interest coverage

Multiple (×)

Interest coverage

Multiple (×)

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All reported periods
ALTERNATE RATIO FEED

Valuation multiples

Multiple (×)

Valuation multiples

Multiple (×)

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Supporting ratio tableAll reported figures · use a chart icon for peer comparison

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 2.002.002.002.002.00
Basic EPS (Rs.) 56.3357.3039.9827.7318.34
Diluted EPS (Rs.) 56.3157.2839.9827.7318.34
Cash EPS (Rs.) 69.7270.3550.4337.7828.52
Book Value[Excl.RevalReserv]/Share (Rs.) 438.25394.30343.71310.17288.76
Book Value[Incl.RevalReserv]/Share (Rs.) 438.25394.30343.71310.17288.76
Revenue From Operations / Share (Rs.) 922.21828.02718.46544.26425.51
PBDIT / Share (Rs.) 102.9791.4767.2948.7041.11
PBIT / Share (Rs.) 88.9078.3256.9238.6430.94
PBT / Share (Rs.) 78.5477.2553.5836.4124.44
Net Profit / Share (Rs.) 55.6557.1940.0527.7218.35
NP After MI And SOA / Share (Rs.) 56.3257.3139.9927.7418.35
PBDIT Margin (%) 11.1611.049.368.949.66
PBIT Margin (%) 9.649.457.927.107.27
PBT Margin (%) 8.519.327.456.685.74
Net Profit Margin (%) 6.036.905.575.094.31
NP After MI And SOA Margin (%) 6.106.925.565.094.31
Return on Networth / Equity (%) 12.8514.5311.648.946.35
Return on Capital Employeed (%) 15.6416.2414.4611.7510.13
Return On Assets (%) 5.276.355.094.183.17
Long Term Debt / Equity (X) 0.230.170.100.010.01
Total Debt / Equity (X) 0.340.280.200.100.09
Asset Turnover Ratio (%) 0.930.980.990.670.56
Current Ratio (X) 1.301.361.381.261.45
Quick Ratio (X) 1.171.201.211.071.32
Inventory Turnover Ratio (X) 13.996.705.996.044.66
Dividend Payout Ratio (NP) (%) 21.3017.4622.660.000.00
Dividend Payout Ratio (CP) (%) 17.0414.2017.990.000.00
Earning Retention Ratio (%) 78.7082.5477.340.000.00
Cash Earning Retention Ratio (%) 82.9685.8082.010.000.00
Interest Coverage Ratio (X) 9.9311.7620.1621.7922.43
Interest Coverage Ratio (Post Tax) (X) 6.377.4913.0013.4013.55
Enterprise Value (Cr.) 41706.8047521.9625466.5121278.4113522.38
EV / Net Operating Revenue (X) 4.015.103.153.472.82
EV / EBITDA (X) 35.9546.1433.6138.8029.21
MarketCap / Net Operating Revenue (X) 3.965.073.193.573.16
Retention Ratios (%) 78.6982.5377.330.000.00
Price / BV (X) 8.3410.646.676.264.66
Price / Net Operating Revenue (X) 3.965.073.193.573.16
EarningsYield 0.010.010.010.010.01

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Thermax Ltd 39,438 Cr. 3,313 5,278/2,74371.7 4660.42 %13.9 %10.6 % 2.00
Craftsman Automation Ltd 26,251 Cr. 10,038 11,999/6,25256.0 1,3680.11 %13.9 %12.5 % 5.00
Azad Engineering Ltd 18,545 Cr. 2,871 3,128/1,359134 2400.00 %11.7 %8.90 % 2.00
Engineers India Ltd 16,246 Cr. 289 321/16420.7 56.01.73 %30.4 %23.4 % 5.00
Va Tech Wabag Ltd 12,162 Cr. 1,944 2,320/1,03330.5 4120.26 %21.3 %15.9 % 2.00
Industry Average3,074.04 Cr572.4441.90129.650.34%15.80%24.71%6.04

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