Thermax, 500411, THERMAX Share Price, Rating, Research, Analysis, Fundamental & Historical Data

Stock Summary

Market Cap(Crs)
Stock P:E
Face Value

37,978.69
56.60
2

Enterprise Value(Crs)
Dividend Yield
Price:Book Value

38,517.49
0.44%
7.47

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

66.49
72.74
69.48

P:BV (Average)

8 Years
5 Years
3 Years

6.53
7.88
9.35

EV:EBITDA (Average)

8 Years
5 Years
3 Years

33.17
40.07
42.67

Earnings Forecasts:

(Updated: 27-09-2025)

Description 2024 2025 2026 2027
Adj EPS 56.33 67.52 83.83 102.66
P/E Ratio 56.60 47.22 38.04 31.06
Revenue 10264.4 11551 13203 15038.8
EBITDA 893.87 1109.61 1370.97 1740.07
Net Income 634.47 772.64 958.25 1172.93
ROA 5.72 6.43 7.43 8.2
P/B Ratio 7.70 6.58 5.84 5.08
ROE 13.53 14.96 16.18 17.51
FCFF 28.2 134 397.79 708.01
FCFF Yield 0.07 0.35 1.03 1.84
Net Debt -1004.8 -1101.3 -1454.23 -889.2
BVPS 414.32 484.71 545.85 627.44

Quarterly Results

Consolidated Figures in Rs. Crores /

Standalone

Description Jun 25 Jun 24 Var% Mar 25 Mar 24 Var% Dec 24 Dec 23 Var% Sep 24 Sep 23 Var%
Net Sales 1,182.66 1,310.95 -9.79% 1,971.65 1,737.64 13.47% 1,452.71 1,479.78 -1.83% 1,518.76 1,443.90 5.18%
Expenses 1,128.03 1,238.54 -8.92% 1,754.83 1,602.69 9.49% 1,342.27 1,358.77 -1.21% 1,391.76 1,302.53 6.85%
EBITDA 54.63 72.41 -24.55% 216.82 134.95 60.67% 110.44 121.01 -8.73% 127.00 141.37 -10.16%
EBIDTM 4.62% 5.52% 11.00% 7.77% 7.60% 8.18% 8.36% 9.79%
Other Income 34.85 68.53 -49.15% 55.65 51.85 7.33% 40.87 34.70 17.78% 37.48 57.79 -35.14%
Interest 3.40 5.97 -43.05% 8.64 6.75 28.00% 8.49 6.16 37.82% 8.30 5.61 47.95%
Depreciation 24.16 18.79 28.58% 20.36 19.48 4.52% 18.93 17.98 5.28% 20.31 17.75 14.42%
PBT 61.92 116.18 -46.70% 337.20 160.57 110.00% 123.89 257.69 -51.92% 135.87 102.39 32.70%
Tax 15.45 30.20 -48.84% 62.15 32.02 94.10% 20.71 57.07 -63.71% 27.94 38.00 -26.47%
PAT 46.47 85.98 -45.95% 275.05 128.55 113.96% 103.18 200.62 -48.57% 107.93 64.39 67.62%
PATM 3.93% 6.56% 13.95% 7.40% 7.10% 13.56% 7.11% 4.46%
EPS 3.90 7.21 -45.91% 23.07 10.78 114.01% 8.66 16.83 -48.54% 9.05 5.40 67.59%

