THERMAX LTD (THERMAX) financials

THERMAX LTD (THERMAX) NSE/BSE financials on Fincrux: quarterly results, profit and loss, cash flow, balance sheet, ratios, and shareholding.

Thermax Limited offers solutions to energy, environment and chemical sectors. The Company’s portfolio includes boilers and heaters, absorption chillers/ heat pumps, power plants, solar equipment, air pollution control equipment/system, water and waste recycle plant, ion exchange resins and performance chemicals and related services.[1]

Market Cap: ₹39,480Cr.
Current Price: ₹3,313
Stock P/E: 76.3
ROE: 11.4%
ROCE: 15.6%
Book Value: ₹372
Dividend Yield: 0.42%
52W High / Low: ₹5,278/2,743

In Jun 2026, THERMAX LTD (THERMAX) reported sales ₹1,303 Cr and net profit ₹-18 Cr.

Annual TTM: sales ₹6,639 Cr, net profit ₹584 Cr.

Shareholding: Promoters 61.99% (Jun 2026), FIIs 11.46% (Jun 2026), DIIs 15.22% (Jun 2026), Public 5.88% (Jun 2026), Others 5.46% (Jun 2026).

THERMAX quarterly results (₹ Cr.)
Category	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales	1,523	1,469	1,942	1,195	1,505	1,599	2,232	1,303
Expenses	1,396	1,358	1,729	1,141	1,399	1,460	1,986	1,331
Operating Profit	127	110	212	54	106	139	246	-28
OPM %	8%	8%	11%	4.5%	7%	9%	11%	-2.1%
Other Income	37	41	149	35	178	124	36	35
Interest	8	8	9	3	5	8	8	6
Depreciation	20	19	16	24	26	27	21	26
Profit before tax	136	124	337	62	253	227	252	-24
Tax %	21%	17%	18%	25%	11%	23%	20%	-26%
Net Profit	108	103	275	47	226	175	201	-18
EPS in Rs	9.06	8.66	23.08	3.90	18.96	14.73	16.88	-1.52
Raw PDF	—	—	—	—	—	—	—	—

THERMAX profit and loss (₹ Cr.)
Category	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	3,215	3,131	4,015	5,141	5,822	6,245	6,518	6,639
Expenses	3,000	2,914	3,797	4,757	5,341	5,720	5,972	6,176
Operating Profit	215	218	218	384	481	525	546	463
OPM %	7%	7%	5%	7%	8%	8%	8%	7%
Other Income	141	38	118	140	195	294	371	373
Interest	5	9	13	20	24	32	25	27
Depreciation	63	64	67	73	73	74	97	100
Profit before tax	288	183	256	431	580	713	795	709
Tax %	26%	23%	22%	24%	25%	20%	18%	—
Net Profit	214	141	201	329	437	572	649	584
EPS in Rs	17.96	11.83	16.85	27.63	36.71	48.02	54.46	49.05
Dividend Payout %	39%	59%	53%	36%	33%	29%	4%	—

THERMAX balance sheet (₹ Cr.)
Category	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	24	24	24	24	24	24	24	24
Reserves	2,712	2,714	2,856	2,977	3,194	3,513	3,944	4,403
Borrowings	40	73	142	185	224	314	90	132
Other Liabilities	3,363	1,599	2,011	2,239	2,709	2,897	2,857	2,999
Total Liabilities	6,139	4,410	5,032	5,425	6,151	6,747	6,914	7,558
Fixed Assets	713	748	771	746	714	750	977	1,020
CWIP	29	55	23	15	45	112	83	70
Investments	1,424	1,410	903	1,995	2,270	2,393	2,705	2,781
Other Assets	3,972	2,197	3,335	2,669	3,123	3,493	3,149	3,687
Total Assets	6,139	4,410	5,032	5,425	6,151	6,747	6,914	7,558

THERMAX cash flows (₹ Cr.)
Category	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity	-117	253	409	94	419	91	373	416
Cash from Investing Activity	254	-98	-375	-100	-338	103	-126	-287
Cash from Financing Activity	-51	-239	63	-53	-81	-51	-394	-146
Net Cash Flow	87	-84	97	-59	-0	143	-147	-17
Free Cash Flow	-242	164	343	62	369	61	105	276
CFO/OP	22%	170%	225%	80%	140%	44%	84%	110%

