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Thermax Ltd

THERMAX·NSE
₹3,464.90-0.21%Wed, 23 Sept '26 15:52
Industry:Capital Goods - Engineering General
Indices:

Thermax Ltd

THERMAX
NSE
₹3,464.90
-0.21%
|Wed, 23 Sept '26 15:52
SOICxStockScans Reports
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Capital Goods - Engineering General
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Financials
Documents
Shareholdings
Corporate Actions
Segments
Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Peer Comparison
Financials
Documents
Shareholdings
Corporate Actions
Segments
Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Peer Comparison
6M
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Charts
Documents

Quick Ratios

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Mkt Cap
Market Capitalization
₹41,275Cr
Close
Close Price
₹3,463.90
Industry
Industry
Capital Goods - Engineering General
PE
Price To Earnings
65.78
PS
Price To Sales
3.81
Revenue
Revenue
₹10,839Cr
Rev Gr TTM
Revenue Growth TTM
4.74%
PAT Gr TTM
PAT Growth TTM
-11.68%

Quarterly Results

Consolidated
Standalone
Numbers
Percentage
QuarterSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue
RevenueCr
2,3022,3242,7642,1842,6162,5293,0462,1582,4742,6353,4282,303
Growth YoY
Revenue Growth YoY%
10.913.419.613.013.68.810.2-1.2-5.44.212.56.7
Expenses
ExpensesCr
2,0982,1372,4912,0432,3382,3402,7471,9322,3022,3803,0542,234
Operating Profit
Operating ProfitCr
20518727314127818930022517225537469
OPM
OPM%
8.98.19.96.510.67.59.810.47.09.710.93.0
Other Income
Other IncomeCr
66184558460317865851215668
Interest Expense
Interest ExpenseCr
202728272929313032344235
Depreciation
DepreciationCr
333650364235454951535460
PBT
PBTCr
21730925116126615630121117428933442
Tax
TaxCr
597263526843956054849020
PAT
PATCr
15923718810919811420615111920524422
Growth YoY
PAT Growth YoY%
45.387.520.182.524.8-52.09.638.4-39.780.318.9-85.6
NPM
NPM%
6.910.26.85.07.64.56.87.04.87.87.10.9
EPS
EPS₹
14.021.216.910.317.510.318.313.510.618.121.72.2
QuarterSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue
RevenueCr
2,3022,3242,7642,1842,6162,5293,0462,1582,4742,6353,4282,303
Growth YoY
Revenue Growth YoY%
10.913.419.613.013.68.810.2-1.2-5.44.212.56.7
Expenses
ExpensesCr
2,0982,1372,4912,0432,3382,3402,7471,9322,3022,3803,0542,234
Operating Profit
Operating ProfitCr
20518727314127818930022517225537469
OPM
OPM%
8.98.19.96.510.67.59.810.47.09.710.93.0
Other Income
Other IncomeCr
66184558460317865851215668
Interest Expense
Interest ExpenseCr
202728272929313032344235
Depreciation
DepreciationCr
333650364235454951535460
PBT
PBTCr
21730925116126615630121117428933442
Tax
TaxCr
597263526843956054849020
PAT
PATCr
15923718810919811420615111920524422
Growth YoY
PAT Growth YoY%
45.387.520.182.524.8-52.09.638.4-39.780.318.9-85.6
NPM
NPM%
6.910.26.85.07.64.56.87.04.87.87.10.9
EPS
EPS₹
14.021.216.910.317.510.318.313.510.618.121.72.2