Description Jun 25 Jun 24 Var% Mar 25 Mar 24 Var% Dec 24 Dec 23 Var% Sep 24 Sep 23 Var%
Net Sales 2,150.18 2,184.41 -1.57% 3,084.93 2,763.68 11.62% 2,507.76 2,324.36 7.89% 2,611.59 2,302.46 13.43%
Expenses 1,925.08 2,043.26 -5.78% 2,785.26 2,490.53 11.83% 2,318.77 2,136.94 8.51% 2,333.62 2,097.84 11.24%
EBITDA 225.10 141.15 59.48% 299.67 273.15 9.71% 188.99 187.42 0.84% 277.97 204.62 35.85%
EBIDTM 10.47% 6.46% 9.71% 9.88% 7.54% 8.06% 10.64% 8.89%
Other Income 65.63 84.09 -21.95% 76.85 55.25 39.10% 31.51 58.40 -46.04% 59.77 65.86 -9.25%
Interest 30.20 27.48 9.90% 31.25 27.81 12.37% 28.66 26.61 7.70% 29.39 19.80 48.43%
Depreciation 48.88 36.03 35.66% 45.34 49.88 -9.10% 35.07 35.84 -2.15% 42.07 32.96 27.64%
PBT 211.65 161.73 30.87% 299.93 250.71 19.63% 156.77 309.49 -49.35% 266.28 217.72 22.30%
Tax 60.02 51.89 15.67% 95.09 63.28 50.27% 42.54 72.10 -41.00% 68.25 58.87 15.93%
PAT 151.63 109.84 38.05% 204.84 187.43 9.29% 114.23 237.39 -51.88% 198.03 158.85 24.66%
PATM 7.05% 5.03% 6.64% 6.78% 4.56% 10.21% 7.58% 6.90%
EPS 13.53 10.29 31.49% 18.26 16.90 8.05% 10.29 21.17 -51.39% 17.49 14.01 24.84%

Annual Results

Consolidated Figures in Rs. Crores /

Standalone

Description TTM Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16
Net Sales 6,125.78 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 2.57% 7.42% 13.24% 28.04% 28.23% -25.16% -19.36% 33.93% 2.95% -13.25% Cost Of Goods Sold 3,370.21 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 2,755.57 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 44.98% 43.85% 43.53% 42.06% 40.12% 45.06% 55.86% 57.49% 60.25% 45.25% 40.82% Total Expenditure 5,616.89 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 508.89 526.67 478.38 380.68 211.91 217.98 303.97 423.94 357.14 373.79 361.47 EBITDA Margin 8.31% 8.42% 8.22% 7.40% 5.28% 6.96% 7.26% 8.17% 9.22% 9.93% 8.33% Other Income 168.85 202.53 196.18 136.34 138.67 140.53 104.40 122.80 99.36 102.65 114.02 Interest 28.83 31.40 23.84 19.58 13.33 8.57 5.23 5.26 4.02 3.59 4.60 Depreciation 83.76 78.39 72.74 73.15 67.19 63.99 62.61 50.13 49.37 65.43 48.20 PBT 658.88 619.41 577.98 424.29 270.06 285.95 340.53 491.35 403.11 407.42 422.69 Tax 126.25 141.00 142.62 102.23 55.27 41.90 111.65 168.26 139.86 129.75 125.20 Tax Rate 19.16% 19.77% 24.59% 23.69% 21.58% 22.91% 34.29% 37.94% 36.99% 47.25% 29.62% PAT 532.63 572.14 437.44 329.26 200.79 141.02 213.99 275.24 238.25 144.83 297.49 PAT before Minority Interest 532.63 572.14 437.44 329.26 200.79 141.02 213.99 275.24 238.25 144.83 297.49 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 8.69% 9.15% 7.51% 6.40% 5.00% 4.50% 5.11% 5.30% 6.15% 3.85% 6.86% PAT Growth 11.07% 30.79% 32.86% 63.98% 42.38% -34.10% -22.25% 15.53% 64.50% -51.32% EPS 44.68 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 10,354.46 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 8.14% 11.43% 15.25% 32.01% 27.91% -16.65% -3.78% 33.80% -0.41% -12.86% Cost Of Goods Sold 5,645.08 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 4,709.38 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 45.48% 44.04% 44.02% 42.83% 43.13% 47.02% 46.32% 44.15% 47.38% 49.49% 46.74% Total Expenditure 9,362.73 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 991.73 907.78 795.76 597.56 404.32 355.19 400.69 457.44 400.94 432.99 415.98 EBITDA Margin 9.58% 8.74% 8.54% 7.39% 6.60% 7.41% 6.97% 7.66% 8.98% 9.66% 8.09% Other Income 233.76 252.22 234.20 160.18 144.06 107.74 105.49 149.88 116.39 114.05 122.41 Interest 119.50 116.78 87.59 37.59 25.17 20.64 15.02 14.32 12.85 9.71 12.19 Depreciation 171.36 158.51 148.08 116.86 113.24 114.57 116.63 92.02 82.44 81.90 59.10 PBT 934.63 884.71 794.29 603.29 409.97 327.72 374.53 500.98 422.04 455.43 467.10 Tax 265.90 257.77 225.77 152.36 97.79 68.61 162.08 84.94 165.75 155.99 143.94 Tax Rate 28.45% 29.14% 25.96% 25.25% 23.85% 24.93% 43.28% 20.64% 39.27% 35.65% 30.82% PAT 668.73 634.47 645.28 450.29 312.31 206.58 212.45 326.50 257.30 288.47 323.16 PAT before Minority Interest 671.04 626.70 643.19 450.70 312.31 206.58 212.45 326.50 256.29 281.60 323.16 Minority Interest 2.31 7.77 2.09 -0.41 0.00 0.00 0.00 0.00 1.01 6.87 0.00 PAT Margin 6.46% 6.11% 6.92% 5.57% 5.10% 4.31% 3.70% 5.47% 5.76% 6.43% 6.28% PAT Growth -3.57% -1.68% 43.30% 44.18% 51.18% -2.76% -34.93% 26.89% -10.81% -10.73% EPS 56.10 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

