	2012 Mar 31	2013 Mar 31	2014 Mar 31	C 2015 Mar 31	R 2016 Mar 31	2017 Mar 31	2018 Mar 31	2019 Mar 31	2020 Mar 31	2021 Mar 31	2022 Mar 31	2023 Mar 31	2024 Mar 31	C 2025 Mar 31	2026 Mar 31

Period length: Source:	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR
Total Revenue	6,031	5,433	5,099	5,304	5,145	4,483	4,465	5,973	5,731	4,791	6,128	8,090	9,323	10,369	10,694
Cost of Operating Revenue	4,067	3,427	2,991	3,065	2,869	2,396	2,490	3,513	3,287	2,723	3,701	4,843	5,468	6,069	5,902
Gross Profit	1,964	2,006	2,108	2,239	2,276	2,087	1,975	2,460	2,444	2,068	2,427	3,247	3,855	4,301	4,792
Gross Margin	32.6	36.9	41.3	42.2	44.2	46.6	44.2	41.2	42.6	43.2	39.6	40.1	41.3	41.5	44.8
Total Operating Expenses	5,545	5,078	4,712	4,976	4,707	4,083	4,157	5,568	5,449	4,539	5,837	7,568	8,601	9,537	9,821
Operating Profit	486	355	387	328	438	400	308	405	282	253	291	522	722	832	873
Operating Margin	8.1	6.5	7.6	6.2	8.5	8.9	6.9	6.8	4.9	5.3	4.7	6.5	7.7	8.0	8.2
Financing Income/(Expense) - Net	39	43	-1	9	58	26	7	12	17	66	46	46	16	7	22
Profit before Taxes	596	481	389	319	467	438	422	410	375	275	410	603	869	884	1,008
Income Taxes	204	177	170	171	144	156	166	85	100	69	98	152	226	258	288
Profit after Tax	404	320	246	210	282	223	232	325	212	207	312	450	645	634	721
PAT Margin	6.7	5.9	4.8	4.0	5.5	5.0	5.2	5.4	3.7	4.3	5.1	5.6	6.9	6.1	6.7
EPS - Basic - ex Extraordinary Items	33.86	26.87	20.64	17.60	25.07	19.81	20.61	28.90	24.38	18.34	27.73	39.98	57.30	56.33	63.95
EPS - Diluted - ex Extraordinary Items	33.86	26.87	20.64	17.60	25.07	19.81	20.61	28.90	24.38	18.34	27.73	39.98	57.28	56.31	63.94
EBIT	486	355	387	328	438	400	308	405	282	253	291	522	722	832	873
EBITDA	552	432	479	462	510	500	389	587	399	367	404	639	857	991	1,081
EBITDA Margin	9.2	8.0	9.4	8.7	9.9	11.2	8.7	9.8	7.0	7.7	6.6	7.9	9.2	9.6	10.1

Balance Sheet

Abridged

Understanding Balance Sheet

Thermax Ltd. balance sheet covering assets, liabilities, equity and borrowings across annual and quarterly periods.

Consolidated

Standalone

Annual

Interim

	2012 Mar 31	R 2013 Mar 31	2014 Mar 31	R 2015 Mar 31	R 2016 Mar 31	2017 Mar 31	2018 Mar 31	2019 Mar 31	2020 Mar 31	2021 Mar 31	2022 Mar 31	2023 Mar 31	2024 Mar 31	R 2025 Mar 31	2026 Mar 31

Source:	AR	AR	AR	AR	AR	AR	AR	AR	AR	AR	AR	AR	AR	AR	AR
Total Current Assets	3,406	3,309	4,125	3,831	3,610	3,297	4,102	4,737	3,977	4,466	4,738	6,080	6,448	6,696	7,109
Long-Term Investments	-	0	0	0	62	68	66	109	98	178	797	283	433	370	793
Property Plant & Equipment - Net	909	1,215	1,388	688	717	807	924	1,295	1,280	1,231	1,199	1,650	2,394	3,176	4,260
Total Non-Current Assets	1,267	1,678	1,817	1,397	1,571	1,763	1,843	2,063	1,979	2,040	2,723	2,758	3,705	4,716	6,173
Total Assets	4,673	4,988	5,942	5,228	5,181	5,060	5,945	6,800	5,956	6,507	7,461	8,839	10,153	11,412	13,282
Total Current Liabilities	2,758	2,532	2,999	2,878	2,615	2,365	3,079	3,654	2,787	3,071	3,758	4,409	4,725	5,009	5,820
Long Term Debt	88	383	517	52	34	46	53	35	43	29	70	437	806	1,180	1,673
Total Non-Current Liabilities	174	477	765	142	150	156	152	132	141	185	211	559	988	1,460	1,883
Total Liabilities	2,932	3,009	3,764	3,020	2,765	2,521	3,230	3,786	2,928	3,255	3,969	4,968	5,713	6,470	7,703
Total Shareholders' Equity	1,629	1,869	2,038	2,208	2,416	2,538	2,715	3,014	3,028	3,251	3,492	3,868	4,440	4,937	5,550
Minority Interest	112	110	140	-	-	1	-	-	-	-	-	2	-	6	29
Total Equity	1,741	1,979	2,178	2,208	2,416	2,539	2,715	3,014	3,028	3,251	3,492	3,870	4,440	4,943	5,579
Total Liabilities & Equity	4,673	4,988	5,942	5,228	5,181	5,060	5,945	6,800	5,956	6,507	7,461	8,839	10,153	11,412	13,282

Cash Flow

Abridged

Understanding Cash Flow Statement

Thermax Ltd. cash flow statement covering operating, investing and financing activities across annual and quarterly periods.

