Thermax Financials
NSE: THERMAX | BSE: 500411
₹3,733.90
₹-18.60
(-0.50%)
As on 03-Sep-2026 15:58IST
Market cap
₹44,442 Cr
Revenue (TTM)
₹10,839 Cr
P/E Ratio
74.9
P/B Ratio
8
Div. Yield
0.5 %
Income Statement (₹ Cr) |
TTM | Mar-26 | Mar-25 | Mar-24 | Mar-23 | Mar-22 | Mar-21 | Mar-20 | Mar-19 | Mar-18 | Mar-17 |
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Operating Revenue
|
10,839.35
|
10,694.15
|
10,369.26
|
9,323.46
|
8,089.81
|
6,128.33
|
|
|
|
|
|
|
Total Income
|
11,109.39
|
10,961.63
|
10,621.48
|
9,557.66
|
8,249.99
|
6,272.39
|
|
|
|
|
|
|
Total Expenditure
|
9,969.57
|
9,667.89
|
9,461.48
|
8,527.70
|
7,492.25
|
5,724.01
|
|
|
|
|
|
|
EBITDA
|
869.78
|
1,026.26
|
907.78
|
795.76
|
597.56
|
404.32
|
|
|
|
|
|
|
Depreciation
|
218.28
|
207.64
|
158.51
|
148.08
|
116.86
|
113.24
|
|
|
|
|
|
|
EBIT
|
651.50
|
818.62
|
749.27
|
647.68
|
480.70
|
291.08
|
|
|
|
|
|
|
Interest
|
143.91
|
138.96
|
116.78
|
87.59
|
37.59
|
25.17
|
|
|
|
|
|
|
Other Income
|
270.04
|
267.48
|
252.22
|
234.20
|
160.18
|
144.06
|
|
|
|
|
|
|
Exceptional Items
|
61.21
|
61.21
|
--
|
75.49
|
--
|
--
|
|
|
|
|
|
|
Profit before Tax
|
838.84
|
1,007.94
|
884.47
|
868.96
|
603.06
|
410.10
|
|
|
|
|
|
|
Provision for Tax
|
248.01
|
287.68
|
257.77
|
225.77
|
152.36
|
97.79
|
|
|
|
|
|
|
Profit after Tax
|
590.83
|
720.26
|
626.70
|
643.19
|
450.70
|
312.31
|
|
|
|
|
|
|
Minority Interest
|
2.76
|
0.24
|
7.77
|
2.09
|
-0.41
|
--
|
|
|
|
|
|
|
Share of Associate
|
-0.23
|
--
|
--
|
--
|
--
|
--
|
|
|
|
|
|
|
Consolidated Profit
|
593.36
|
720.50
|
634.47
|
645.28
|
450.29
|
312.31
|
|
|
|
|
|
Liabilities (₹ Cr) |
TTM | Mar-26 | Mar-25 | Mar-24 | Mar-23 | Mar-22 | Mar-21 | Mar-20 | Mar-19 | Mar-18 | Mar-17 |
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Shareholder's Funds
|
5,549.97
|
5,549.97
|
4,936.89
|
4,439.80
|
3,868.07
|
3,492.49
|
|
|
|
|
|
|
Minority Interest
|
2.76
|
29.22
|
5.69
|
--
|
2.15
|
--
|
|
|
|
|
|
|
Non-Current Liabilities
|
1,882.56
|
1,707.86
|
1,305.97
|
879.31
|
450.58
|
80.34
|
|
|
|
|
|
|
Current Liabilities
|
5,820.36
|
5,820.36
|
5,009.16
|
4,725.35
|
4,409.19
|
3,758.07
|
|
|
|
|
|
|
Total Liabilities
|
13,282.11
|
13,241.96
|
11,382.05
|
10,140.73
|
8,835.70
|
7,458.02
|
|
|
|
|
|
Assets (₹ Cr) |
TTM | Mar-26 | Mar-25 | Mar-24 | Mar-23 | Mar-22 | Mar-21 | Mar-20 | Mar-19 | Mar-18 | Mar-17 |
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Non-Current Assets
|
4,946.84
|
5,998.61
|
4,561.66
|
3,596.38
|
2,649.83
|
2,593.11
|
|