Profit & Loss

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue
RevenueCr
5,1454,4834,4655,9735,7314,7916,1288,0909,32310,38910,77410,839
Growth
Revenue Growth%
-3.0-12.9-0.433.8-4.0-16.427.932.015.311.43.74.7
Expenses
ExpensesCr
4,7164,0504,0645,5165,3254,4365,7077,4928,5269,4819,7489,970
Operating Profit
Operating ProfitCr
4294334014574063554215987979081,026870
OPM
OPM%
8.39.79.07.77.17.46.97.48.68.79.58.0
Other Income
Other IncomeCr
12296915910055127160307252328331
Interest Expense
Interest ExpenseCr
121013141521253888117139144
Depreciation
DepreciationCr
72828292117115113117148159208218
PBT
PBTCr
4674383974103752754106038698841,008839
Tax
TaxCr
144156166851626998152226258288248
PAT
PATCr
323282231325212207312451643627720591
Growth
PAT Growth%
118.2-12.9-17.940.8-34.7-2.851.244.342.7-2.614.9-11.7
NPM
NPM%
6.36.35.25.53.74.35.15.66.96.06.75.5
EPS
EPS₹
25.119.820.628.918.918.327.740.057.356.364.052.7
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue
RevenueCr
5,1454,4834,4655,9735,7314,7916,1288,0909,32310,38910,77410,839
Growth
Revenue Growth%
-3.0-12.9-0.433.8-4.0-16.427.932.015.311.43.74.7
Expenses
ExpensesCr
4,7164,0504,0645,5165,3254,4365,7077,4928,5269,4819,7489,970
Operating Profit
Operating ProfitCr
4294334014574063554215987979081,026870
OPM
OPM%
8.39.79.07.77.17.46.97.48.68.79.58.0
Other Income
Other IncomeCr
12296915910055127160307252328331
Interest Expense
Interest ExpenseCr
121013141521253888117139144
Depreciation
DepreciationCr
72828292117115113117148159208218
PBT
PBTCr
4674383974103752754106038698841,008839
Tax
TaxCr
144156166851626998152226258288248
PAT
PATCr
323282231325212207312451643627720591
Growth
PAT Growth%
118.2-12.9-17.940.8-34.7-2.851.244.342.7-2.614.9-11.7
NPM
NPM%
6.36.35.25.53.74.35.15.66.96.06.75.5
EPS
EPS₹
25.119.820.628.918.918.327.740.057.356.364.052.7

Balance Sheet

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
Equity CapitalCr
2424232323232323232323
Reserves
ReservesCr
2,3942,5152,6922,9923,0053,2293,4703,8464,4174,9145,527
Current Liabilities
Current LiabilitiesCr
2,6152,3653,0793,6542,7873,0713,7584,4094,7255,6355,820
Non Current Liabilities
Non Current LiabilitiesCr
1501561521321411852115599881,4601,883
Total Liabilities
Total LiabilitiesCr
5,1815,0605,9456,8005,9566,5077,4618,83910,15312,03813,282
Current Assets
Current AssetsCr
3,6103,2974,1024,7373,9774,4664,7386,0726,4487,3137,109
Non Current Assets
Non Current AssetsCr
1,5711,7631,8432,0631,9792,0402,7232,7663,7054,7256,173
Total Assets
Total AssetsCr
5,1815,0605,9456,8005,9566,5077,4618,83910,15312,03813,282
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
Equity CapitalCr
2424232323232323232323
Reserves
ReservesCr
2,3942,5152,6922,9923,0053,2293,4703,8464,4174,9145,527
Current Liabilities
Current LiabilitiesCr
2,6152,3653,0793,6542,7873,0713,7584,4094,7255,6355,820
Non Current Liabilities
Non Current LiabilitiesCr
1501561521321411852115599881,4601,883
Total Liabilities
Total LiabilitiesCr
5,1815,0605,9456,8005,9566,5077,4618,83910,15312,03813,282
Current Assets
Current AssetsCr
3,6103,2974,1024,7373,9774,4664,7386,0726,4487,3137,109
Non Current Assets
Non Current AssetsCr
1,5711,7631,8432,0631,9792,0402,7232,7663,7054,7256,173
Total Assets
Total AssetsCr
5,1815,0605,9456,8005,9566,5077,4618,83910,15312,03813,282

Cash Flow

Consolidated
Standalone
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow
Operating Cash FlowCr
253335534-1153267693254602471,080542
Investing Cash Flow
Investing Cash FlowCr
-146-75-531266-169-636-422-680-509-1,272-587
Financing Cash Flow
Financing Cash FlowCr
-112-126-20-65-23277-21349285123248
Net Cash Flow
Net Cash FlowCr
-5134-1885-75211-11712823-70202
Free Cash Flow
Free Cash FlowCr
120216333-270278686241-190-471180-401
CFO To PAT
CFO To PAT%
78.2118.8230.9-35.5153.3372.5104.0102.038.5172.375.2
CFO To EBITDA
CFO To EBITDA%
58.977.3133.1-25.280.2216.677.176.931.0119.052.8
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow
Operating Cash FlowCr
253335534-1153267693254602471,080542
Investing Cash Flow
Investing Cash FlowCr
-146-75-531266-169-636-422-680-509-1,272-587
Financing Cash Flow
Financing Cash FlowCr
-112-126-20-65-23277-21349285123248
Net Cash Flow
Net Cash FlowCr
-5134-1885-75211-11712823-70202
Free Cash Flow
Free Cash FlowCr
120216333-270278686241-190-471180-401
CFO To PAT
CFO To PAT%
78.2118.8230.9-35.5153.3372.5104.0102.038.5172.375.2
CFO To EBITDA
CFO To EBITDA%
58.977.3133.1-25.280.2216.677.176.931.0119.052.8

