Thermax quarterly results and financials

Thermax (THERMAX)₹2,786−1.90%(9 Nov 2026 close)Heavy Electrical Equipment

Key facts

In the Jun 2026 quarter (consolidated), Thermax reported sales of ₹2,308 Cr, up 6.7% from Jun 2025, and net profit of ₹22.07 Cr, down 85.4% year on year. For the year to Mar 2026, sales were ₹10,793 Cr and net profit ₹722 Cr.

Sales (Jun 2026): ₹2,308 Cr
Net profit (Jun 2026): ₹22.07 Cr
Sales (FY Mar 2026): ₹10,793 Cr
Net profit (FY Mar 2026): ₹722 Cr
EPS (Jun 2026): ₹2.11
Borrowings (Mar 2026): ₹2,351 Cr

Company filings, consolidated accounts; latest reported quarter Jun 2026

Thermax quarterly results

₹ crore unless stated; each column is a quarter.

Thermax Quarterly results
	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales	2,306	2,330	2,768	2,189	2,622	2,533	3,050	2,162	2,478	2,641	3,434	2,308
Expenses	2,101	2,139	2,492	2,045	2,341	2,342	2,752	1,936	2,303	2,384	3,056	2,238
Operating Profit	204	187	273	141	278	188	301	225	172	255	375	69.13
OPM %	9.1%	8.1%	10.1%	6.0%	11.1%	7.1%	10.0%	10.1%	7.1%	10.1%	11.1%	3.0%
Other Income	66.21	186	55.16	84.22	60.19	32.08	78.26	66.18	85.29	121	56.20	68.22
Interest	19.94	26.93	27.92	26.90	28.91	28.91	30.89	29.90	31.88	33.88	41.86	34.88
Depreciation	32.92	35.90	49.81	35.87	41.86	34.92	44.90	48.82	50.86	52.82	53.82	59.85
Profit before tax	218	310	251	161	266	156	302	211	174	290	335	42.07
Tax %	27.1%	23.1%	25.1%	32.1%	26.1%	27.1%	32.0%	28.1%	31.0%	29.1%	27.1%	48.1%
Exceptional items	0.00	96.90	0.00	0.00	0.00	0.00	0.00	0.00	0.00	40.98	1.99	0.00
Net Profit	159	238	189	109	199	114	207	151	119	206	245	22.07
EPS (Rs)	13.21	19.94	15.94	9.71	16.50	9.72	17.24	12.76	10.02	17.11	20.44	2.11

Thermax profit and loss

₹ crore unless stated; years end in March. TTM is the last four quarters.

Thermax Profit and loss
	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	5,156	4,494	4,473	5,982	5,742	4,802	6,144	8,105	9,338	10,401	10,793	10,861
Expenses	4,714	4,050	4,094	5,522	5,333	4,438	5,722	7,496	8,530	9,493	9,742	9,981
Operating Profit	433	435	378	457	402	357	414	602	798	912	1,040	871
OPM %	8.1%	10.1%	8.0%	8.1%	7.0%	7.1%	7.0%	7.1%	9.1%	9.0%	10.1%	8.0%
Other Income	118	95.23	115	60.16	105	54.13	135	156	308	251	318	331
Interest	11.96	9.97	12.97	13.95	14.96	20.94	24.93	37.88	87.76	117	139	143
Depreciation	71.79	81.71	81.73	91.65	117	115	113	117	147	159	207	217
Profit before tax	468	439	398	411	376	276	411	604	870	886	1,010	840
Tax %	31.1%	36.0%	42.1%	21.0%	43.1%	25.1%	24.1%	25.0%	26.1%	29.0%	29.1%	—
Exceptional items	−1.99	−11.99	−0.99	−47.99	2.99	−38.94	5.99	−2.99	54.93	154	167	42.97
Net Profit	283	217	232	326	213	208	313	452	645	629	722	592
EPS (Rs)	23.64	18.67	19.44	27.27	17.79	17.31	26.14	37.71	54.06	53.15	60.30	49.68
Dividend payout %	24.0%	30.0%	29.0%	24.0%	37.0%	38.0%	32.0%	25.0%	21.0%	25.0%	3.0%	—

Thermax balance sheet

₹ crore, at each year end.

