Nifty

:

26215.55

Sensex

:

85720.38

10.25 (0.04%)
110.87 (0.13%)

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Nifty
Sensex

:
:

26215.55
85720.38

10.25 (0.04%)
110.87 (0.13%)

Thermax Ltd.

Engineering - Industrial Equipments

Rating :

49/99

BSE: 500411 | NSE: THERMAX

Watchlist

NSE BSE

2940.80

27-Nov-2025

Open
High
Low
Previous Close

2933.5
2952.7
2911.2
2933.00

Volume
Traded Value (lacs)
52 Week High
52 Week Low

58602
172064792.4
4989
2840

Stock Summary

Market Cap(Crs)
Stock P:E
Face Value

35,030.76
58.87
2

Enterprise Value(Crs)
Dividend Yield
Price:Book Value

35,494.85
0.48%
6.92

Chart

Price | P:E | P:BV | EV:EBITDA | MCap:Sales | EPS

Revenue CAGR (%)

10 Years
5 Years
3 Years

7.28
16.74
8.69

EBITDA CAGR (%)

10 Years
5 Years
3 Years

8.12
20.64
8.72

PAT CAGR (%)

10 Years
5 Years
3 Years

6.98
25.16
12.11

P:E (Median)

8 Years
5 Years
3 Years

66.48
72.70
68.25

P:BV (Average)

8 Years
5 Years
3 Years

6.57
8.02
9.36

EV:EBITDA (Average)

8 Years
5 Years
3 Years

33.34
40.34
42.13

Earnings Forecasts:

(Updated: 22-11-2025)

Description 2024 2025 2026 2027
Adj EPS 56.33 58.7 76.68 94.2
P/E Ratio 52.07 49.97 38.25 31.14
Revenue 10264.4 10853.4 12567.8 14494
EBITDA 893.87 975.38 1293.45 1572.92
Net Income 634.47 651.57 872.31 1078.18
ROA 5.72 5.75 6.97 7.79
P/B Ratio 7.08 6.24 5.55 4.90
ROE 13.53 12.92 15.23 16.52
FCFF 28.2 93.59 374.9 618.49
FCFF Yield 0.08 0.28 1.11 1.83
Net Debt -1004.8 -1120.34 -446.87 -275.48
BVPS 414.32 470.37 528.81 598.13

Quarterly Results

Consolidated Figures in Rs. Crores /

Standalone

Description Sep 25 Sep 24 Var% Jun 25 Jun 24 Var% Mar 25 Mar 24 Var% Dec 24 Dec 23 Var%
Net Sales 1,504.60 1,518.76 -0.93% 1,182.66 1,310.95 -9.79% 1,971.65 1,737.64 13.47% 1,452.71 1,479.78 -1.83%
Expenses 1,398.60 1,391.76 0.49% 1,128.03 1,238.54 -8.92% 1,754.83 1,602.69 9.49% 1,342.27 1,358.77 -1.21%
EBITDA 106.00 127.00 -16.54% 54.63 72.41 -24.55% 216.82 134.95 60.67% 110.44 121.01 -8.73%
EBIDTM 7.05% 8.36% 4.62% 5.52% 11.00% 7.77% 7.60% 8.18%
Other Income 178.05 37.48 375.05% 34.85 68.53 -49.15% 55.65 51.85 7.33% 40.87 34.70 17.78%
Interest 5.01 8.30 -39.64% 3.40 5.97 -43.05% 8.64 6.75 28.00% 8.49 6.16 37.82%
Depreciation 25.63 20.31 26.19% 24.16 18.79 28.58% 20.36 19.48 4.52% 18.93 17.98 5.28%
PBT 253.41 135.87 86.51% 61.92 116.18 -46.70% 337.20 160.57 110.00% 123.89 257.69 -51.92%
Tax 27.49 27.94 -1.61% 15.45 30.20 -48.84% 62.15 32.02 94.10% 20.71 57.07 -63.71%
PAT 225.92 107.93 109.32% 46.47 85.98 -45.95% 275.05 128.55 113.96% 103.18 200.62 -48.57%
PATM 15.02% 7.11% 3.93% 6.56% 13.95% 7.40% 7.10% 13.56%
EPS 18.95 9.05 109.39% 3.90 7.21 -45.91% 23.07 10.78 114.01% 8.66 16.83 -48.54%