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

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

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 fun

nalanda india equity fund limited

kotak mahindra trustee co ltd a/c kotak manufactur

jasmeet bhatia

kotak funds - india midcap fund

investor education and protection fund (iepf)

Annual Reports:

News Update:

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
Read More
Thermax enters inks pact to acquire 23.03% stake in Thermax Bioenergy Solutions
14th Aug 2025, 09:25 AM

The company has entered into a Share Purchase Agreement with Everenviro Resource Management on August 13, 2025 for the acquisition
Read More
Thermax inks pact with Norway-based HydrogenPro
13th Aug 2025, 11:00 AM

Thermax will also provide after-sales services of alkaline electrolyser systems based on HydrogenPro's technology
Read More
Thermax - Quarterly Results
31st Jul 2025, 16:00 PM

Read More

Thermax Ltd.

Engineering - Industrial Equipments

BSE: 500411 | NSE: THERMAX

Stock Summary

Chart

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

Revenue CAGR (%)

EBITDA CAGR (%)

PAT CAGR (%)

P:E (Median)

P:BV (Average)

EV:EBITDA (Average)

Earnings Forecasts:

Quarterly Results

Consolidated Figures in Rs. Crores /

Annual Results

Consolidated Figures in Rs. Crores /

Results Balance Sheet

Consolidated Figures in Rs. Crores /

Cash Flow

Consolidated Figures in Rs. Crores /

Financial Ratios

Consolidated /

Top Investors:

Annual Reports:

News Update:

Thermax Ltd.

Engineering - Industrial Equipments

BSE: 500411 | NSE: THERMAX

Stock Summary

Shareholding Pattern

Chart

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

Revenue CAGR (%)

EBITDA CAGR (%)

PAT CAGR (%)

P:E (Median)

P:BV (Average)

EV:EBITDA (Average)

Earnings Forecasts:

Quarterly Results

Consolidated Figures in Rs. Crores /

Annual Results

Consolidated Figures in Rs. Crores /

Results Balance Sheet

Consolidated Figures in Rs. Crores /

Cash Flow

Consolidated Figures in Rs. Crores /

Financial Ratios

Consolidated /

Top Investors:

Annual Reports:

News Update: