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Thermax Ltd.

Capital GoodsEngineering - Industrial Equipments

www.thermaxglobal.com BSE: 500411NSE: THERMAX

₹3,623.50BSE0.59%

07 Sep, 4:01 PM

₹3,623.50

₹43.18K Cr

72.77

7.76

13.76%

₹3,667.90

₹3,595.00

₹5,277.00

₹2,744.20

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Price Performance

Peer Comparison

Name
BHEL BHEL	421.50	60.34	1,46,768.97	0.33	376.71	182.70%	7,697.72	40.29%	9.24
INDOMIM INDOMIM	947.70	87.83	46,861.96	0.62	240.12	31.64%	1,218.74	9.39%	24.48
Thermax Ltd. THERMAX	3,623.50	72.77	43,176.29	0.55	21.79	-85.61%	2,302.73	6.73%	15.85
JYOTICNC JYOTICNC	1,018.20	71.98	23,156.22	0.00	57.14	-19.99%	508.47	23.97%	23.88
INOXINDIA INOXINDIA	2,232.70	79.60	20,300.26	0.09	58.07	-4.98%	370.79	9.18%	33.54
AZAD AZAD	2,869.20	133.33	18,529.79	0.00	35.16	19.46%	172.60	25.90%	12.28
TRIVENITURB TRITURBINE	570.00	53.79	18,120.21	0.75	51.10	-20.65%	442.70	19.23%	35.95
LLOYDSENGG LLOYDSENGG	83.80	57.60	12,997.71	0.30	68.23	127.21%	527.15	142.92%	17.99

Quarterly Results

consolidated figures in ₹ Crores · Quarterly

Particulars	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	2,184.41	2,615.69	2,528.72	3,046.40	2,157.53	2,473.90	2,634.68	3,428.04	2,302.73
Expenses	2,043.26	2,337.72	2,339.73	2,746.73	1,932.43	2,301.87	2,379.86	3,053.73	2,234.11
	141.15	277.97	188.99	299.67	225.10	172.03	254.82	374.31	68.62
	6.46%	10.63%	7.47%	9.84%	10.43%	6.95%	9.67%	10.92%	2.98%
	84.09	59.77	31.51	76.85	65.63	85.41	121.48	56.17	68.19
Interest	27.48	29.39	28.66	31.25	30.20	32.17	34.24	42.35	35.15
	36.03	42.07	35.07	45.34	48.88	51.47	53.28	54.01	59.52
	161.31	266.25	156.27	300.64	211.47	173.67	288.67	334.13	42.14
	32.17%	25.63%	27.22%	31.63%	28.38%	31.25%	28.98%	26.85%	48.29%
	115.81	197.03	115.90	205.73	152.38	119.66	204.18	244.28	25.24
	10.29	17.49	10.29	18.26	13.53	10.62	18.13	21.68	2.24

Profit & Loss

consolidated figures in ₹ Crores · Annual

Particulars	FY 2021-22 (Mar)	FY 2022-23 (Mar)	FY 2023-24 (Mar)	FY 2024-25 (Mar)	FY 2025-26 (Mar)
No of Months	12.00	12.00	12.00	12.00	12.00
INCOME :
	6,128.33	8,089.81	9,323.46	10,369.26	10,694.15
	6,128.33	8,089.81	9,323.46	10,369.26	10,694.15
EXPENDITURE :
Increase/Decrease in Stock	-142.52	29.25	-34.99	66.64	-49.08
Raw Material Consumed	3,627.56	4,595.43	5,254.55	5,727.43	5,608.69
Power & Fuel Cost	52.31	61.96	57.28	57.16	68.13
Employee Cost	812.93	955.30	1,148.29	1,268.94	1,421.20
Other Manufacturing Expenses	848.77	1,197.76	1,365.94	1,506.17	1,717.68
General and Administration Expenses	215.82	278.47	326.82	343.13	391.20
Selling and Distribution Expenses	247.30	273.70	291.03	327.23	359.75
Miscellaneous Expenses	61.84	100.38	118.78	164.78	150.32
	5,724.01	7,492.25	8,527.70	9,461.48	9,667.89
Operating Profit (Excl OI)	404.32	597.56	795.76	907.78	1,026.26
	144.06	160.18	234.20	252.22	267.48
	548.38	757.74	1,029.96	1,160.00	1,293.74
Interest	25.17	37.59	87.59	116.78	138.96
PBDT	523.21	720.15	942.37	1,043.22	1,154.78
	113.24	116.86	148.08	158.51	207.64
Profit Before Taxation & Exceptional Items	409.97	603.29	794.29	884.71	947.14
Exceptional Income / Expenses			75.49		61.21
	410.10	603.06	868.96	884.47	1,007.94
Provision for Tax	97.79	152.36	225.77	257.77	287.68
	312.31	450.70	643.19	626.70	720.26
Extra items				0.00	0.00
Minority Interest		-0.41	2.09	7.77	0.24
Consolidated Net Profit	312.31	450.29	645.28	634.47	720.50
Profit Balance B/F	2,542.22	2,779.32	3,141.57	3,710.64	4,144.60
Appropriations	2,854.53	3,229.61	3,786.85	4,345.11	4,865.10
Equity Dividend %	450.00%	500.00%	600.00%	700.00%	1,000.00%
	27.74	39.99	57.31	56.32	63.96
Adjusted EPS	27.74	39.99	57.31	56.32	63.96

Balance Sheet

consolidated figures in ₹ Crores

Particulars	FY 2021-22 (Mar)	FY 2022-23 (Mar)	FY 2023-24 (Mar)	FY 2024-25 (Mar)	FY 2025-26 (Mar)
	22.52	22.52	22.52	22.53	22.53
Share Warrants & Outstandings		2.52	5.97	5.97	8.24
Total Reserves	3,469.97	3,843.03	4,411.31	4,908.39	5,519.20
Reserve excluding Revaluation Reserve	3,469.97	3,843.03	4,411.31	4,908.39	5,519.20
	3,492.49	3,868.07	4,439.80	4,936.89	5,549.97
Minority Interest		2.15		5.69	29.22
Secured Loans	61.42	422.52	789.48	1,136.37	1,590.83
Unsecured Loans				25.18	25.00
Deferred Tax Assets / Liabilities	-127.12	-105.71	-96.27	-124.34	-134.55
Other Long Term Liabilities	65.99	64.62	95.52	174.01	178.87
Long Term Trade Payables	47.64	30.75	48.15	54.37
Long Term Provisions	32.41	38.40	42.43	40.38	47.71
Total Non-Current Liabilities	80.34	450.58	879.31	1,305.97	1,707.86
Trade Payables	1,459.76	1,497.86	1,532.89	1,692.88	2,057.38
Other Current Liabilities	1,791.87	2,319.87	2,432.90	2,367.27	2,801.43
Short Term Borrowings	276.25	363.31	413.19	483.71	604.63
Short Term Provisions	230.19	228.15	346.37	465.30	356.92
Total Current Liabilities	3,758.07	4,409.19	4,725.35	5,009.16	5,820.36
Total Liabilities	7,330.90	8,729.99	10,044.46	11,257.71	13,107.41
Gross Block	2,351.78	2,469.47	3,228.38	4,268.47	4,703.33
Less: Accumulated Depreciation	1,157.04	1,221.30	1,322.26	1,462.58	1,655.75
Net Block	1,194.74	1,248.17	1,906.12	2,805.89	3,047.58
Capital Work in Progress	44.32	433.77	519.35	560.84	1,391.83
Non Current Investments	709.99	233.21	401.63	130.72	506.78
Long Term Investment	709.99	233.21	401.63	130.72	506.78
Long Term Loans & Advances	475.37	555.56	538.40	367.81	373.71
Other Non Current Assets	168.69	179.12	225.44	694.66	628.71
Total Non-Current Assets	2,593.11	2,649.83	3,596.38	4,561.66	5,998.61
Currents Investments	766.54	1,392.87	1,363.46	1,567.92	1,276.74
Inventories	727.01	755.63	764.90	716.55	909.50
Sundry Debtors	1,423.72	1,762.06	2,116.43	2,003.01	2,204.84
Cash and Bank	953.50	1,131.58	975.32	1,147.04	1,190.66
Other Current Assets	139.75	102.41	106.22	160.76	183.05
Short Term Loans and Advances	727.27	927.71	1,121.75	1,091.67	1,344.01
Total Current Assets	4,737.79	6,072.26	6,448.08	6,686.95	7,108.80
Net Current Assets (Including Current Investments)	979.72	1,663.07	1,722.73	1,677.79	1,288.44
Total Assets	7,330.90	8,729.99	10,044.46	11,257.71	13,107.41
Contingent Liabilities	490.96	491.52	406.67	456.55	371.71
Total Debt	355.42	810.54	1,255.95	1,693.34	2,288.01
	310.17	343.30	393.77	437.72	491.94
Adjusted Book Value	310.17	343.30	393.77	437.72	491.94