Description Sep 25 Sep 24 Var% Jun 25 Jun 24 Var% Mar 25 Mar 24 Var% Dec 24 Dec 23 Var%
Net Sales 2,473.90 2,611.59 -5.27% 2,150.18 2,184.41 -1.57% 3,084.93 2,763.68 11.62% 2,507.76 2,324.36 7.89%
Expenses 2,301.87 2,333.62 -1.36% 1,925.08 2,043.26 -5.78% 2,785.26 2,490.53 11.83% 2,318.77 2,136.94 8.51%
EBITDA 172.03 277.97 -38.11% 225.10 141.15 59.48% 299.67 273.15 9.71% 188.99 187.42 0.84%
EBIDTM 6.95% 10.64% 10.47% 6.46% 9.71% 9.88% 7.54% 8.06%
Other Income 85.41 59.77 42.90% 65.63 84.09 -21.95% 76.85 55.25 39.10% 31.51 58.40 -46.04%
Interest 32.17 29.39 9.46% 30.20 27.48 9.90% 31.25 27.81 12.37% 28.66 26.61 7.70%
Depreciation 51.47 42.07 22.34% 48.88 36.03 35.66% 45.34 49.88 -9.10% 35.07 35.84 -2.15%
PBT 173.80 266.28 -34.73% 211.65 161.73 30.87% 299.93 250.71 19.63% 156.77 309.49 -49.35%
Tax 54.27 68.25 -20.48% 60.02 51.89 15.67% 95.09 63.28 50.27% 42.54 72.10 -41.00%
PAT 119.53 198.03 -39.64% 151.63 109.84 38.05% 204.84 187.43 9.29% 114.23 237.39 -51.88%
PATM 4.83% 7.58% 7.05% 5.03% 6.64% 6.78% 4.56% 10.21%
EPS 10.62 17.49 -39.28% 13.53 10.29 31.49% 18.26 16.90 8.05% 10.29 21.17 -51.39%

