Thermax Complete Financial Statements
12 Years of Data
2026 - 2015
In FY2026, Thermax (THERMAX) reported revenue ₹3,484 Cr, net profit ₹244 Cr and EPS ₹21.68, with a net profit margin of 7.0% and ROE of 4.4%. Full financial statements from FY2015 to FY2026 (12 years) — income statement, balance sheet and cash flow in ₹ Crores. Download as Excel or CSV. Explore THERMAX value investing to estimate fundamental worth using multiple valuation models.
Complete Financial Data Export
Profitability Ratios
Net Profit Margin
7.00%
2026 data
EBITDA Margin
12.37%
2026 data
Operating Margin
11.00%
2026 data
Return on Assets
1.84%
2026 data
Return on Equity
4.40%
2026 data
Balance Sheet Ratios
Current Ratio
3.78
2026 data
Equity Ratio
41.79%
2026 data
Asset Turnover
0.26
2026 data
THERMAX Revenue, Net Profit & EBITDA — Year-on-Year Growth
THERMAX YoY (Mar 2025 vs Mar 2026) — revenue +11.5%, net profit +18.4%, EBITDA +14.3%, expenses +11.2%. Review THERMAX price earnings ratio to evaluate earnings-based valuation against sector peers.
Revenue Growth
+11.5%
Year-over-Year
Net Profit Growth
+18.4%
Year-over-Year
EBITDA Growth
+14.3%
Year-over-Year
Expense Growth
+11.2%
Year-over-Year
Assets Growth
+10.3%
Year-over-Year
Equity Growth
+12.3%
Year-over-Year
Operating Cash Flow Growth
+322.3%
Year-over-Year
Investing Cash Flow Growth
-137.4%
Year-over-Year
Financing Cash Flow Growth
-56.5%
Year-over-Year
THERMAX Income Statement — Revenue, EBITDA & Net Profit
Thermax revenue ₹3,484 Cr, EBITDA ₹431 Cr, net profit ₹244 Cr, EPS ₹21.68 (2026) — net profit margin 7.0%. For live price, earnings ratios and company overview, see THERMAX share price screener.
Periods
₹ Crores
| Particulars | Mar 2026 | Sept 2025 | Mar 2025 | Jun 2025 | Dec 2025 | Sept 2024 | Mar 2024 | Jun 2024 | Dec 2024 | Sept 2023 | Mar 2023 | Jun 2023 | Dec 2023 | Sept 2022 | Mar 2022 | Jun 2022 | Dec 2022 | Sept 2021 | Mar 2021 | Jun 2021 | Dec 2021 | Sept 2020 | Mar 2020 | Jun 2020 | Dec 2020 | Sept 2019 | Mar 2019 | Jun 2019 | Dec 2019 | Sept 2018 | Mar 2018 | Jun 2018 | Dec 2018 | Sept 2017 | Mar 2017 | Jun 2017 | Dec 2017 | Sept 2016 | Mar 2016 | Jun 2016 | Dec 2016 | Sept 2015 | Jun 2015 | Dec 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3,484 | 2,559 | 3,124 | 2,223 | 2,756 | 2,676 | 2,819 | 2,269 | 2,560 | 2,368 | 2,369 | 1,986 | 2,509 | 2,115 | 2,028 | 1,675 | 2,092 | 1,506 | 1,610 | 1,078 | 1,644 | 1,164 | 1,354 | 686 | 1,439 | 1,628 | 2,126 | 1,414 | 1,436 | 1,463 | 1,488 | 1,067 | 1,468 | 1,057 | 1,520 | 896 | 1,141 | 1,106 | 1,541 | 1,002 | 969 | 1,277 | 1,248 | 1,202 |
