What is Thermax Ltd. Quarterly Revenue?

Thermax Ltd. Quarterly Revenue Thermax Jun-2026 Quarterly Revenue is Rs 1,338 Cr which is growth of 9.9% YoY.

What is Thermax Ltd. Quarterly Net Profit?

Thermax Ltd. Quarterly Net Profit Thermax Jun-2026 Quarterly Net Profit is Rs -18 Cr which is growth of -138.9% YoY.

What is Thermax Ltd. Annual Revenue?

Thermax Ltd. Annual Revenue Thermax Mar-2026 Annual Revenue is Rs 6,803 Cr which is growth of 5.4% YoY.

What is Thermax Ltd. Annual Net Profit?

Thermax Ltd. Annual Net Profit Thermax Mar-2026 Annual Net Profit is Rs 649 Cr which is growth of 13.4% YoY.

What is Thermax Ltd. Total Shareholders Fund?

Thermax Ltd. Total Shareholders Fund Thermax Mar-2026 Total Shareholders Fund is Rs 4,427 Cr which is growth of 11.6% YoY.

What is Thermax Ltd. Total Assets?

Thermax Ltd. Total Assets Thermax Mar-2026 Total Assets is Rs 7,558 Cr which is growth of 4.3% YoY.

What is Thermax Ltd. Book Value Per Share?

Thermax Ltd. Book Value Per Share Thermax Mar-2026 Book Value Per Share is 372 Rs which is growth of 11.6% YoY.

What is Thermax Ltd. ROE?

Thermax Ltd. ROE Thermax Mar-2026 ROE is 15% which is growth of 0.2% YoY.

What is Thermax Ltd. Cash From Operating Activity?

Thermax Ltd. Cash From Operating Activity Thermax Mar-2026 Cash From Operating Activity is Rs 416 Cr which is growth of 11.3% YoY.

What is Thermax Ltd. Net Cash Flow?

Thermax Ltd. Net Cash Flow Thermax Mar-2026 Net Cash Flow is Rs -17 Cr which is growth of 88.4% YoY.

Thermax Ltd.

NSE: THERMAX | BSE: 500411

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Thermax quarterly and annual financials: results, revenue, profit, P&L, balance sheet, cash flow, financial ratios, revenue mix, peer comparison, and financial documents

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Forecaster Analyst Estimates for Thermax share price target, revenues, EPS, net income and more

Thermax quarterly results: revenue, profit, and P&L – 13 quarter history

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POSITIVE
Quarterly Revenue Thermax Jun-2026 Quarterly Revenue is Rs 1,338 Cr which is growth of 9.9% YoY.
NEGATIVE
Quarterly Net Profit Thermax Jun-2026 Quarterly Net Profit is Rs -18 Cr which is growth of -138.9% YoY.

Thermax Ltd., Quarterly, standalone, All financials are in INR Cr and price data in INR
Indicator	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23	Jun '23
TOTAL_SR_Q Total Rev. ⌄	1,338.2	2,258.8	1,637.7	1,682.7	1,217.5	2,027.3	1,493.6	1,556.2	1,379.5	1,789.5	1,514.5	1,501.7	1,209.8
SR_Q Operating Rev.	1,303	2,225.9	1,599	1,504.6	1,182.7	1,971.7	1,452.7	1,518.8	1,311	1,737.6	1,479.8	1,443.9	1,160.6
OI_Q Other Income	35.3	33	38.7	178.1	34.9	55.7	40.9	37.5	68.5	51.9	34.7	57.8	49.2
OEXPNS_Q Operating Exp.	1,330.7	1,980.9	1,460.1	1,398.6	1,128	1,754.8	1,342.3	1,391.8	1,238.5	1,602.7	1,358.8	1,302.5	1,076.9
OEXPNS_Q Operating Exp.	1,330.7	1,980.9	1,460.1	1,398.6	1,128	1,754.8	1,342.3	1,391.8	1,238.5	1,602.7	1,358.8	1,302.5	1,076.9
OP_Q Operating Profit	-27.7	245	138.9	106	54.6	216.8	110.4	127	72.4	135	121	141.4	83.7
OPMPCT_Q Operating Profit Margin %	-2.13%	11.01%	8.69%	7.05%	4.62%	11.00%	7.60%	8.36%	5.52%	7.77%	8.18%	9.79%	7.22%
DEP_Q Depr.	26	20.4	27	25.6	24.2	20.4	18.9	20.3	18.8	19.5	18	17.8	17.5
INT_Q Interest	5.9	8	8.5	5	3.4	8.6	8.5	8.3	6	6.8	6.2	5.6	5.3
PBT_Q Profit Before Tax	-24.4	252	227.5	253.4	61.9	337.2	123.9	135.9	116.2	160.6	257.7	102.4	59.4
TAX_Q Tax	-6.3	51	52	27.5	15.5	62.2	20.7	27.9	30.2	32	57.1	38	15.5
NP_Q Net Profit	-18.1	201	175.5	225.9	46.5	275.1	103.2	107.9	86	128.6	200.6	64.4	43.9
EPS_adj_Q EPS Adj. latest	-1.5	16.9	14.7	19	3.9	23.1	8.7	9.1	7.2	10.8	16.8	5.4	3.7
NP_TTM Net profit TTM	584.3	648.9	722.9	650.6	532.6	572.1	425.6	523.1	479.5	437.4	431	320.4	348.7
EPS_TTM Basic EPS TTM	49	54.5	60.7	54.6	44.7	48	35.7	43.9	40.3	36.7	36.2	26.9	29.3
earnings_transcripts Earnings Transcripts
results_pdf Results PDF
result_notes Result Notes	Notes	Notes	Notes	Notes	Notes		Notes	Notes	Notes	Notes	Notes	Notes	Notes

*All financials are in INR Cr and price data in INR

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Thermax competitor comparison and performance snapshot within industry

Thermax revenue mix: sales, profit, and capital employed breakups by segment

Thermax annual results: revenue, profit, P&L, and margins as of Mar 2026 – 11 year history

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POSITIVE
Annual Revenue Thermax Mar-2026 Annual Revenue is Rs 6,803 Cr which is growth of 5.4% YoY.
POSITIVE
Annual Net Profit Thermax Mar-2026 Annual Net Profit is Rs 649 Cr which is growth of 13.4% YoY.

