Thermax Ltd (THERMAX) Financials - Quarterly Results, Profit & Loss, Balance Sheet, Cash Flow Thermax Ltd reported sales of ₹2,303 Cr, operating profit of ₹69 Cr (OPM 3%) and net profit of ₹22 Cr for the quarter ended Jun 2026. Figures in ₹ crore, consolidated where available.
THERMAX quarterly results (₹ Cr) Metric Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026 Sales 2,616 2,529 3,046 2,158 2,474 2,635 3,428 2,303 Expenses 2,338 2,340 2,747 1,933 2,302 2,380 3,054 2,234 Operating Profit 278 188 300 225 172 255 374 69 OPM 11% 7% 10% 10% 7% 10% 11% 3% Other Income 60 32 78 66 85 121 56 68 Interest 29 29 31 30 32 34 42 35 Depreciation 42 35 45 49 51 53 54 60 Profit before tax 266 156 301 211 174 289 334 42 Tax 26% 27% 32% 28% 31% 29% 27% 48% Net Profit 198 114 206 151 119 205 244 22 EPS in Rs 16.54 9.73 17.27 12.79 10.04 17.14 20.5 2.12
THERMAX profit & loss, annual (₹ Cr) Metric Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM Sales 6,128 8,090 9,323 10,387 10,774 10,839 Expenses 5,715 7,489 8,526 9,477 9,736 9,970 Operating Profit 414 601 797 910 1,038 870 OPM 7% 7% 9% 9% 10% 8% Other Income 135 156 307 250 317 331 Interest 25 38 88 117 139 144 Depreciation 113 117 148 159 208 218 Profit before tax 410 603 869 884 1,008 839 Tax 24% 25% 26% 29% 29% - Net Profit 312 451 643 627 720 591 EPS in Rs 26.21 37.79 54.15 53.25 60.47 49.8 Dividend Payout 32% 25% 21% 25% 3% -
THERMAX balance sheet (₹ Cr) Metric Mar 2023 Mar 2024 Mar 2025 Sep 2025 Mar 2026 Equity Capital 23 23 23 23 23 Reserves 3,846 4,417 4,914 5,030 5,527 Borrowings 831 1,277 1,718 1,811 2,353 Other Liabilities 4,137 4,424 4,728 5,325 5,339 Total Liabilities 8,836 10,141 11,382 12,188 13,242 Fixed Assets 1,248 1,906 2,806 2,984 3,048 CWIP 434 525 563 682 1,442 Investments 1,626 1,765 1,699 1,455 1,784 Other Assets 5,528 5,945 6,315 7,067 6,969 Total Assets 8,836 10,141 11,382 12,188 13,242
THERMAX cash flows (₹ Cr) Metric Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 Cash from Operating Activity 325 460 247 1,080 542 Cash from Investing Activity -420 -664 -514 -1,257 -565 Cash from Financing Activity -21 349 285 123 248 Net Cash Flow -115 144 19 -55 224 Free Cash Flow 241 -190 -471 180 -401 CFO/OP 103% 102% 54% 139% 86%
THERMAX ratios Metric Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 Debtor Days 85 80 83 70 75 Inventory Days 76 60 53 45 60 Days Payable 153 118 107 107 135 Cash Conversion Cycle 8 21 29 9 -1 Working Capital Days -44 -39 -24 -36 -40 ROCE 12% 15% 17% 14% 14%