| Expenses | 3,054 | 2,302 | 2,747 | 1,933 | 2,380 | 2,338 | 2,491 | 2,044 | 2,340 | 2,098 | 2,111 | 1,852 | 2,137 | 1,935 | 1,857 | 1,559 | 1,888 | 1,359 | 1,435 | 989 | 1,502 | 1,087 | 1,259 | 676 | 1,291 | 1,476 | 1,905 | 1,293 | 1,297 | 1,318 | 1,322 | 966 | 1,418 | 938 | 1,335 | 800 | 1,022 | 978 | 1,362 | 899 | 857 | 1,155 | 1,129 | 1,071 |
| EBITDA | 431 | 257 | 377 | 291 | 376 | 338 | 329 | 225 | 220 | 270 | 258 | 134 | 372 | 180 | 171 | 117 | 203 | 147 | 176 | 88 | 142 | 78 | 94 | 10 | 148 | 152 | 220 | 121 | 139 | 145 | 166 | 101 | 50 | 119 | 185 | 96 | 119 | 128 | 179 | 104 | 113 | 122 | 120 | 131 |
| Operating Profit Margin % | 11.00% | 7.00% | 10.00% | 10.00% | 10.00% | 11.00% | 10.00% | 6.00% | 7.00% | 9.00% | 9.00% | 4.00% | 8.00% | 7.00% | 7.00% | 6.00% | 8.00% | 7.00% | 9.00% | 6.00% | 7.00% | 5.00% | 5.00% | -2.00% | 8.00% | 8.00% | 8.00% | 7.00% | 8.00% | 8.00% | 8.00% | 7.00% | 1.00% | 9.00% | 10.00% | 8.00% | 9.00% | 9.00% | 9.00% | 8.00% | 9.00% | 8.00% | 8.00% | 9.00% |
| Depreciation | 54 | 52 | 45 | 49 | 53 | 42 | 50 | 36 | 35 | 33 | 29 | 29 | 36 | 30 | 30 | 29 | 29 | 27 | 29 | 27 | 29 | 29 | 31 | 28 | 29 | 28 | 25 | 26 | 32 | 24 | 24 | 21 | 23 | 19 | 23 | 19 | 21 | 20 | 17 | 19 | 20 | 18 | 18 | 19 |
| Interest | 42 | 32 | 31 | 30 | 34 | 29 | 28 | 28 | 29 | 20 | 14 | 13 | 27 | 8 | 10 | 7 | 9 | 5 | 6 | 5 | 5 | 5 | 5 | 4 | 6 | 4 | 4 | 4 | 2 | 4 | 4 | 3 | 4 | 5 | 3 | 2 | 3 | 2 | 3 | 3 | 2 | 4 | 3 | 3 |
| Profit Before Tax | 334 | 174 | 301 | 212 | 289 | 266 | 251 | 161 | 156 | 218 | 214 | 92 | 309 | 142 | 132 | 81 | 165 | 114 | 140 | 56 | 108 | 44 | 59 | -23 | 113 | 120 | 192 | 90 | 105 | 118 | 138 | 76 | 24 | 95 | 160 | 76 | 96 | 106 | 160 | 81 | 91 | 114 | 105 | 88 |
| Tax | 90 | 54 | 95 | 60 | 84 | 68 | 63 | 52 | 43 | 59 | 58 | 32 | 72 | 33 | 29 | 22 | 39 | 26 | 33 | 14 | 29 | 13 | 20 | -7 | 30 | 95 | 65 | 27 | 21 | 43 | 63 | 27 | -51 | 38 | 124 | 36 | 38 | 27 | 46 | 32 | 38 | 55 | 51 | 34 |
| Net Profit | 244 | 119 | 206 | 151 | 205 | 198 | 188 | 109 | 114 | 159 | 156 | 60 | 237 | 109 | 103 | 59 | 126 | 88 | 107 | 42 | 79 | 31 | 39 | -15 | 83 | 26 | 127 | 63 | 85 | 75 | 76 | 49 | 75 | 57 | 35 | 40 | 59 | 78 | 114 | 49 | 54 | 59 | 55 | 54 |
| Earnings Per Share (₹) | 21.68 | 10.62 | 18.27 | 13.53 | 18.12 | 17.49 | 16.90 | 10.28 | 10.29 | 14.00 | 13.85 | 5.23 | 21.17 | 9.70 | 9.10 | 5.23 | 11.20 | 7.80 | 9.53 | 3.77 | 7.06 | 2.78 | 3.47 | -1.36 | 7.39 | 2.29 | 11.27 | 5.57 | 7.54 | 6.62 | 6.72 | 4.35 | 6.66 | 5.08 | 3.88 | 3.61 | 5.20 | 6.98 | 10.14 | 4.35 | 4.86 | 5.25 | 4.85 | 4.82 |
THERMAX Balance Sheet — Assets, Liabilities & Shareholders' Equity
THERMAX total assets ₹13,282 Cr, total equity ₹5,550 Cr, total liabilities ₹ Cr (2026) — ROE 4.4%.