Ratios

Consolidated
Standalone
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Current
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
8,97911,53713,47411,5858,81216,03923,15027,28749,99243,54039,20441,275
Price To Earnings
Price To Earnings
30.148.954.933.639.273.370.057.373.264.951.465.8
Price To Sales
Price To Sales
1.82.63.01.91.53.43.83.45.44.23.63.8
Price To Book
Price To Book
3.54.34.73.62.84.76.36.710.68.36.77.4
EV To EBITDA
EV To EBITDA
20.626.433.425.021.040.653.545.263.148.639.350.4
Profitability Ratios
Profitability Ratios
GPM
GPM%
31.635.434.529.531.431.928.427.328.829.031.831.8
OPM
OPM%
8.39.79.07.77.17.46.97.48.68.79.58.0
NPM
NPM%
6.36.35.25.53.74.35.15.66.96.06.75.5
ROCE
ROCE%
18.516.814.013.112.08.311.313.616.715.114.514.5
ROE
ROE%
13.411.18.510.87.06.38.911.714.512.713.013.0
ROA
ROA%
6.25.63.94.83.63.24.25.16.35.25.45.4
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Current
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
8,97911,53713,47411,5858,81216,03923,15027,28749,99243,54039,20441,275
Price To Earnings
Price To Earnings
30.148.954.933.639.273.370.057.373.264.951.465.8
Price To Sales
Price To Sales
1.82.63.01.91.53.43.83.45.44.23.63.8
Price To Book
Price To Book
3.54.34.73.62.84.76.36.710.68.36.77.4
EV To EBITDA
EV To EBITDA
20.626.433.425.021.040.653.545.263.148.639.350.4
Profitability Ratios
Profitability Ratios
GPM
GPM%
31.635.434.529.531.431.928.427.328.829.031.831.8
OPM
OPM%
8.39.79.07.77.17.46.97.48.68.79.58.0
NPM
NPM%
6.36.35.25.53.74.35.15.66.96.06.75.5
ROCE
ROCE%
18.516.814.013.112.08.311.313.616.715.114.514.5
ROE
ROE%
13.411.18.510.87.06.38.911.714.512.713.013.0
ROA
ROA%
6.25.63.94.83.63.24.25.16.35.25.45.4
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios

Documents — Thermax Ltd

  • Q1 FY2027 Earnings Call Transcript (Jun 2026, PDF): https://www.stockscans.in/document/as-3e45e6ebf86f56eba72fd27f.pdf
  • Q3 FY2026 Earnings Call Transcript (Dec 2025, PDF): https://www.stockscans.in/document/bb2zslo4hmwmcr0v18v6zo4f.pdf
  • Q2 FY2026 Earnings Call Transcript (Sep 2025, PDF): https://www.stockscans.in/document/rzd22pbkp15g1y8eg9455dq1.pdf
  • Q1 FY2026 Earnings Call Transcript (Jun 2025, PDF): https://www.stockscans.in/document/nzf5w365p992dmhr9cajv5qy.pdf
  • Q4 FY2025 Earnings Call Transcript (Mar 2025, PDF): https://www.stockscans.in/document/nsdrbz85auo3thlbzrsdor2f.pdf
  • Q3 FY2025 Earnings Call Transcript (Dec 2024, PDF): https://www.stockscans.in/document/varuy2zasaf4lg10c3axnm4e.pdf
  • Q2 FY2025 Earnings Call Transcript (Sep 2024, PDF): https://www.stockscans.in/document/h4zasmb1jaslwaj6he82po2j.pdf
  • Q3 FY2023 Earnings Call Transcript (Dec 2022, PDF): https://www.stockscans.in/document/5bpdckfpkm9yhtm4sbhcbohg.pdf
  • Q1 FY2027 Quarterly Result (Jun 2026, PDF): https://www.stockscans.in/document/vpnnbucf0j505cuq7uei5gau.pdf
  • Q4 FY2026 Quarterly Result (Mar 2026, PDF): https://www.stockscans.in/document/q8p48go2waerecgq6vvgyard.pdf
  • Q3 FY2026 Quarterly Result (Dec 2025, PDF): https://www.stockscans.in/document/91f0qzr8uu7naxltcyi58aam.pdf
  • Q2 FY2026 Quarterly Result (Sep 2025, PDF): https://www.stockscans.in/document/9endar6uk57eekfn3mfgsgju.pdf
  • Q1 FY2026 Quarterly Result (Jun 2025, PDF): https://www.stockscans.in/document/al73pd4iicn0vcbp81c01lwc.pdf
  • Q4 FY2025 Quarterly Result (Mar 2025, PDF): https://www.stockscans.in/document/9488qnhh550hsjg5xiavc3v5.pdf
  • Q3 FY2025 Quarterly Result (Dec 2024, PDF): https://www.stockscans.in/document/aci7nhwf0u6b3wgmsq2fn50u.pdf
  • Q2 FY2025 Quarterly Result (Sep 2024, PDF): https://www.stockscans.in/document/q1lebby6gazimapnirbvht97.pdf
  • Q1 FY2027 Investor Presentation (Jun 2026, PDF): https://www.stockscans.in/document/yg9r3e18p3xy27gekdnglhl8.pdf
  • Q4 FY2026 Investor Presentation (Mar 2026, PDF): https://www.stockscans.in/document/r0arwgrb4csd2gk0tzpyl9to.pdf
  • Q3 FY2026 Investor Presentation (Dec 2025, PDF): https://www.stockscans.in/document/55g8ypl4zjp362yp95qwku3i.pdf
  • Q2 FY2026 Investor Presentation (Sep 2025, PDF): https://www.stockscans.in/document/cgpqgsxmpqew77eag6twxvsb.pdf
  • Q1 FY2026 Investor Presentation (Jun 2025, PDF): https://www.stockscans.in/document/oxg1s6wzjy3o3atgvix3r23f.pdf
  • Q4 FY2025 Investor Presentation (Mar 2025, PDF): https://www.stockscans.in/document/2wn3g553opgpdsoy7rdafqhl.pdf
  • Q3 FY2025 Investor Presentation (Dec 2024, PDF): https://www.stockscans.in/document/bf1k0d9awrtyrio6816p8ldb.pdf
  • Q2 FY2025 Investor Presentation (Sep 2024, PDF): https://www.stockscans.in/document/8wy52inr622kxjr0nchvhv1q.pdf
  • FY2026 Annual Report (PDF): https://www.stockscans.in/document/9bgoq879krisrh6v6f97sqg7.pdf
  • FY2025 Annual Report (PDF): https://www.stockscans.in/document/1227z997690idrfsx23wagsi.pdf
  • FY2024 Annual Report (PDF): https://www.stockscans.in/document/tq4rges9mjwqjd3gkidz774i.pdf
  • FY2023 Annual Report (PDF): https://www.stockscans.in/document/sqmi4bamxgr8ne8tm83kg67q.pdf
  • FY2022 Annual Report (PDF): https://www.stockscans.in/document/g75a5xk044r93x4zqbgpuqs3.pdf
  • FY2021 Annual Report (PDF): https://www.stockscans.in/document/xplzfny1yaaaq9nympsxheb5.pdf

Concall Transcript Summaries — Thermax Ltd

  • Q1 FY2027 Concall Transcript Summary (Jun 2026): https://www.stockscans.in/company/NSE%3ATHERMAX/transcript-notes/202606/as-3e45e6ebf86f56eba72fd27f.pdf
  • Q3 FY2026 Concall Transcript Summary (Dec 2025): https://www.stockscans.in/company/NSE%3ATHERMAX/transcript-notes/202512/bb2zslo4hmwmcr0v18v6zo4f.pdf
  • Q2 FY2026 Concall Transcript Summary (Sep 2025): https://www.stockscans.in/company/NSE%3ATHERMAX/transcript-notes/202509/rzd22pbkp15g1y8eg9455dq1.pdf
  • Q1 FY2026 Concall Transcript Summary (Jun 2025): https://www.stockscans.in/company/NSE%3ATHERMAX/transcript-notes/202506/nzf5w365p992dmhr9cajv5qy.pdf
  • Q4 FY2025 Concall Transcript Summary (Mar 2025): https://www.stockscans.in/company/NSE%3ATHERMAX/transcript-notes/202503/nsdrbz85auo3thlbzrsdor2f.pdf
  • Q3 FY2025 Concall Transcript Summary (Dec 2024): https://www.stockscans.in/company/NSE%3ATHERMAX/transcript-notes/202412/varuy2zasaf4lg10c3axnm4e.pdf
  • Q2 FY2025 Concall Transcript Summary (Sep 2024): https://www.stockscans.in/company/NSE%3ATHERMAX/transcript-notes/202409/h4zasmb1jaslwaj6he82po2j.pdf
  • Q3 FY2023 Concall Transcript Summary (Dec 2022): https://www.stockscans.in/company/NSE%3ATHERMAX/transcript-notes/202212/5bpdckfpkm9yhtm4sbhcbohg.pdf

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