Cash Flow

consolidated figures in ₹ Crores

Particulars	FY 2021-22 (Mar)	FY 2022-23 (Mar)	FY 2023-24 (Mar)	FY 2024-25 (Mar)	FY 2025-26 (Mar)
No of Months	12.00	12.00	12.00	12.00	12.00
	409.97	603.29	869.78	884.47	1,007.94
Adjustment	18.28	70.31	39.80	249.33	111.55
Changes In working Capital	-0.54	-62.80	-475.95	131.72	-228.45
Cash Flow after changes in Working Capital	427.71	610.80	433.63	1,265.52	891.04
Cash Flow from Operating Activities	324.71	459.56	247.30	1,079.79	541.55
Cash Flow from Investing Activities	-421.58	-679.68	-509.21	-1,271.99	-587.06
Cash Flow from Financing Activitie	-20.58	348.54	285.40	122.52	247.63
Net Cash Inflow / Outflow	-117.45	128.42	23.49	-69.68	202.12
Opening Cash & Cash Equivalents	418.81	303.44	447.73	466.75	411.84
Cash & Cash Equivalent of Subsidiaries under liquidations				10.35
Effect of Foreign Exchange Fluctuations	2.08	15.87	-4.47	4.42	22.24
Closing Cash & Cash Equivalent	303.44	447.73	466.75	411.84	636.20

Ratios

Valuation

72.77

7.76

38.84

3.98

49.80

467.02

Profitability

13.76

15.85

5.91

9.60

6.74

Leverage & Liquidity

0.41

1.22

8.25

Returns

0.55

0.88

Shareholding Pattern

Numbers in percentages

Particulars	Jun '24	Sep '24	Dec '24	Mar '25	Jun '25	Sep '25	Dec '25	Mar '26	Jun '26
	61.98	61.98	61.98	61.98	61.98	61.98	61.98	61.98	61.98
	28.02	28.10	28.15	28.11	27.77	27.39	27.20	26.73	26.68
	10.00	9.92	9.87	9.91	10.25	10.62	10.82	11.29	11.34
	38.02	38.02	38.02	38.02	38.02	38.02	38.02	38.02	38.02
No. of Shareholders	48,966	51,876	50,755	53,687	62,986	71,208	77,455	89,964	91,857

Corporate Actions

Showing: All

Date	Type	Details	Ex-Date	Record Date
2026-07-14	Board Meeting	Quarterly Results
2026-07-03	AGM
2026-05-07	Ex Dividend	Rs.6.0000 per share(300%)Special Dividend	2026-07-03	2026-07-03

Insider Trading

Date	Person	Category	Transaction Type	Shares	Value (₹)

No insider trading data available.

Sector Overview

Capital GoodsEngineering - Industrial Equipments

Thermax Ltd. operates in the Capital Goods sector under the Engineering - Industrial Equipments industry. This sector is one of the key drivers of the Indian economy and is closely tracked by the relevant Nifty sectoral index.

Company Profile

Corporate information and contact details

Key Management

9 members across the board and senior leadership

Sangeet Hunjan

Company Secretary & Compliance Officer

—

Meher Pudumjee

Chairperson

₹64.70 L

Mar '26

Pheroz Pudumjee

Non Executive Director

₹39.40 L

Mar '26

Ashish Bhandari

Managing Director & CEO

₹14.62 Cr

Mar '26

Harsh Mariwala