Annual Results

Consolidated Figures in Rs. Crores /

Standalone

Right to Left

Description TTM Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16
Net Sales 6,111.62 6,254.07 5,821.93 5,141.16 4,015.39 3,131.48 4,184.30 5,189.10 3,874.50 3,763.65 4,338.28 Net Sales Growth 1.07% 7.42% 13.24% 28.04% 28.23% -25.16% -19.36% 33.93% 2.95% -13.25% Cost Of Goods Sold 3,360.92 3,511.48 3,287.84 2,979.01 2,404.32 1,720.45 1,847.11 2,206.02 1,540.07 2,060.48 2,567.48 Gross Profit 2,750.70 2,742.59 2,534.09 2,162.15 1,611.07 1,411.03 2,337.19 2,983.08 2,334.43 1,703.17 1,770.80 GP Margin 45.01% 43.85% 43.53% 42.06% 40.12% 45.06% 55.86% 57.49% 60.25% 45.25% 40.82% Total Expenditure 5,623.73 5,727.40 5,343.55 4,760.48 3,803.48 2,913.50 3,880.33 4,765.16 3,517.36 3,389.86 3,976.81 Power & Fuel Cost - 48.23 43.77 46.24 39.03 27.03 30.40 32.42 25.75 28.02 27.50 % Of Sales - 0.77% 0.75% 0.90% 0.97% 0.86% 0.73% 0.62% 0.66% 0.74% 0.63% Employee Cost - 764.31 683.61 564.40 477.81 453.79 430.94 393.34 357.05 458.92 450.21 % Of Sales - 12.22% 11.74% 10.98% 11.90% 14.49% 10.30% 7.58% 9.22% 12.19% 10.38% Manufacturing Exp. - 943.52 903.75 790.60 550.59 452.80 407.59 381.25 344.23 459.29 470.44 % Of Sales - 15.09% 15.52% 15.38% 13.71% 14.46% 9.74% 7.35% 8.88% 12.20% 10.84% General & Admin Exp. - 177.78 173.60 158.95 132.87 100.93 135.07 123.72 113.46 143.01 147.07 % Of Sales - 2.84% 2.98% 3.09% 3.31% 3.22% 3.23% 2.38% 2.93% 3.80% 3.39% Selling & Distn. Exp. - 188.15 177.43 150.48 158.45 98.43 101.25 94.74 74.07 131.61 137.91 % Of Sales - 3.01% 3.05% 2.93% 3.95% 3.14% 2.42% 1.83% 1.91% 3.50% 3.18% Miscellaneous Exp. - 93.93 73.55 70.80 40.41 60.07 927.97 1,533.67 1,062.73 108.53 137.91 % Of Sales - 1.50% 1.26% 1.38% 1.01% 1.92% 22.18% 29.56% 27.43% 2.88% 4.06% EBITDA 487.89 526.67 478.38 380.68 211.91 217.98 303.97 423.94 357.14 373.79 361.47 EBITDA Margin 7.98% 8.42% 8.22% 7.40% 5.28% 6.96% 7.26% 8.17% 9.22% 9.93% 8.33% Other Income 309.42 202.53 196.18 136.34 138.67 140.53 104.40 122.80 99.36 102.65 114.02 Interest 25.54 31.40 23.84 19.58 13.33 8.57 5.23 5.26 4.02 3.59 4.60 Depreciation 89.08 78.39 72.74 73.15 67.19 63.99 62.61 50.13 49.37 65.43 48.20 PBT 776.42 619.41 577.98 424.29 270.06 285.95 340.53 491.35 403.11 407.42 422.69 Tax 125.80 141.00 142.62 102.23 55.27 41.90 111.65 168.26 139.86 129.75 125.20 Tax Rate 16.20% 19.77% 24.59% 23.69% 21.58% 22.91% 34.29% 37.94% 36.99% 47.25% 29.62% PAT 650.62 572.14 437.44 329.26 200.79 141.02 213.99 275.24 238.25 144.83 297.49 PAT before Minority Interest 650.62 572.14 437.44 329.26 200.79 141.02 213.99 275.24 238.25 144.83 297.49 Minority Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 PAT Margin 10.65% 9.15% 7.51% 6.40% 5.00% 4.50% 5.11% 5.30% 6.15% 3.85% 6.86% PAT Growth 24.38% 30.79% 32.86% 63.98% 42.38% -34.10% -22.25% 15.53% 64.50% -51.32% EPS 54.58 48.00 36.70 27.62 16.84 11.83 17.95 23.09 19.99 12.15 24.96