Thermax Ltd., Annual, standalone, All financials are in INR Cr and price data in INR
Indicator	CAGR 3 Yrs	CAGR 5 Yrs	TTM	Mar '26	Mar '25	Mar '24	Mar '23	Mar '22	Mar '21	Mar '20	Mar '19	Mar '18	Mar '17	Mar '16
SR_A Total Rev. Ann. ⌄	8.8%	15.8%	6,917.4	6,802.8	6,456.6	6,015.4	5,277.5	4,140	3,271.9	3,319.5	3,663.9	3,971.9	3,866.3	4,461.6
TotalOperatingRevenues_A Operating Rev. Ann.	8.2%	15.8%	6,632.4	6,518.3	6,254.1	5,821.9	5,141.2	4,015.4	3,131.5	3,215.1	3,541.1	3,867.9	3,763.7	4,351.8
OI_A Other Income Ann.	27.8%	15.2%	285	284.6	202.5	193.5	136.3	124.6	140.4	104.4	122.8	104	102.7	109.9
OEXPNS_A Operating Exp. Ann.	7.9%	15.4%	6,170.2	5,973.7	5,727.4	5,340.9	4,760.5	3,789.4	2,913.4	3,001.6	3,290.4	3,496.5	3,389.9	3,963.2
OEXPNS_A Operating Exp. Ann.	7.9%	15.4%	6,170.2	5,973.7	5,727.4	5,340.9	4,760.5	3,789.4	2,913.4	3,001.6	3,290.4	3,496.5	3,389.9	3,963.2
OP_A Operating Profit Ann.	12.7%	20.1%	462.2	544.5	526.7	481.1	380.7	226	218.1	213.5	250.7	371.4	373.8	388.6
OPMPCT_A OPM Ann. %	3.5%	3.7%		8.00%	8.16%	8.00%	7.21%	5.46%	6.67%	6.43%	6.84%	9.35%	9.67%	8.71%
TotalExpenses_A Total Exp. Ann. ⌄	7.9%	15.3%		6,095.8	5,837.2	5,437.4	4,853.2	3,869.9	2,985.9	3,069.4	3,345.8	3,568.7	3,458.9	4,024.7
OtherExpenses_A Other Exp. Ann.	8.2%	15.9%	1,642.9	1,544.4	1,454.6	1,370	1,217.8	907.2	739.2	724.3	693	895.1	870.6	845.4
EmployeeBenefitExpenses_A Employee Exp. Ann.	14.1%	13%	855.6	837.6	764.3	683.6	563.7	477.8	453.8	430.9	393.3	459.1	458.9	454.2
CostOfPowerPurchased_A Cost Of Power Purchased Ann.	-	-
CostOfFuel_A Cost Of Fuel Ann.	-	-
EBIDT_A EBITDA Ann.	17.1%	18.3%		829.1	729.2	674.6	517	350.6	358.5	317.9	373.5	475.4	476.4	498.4
EBIDTPCT_A EBITDA Ann. margin %	7.5%	2.2%		12.19%	11.29%	11.21%	9.80%	8.47%	10.96%	9.58%	10.19%	11.97%	12.32%	11.17%
INT_A Interest Ann.	8.3%	23.7%	27.4	24.9	31.4	23.8	19.6	13.3	8.6	5.2	5.3	8	3.6	0.6
DEP_A Depr.	9.9%	8.7%	99.1	97.2	78.4	72.7	73.2	67.2	64	62.6	50.1	64.2	65.4	60.9
PBT_A PBT Ann.	22.6%	34.2%	708.6	794.9	713.1	580.1	431.5	256.1	182.9	235.2	270.3	378.1	274.6	436.9
TAX_A Tax Ann.	12.6%	28.4%	124.2	146	141	142.6	102.2	55.3	41.9	73.8	109.3	139.9	129.8	131.4
PAT_A PAT Before ExtraOrdinary Items Ann. ⌄	25.4%	35.7%		648.9	572.1	437.4	329.3	200.8	141	161.4	161	238.3	144.8	305.5
IncomeMinorityInterest_A Minority Interest Income Ann.	-	-		-	-	-	-	-	-	-	-	-	-	-
NP_A Net Profit Ann.	25.4%	35.7%	584.3	648.9	572.1	437.4	329.3	200.8	141	214	275.2	238.3	144.8	305.5
NETPCT_A NPM Ann. %	15.8%	17.2%		9.95%	9.14%	7.51%	6.40%	5.00%	4.50%	6.65%	7.77%	6.15%	3.84%	7.02%
EPS_adj_A EPS Adj. latest Ann.	25.5%	35.8%		54.5	48	36.7	27.6	16.9	11.8	18	23.1	20	12.2	25.6
result_notes Result Notes				Notes		Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes
Annual_Reports Annual Reports

*All financials are in INR Cr and price data in INR

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Total Rev. Ann.

1Y CHG

5.4%

2Y CAGR

6.3%

3Y CAGR

8.8%

5Y CAGR

15.8%

7Y CAGR

9.2%

10Y CAGR

4.3%

Total Revenue Annual growth is lower than historical averages.

Net Profit Ann.

1Y CHG

13.4%

2Y CAGR

21.8%

3Y CAGR

25.4%

5Y CAGR

35.7%

7Y CAGR

13%

10Y CAGR

7.8%

Net Profit Annual growth is stable compared to historical averages.

Operating Exp. Ann.

1Y CHG

4.3%

2Y CAGR

5.8%

3Y CAGR

7.9%

5Y CAGR

15.4%

7Y CAGR

8.9%

10Y CAGR

4.2%

Operating Expenses Annual Cr growth is lower than historical averages.

Thermax balance sheet as of Mar 2026: assets, liabilities, reserves, and borrowings – 11 year history

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POSITIVE
Total Shareholders Fund Thermax Mar-2026 Total Shareholders Fund is Rs 4,427 Cr which is growth of 11.6% YoY.
POSITIVE
Total Assets Thermax Mar-2026 Total Assets is Rs 7,558 Cr which is growth of 4.3% YoY.