THERMAX shareholding pattern (%)
Category	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	61.99%	61.99%	61.99%	61.99%	61.99%	61.99%	61.99%	61.99%
FIIs	15.38%	15.49%	15.86%	16.02%	13.44%	12.36%	11.25%	11.46%
DIIs	12.72%	12.66%	12.25%	11.74%	13.95%	14.84%	15.49%	15.22%
Public	4.45%	4.39%	4.43%	4.77%	5.16%	5.35%	5.82%	5.88%
Others	5.47%	5.47%	5.47%	5.47%	5.46%	5.46%	5.46%	5.46%
No. of Shareholders	51,876	50,755	53,687	62,986	71,208	77,455	89,964	91,857

THERMAX key ratios
Category	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	86	86	96	87	86	94	82	85
Inventory Days	38	50	52	56	48	44	40	49
Days Payable	132	119	178	148	127	119	115	146
Cash Conversion Cycle	-8	17	-30	-5	7	19	7	-11
Working Capital Days	8	-16	-53	-53	-40	-25	-13	-5
ROCE %	16%	9%	10%	9%	14%	17%	14%	16%

THERMAXUpdated 15 Oct 2026, 6:11

Thermax Ltd

THERMAXUpdated 15 Oct 2026, 6:11

Market Cap

₹39,480Cr.

Current Price

₹3,313

High / Low

₹5,278/2,743

Stock P/E

76.3

ROE11.4%

ROCE15.6%

Book Value₹372

Face Value₹2.00

Dividend Yield0.42%

About

Quarterly results

Last reported quarters₹ Cr.

Quarter	Sales	Interest	Expenses	Other Income	Depreciation	Profit Before Tax	Tax	Net Profit	EPS (₹)
Jun 2023	1161	5	1077	-1	18	59	26	44	3.68
Sep 2023	1444	6	1303	-16	18	102	37	64	5.4
Dec 2023	1480	6	1359	161	18	258	22	201	16.84
Mar 2024	1738	7	1603	52	19	161	20	129	10.79
Jun 2024	1311	6	1239	69	19	116	26	86	7.22
Sep 2024	1523	8	1396	37	20	136	21	108	9.06
Dec 2024	1469	8	1358	41	19	124	17	103	8.66
Mar 2025	1942	9	1729	149	16	337	18	275	23.08
Jun 2025	1195	3	1141	35	24	62	25	47	3.9
Sep 2025	1505	5	1399	178	26	253	11	226	18.96
Dec 2025	1599	8	1460	124	27	227	23	175	14.73
Mar 2026	2232	8	1986	36	21	252	20	201	16.88
Jun 2026	1303	6	1331	35	26	-24	-26	-18	-1.52

Profit & loss

Annual statement₹ Cr.

Year	Sales	Interest	Expenses	Other Income	Depreciation	Profit Before Tax	Tax	Net Profit	EPS (₹)
Mar 2015	4603	20	4138	116	64	497	32	336	28.19
Mar 2016	4338	5	3960	110	61	423	30	297	24.97
Mar 2017	3764	4	3389	-31	65	275	47	145	12.15
Mar 2018	2727	4	2488	151	49	337	29	238	19.99
Mar 2019	3541	5	3289	188	50	384	28	275	23.1
Mar 2020	3215	5	3000	141	63	288	26	214	17.96
Mar 2021	3131	9	2914	38	64	183	23	141	11.83
Mar 2022	4015	13	3797	118	67	256	22	201	16.85
Mar 2023	5141	20	4757	140	73	431	24	329	27.63
Mar 2024	5822	24	5341	195	73	580	25	437	36.71
Mar 2025	6245	32	5720	294	74	713	20	572	48.02
Mar 2026	6518	25	5972	371	97	795	18	649	54.46
TTM	6639	27	6176	373	100	709	—	584	49.05

Shareholding pattern

As of Jun 2026%

Holder	Share
Promoters	61.99%
FIIs	11.46%
DIIs	15.22%
Public	5.88%
Others	5.46%

Shareholding trend

Ownership over time%

Quarter	Promoters	FIIs	DIIs	Public	Others
Sep 2023	61.99%	12.54%	15.46%	4.54%	5.48%
Dec 2023	61.99%	12.01%	15.86%	4.66%	5.48%
Mar 2024	61.99%	12.24%	15.82%	4.48%	5.48%
Jun 2024	61.99%	15.15%	12.88%	4.5%	5.48%
Sep 2024	61.99%	15.38%	12.72%	4.45%	5.47%
Dec 2024	61.99%	15.49%	12.66%	4.39%	5.47%
Mar 2025	61.99%	15.86%	12.25%	4.43%	5.47%
Jun 2025	61.99%	16.02%	11.74%	4.77%	5.47%
Sep 2025	61.99%	13.44%	13.95%	5.16%	5.46%
Dec 2025	61.99%	12.36%	14.84%	5.35%	5.46%
Mar 2026	61.99%	11.25%	15.49%	5.82%	5.46%
Jun 2026	61.99%	11.46%	15.22%	5.88%	5.46%

Balance sheet

Assets & liabilities₹ Cr.