Description TTM Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16
Net Sales 10,216.77 10,388.69 9,323.46 8,089.81 6,128.33 4,791.25 5,748.25 5,974.10 4,464.88 4,483.08 5,144.96 Net Sales Growth 3.37% 11.43% 15.25% 32.01% 27.91% -16.65% -3.78% 33.80% -0.41% -12.86% Cost Of Goods Sold 5,514.45 5,813.50 5,219.56 4,624.68 3,485.04 2,538.63 3,085.69 3,336.66 2,349.34 2,264.32 2,740.36 Gross Profit 4,702.32 4,575.19 4,103.90 3,465.13 2,643.29 2,252.62 2,662.56 2,637.44 2,115.54 2,218.76 2,404.60 GP Margin 46.03% 44.04% 44.02% 42.83% 43.13% 47.02% 46.32% 44.15% 47.38% 49.49% 46.74% Total Expenditure 9,330.98 9,480.91 8,527.70 7,492.25 5,724.01 4,436.06 5,347.56 5,516.66 4,063.94 4,050.09 4,728.98 Power & Fuel Cost - 57.16 57.28 61.96 52.31 38.59 44.36 51.02 40.11 33.34 32.46 % Of Sales - 0.55% 0.61% 0.77% 0.85% 0.81% 0.77% 0.85% 0.90% 0.74% 0.63% Employee Cost - 1,268.94 1,148.29 955.30 812.93 758.76 799.02 767.45 680.50 686.40 659.74 % Of Sales - 12.21% 12.32% 11.81% 13.27% 15.84% 13.90% 12.85% 15.24% 15.31% 12.82% Manufacturing Exp. - 1,506.17 1,365.94 1,197.76 848.77 684.36 799.20 822.71 557.61 615.02 767.78 % Of Sales - 14.50% 14.65% 14.81% 13.85% 14.28% 13.90% 13.77% 12.49% 13.72% 14.92% General & Admin Exp. - 343.13 326.82 278.47 215.82 157.66 236.60 221.01 189.71 182.59 186.46 % Of Sales - 3.30% 3.51% 3.44% 3.52% 3.29% 4.12% 3.70% 4.25% 4.07% 3.62% Selling & Distn. Exp. - 327.23 291.03 273.70 247.30 185.79 255.27 189.01 153.02 142.36 142.10 % Of Sales - 3.15% 3.12% 3.38% 4.04% 3.88% 4.44% 3.16% 3.43% 3.18% 2.76% Miscellaneous Exp. - 164.78 118.78 100.38 61.84 72.27 127.42 128.80 93.65 126.06 142.10 % Of Sales - 1.59% 1.27% 1.24% 1.01% 1.51% 2.22% 2.16% 2.10% 2.81% 3.89% EBITDA 885.79 907.78 795.76 597.56 404.32 355.19 400.69 457.44 400.94 432.99 415.98 EBITDA Margin 8.67% 8.74% 8.54% 7.39% 6.60% 7.41% 6.97% 7.66% 8.98% 9.66% 8.09% Other Income 259.40 252.22 234.20 160.18 144.06 107.74 105.49 149.88 116.39 114.05 122.41 Interest 122.28 116.78 87.59 37.59 25.17 20.64 15.02 14.32 12.85 9.71 12.19 Depreciation 180.76 158.51 148.08 116.86 113.24 114.57 116.63 92.02 82.44 81.90 59.10 PBT 842.15 884.71 794.29 603.29 409.97 327.72 374.53 500.98 422.04 455.43 467.10 Tax 251.92 257.77 225.77 152.36 97.79 68.61 162.08 84.94 165.75 155.99 143.94 Tax Rate 29.91% 29.14% 25.96% 25.25% 23.85% 24.93% 43.28% 20.64% 39.27% 35.65% 30.82% PAT 590.23 634.47 645.28 450.29 312.31 206.58 212.45 326.50 257.30 288.47 323.16 PAT before Minority Interest 593.77 626.70 643.19 450.70 312.31 206.58 212.45 326.50 256.29 281.60 323.16 Minority Interest 3.54 7.77 2.09 -0.41 0.00 0.00 0.00 0.00 1.01 6.87 0.00 PAT Margin 5.78% 6.11% 6.92% 5.57% 5.10% 4.31% 3.70% 5.47% 5.76% 6.43% 6.28% PAT Growth -19.44% -1.68% 43.30% 44.18% 51.18% -2.76% -34.93% 26.89% -10.81% -10.73% EPS 49.52 53.23 54.13 37.78 26.20 17.33 17.82 27.39 21.59 24.20 27.11