Thermax Ltd., Balance Sheet, standalone, All financials are in INR Cr and price data in INR
Indicator	CAGR 3 Yrs	CAGR 5 Yrs	Mar '26	Mar '25	Mar '24	Mar '23	Mar '22	Mar '21	Mar '20	Mar '19	Mar '18	Mar '17	Mar '16
TotalShareHoldersFunds_A Total ShareHolders Funds Ann. ⌄	11.2%	9%	4,427.1	3,967.8	3,536.7	3,217.8	3,001	2,879.4	2,737.5	2,735.9	2,565.6	2,409.8	2,487.1
EQCAP_A Equity Share Capital Ann.	0%	0%	23.8	23.8	23.8	23.8	23.8	23.8	23.8	23.8	23.8	23.8	23.8
TotalShareCapital_A Total Share Capital Ann.	0%	0%	23.8	23.8	23.8	23.8	23.8	23.8	23.8	23.8	23.8	23.8	23.8
ReservesAndSurplus_A Reserves Plus Surplus Ann.	11.3%	9%	4,403.3	3,943.9	3,512.9	3,193.9	2,977.2	2,855.6	2,713.7	2,712	2,541.7	2,385.9	2,463.3
TotalReservesAndSurplus_A Total Reserves Plus Surplus Ann.	11.3%	9%	4,403.3	3,943.9	3,512.9	3,193.9	2,977.2	2,855.6	2,713.7	2,712	2,541.7	2,385.9	2,463.3
LiabilityMinorityInterest_A Minority Interest Liability Ann.	-	-	-	-	-	-	-	-	-	-	-	-	-
TotalNonCurrentLiabilities_A Total Non Current Liabilities Ann. ⌄	0.2%	-12%	61.3	108.2	74.3	61	104.2	116.2	72.3	58.6	70.3	69.2	66.1
DeferredTaxLiabilities_A Deferred Tax Liabilities Ann.	-	-
OtherLongTermLiabilities_A Other LongTerm Liabilities Ann.	-49.4%	-46%	4.8	56.2	48.1	37	86.2	104.4	61.2	51.1	60.4	59.5	62.1
CL_A Total Current Liabilities Ann. ⌄	2.2%	8.5%	3,069.8	3,169.8	3,136.4	2,872.5	2,320.2	2,036.9	1,600.1	3,344.4	2,739.3	2,116.6	2,405.9
TradePayables_A Trade Payables Ann.	11%	11%	1,420.8	1,105.3	1,072.8	1,038.1	975.3	841.3	602.6	798.9	943.1	924.5	826.9
OtherCurrentLiabilities_A Other Current Liabilities Ann.	-3.2%	7.5%	1,364.8	1,771.7	1,561.5	1,502.9	1,037.3	949	836.5	2,434.3	1,531.5	995.7	1,196
ShortTermProvisions_A ST Provisions Ann.	18.2%	11.7%	184.1	233.5	194.3	111.6	127.6	105.8	88.6	71.1	148.2	130.2	292.3
TL_A Total Capital Plus Liabilities Ann.	7.1%	8.5%	7,558.2	7,245.8	6,747.4	6,151.3	5,425.5	5,032.5	4,409.8	6,138.9	5,375.1	4,595.6	4,959.2
FixedAssets_A Fixed Assets Ann. ⌄	12.8%	6.5%	1,090.3	1,059.5	861.1	758.7	761.1	794	803.5	742.1	763.8	683.7	644.5
TangibleAssets_A Tangible Assets Ann.	12.8%	5.7%	994.6	953.7	727.8	692.9	718.6	753.9	732.9	698	645.5	520.6	563.7
IntangibleAssets_A Intangible Assets Ann.	7.1%	8.9%	25.7	23.1	21.7	20.9	27.5	16.8	15.1	14.9	25.9	34	21.9