|
|
|
|
|
Current Assets
|
7,108.80
|
7,108.80
|
6,686.95
|
6,448.08
|
6,072.26
|
4,737.79
|
|
|
|
|
|
|
Total Assets
|
13,282.11
|
13,241.96
|
11,382.05
|
10,140.73
|
8,835.70
|
7,458.02
|
|
|
|
|
|
|
Total Debt*
|
--
|
2,288.01
|
1,693.34
|
1,255.95
|
810.54
|
355.42
|
|
|
|
|
|
|
Net Current Assets
|
1,288.44
|
1,288.44
|
1,677.79
|
1,722.73
|
1,663.07
|
979.72
|
|
|
|
|
|
|
Contingent Liabilities
|
--
|
371.71
|
456.55
|
406.67
|
491.52
|
490.96
|
|
|
|
|
|
Cashflow (₹ Cr) |
TTM | Mar-26 | Mar-25 | Mar-24 | Mar-23 | Mar-22 | Mar-21 | Mar-20 | Mar-19 | Mar-18 | Mar-17 |
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Cash From Operating Activities
|
--
|
541.55
|
1,079.79
|
247.30
|
459.56
|
324.71
|
|
|
|
|
|
|
Cash Flow from Investing Activities
|
--
|
-587.06
|
-1,271.99
|
-509.21
|
-679.68
|
-421.58
|
|
|
|
|
|
|
Cash from Financing Activities
|
--
|
247.63
|
122.52
|
285.40
|
348.54
|
-20.58
|
|
|
|
|
|
|
Net Cash Inflow / Outflow
|
--
|
202.12
|
-69.68
|
23.49
|
128.42
|
-117.45
|
|
|
|
|
|
Financials Ratios |
TTM | Mar-26 | Mar-25 | Mar-24 | Mar-23 | Mar-22 | Mar-21 | Mar-20 | Mar-19 | Mar-18 | Mar-17 |
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Adjusted EPS (₹)
|
46.16
|
63.96
|
56.32
|
57.31
|
39.99
|
27.74
|
|
|
|
|
|
|
Cash EPS (₹)
|
49.80
|
82.37
|
69.70
|
70.27
|
50.41
|
37.79
|
|
|
|
|
|
|
Adjusted Book Value (₹)
|
467.02
|
491.94
|
437.72
|
393.77
|
343.30
|
310.17
|
|
|
|
|
|
|
Dividend per Share (₹)
|
0.54
|
20.00
|
14.00
|
12.00
|
10.00
|
9.00
|
|
|
|
|
|
|
Cash Flow per Share (₹)
|
--
|
48.07
|
95.85
|
21.96
|
40.81
|
28.84
|
|
|
|
|
|
|
Free Cash Flow per Share (₹)
|
--
|
-22.45
|
1.32
|
-46.95
|
-14.16
|
30.30
|
|
|
|
|
|
Profitability Ratios |
TTM | Mar-26 | Mar-25 | Mar-24 | Mar-23 | Mar-22 | Mar-21 | Mar-20 | Mar-19 | Mar-18 | Mar-17 |
|---|---|---|---|---|---|---|---|---|---|---|---|
|
ROCE (%)
|
--
|
15.85
|
16.25
|
18.44
|
15.03
|
11.74
|
|
|
|
|
|
|
ROE (%)
|
10.38
|
13.76
|
13.38
|
15.50
|
12.25
|
9.26
|
|
|
|
|
|
|
ROA (%)
|
4.67
|
5.91
|
5.88
|
6.85
|
5.61
|
4.57
|
|
|
|
|
|
|
EBIT Margin (%)
|
6.01
|
7.65
|
7.23
|
6.95
|
5.94
|
4.75
|
|
|
|
|
|
|
Net Margin (%)
|
5.32
|
6.57
|
5.90
|
6.73
|
5.46
|
4.98
|
|
|
|
|
|
|
Cash Profit Margin (%)
|
--
|
8.68
|
7.57
|
8.49
|
7.02
|
6.94
|
|
|
|
|
|
Growth Ratios |
TTM | Mar-26 | Mar-25 | Mar-24 | Mar-23 | Mar-22 | Mar-21 | Mar-20 | Mar-19 | Mar-18 | Mar-17 |
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Revenue Growth (%)
|
4.74
|
3.13
|
11.22
|
15.25