Results Balance Sheet

Consolidated Figures in Rs. Crores /

Standalone

Right to Left

Description Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16
Shareholder's Funds 3,967.76 3,536.70 3,217.76 3,001.00 2,879.38 2,737.49 2,735.85 2,565.56 2,409.76 2,342.15 Share Capital 23.83 23.83 23.83 23.83 23.83 23.83 23.83 23.83 23.83 23.83 Total Reserves 3,938.02 3,506.90 3,191.41 2,977.17 2,855.55 2,713.66 2,712.02 2,541.73 2,385.93 2,318.32 Non-Current Liabilities 17.55 21.78 13.18 55.59 62.95 31.91 -62.09 -33.91 -34.52 -37.58 Secured Loans 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 Unsecured Loans 25.18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.54 Long Term Provisions 26.82 26.15 24.08 18.06 11.79 11.13 7.49 9.84 9.74 5.05 Current Liabilities 3,169.80 3,136.40 2,872.51 2,320.24 2,036.86 1,600.06 3,344.40 2,739.31 2,116.63 2,282.61 Trade Payables 1,105.31 1,072.83 1,038.08 975.34 841.26 602.59 1,263.12 943.12 924.51 826.14 Other Current Liabilities 1,706.23 1,541.43 1,484.36 1,015.98 925.91 826.67 1,789.39 1,520.60 981.10 1,197.31 Short Term Borrowings 59.33 307.80 220.00 180.00 140.75 72.38 153.63 116.49 66.22 90.75 Short Term Provisions 298.93 214.34 130.07 148.92 128.94 98.42 138.26 159.10 144.80 168.41 Total Liabilities 7,155.11 6,694.88 6,103.45 5,376.83 4,979.19 4,369.46 6,018.16 5,270.96 4,491.87 4,587.18 Net Block 976.77 749.51 713.80 746.10 770.68 748.08 796.38 671.48 554.63 583.58 Gross Block 1,714.72 1,424.85 1,339.69 1,338.84 1,318.47 1,245.67 1,254.09 1,259.19 1,090.24 1,058.62 Accumulated Depreciation 737.95 675.34 625.89 592.74 547.79 497.59 457.71 587.71 535.61 475.04 Non Current Assets 2,778.39 2,649.44 2,193.21 2,659.44 1,894.82 2,046.39 1,847.09 1,699.53 1,631.64 1,453.56 Capital Work in Progress 82.71 111.61 44.91 14.97 23.36 55.42 30.28 92.33 129.11 58.92 Non Current Investment 1,410.09 1,427.46 1,086.01 1,460.95 788.17 772.36 767.48 639.29 639.73 539.21 Long Term Loans & Adv. 285.79 346.38 328.68 411.31 312.04 469.70 216.26 255.62 266.33 152.03 Other Non Current Assets 23.03 14.48 19.81 26.11 0.57 0.83 36.69 40.81 41.84 119.82 Current Assets 4,366.72 4,045.44 3,903.71 2,717.39 3,084.37 2,323.07 4,171.07 3,571.43 2,860.23 3,133.62 Current Investments 1,295.40 965.79 1,183.88 534.30 114.94 637.14 656.92 1,156.51 764.73 839.04 Inventories 383.05 397.33 390.78 370.35 245.94 255.01 467.82 298.30 228.65 224.77 Sundry Debtors 1,651.55 1,501.64 1,210.22 953.37 823.52 753.36 1,257.79 1,139.30 955.37 1,225.43 Cash & Bank 120.30 346.76 408.48 441.57 1,386.78 230.12 218.82 119.35 70.93 178.36 Other Current Assets 916.42 57.90 58.06 74.57 513.19 447.44 1,569.72 857.97 840.55 666.02 Short Term Loans & Adv. 848.79 776.02 652.29 343.23 442.63 376.49 306.58 307.86 258.42 184.06 Net Current Assets 1,196.92 909.04 1,031.20 397.15 1,047.51 723.01 826.67 832.12 743.60 851.01 Total Assets 7,145.11 6,694.88 6,096.92 5,376.83 4,979.19 4,369.46 6,018.16 5,270.96 4,491.87 4,587.18