CapitalWorkInProgress_A Capital Work In Progress Ann.	0%	17.2%	44.9	81.6	107.2	44.9	15	20.3	55.4	29.2	92.3	126.3	26.7
TotalNonCurrentAssets_A Total Non Current Assets Ann. ⌄	18.1%	13.6%	3,690.7	2,869	2,701.9	2,241.1	2,708.1	1,948.1	2,086.8	1,811.8	1,803.7	1,735.4	1,647.4
NonCurrentInvestments_A Non Current Investments Ann.	24%	21.3%	2,069.5	1,410.1	1,427.5	1,086	1,461	788.2	772.4	767.5	639.3	639.7	667.2
DeferredTaxAssets_A Deferred Tax Assets Ann.	20.9%	9.7%	84.7	90.6	52.5	47.9	48.6	53.3	40.4	49.4	104.2	103.7	54.6
LongTermLoansAndAdvances_A LT Loans Plus Advances Ann.	265.7%	62.6%	132	11.7	8	2.7	2.7	11.6	232.5	12.1	13.6	11.7	217.8
OtherNonCurrentAssets_A Other Non Current Assets Ann.	-3.1%	0.9%	314.2	297.2	352.9	345.8	434.7	301	238	240.9	282.8	296.5	63.3
CA_A Total Current Assets Ann. ⌄	-0.4%	4.6%	3,867.5	4,376.7	4,045.4	3,910.2	2,717.4	3,084.4	2,323.1	4,327	3,571.4	2,860.2	3,311.8
CurrentInvestments_A Current Investments Ann.	-15.6%	44%	711.7	1,295.4	965.8	1,183.9	534.3	114.9	637.1	656.9	1,156.5	764.7	838.7
TradeReceivables_A Trade Receivables Ann.	8%	13.1%	1,524.5	1,651.6	1,501.6	1,210.2	953.4	823.5	753.4	836.9	1,139.3	955.4	1,390.9
CashAndCashEquivalents_A Cash Plus Cash Equivalents Ann.	-24.1%	-33.6%	178.4	120.3	346.8	408.5	441.6	1,386.8	230.1	118.8	119.4	70.9	178.4
ShortTermLoansAndAdvances_A ST Loans Plus Advances Ann.	-27.4%	-3.5%	65.8	48.2	183.8	171.9	1.5	78.8	90.4	12.5	5.3	39	175.1
OtherCurrentAssets_A Other Current Assets Ann.	18.4%	15.8%	905.5	878.2	650.1	545	416.3	434.4	357	2,471.5	852.7	801.5	503.9
TA_A Total Assets Ann.	7.1%	8.5%	7,558.2	7,245.8	6,747.4	6,151.3	5,425.5	5,032.5	4,409.8	6,138.9	5,375.1	4,595.6	4,959.2
ContingentLiabilities_A Contingent Liabilities plus Commitments Ann.	-37.8%	-23%	728.1	1,278.6	1,650.9	3,028.2	2,580.2	2,687	2,784.4	2,005.3	547	422.7	1,912.1
BonusEquityShareCapital_A Bonus Equity Share Capital Ann.	0%	0%	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4
NonCurrentInvestmentsUnquotedBookValue_A Non Current Investments Unquoted Book Value Ann.	59.8%	35.8%	296.1		149.3	72.5	209.8	64.1	118.9	121.7	84.1	81.6	681.1
CurrentInvestmentsUnquotedBookValue_A Current Investments Unquoted Book Value Ann.	-44.3%	-	90	150.4	283.6	521.2	82.1		637.1	656.9	1,156.5	764.7	838.7

*All financials are in INR Cr and price data in INR

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Total Assets Ann.

1Y CHG

4.3%

2Y CAGR

5.8%

3Y CAGR

7.1%

5Y CAGR

8.5%

7Y CAGR

10Y CAGR

4.3%

Total Assets Annual growth is stable compared to historical averages.

Total Current Liabilities Ann.

1Y CHG

-3.2%

2Y CAGR

-1.1%

3Y CAGR

2.2%

5Y CAGR

8.5%

7Y CAGR

-1.2%

10Y CAGR

2.5%

Total Current Liabilities Annual Cr is falling faster than historical averages.

Total ShareHolders Funds Ann.

1Y CHG

11.6%

2Y CAGR

11.9%

3Y CAGR

11.2%

5Y CAGR

7Y CAGR

7.1%

10Y CAGR

5.9%

Total ShareHolders Funds Annual growth is higher than historical averages.

Thermax ROE, ROCE, book value, and debt-to-equity ratio as of Mar 2026 – 11 year history

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POSITIVE
Book Value Per Share Thermax Mar-2026 Book Value Per Share is 372 Rs which is growth of 11.6% YoY.
POSITIVE
ROE Thermax Mar-2026 ROE is 15% which is growth of 0.2% YoY.

Thermax Ltd., Ratios, standalone, All financials are in INR Cr and price data in INR
Indicator	CAGR 3 Yrs	CAGR 5 Yrs	Mar '26	Mar '25	Mar '24	Mar '23	Mar '22	Mar '21	Mar '20	Mar '19	Mar '18	Mar '17	Mar '16
BVSH_A BVSH Ann.	11.2%	9%	371.6	333	296.8	270.1	251.9	241.7	229.8	229.6	215.3	202.3	208.7
ROA_A RoA Ann. %	17.1%	25.1%	8.58%	7.89%	6.48%	5.35%	3.70%	2.80%	4.85%	4.48%	4.43%	3.15%	6.16%
ROE_A ROE Ann. %	12.7%	24.5%	14.65%	14.41%	12.36%	10.23%	6.69%	4.89%	7.81%	10.06%	9.28%	6.01%	12.28%
ROCE_A ROCE Ann. %	6.4%	10.6%	16.30%	15.96%	16.66%	13.53%	9.12%	9.83%	9.08%	11.57%	15.59%	16.57%	17.13%
ProfitabilityHeader Profitability Ratio ⌄
PBDITMargin_A EBITDA Ann. Margin %	8.1%	2.1%	12.71%	11.65%	11.58%	10.05%	8.73%	11.44%	9.88%	10.54%	12.28%	12.65%	11.45%
PBITMargin_A EBIT Ann. Margin %	9.1%	3.6%	11.22%	10.40%	10.33%	8.63%	7.05%	9.40%	7.93%	9.13%	10.62%	10.92%	10.05%
PBTMargin_A PBT Ann. Margin %	13.3%	15.9%	12.19%	11.40%	9.96%	8.39%	6.37%	5.84%	7.31%	7.63%	9.77%	7.29%	10.03%
NETPCT_A NPM Ann. %	15.8%	17.2%	9.95%	9.14%	7.51%	6.40%	5.00%	4.50%	6.65%	7.77%	6.15%	3.84%	7.02%
ASETTO_A Asset Turnover Ann. %	0%	5.2%	0.9	0.9	0.9	0.9	0.8	0.7	0.6	0.6	0.8	0.8	0.9
LiquidityHeader Liquidity Ratio ⌄
CRATIO_A Current Ratio Ann.	-2.4%	-2.8%	1.3	1.4	1.3	1.4	1.2	1.5	1.5	1.3	1.3	1.4	1.4
QuickRatio_A Quick Ratio Ann.	-2.9%	-4.7%	1.1	1.3	1.2	1.2	1	1.4	1.3	1.2	1.2	1.2	1.3
DividendPayoutNP_A Dividend Payout to NP Ann.	0%	-	0.3	0.3	0.3	0.3	0.4		0.8	0.3	0.3	0.5	0.3
EarningRetention_A Earning Retention Ann. %	3.3%	-	74.30%	75.01%	72.76%	67.43%	58.46%		22.05%	74.03%	70.00%	50.64%	76.61%
CashEarningRetention_A Cash Earning Retention Ann. %	1.9%	-	77.65%	78.02%	76.65%	73.36%	68.88%		39.69%	78.03%	76.37%	66.00%	80.49%
CashEarningRetention_A Cash Earning Retention Ann. %	1.9%	-	77.65%	78.02%	76.65%	73.36%	68.88%		39.69%	78.03%	76.37%	66.00%	80.49%
ValuationHeader Valuation Ratio ⌄
EnterpriseValue_A EnterpriseValue Ann.	13%	21.5%	39,148.9	43,501.6	49,950.4	27,096.9	22,887.5	14,792.2	8,653.4	11,505.6	13,470	11,532	8,891.5
EVPerNetSales_A EV Per Net Sales Ann.	4.2%	5%	6	7	8.6	5.3	5.7	4.7	2.7	3.3	3.5	3.1	2
PBV_A Price To Book Value Adjusted	-10.1%	-8.2%	9.63	11.89	12.05	13.25	14.21	14.81	15.57	15.58	16.62	17.69	17.14
EVPerEBITDA_A EV Per EBITDA Ann.	-3.4%	2.7%	47.2	59.7	74.1	52.4	65.3	41.3	27.2	30.8	28.3	24.2	17.8
MarketCapPerSales_A Market Cap Per Sales Ann.	4.2%	3.3%	6	7	8.6	5.3	5.8	5.1	2.7	3.3	3.5	3.1	2.1
RetentionRatios_A Retention Ratio Ann. %	3.3%	-	74.29%	75.00%	72.75%	67.42%	58.45%		22.04%	74.02%	69.99%	50.63%	76.60%
EYield_A Earnings Yield Ann.	-	-	0	0	0	0	0	0	0	0	0	0	0
DEBT_CE_A Total Debt to Total Equity Ann.	-	-	0	0	0.1	0.1	0.1	0.1	0	0	0.1	0	0