|
32.01
|
27.91
|
|
|
|
|
|
|
EBIT Growth (%)
|
-20.58
|
9.26
|
15.69
|
34.74
|
65.14
|
20.97
|
|
|
|
|
|
|
Net Profit Growth (%)
|
-18.03
|
14.93
|
-2.56
|
42.71
|
44.31
|
51.18
|
|
|
|
|
|
|
EPS Growth (%)
|
-11.58
|
13.56
|
-1.72
|
43.30
|
44.18
|
51.18
|
|
|
|
|
|
|
Book Value Growth (%)
|
--
|
12.39
|
11.21
|
14.70
|
10.68
|
7.42
|
|
|
|
|
|
Valuation Ratios |
TTM | Mar-26 | Mar-25 | Mar-24 | Mar-23 | Mar-22 | Mar-21 | Mar-20 | Mar-19 | Mar-18 | Mar-17 |
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Price / Earnings
|
74.90
|
51.44
|
64.88
|
73.21
|
57.26
|
70.05
|
|
|
|
|
|
|
Price / Book Value
|
7.99
|
6.69
|
8.35
|
10.65
|
6.67
|
6.26
|
|
|
|
|
|
|
Dividend Yield (%)
|
0.54
|
0.61
|
0.38
|
0.29
|
0.44
|
0.46
|
|
|
|
|
|
|
EV/EBITDA
|
39.95
|
29.50
|
35.96
|
46.14
|
33.61
|
38.80
|
|
|
|
|
|
|
Close Price (₹)
|
5,159.50
|
3,260.70
|
3,654.10
|
4,192.35
|
2,292.70
|
1,939.05
|
|
|
|
|
|
|
High Price (₹)
|
5,277.80
|
4,091.80
|
5,839.95
|
4,288.65
|
2,679.00
|
2,174.80
|
|
|
|
|
|
|
Low Price (₹)
|
2,742.70
|
2,742.70
|
2,949.45
|
2,178.00
|
1,830.35
|
1,262.25
|
|
|
|
|
|
|
Market Cap (₹ Cr)
|
44,441.73
|
37,063.79
|
41,161.81
|
47,241.04
|
25,785.46
|
21,876.49
|
|
|
|
|
|
Solvency Ratios |
TTM | Mar-26 | Mar-25 | Mar-24 | Mar-23 | Mar-22 | Mar-21 | Mar-20 | Mar-19 | Mar-18 | Mar-17 |
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Debt to Equity
|
0.29
|
0.41
|
0.34
|
0.28
|
0.21
|
0.10
|
|
|
|
|
|
|
Short term debt to equity ratio
|
--
|
0.11
|
0.10
|
0.09
|
0.09
|
0.08
|
|
|
|
|
|
|
Current Ratio
|
1.22
|
1.22
|
1.33
|
1.36
|
1.38
|
1.26
|
|
|
|
|
|
|
Quick Ratio
|
1.07
|
1.07
|
1.19
|
1.20
|
1.21
|
1.07
|
|
|
|
|
|
|
Interest Coverage
|
6.83
|
8.25
|
8.57
|
10.92
|
17.04
|
17.29
|
|
|
|
|
|
Operating Efficiency Ratios |
TTM | Mar-26 | Mar-25 | Mar-24 | Mar-23 | Mar-22 | Mar-21 | Mar-20 | Mar-19 | Mar-18 | Mar-17 |
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Debtors to sales (%)
|
20.70
|
20.62
|
19.32
|
22.70
|
21.78
|
23.23
|
|
|
|
|
|
|
Asset Turnover
|
0.86
|
0.88
|
0.97
|
0.99
|
1.01
|
0.90
|
|
|
|
|
|
|
Receivable days
|
--
|
71.81
|
72.50
|
75.92
|
71.87
|
79.24
|
|
|
|
|
|
|
Inventory Days
|
--
|
27.75
|
26.07
|
29.76
|
33.45
|
33.70
|
|
|
|
|
|
|
Payable days
|
--
|
123.11
|
101.60
|
105.97
|
116.71
|
136.04
|
|
|
|
|
|
|
Cash Conversion Cycle
|
--
|
-23.55
|
-3.03
|
-0.29
|
-11.40
|
-23.09
|
|
|
|
|
|
*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.
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