Description Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16
Shareholder's Funds 4,936.89 4,439.80 3,868.07 3,492.49 3,251.39 3,027.90 3,014.29 2,714.74 2,537.62 2,416.16 Share Capital 22.53 22.52 22.52 22.52 22.52 22.52 22.52 22.52 22.52 22.52 Total Reserves 4,908.39 4,411.31 3,843.03 3,469.97 3,228.87 3,005.38 2,991.77 2,692.22 2,515.10 2,393.64 Non-Current Liabilities 1,305.97 879.31 450.58 80.34 23.79 -14.21 -90.08 43.37 40.89 29.17 Secured Loans 1,136.37 789.48 422.52 61.42 22.16 33.39 35.07 53.01 46.02 33.06 Unsecured Loans 25.18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.17 Long Term Provisions 40.38 42.43 38.40 32.41 25.86 20.97 16.06 10.01 10.16 5.57 Current Liabilities 5,635.09 4,725.35 4,409.19 3,758.07 3,070.65 2,786.84 3,653.81 3,078.74 2,365.23 2,615.29 Trade Payables 1,696.63 1,532.89 1,497.86 1,459.76 1,138.01 960.24 1,370.65 1,038.60 1,004.19 947.61 Other Current Liabilities 2,989.45 2,432.90 2,319.87 1,791.87 1,429.49 1,467.76 1,942.04 1,688.49 1,109.16 1,334.14 Short Term Borrowings 483.71 413.19 363.31 276.25 282.90 178.15 185.00 164.24 85.27 137.94 Short Term Provisions 465.30 346.37 228.15 230.19 220.25 180.69 156.12 187.41 166.61 195.60 Total Liabilities 11,883.64 10,044.46 8,729.99 7,330.90 6,345.83 5,800.53 6,578.02 5,836.85 4,945.13 5,060.62 Net Block 2,805.89 1,906.12 1,248.17 1,194.74 1,242.04 1,282.98 1,311.86 972.68 810.73 827.31 Gross Block 4,268.47 3,228.38 2,469.47 2,351.78 2,328.06 2,255.44 2,236.29 1,741.27 1,515.42 1,437.85 Accumulated Depreciation 1,462.58 1,322.26 1,221.30 1,157.04 1,086.02 972.46 924.43 768.59 704.69 610.54 Non Current Assets 4,561.66 3,596.38 2,649.83 2,593.11 1,879.37 1,823.25 1,840.90 1,735.29 1,647.77 1,450.62 Capital Work in Progress 562.58 524.79 433.77 44.32 24.16 56.00 40.12 103.37 141.30 60.01 Non Current Investment 130.72 401.63 233.21 709.99 119.21 59.13 54.28 254.65 283.97 184.65 Long Term Loans & Adv. 526.42 538.40 555.56 475.37 373.36 326.55 291.93 320.72 329.11 212.53 Other Non Current Assets 536.05 225.44 179.12 168.69 120.60 98.59 142.71 83.87 82.66 166.12 Current Assets 7,312.88 6,448.08 6,072.26 4,737.79 4,466.46 3,977.28 4,737.12 4,101.56 3,297.36 3,610.00 Current Investments 1,567.92 1,363.46 1,392.87 766.54 115.25 816.07 775.06 1,217.08 799.07 865.16 Inventories 720.30 764.90 755.63 727.01 404.74 454.56 508.62 366.62 283.25 290.32 Sundry Debtors 2,417.50 2,116.43 1,762.06 1,423.72 1,237.10 1,386.33 1,378.13 1,243.21 1,034.24 1,334.09 Cash & Bank 1,154.54 975.32 1,131.58 953.50 1,939.20 481.49 369.06 293.99 220.99 297.64 Other Current Assets 1,452.62 106.22 102.41 139.75 770.17 838.83 1,706.25 980.66 959.81 822.79 Short Term Loans & Adv. 1,291.86 1,121.75 927.71 727.27 648.16 718.50 445.58 334.89 256.09 214.17 Net Current Assets 1,677.79 1,722.73 1,663.07 979.72 1,395.81 1,190.44 1,083.31 1,022.82 932.13 994.71 Total Assets 11,874.54 10,044.46 8,722.09 7,330.90 6,345.83 5,800.53 6,578.02 5,836.85 4,945.13 5,060.62