Thermax Balance sheet
	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	24.03	23.06	23.04	23.04	23.03	23.04	23.04	23.06	23.06	23.05	23.03	23.03
Reserves	2,119	2,394	2,515	2,691	2,989	3,005	3,227	3,470	3,847	4,416	4,908	5,521
Borrowings	687	195	136	234	240	230	328	368	832	1,278	1,718	2,351
Other Liabilities	3,271	2,566	2,382	2,994	3,552	2,706	2,935	3,615	4,157	4,445	4,751	5,365
Total Liabilities	6,099	5,179	5,055	5,942	6,804	5,964	6,512	7,476	8,858	10,163	11,399	13,260
Fixed Assets	1,428	825	809	971	1,309	1,280	1,239	1,194	1,246	1,902	2,799	3,041
CWIP	42.93	59.94	141	103	39.97	55.97	23.96	43.94	434	525	563	1,442
Investments	825	1,054	1,088	1,478	832	878	235	1,483	1,633	1,771	1,705	1,792
Other Assets	3,804	3,239	3,018	3,390	4,623	3,750	5,013	4,755	5,545	5,965	6,334	6,986
Inventories	430	289	282	366	507	453	403	724	753	763	715	907
Trade receivables	1,781	1,339	1,037	1,247	1,383	1,391	1,242	1,428	1,768	2,124	2,009	2,212
Cash & equivalents	383	297	220	293	368	480	1,931	951	1,128	972	1,143	1,188
Total Assets	6,099	5,179	5,055	5,942	6,804	5,964	6,512	7,476	8,858	10,163	11,399	13,260

Thermax cash flow

₹ crore, for each year.

Thermax Cash flow
	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from operating activity	311	253	335	535	−115	327	771	325	461	247	1,081	543
Cash from investing activity	79.73	−127	−98.62	−505	265	−139	−625	−418	−662	−512	−1,253	−563
Cash from financing activity	−352	−112	−126	−20.04	−65.09	−232	77.12	−21.03	350	285	123	249
Net cash flow	38.93	12.96	110	6.99	84.76	−46.86	220	−115	144	18.95	−54.83	224
Capex	28.94	132	119	200	155	47.87	82.77	83.78	663	842	899	950
Free cash flow	282	120	216	333	−270	278	686	241	−190	−470	180	−401
CFO / OP %	98.1%	98.1%	114.1%	188.1%	16.1%	114.1%	243.1%	103.1%	102.1%	54.1%	139.1%	86.1%

Thermax ratios

Working-capital days and returns, by year.

Thermax Ratios
	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	123	96	85	103	85	89	95	86	81	84	71	76
Inventory days	55	39	46	57	56	54	58	76	60	53	45	60
Days payable	135	126	162	161	150	114	164	153	118	107	107	135
Cash conversion cycle	42	7	−32	−3	−10	28	−11	8	21	29	9	−1
Working capital days	−20	−12	−7	−40	−4	−7	−50	−44	−39	−24	−36	−40
ROCE %	14.0%	18.0%	18.0%	15.0%	17.0%	12.0%	10.0%	12.0%	15.0%	17.0%	14.0%	14.0%

Thermax: frequently asked questions

What are the latest quarterly results of Thermax?

For the Jun 2026 quarter, Thermax reported sales of ₹2,308 Cr, up 6.7% year on year and net profit of ₹22.07 Cr, down 85.4% year on year. The operating margin was 3.0%.

What is the annual revenue of Thermax?

Thermax's sales for the year to Mar 2026 were ₹10,793 Cr; over the last twelve months they were ₹10,861 Cr.

What is the net profit of Thermax?

Net profit for the year to Mar 2026 was ₹722 Cr, and ₹592 Cr over the last twelve months. Earnings per share over the same trailing period were ₹49.68.

How much debt does Thermax have?

Thermax reported borrowings of ₹2,351 Cr at Mar 2026, against cash and equivalents of ₹1,188 Cr.

What is the free cash flow of Thermax?

Cash from operations was ₹543 Cr in the year to Mar 2026; after capital spending, free cash flow was −₹401 Cr.

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