Consolidated

Standalone

Annual

Interim

	2012 Mar 31	2013 Mar 31	R 2014 Mar 31	R 2015 Mar 31	R 2016 Mar 31	2017 Mar 31	2018 Mar 31	2019 Mar 31	2020 Mar 31	2021 Mar 31	2022 Mar 31	2023 Mar 31	2024 Mar 31	2025 Mar 31	2026 Mar 31

Period length: Source:	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR
Operating CF bef Changes in Working Cap	492	349	299	394	446	381	264	343	319	311	400	566	728	802	744
Working Capital - Increase/(Decrease)	-197	-248	44	-48	-138	-27	275	-449	22	473	-1	-63	-476	129	-228
Net CF from Operating Activities	295	102	343	346	308	354	539	-105	341	784	400	504	252	931	516
Capital Expenditures - Net	372	351	271	29	132	119	200	155	48	83	84	650	719	900	942
Net CF from Investing Activities	-279	-530	-431	-37	-209	-101	-544	246	-192	-662	-510	-749	-596	-1,304	-723
Dividends Paid - Cash - Total	125	97	97	84	96	82	82	81	190	-	79	102	113	135	158
Stock - Issuance/(Retirement) - Net	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-
Debt - LT & ST - Issuance/(Retirement) - Total	122	151	318	-185	-8	-36	69	26	-34	89	72	438	420	428	531
Net Cash Flow from Financing Activities	-5	51	218	-269	-104	-119	-13	-56	-224	89	-7	374	367	299	410
Free Cash Flow to Equity	45	-99	390	131	167	199	408	-234	259	790	388	292	-46	458	104
Free Operating CF net dividend	-202	-346	-26	232	80	153	256	-341	103	701	237	-249	-704	-107	-594
Free Operating CF	-78	-249	72	316	176	235	339	-260	293	701	316	-146	-592	28	-437

Business Segment Analysis

FY End:

Mar 26

Thermax Ltd. business segment breakdown covering revenue, operating income and assets across key divisions for the selected financial year.

Revenue / Sales

Industrial Products (46.6%)₹ 5,096.09 CrIndustrial Infra (39.8%)₹ 4,348.05 CrChemical (6.9%)₹ 757.59 CrGreen Solutions (6.7%)₹ 732.24 Cr

Assets

Unallocated (29.3%)₹ 3,946.11 CrGreen Solutions (25.2%)₹ 3,397.50 CrIndustrial Products (19.9%)₹ 2,681.44 CrIndustrial Infra (18.5%)₹ 2,490.28 CrChemical (7.2%)₹ 968.08 Cr

Regional Segment Analysis

FY End:

Mar 26

Thermax Ltd. geographic revenue split showing domestic and international market performance across revenue and income for the selected financial year.

Revenue / Sales

India (71.2%)₹ 7,610.25 CrOutside India (28.8%)₹ 3,083.90 Cr

Historical Segment Analysis

Track how Thermax Ltd. segment contributions have evolved over multiple financial years to see which divisions are growing, shrinking or gaining strategic importance.

Capex

Sales

Assets

Operating Income

Business

Regional

Business

	2010 Mar 31	2011 Mar 31	2012 Mar 31	2013 Mar 31	2014 Mar 31	2015 Mar 31

Energy	69	134	272	335	251	12
Environment	14	10	64	38	33	17
Other	0	4	0	0	-2	0

Frequently Asked Questions

What is the revenue of Thermax Ltd.?

The latest trailing twelve month revenue of Thermax Ltd. is ₹ 10,694.20 Cr, reflecting a 1-year growth of 2.94% and a 3-year CAGR of 9.75%. Annual and quarterly revenue trends are available in the Income Statement section.

What is the net profit of Thermax Ltd.?

The latest trailing twelve month net profit (PAT) of Thermax Ltd. is ₹ 720.50 Cr, with a 3-year earnings CAGR of 16.95%. Detailed profit history across annual and quarterly periods is in the Income Statement section.

What is the EBITDA of Thermax Ltd.?

The trailing twelve month EBITDA of Thermax Ltd. is approximately ₹ 861.44 Cr (based on an operating margin of 8.06%). EBITDA reflects core operating profitability before interest, taxes, depreciation and amortisation.

What is the EPS of Thermax Ltd.?

The trailing twelve month Earnings Per Share (EPS) of Thermax Ltd. is 63.94. EPS trends across annual and quarterly periods are visible in the Income Statement section.

What is the debt level of Thermax Ltd.?

The debt-to-equity ratio of Thermax Ltd. stands at 0.42. The interest coverage ratio is 6.20x, reflecting the company's ability to service debt from operating earnings. The full breakdown of total borrowings is in the Balance Sheet section.

What is the book value per share of Thermax Ltd.?

The estimated book value per share of Thermax Ltd. is 492.74 (derived from a P/B ratio of 9.34 and market price of ₹ 4,600.00), reflecting the net asset value attributable to each share. See the Balance Sheet section for a full breakdown.

What is the cash flow from operations of Thermax Ltd.?

The trailing twelve month operating cash flow of Thermax Ltd. is ₹ 515.79 Cr. Annual and quarterly cash flow data is available in the Cash Flow section of the Statements tab.

Does Thermax Ltd. report consolidated or standalone financials?

Thermax Ltd. reports consolidated financials. You can toggle between consolidated and standalone views using the switch at the top of each statement section.