Cash Flow

Consolidated Figures in Rs. Crores /

Standalone

Right to Left

Description Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16
Cash From Operating Activity 374.17 90.79 418.68 93.87 409.01 253.18 -117.15 507.06 346.12 288.07 PBT 713.14 580.06 431.49 256.06 182.92 325.64 443.50 378.11 274.58 422.69 Adjustment -99.19 -14.88 12.56 -18.74 72.78 36.59 48.95 30.27 187.83 76.39 Changes in Working Capital -174.03 -351.30 95.03 -61.75 235.75 3.40 -436.81 252.54 17.68 -59.37 Cash after chg. in Working capital 439.92 213.88 539.08 175.57 491.45 365.63 55.64 660.92 480.09 439.71 Interest Paid 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Tax Paid -65.75 -123.09 -120.40 -81.70 -82.44 -112.45 -172.79 -153.86 -133.97 -151.64 Other Direct Exp. Paid 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Extra & Other Items 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Cash From Investing Activity -125.94 103.39 -337.63 -100.17 -375.16 -98.40 254.34 -456.48 -150.99 -170.46 Net Fixed Assets -260.97 -151.86 -30.79 -11.98 -40.74 -16.72 67.15 -132.17 -101.81 -39.31 Net Investments -312.24 -123.36 -274.64 -1,092.14 506.39 14.90 371.40 -391.34 -26.21 -120.99 Others 447.27 378.61 -32.20 1,003.95 -840.81 -96.58 -184.21 67.03 -22.97 -10.16 Cash from Financing Activity -393.67 -51.38 -81.49 -52.64 62.92 -238.59 -50.58 -38.15 -114.76 -118.59 Net Cash Inflow / Outflow -145.44 142.80 -0.44 -58.94 96.77 -83.81 86.61 12.43 80.37 -0.98 Opening Cash & Equivalents 263.62 120.82 121.26 180.20 83.43 167.24 80.63 68.20 -12.17 -11.19 Closing Cash & Equivalent 118.18 263.62 120.82 121.26 180.20 83.43 167.24 80.63 68.20 -12.17

Description Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16
Cash From Operating Activity 1,042.79 247.30 459.56 324.71 769.48 325.58 -115.42 533.59 334.58 252.58 PBT 884.71 869.78 603.29 409.97 275.19 374.53 411.44 422.04 437.59 467.10 Adjustment 215.27 39.80 70.31 18.28 114.66 60.48 108.65 13.84 81.50 94.22 Changes in Working Capital 128.94 -475.95 -62.80 -0.54 473.43 21.83 -448.51 274.84 -26.69 -137.94 Cash after chg. in Working capital 1,228.92 433.63 610.80 427.71 863.28 456.84 71.58 710.72 492.40 423.38 Interest Paid 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Tax Paid -186.13 -186.33 -151.24 -103.00 -93.80 -131.26 -187.00 -177.13 -157.82 -170.80 Other Direct Exp. Paid 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Extra & Other Items 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Cash From Investing Activity -1,240.55 -509.21 -679.68 -421.58 -635.68 -168.51 265.52 -531.09 -74.98 -145.79 Net Fixed Assets -260.97 -151.86 -30.79 -11.98 -40.74 -16.72 67.15 -132.17 -101.81 -39.31 Net Investments -312.24 -123.36 -274.64 -1,092.14 506.39 14.90 371.40 -391.34 -26.21 -120.99 Others -667.34 -233.99 -374.25 682.54 -1,101.33 -166.69 -173.03 -7.58 53.04 14.51 Cash from Financing Activity 123.55 285.40 348.54 -20.58 77.24 -232.45 -65.37 -20.32 -125.58 -112.25 Net Cash Inflow / Outflow -74.21 23.49 128.42 -117.45 211.04 -75.38 84.73 -17.82 134.02 -5.46 Opening Cash & Equivalents 466.75 447.73 303.44 418.81 199.00 245.89 160.70 153.98 44.31 31.09 Closing Cash & Equivalent 412.97 466.75 447.73 303.44 418.81 199.00 245.89 160.70 153.98 44.31