Years
Annual Data
₹ Crores
| Particulars | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ASSETS | ||||||||||||
| Total Assets | 13,282 | 12,038 | 10,153 | 8,839 | 7,461 | 6,507 | 5,956 | 6,800 | 5,945 | 5,061 | 5,181 | 6,089 |
| Current Assets | 7,109 | 7,313 | 6,448 | 6,072 | 4,738 | 4,467 | 3,977 | 4,737 | 4,102 | 3,297 | 3,610 | 4,185 |
| Fixed Assets | 4,409 | 2,806 | 1,906 | 1,248 | 1,195 | 1,242 | 1,283 | 1,312 | 973 | 811 | 827 | 1,431 |
| Capital Work in Progress | 1,392 | 563 | 525 | 434 | 44 | 24 | 56 | 40 | 103 | 141 | 60 | 43 |
| Investments | 910 | 1,699 | 1,765 | 1,626 | 1,477 | 235 | 875 | 829 | 1,472 | 1,083 | 1,050 | 822 |
| Other Assets | 0 | 6,971 | 5,957 | 5,531 | 4,746 | 5,006 | 3,742 | 4,619 | 3,397 | 3,025 | 3,244 | 3,793 |
| LIABILITIES | ||||||||||||
| Total Liabilities | ||||||||||||
| Current Liabilities | 1,883 | 1,460 | 988 | 559 | 211 | 185 | 141 | 132 | 152 | 156 | 150 | 591 |
| Non-Current Liabilities | ||||||||||||
| SHAREHOLDERS' EQUITY | ||||||||||||
| Total Equity | 5,550 | 4,943 | 4,440 | 3,870 | 3,493 | 3,251 | 3,028 | 3,014 | 2,715 | 2,539 | 2,416 | 2,224 |
| Share Capital | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 24 |
| Reserves & Surplus | 5,527 | 4,914 | 4,417 | 3,846 | 3,470 | 3,229 | 3,005 | 2,992 | 2,692 | 2,515 | 2,394 | 2,123 |
THERMAX Cash Flow Statement — Operating, Investing & Financing
Thermax operating cash flow ₹1,043 Cr, investing ₹-1,220 Cr, financing ₹124 Cr, net cash flow ₹-54 Cr (2025).
Periods
₹ Crores
| Particulars | March 2025 | March 2024 | March 2023 | March 2022 | March 2021 | March 2020 | March 2019 | March 2018 | March 2017 | March 2016 | March 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | 1,043 | 247 | 460 | 325 | 770 | 326 | -115 | 534 | 335 | 253 | 311 |
| Investing Activities | -1,220 | -514 | -664 | -420 | -627 | -140 | 266 | -507 | -99 | -127 | 80 |
| Financing Activities | 124 | 285 | 349 | -21 | 77 | -232 | -65 | -20 | -126 | -112 | -351 |
| Net Cash Flow | -54 | 19 | 144 | -115 | 220 | -47 | 85 | 7 | 110 | 13 | 39 |