Period	Equity Capital	Reserves	Borrowings	Other Liabilities	Total Liabilities	Fixed Assets	CWIP	Investments	Other Assets	Total Assets
Mar 2015	24	2243	105	2639	5011	609	39	1257	3105	5011
Mar 2016	24	2318	91	2259	4692	584	59	1378	2672	4692
Mar 2017	24	2386	66	2120	4596	555	129	1404	2507	4596
Mar 2018	24	2542	116	2693	5375	671	92	1796	2816	5375
Mar 2019	24	2712	40	3363	6139	713	29	1424	3972	6139
Mar 2020	24	2714	73	1599	4410	748	55	1410	2197	4410
Mar 2021	24	2856	142	2011	5032	771	23	903	3335	5032
Mar 2022	24	2977	185	2239	5425	746	15	1995	2669	5425
Mar 2023	24	3194	224	2709	6151	714	45	2270	3123	6151
Mar 2024	24	3513	314	2897	6747	750	112	2393	3493	6747
Mar 2025	24	3944	90	2857	6914	977	83	2705	3149	6914
Mar 2026	24	4403	132	2999	7558	1020	70	2781	3687	7558

Cash flows

Operating, investing & financing₹ Cr.

Period	Operating	Investing	Financing	Net cash flow
Mar 2015	294	-16	-237	41
Mar 2016	288	-170	-119	-1
Mar 2017	346	-151	-115	80
Mar 2018	507	-456	-38	12
Mar 2019	-117	254	-51	87
Mar 2020	253	-98	-239	-84
Mar 2021	409	-375	63	97
Mar 2022	94	-100	-53	-59
Mar 2023	419	-338	-81	0
Mar 2024	91	103	-51	143
Mar 2025	373	-126	-394	-147
Mar 2026	416	-287	-146	-17

Key ratios

Historical financial ratios

Category	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	122	103	93	152	86	86	96	87	86	94	82	85
Inventory Days	41	32	40	71	38	50	52	56	48	44	40	49
Days Payable	115	117	164	223	132	119	178	148	127	119	115	146
Cash Conversion Cycle	49	18	-31	0	-8	17	-30	-5	7	19	7	-11
Working Capital Days	-13	-14	-9	-59	8	-16	-53	-53	-40	-25	-13	-5
ROCE %	21%	18%	17%	14%	16%	9%	10%	9%	14%	17%	14%	16%

Frequently asked questions

Quick answers about this company's financials on Fincrux

What is the market cap of THERMAX LTD (THERMAX)?

The reported market capitalisation for THERMAX LTD (THERMAX) is ₹39,480Cr. on Fincrux. Figures may update with market data and filings.

What is the current share price of THERMAX?

The current price shown for THERMAX LTD (THERMAX) on Fincrux is ₹3,313 with a 52-week high/low of ₹5,278/2,743.

What is the P/E ratio of THERMAX LTD (THERMAX)?

The stock P/E for THERMAX LTD (THERMAX) is 76.3 on Fincrux, with ROE at 11.4% and ROCE at 15.6%.

What were THERMAX latest quarterly results?

For Jun 2026, THERMAX LTD (THERMAX) reported sales ₹1,303 Cr and net profit ₹-18 Cr (figures in ₹ crore unless noted).

What are THERMAX annual sales and net profit?

For TTM, THERMAX LTD (THERMAX) shows sales of ₹6,639 Cr and net profit of ₹584 Cr on the Fincrux profit & loss statement.

Who owns THERMAX LTD (THERMAX)?

Latest shareholding for THERMAX LTD (THERMAX) on Fincrux: Promoters 61.99% (Jun 2026), FIIs 11.46% (Jun 2026), DIIs 15.22% (Jun 2026), Public 5.88% (Jun 2026), Others 5.46% (Jun 2026).

Where can I find THERMAX LTD (THERMAX) financials?

THERMAX LTD (THERMAX) financials on Fincrux include quarterly results, profit and loss, cash flow, balance sheet, key ratios, and shareholding patterns for NSE/BSE research.

Does Fincrux show THERMAX balance sheet and cash flow?

Yes. The THERMAX LTD (THERMAX) page on Fincrux includes balance sheet, cash flow statements, historical ratios, and ownership trends alongside quarterly and annual results.

Figures in ₹ crore unless noted. Data sourced for research and may lag filings.

Last updated 15 October 2026 at 6:11