Financial Ratios

Consolidated /

Standalone

Right to Left

Description Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16
Book Value (Rs.) 332.51 296.33 269.85 251.87 241.66 229.75 229.61 215.32 202.25 196.57 ROA 8.26% 6.84% 5.74% 3.88% 3.02% 4.12% 4.88% 4.88% 3.19% 6.21% ROE 15.27% 12.97% 10.59% 6.83% 5.02% 7.82% 10.38% 9.58% 6.10% 12.91% ROCE 18.86% 16.59% 13.63% 8.69% 6.57% 11.61% 16.11% 14.82% 11.33% 17.78% Fixed Asset Turnover 3.98 4.21 3.84 3.02 2.44 3.35 4.13 3.31 3.60 4.25 Receivable days 92.01 85.01 76.80 80.76 91.90 87.72 84.31 98.19 102.83 113.13 Inventory Days 22.77 24.70 27.02 28.01 29.19 31.53 26.94 24.70 21.38 22.13 Payable days 113.20 117.17 123.35 137.89 153.16 117.65 127.57 142.30 99.52 83.55 Cash Conversion Cycle 1.58 -7.46 -19.52 -29.12 -32.06 1.59 -16.32 -19.40 24.69 51.72 Total Debt/Equity 0.02 0.09 0.07 0.06 0.05 0.03 0.06 0.05 0.03 0.04 Interest Cover 23.71 25.33 23.04 20.21 22.34 63.26 85.32 95.06 77.48 92.89

Description Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16
Book Value (Rs.) 437.72 393.77 343.30 310.17 288.76 268.91 267.70 241.10 225.37 214.58 ROA 5.72% 6.85% 5.61% 4.57% 3.40% 3.43% 5.26% 4.75% 5.63% 5.80% ROE 13.38% 15.50% 12.25% 9.26% 6.58% 7.03% 11.40% 9.76% 11.37% 14.17% ROCE 16.25% 18.44% 15.03% 11.74% 8.67% 11.96% 13.73% 15.47% 16.93% 17.60% Fixed Asset Turnover 2.77 3.27 3.36 2.62 2.09 2.56 3.00 2.75 3.11 3.02 Receivable days 79.65 75.92 71.87 79.24 99.93 87.77 80.08 92.66 94.17 107.78 Inventory Days 26.09 29.76 33.45 33.70 32.73 30.58 26.74 26.44 22.81 25.00 Payable days 101.38 105.97 116.71 136.04 150.84 83.20 83.40 96.25 93.25 83.04 Cash Conversion Cycle 4.36 -0.29 -11.40 -23.09 -18.18 35.15 23.41 22.85 23.73 49.74 Total Debt/Equity 0.34 0.28 0.21 0.10 0.10 0.08 0.08 0.09 0.05 0.08 Interest Cover 8.57 10.92 17.04 17.29 14.33 25.94 29.73 33.84 46.07 39.32

Top Investors:

sbi esg exclusionary strategy fund

nalanda india equity fund limited

kotak mahindra trustee co ltd a/c kotak manufactur

kotak funds - india midcap fund

investor education and protection fund (iepf)

Annual Reports:

News Update:

Thermax’s arm secures order from Dangote Industries
26th Nov 2025, 15:58 PM

Thermax’s association with Dangote Industries spans several years
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Thermax - Quarterly Results
12th Nov 2025, 00:00 AM

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Thermax invests Rs 115 crore in First Energy
10th Sep 2025, 12:12 PM

The investment made in FEPL, is in connection with new projects proposed to be undertaken by FE10
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Source: www.accordfintech.com | DISCLAIMER: Information is provided " as is" and solely for informational purposes, not for trading purposes or advice, and may be delayed.

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