*All financials are in INR Cr and price data in INR

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ROE Ann. %

1Y CHG

1.7%

2Y CAGR

8.9%

3Y CAGR

12.7%

5Y CAGR

24.5%

7Y CAGR

5.5%

10Y CAGR

1.8%

ROE Annual % is growing slower than historical averages.

RoA Ann. %

1Y CHG

8.7%

2Y CAGR

15.1%

3Y CAGR

17.1%

5Y CAGR

25.1%

7Y CAGR

9.7%

10Y CAGR

3.4%

RoA Annual % is growing slower than historical averages.

Current Ratio Ann.

1Y CHG

-7.1%

3Y CAGR

-2.4%

5Y CAGR

-2.8%

10Y CAGR

-0.7%

Current Ratio Annual is falling faster than historical averages.

Thermax cash flow: net, operating, investing, and financing flows as of Mar 2026 – 11 year history

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POSITIVE
Cash From Operating Activity Thermax Mar-2026 Cash From Operating Activity is Rs 416 Cr which is growth of 11.3% YoY.
POSITIVE
Net Cash Flow Thermax Mar-2026 Net Cash Flow is Rs -17 Cr which is growth of 88.4% YoY.

Thermax Ltd., Cash Flow, standalone, All financials are in INR Cr and price data in INR
Indicator	CAGR 3 Yrs	CAGR 5 Yrs	Mar '26	Mar '25	Mar '24	Mar '23	Mar '22	Mar '21	Mar '20	Mar '19	Mar '18	Mar '17	Mar '16
CFO_A Cash from Operating Act. Ann. ⌄	-0.2%	0.4%	416.5	374.2	90.8	418.7	93.9	409	253.2	-117.2	507.1	346.1	289.2
PBT_A PBT Ann.	22.6%	34.2%	794.9	713.1	580.1	431.5	256.1	182.9	235.2	270.3	378.1	274.6	436.9
INT_A Interest Ann.	8.3%	23.7%	24.9	31.4	23.8	19.6	13.3	8.6	5.2	5.3	8	3.6	0.6
TAX_A Tax Ann.	12.6%	28.4%	146	141	142.6	102.2	55.3	41.9	73.8	109.3	139.9	129.8	131.4
CFI_A Cash from Investing Act. Ann.	-	-	-287.4	-125.9	103.4	-337.6	-100.2	-375.2	-98.4	254.3	-456.5	-151	-155.9
CFA_A Cash from Financing Act. Ann.	-	-	-146	-393.7	-51.4	-81.5	-52.6	62.9	-238.6	-50.6	-38.2	-114.8	-114.6
NCF_A Net Cash Flow Ann. ⌄	-	-	-16.9	-145.4	142.8	-0.4	-58.9	96.8	-83.8	86.6	12.4	80.4	18.7
CashAndCashEquivalentBeginOfYear_A Cash Plus Cash Eqv. Begin Of Year Ann.	-1.2%	7%	117.1	263.6	120.8	121.3	180.2	83.4	167.2	80.6	68.2	-12.2	48.8
CashAndCashEquivalentEndOfYear_A Cash Plus Cash Eqv. End Of Year Ann.	-6.1%	-11.1%	100.1	118.2	263.6	120.8	121.3	180.2	83.4	167.2	80.6	68.2	67.6

*All financials are in INR Cr and price data in INR

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Cash from Operating Act. Ann.

1Y CHG

11.3%

2Y CAGR

114.2%

3Y CAGR

-0.2%

5Y CAGR

0.4%

10Y CAGR

3.7%

Cash from Operating Activity Annual growth is stable compared to historical averages.

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